Long or Short Capital

Patrick Bryne
You have provided us with years of bizarre entertainment. You may have peaked with the Sith Lord episode and your campaign against naked short selling but you continue to amuse. Your 3Q earnings press release, in which you made various statements about your auditors’ alleged views on Overstock’s latest accounting mishap was excellent. Grant Thornton’s reply to the SEC, in which they basically accused you of lying, took this episode to the next level. But I am really thankful that you took it one step further and “corrected [their] mistatements“.

Steve Wynn & Sheldon Adelson
Wynn always provides great quotes on his conference calls. Whether he is telling investors that he will take advantage of their stupidity or directly confronting the administration for their suicidal policies. Thank you Steve.
And to Sheldon Adelson, thank you for all the amazing commentary you provide on your conference calls. Among the many quotes worth saving, my favorite was your joke that you may be cooking the books at your recently IPO’d Macau subsidiary.

Twitter
Thank you for creating an information firehose that distracts me from work and play. If only I could post half as often as I tweet.

China
Thank you for loaning our country so much money. And thank you for being such a fascinating place, a parallel universe where collusion is OK and business operates on the businessman’s terms. I am hopeful you avoid the credit growth and over-investment fueled crash towards which I fear you are headed.

Happy Thanksgiving to all. Please tell us what you are thankful for in the comments.

Here is the deal. Inside one of these boxes is a key. If your box has a key in it, you will be the last person today to get one of those cute little G6’s, ok. Who will it be? Are you ready? Hold on, JR is back in our audio booth, I want, y’know. this calls for a drum roll, cue the drum roll, alright open your boxes. Open your boxes 1 2 3, YOU GET A CAR, YOU GET A CAR, YOU GET A CAR, YOU GET A CAR, YOU GET A CAR, YOU GET A CAR, YOU GET A CAR, YOU GET A CAR, YOU GET A CAR, YOU GET A CAR!!!!
-Oprah Winfrey

Past Quotes Entirely Relevant to Investing

I feel useless. Like a woman with a college degree.
-Kenneth on “30 Rock”

Past Quotes Entirely Relevant to Investing

• RT @jodiecongirl: In a sign the economy may be recovering, NYers started buying big ticket items again, like elections and championships #
• Geithner reaffirms strong dollar policy. Very credible. Thanks timmay! http://bit.ly/1bDlnQ #
• Add this to the list of things that will not end well: http://bit.ly/6B43O #
• RT @pkedrosky: The Price of Gold in Gold: From price, the price of gold in gold. This is awfully suspicious. Wher.. http://bit.ly/3CbPnl #

I’ve never taken the high road BUT I tell others to. Because it leaves more room for me on the low road. (Driving gesture)
-Tom Haverford on “Parks and Recreation”

Past Quotes Entirely Relevant to Investing

• RT @TheStalwart: This is awesome. RT @hblodget: Business lessons from the battlefield in Iraq http://bit.ly/3lWfSl #
• RT @pkedrosky: It is insanely interesting wariness about complex systems and coupling doesn't extent from financial markets to climatology. #
• http://bit.ly/1HhOg4 — he neglected to list us, but we were there, and we're insider trading the shit out of what they told us, more soon #
• Relevant to todays post http://bit.ly/LFzlS #
• http://bit.ly/rw3kd just got sent this, on GS's trading "The firm lost money on just 3 days in the last two quarters", LoS beats that fyi #
• RT @jodiecongirl Haha, vegans vs. carnivores (funny pic from Megan McArdle) http://bit.ly/xNIX0 #
• RT @felixsalmon Autumn Trends in the Pirate War: http://bit.ly/qUw13 #
• "investment in piracy in last yr, can place a # of motherships in a chain, 40 nautical miles apart; pirate tactics like U-Boats in the WWII" #
• @onetwoko Olivia Wilde can look like a frightening space elf from certain angles. Also too skinny. Bar Rafaeli is shattering. in reply to onetwoko #
• @jodiecongirl Reason No 1 for me: I don't want groundhogs to die in a fire. in reply to jodiecongirl #
• @Anal_yst J youll see a notebook titled Raymond’s Recipes Id recommend making the barbecued halibut with chile watermelon salsa, its his fav in reply to Anal_yst #
• http://nofirstdate.com/ tremendous from @Anal_yst #

If imitation is the sincerest form of flattery, then plagiarism is the sincerest form of imitation.
-Malcolm Gladwell plagiarizing from his friend Jacob

Past Quotes Entirely Relevant to Investing

• We will be adopting trend posting, a posting schedule poised to deliver predictable and strong returns according to our new algorithm #
• Today's trend following posting update: Yes, Post. #
• Markets need to stay up or trend following posting is a failure #
• not sure how to play the trend following posting today, as the open looks negative — but if we see momentum, we will post #
• last tweet belied the fact that clearly we are sure how to play the trend following posting on a day like today, we are smarter than we know #
• Twitter's definition box in the right sidebar is obnoxious; yes we get it, every little thing is a "fun way" to interact with twitter #
• Screw this trend following abortion, let's try reverse trend following posting, markets about to launch up, buy now #
• We got hacked! By spammers! On October 5th! Here is an example of the result — http://bit.ly/1OOqp0 #

A camel is a horse designed by committee.
-Various

Past Quotes Entirely Relevant to Investing

• @Crampell is crushing us as is @lcdnews. Damnations. #
• @Anal_yst as long as u don't find out he bases his actions on Mad Money, that happened to me…I got emancipated and no longer have a dad #
• RT @TheStalwart RT @lvlewitinn: Considering naming my site's admin account "Idi Admin". Too soon? #
• @TheStalwart re" 79% APR, the CEO of that co's name is Dana Dykhouse, not sure on the pronunciation, but either way bad in reply to TheStalwart #

Held a meeting with the CFO of one of the largest construction equipment manufacturers in China. Their main business is wheel loaders.

Me: You and your competitors have very high margins, some are even higher than Catepillar (NYSE: CAT) which is the global leader. Is there any risk that as you all add capacity those margins decline?

Chinese CFO (through tanslator): Uh so he says that there is no risk of a pricing war.

Me: Ok can you tell me why that is?

Chinese CFO: Uh so he says China has 5 main wheel loader companies. And all are good companies and will not start a price war. Also he says the 5 CEOs of the companies meet every month for a dinner and they all agree not to make a price war against each other.

Me (to the translator): Did he really say that?

Translator: Yes.

Me: OK, moving right along.

In a truly free market, the Invisble Hand has to give the Dollar a reach-around.
-Jon Stewart

Past Quotes Entirely Relevant to Investing

• @jodiecongirl Because the political incentive system is broken and because only assclowns with law degrees go into politics in reply to jodiecongirl #
• The Audacity of Extortion http://bit.ly/47UQtl #
• Our policy makers have bailed out poorly run financials by creating massive federal deficits, and think they've solved the problem… #
• ..as one who runs over a weed with a lawnmower. The roots have simply grown deeper, because the seeds are still there. http://bit.ly/16s0ma #
• "The…absolute number of U.S. residents who die from…cancer each year is now falling, year-on-year" — is this true? anyone? #
• From the comments on this McArdle post, http://bit.ly/2YGGV3 #
• @Anal_yst We know guy who specializes in knowing guy who deals in color markets. Been trying to sell us mezz tranche of a Teal CDO for mnths in reply to Anal_yst #
• http://imgur.com/Ci4e5.png We've all been there. #
• One day, God summoned forth the best musicians from Earth to present their craft for Him. Earth produced Dream Theater and U2. #
• One day, God summoned forth the best musicians from Earth to present their craft for Him. Earth produced Dream Theater and U2. -bit.ly/4JMXg #
• First, U2 played. God was gently amused. He thought Bono had bitching shades. Angels swayed to the upbeat pitter-patter of Bono’s songs. #
• Second, Dream Theater plays. Halfway through Dream Theater's first song, God smashes Bono's balls into his mouth until he vomits. #
• New young automaton wife + billions + dbag + dow 10,000 = dead Wasserstein $LAZ #
• Not a commandment, but an important investing rule nonetheless: http://bit.ly/r1mh #
• @crampell That post didn't answer the proposed question of how much it costs at Princeton vs TCNJ! False twitvertising. in reply to crampell #
• @kyle_s Wasserstein not TOTALLY dead, only mostly dead, but figured the best way to make money was to die. He's making a market call. in reply to kyle_s #

Meeting rescheduled for 90min later on 10min notice.

IR contact: “Our leader needs to have a nap.”
MrJuggles: “Ummm…”
IR contact: “He usually naps until 3pm but since you have traveled so far he will meet you at 2pm.”
MrJuggles: “Thank you.”