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<\/a><\/p>\nMuch of the market’s leap yesterday (Dow closing above 16,000 for the first time ever) was because there was so many positive presentations yesterday — including and especially David Tepper’s exhortation that we’re absolutely NOT in a bubble and we’ll see 20% to 40% gains in the stockmarket in the next year or so. Tepper is very persuasive.<\/p>\n
Cast your eyes down these charts. As speakers spoke positively about their favorite stocks, they jumped. I noticed this first with David Einhorn’s pitch for Micron. But also check out W.R. Grace (below). Einhorn liked Micron because of the DRAM industry consolidation and the rationalization of Micron’s DRAM business.(It’s primarily a DRAM company.)<\/p>\n
All these charts are intraday. You can pretty well see when each speaker started:<\/p>\n
\u00a0Solar is now competitive with grid electricity. Moreover solar is getting cheaper. Grid electricity is getting more expensive.<\/p>\n \u00a0 As I was finishing these charts (they take time), I realized I should have done a two-day chart. That shows the full impact of the positive comments. Anyway, here’s a chart on one stock that one of the speakers loved:<\/p>\n Some of the speakers pitched shorts — after all they are hedge funds. These included:<\/p>\n + Great Wall Auto.<\/p>\n + Progressive Insurance.<\/p>\n + OPKO Health.<\/p>\n I’d love to give you all their logic. But it’s 2:28 AM. I got to be back at the Sheraton by 7:00 AM. That’s not long. And I’m beat.<\/p>\n I’d also love to tell you about Charlie Rose’s interview with Mayor Michael Bloomberg — clearly one of the world’s most amazing people.<\/p>\n As I crawl into bed, I pose a quiz: What’s the Mayor worth?<\/p>\n You guessed wrong.<\/p>\n He’s worth $31 billion.<\/p>\n And he’s going to give it all away.<\/p>\n I owe you more background on the picks and also the Vanguard index funds I like. But do look at VTV. More Monday.<\/p>\n Why are you here? I asked a bunch of attendees at Robin Hood. Sample answers:<\/p>\n + I’m just here to listen.<\/p>\n + I didn’t want to go to work to day.<\/p>\n + Hearing some of the people is interesting, though I could get more ideas if I sat at my desk.<\/p>\n + I’m just here to hear the speakers.<\/p>\n On page C4 of today’s Wall Street Journal, I note that Goldman Sachs has a “Conviction Buy<\/em>” list. Goldmans just took Philip Morris off its Conviction Buy<\/em> List. I guess they just lost PM’s merchant banking business.<\/p>\n Good night. Have a great weekend.<\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a>
\nHarry Newton who really digs what the Robin Hood Foundation does. Their mission: To fight poverty in New York City. It’s an amazing charity. Every nickel of administrative expense is picked up by the board members, though the conference’s expenses were paid by JPMorgan.\u00a0 Hence all donations, including my $7,500 admission fee go directly to their poverty-fighting projects. Their signature mantra is to apply rigorous financial analysis to all the projects they fund. They want solid, measurable returns — just like in their own hedge funds. You can (and should) read more about them on their web site. Click here.<\/strong><\/a><\/p>\n