{"id":197778,"date":"2008-01-11T17:53:00","date_gmt":"2008-01-11T22:53:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/01\/11\/well-that-was-quick-7\/"},"modified":"2008-01-11T17:53:00","modified_gmt":"2008-01-11T22:53:00","slug":"well-that-was-quick-7","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/01\/11\/well-that-was-quick-7\/","title":{"rendered":"Well, That Was Quick"},"content":{"rendered":"<p>Just this morning, I suggested that Bank of America&#8217;s purchase of Countrywide was <a href=\"http:\/\/40yrs.blogspot.com\/2008\/01\/bank-of-america-to-buy-countrywide.html\">throwing good money after bad<\/a>.<\/p>\n<p>It appears that <a href=\"http:\/\/money.cnn.com\/2008\/01\/11\/news\/companies\/bc.apfn.bankofamerica.ra.ap\/index.htm?postversion=2008011112\">Moody&#8217;s Investors Service things the same way<\/a>, they are considering downgrading B of A.<\/p>\n<p>Barry Ritholtz makes the same point, using <a href=\"http:\/\/bigpicture.typepad.com\/comments\/2008\/01\/boa-in-talks-to.html\">Dennis Gartman&#8217;s #1 rule of trading<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>1. Never, Ever, Ever, Under Any Circumstance, Add to a Losing Position&#8230; not ever, not never! Adding to losing positions is trading&#8217;s carcinogen; it is trading&#8217;s driving while intoxicated. It will lead to ruin<\/p>\n<p>After that initial disastrous buy in at $18-20, BoA is doubling up &#8212; at $6 . . .<\/p><\/blockquote>\n<p>Maybe I need to change banks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just this morning, I suggested that Bank of America&#8217;s purchase of Countrywide was throwing good money after bad. It appears that Moody&#8217;s Investors Service things the same way, they are considering downgrading B of A. Barry Ritholtz makes the same point, using Dennis Gartman&#8217;s #1 rule of trading: 1. Never, Ever, Ever, Under Any Circumstance, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,1005,973,1004],"tags":[],"class_list":["post-197778","post","type-post","status-publish","format-standard","hentry","category-bubble","category-business","category-economy","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197778"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=197778"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197778\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=197778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=197778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=197778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}