The Wrap 5/27/10

{+++}There is no wrap, We sat and watched today. I love being in the moment, but we weren’t, as traders that’s what we live for, but unless you were long at last nights close (imprudent) you didn’t do  much. I didn’t short and I didn’t go long today with the exception of a few “boredom scalps”.

My hedge fund month ends tomorrow and I didn’t “window dress” like the beneath ignorant  trolls told you on “Incompetent Money” tonight on CNBC.

When I ran my hedge fund from 2001 to 2004 I never had one down month, fully audited by a top 10 accounting firm. I started it with lunch money and grew it to $500 million, all performance based. It went to a billion after I sold my share in 2004. You guys see me on twitter denigrating these wannabe’s on TV,  because they are just that, wannabe’s. I’ve written letters to Tim Seymour and Karen Finerman asking for their performance and assets under management. NO response. So I wrote CNBC. No response. I asked Doug Kass, no response, an ego the size of Texas. Just pathetic.

I DETEST phonies, I hate fakes. My Irish goes off the chart when I hear these losers opine night after night after night. It disgusts me. Why? Because many of you LISTEN. It’s my odd, if not freakish way of giving back and “saving” Joe Sixpack.  They all have an agenda and its based on ego and recognition by people that they think are their peers. I know some of the good guys that appear on Fast Money, they know it’s rigged, they laugh and get some free publicity.

Dennis Gartmen is a good guest, he’s honest, tells it like it is, and tells you when and why he was wrong. He also has skin in the game, I just don’t know how much.

Beware of the wannabes. Be smart. Please. Remember 90% of mutual fund managers lost money in 2008, they were all on CNBC at some point.

Nothing tonight, I’m already thinking and planning for next week. Nothing left to do tomorrow. If we roll over and crash(doubt it) I’ll be around.

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