QUICK THOUGHTS
- The IPO of LNKD - Linkedin is going to hurt some investors. There are lots of comparisons to Google taking place. Not so much on a fundamental or corporate level, but rather on the basis of potential for profit and opportunity. The fact of the matter is that Google's IPO came against a psychological and sentiment backdrop that despised anything having to do with the internet. LNKD is coming into an environment where people can't wait to get their hands on the first big social networking IPO. You can assume then that the market is doing everything possible to fully realize the value of LNKD as soon as possible. GOOG was the complete opposite. I will have more on this later.
- Not seeing anything that is giving me an overwhelming desire to become involved with the market on a short-term basis either long or short. Avoidance is often times the most profitable strategy. This time is no exception.
- The long-term portfolio is nearly fully invested. I have taken on some new investments over the past couple of weeks. All micro-cap names, all restructurings, and all have some really distorted values taking place. Crickets are everywhere. Meaning that the investments are completely vacant of investors. This does not mean they are vacant of catalysts, however. Catalysts are taking shape that will create value in the names over the long-term.
- Muddled market. Make sure to check your shoes before walking into the house.
