Markets have them all the time, and it is finally here – judgment day. The day when lousy economics and fundamentals get confronted with harsh reality and bright lights. Prices plummet, businesses fail and jobs and economies fall.
My portfolio was hedged against this day – indeed it even went up, though not to the giddy heights of earlier in the year.
There is a great explanation via the Freakonomic Blog of recent events. I won’t even paraphrase The Recent Financial Upheavals, but it is an excellent.
Who knew this was coming? Well economist Nouriel Roubini (subscribe to his emails at RGEMonitor.com) has been consistently right, along with global motorcycle rider and ex Soros partner Jim Rogers (He even moved to Singapore and has been huge on commodities for the last few years), Warren Buffet (went shopping in Europe, and has been predicting this sort of thing for a while), and Yale’s Robert Shiller.
You won’t find too much of these contrarian guys in the financial newspapers – at least not until recently, and with the exception of Warren Buffet, whose advice people listen to and ignore. His Berkshire Hathaway shares have risen nicely over the last few weeks.
Lance Wiggs 
They aren’t contrarians. Most people agree with the people you’ve identified. They represent the majority.
We can thank four finance geeks from NY for his day. The same ones who subsequently made a fortune betting against CDO’s. You’ve just witnessed the biggest financial theft in history.
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