Morning Audibles 4.28.10 - Too 'Cheap' To Pass Up

The following foto is of my keyboard AFTER I woke up this morning and perused the various headlines and blogosphere...

The main culprit? This little gem...

Global Stocks $1 Trillion Loss No Reason to Sell for U.S. Funds

http://www.bloomberg.com/apps/news?pid=20603037&sid=aiJYV2b24sMw

April 28 (Bloomberg) -- The largest equity-market decline since February is failing to spur selling by the biggest U.S. money managers, who say losses will prove temporary as gains in earnings make stocks too cheap to pass up.

Greece and Portugal’s credit downgrades yesterday are no reason to doubt forecasts for profit growth exceeding 50 percent at Standard & Poor’s 500 Index companies through 2011, said Kenneth Fisher, who oversees about $39 billion as chairman of Fisher Investments. Almost $1 trillion of global equity value was erased on concern rising public debt will spur defaults, derailing the global economy, data compiled by Bloomberg show.

“It’s a little bit like yelling fire in a movie theater -- it doesn’t mean the place is going to burn down,” said Fisher, who favors mining companies, computer makers and retailers, in an interview from Woodside, California. “The quality of earnings is exceptional. Earnings are coming in overwhelmingly above expectations. I don’t see any signs that will stop.”

Yeah, that's right... THIS Fisher is at it again (courtesy of MISH - thanks McHappy)

NO CREDIT! NO EXPERIENCE! (If you'd "clicked there", you'd likely have ended up THE FISHER KING)...

Others have different opinions...

“On the Greece file, the big concern now is contagion risks,” David Rosenberg said from Toronto. “The headlines were all about Greece, but the real action was in Portugal -- and it’s not pretty. So what we are talking about is heightened risk premiums at a time when a 17 VIX index was underscoring a very high level of confidence over the outlook for the economy.”

CV is very happy that Rosie was reading yesterday's WEREWOLF BLOG POST :-)

Look... I'm not here to make a call on the market direction (or timeframe), but it's mind boggling to hear someone like Fisher making a justification for staying invested in risky assets (through small sound bytes). Especially when his portrayal completely & utterly ignores MAJOR underlying forces that could (and probably will) derail his thesis (as they did in 2005)...

Or maybe there is a tooth fairy?

God knows I "feel" like my teeth are being pulled day in and day out when I hear this crap and other fairy business...

Maybe that's the whole point after all. Maybe the strategy by all the "Extend & Pretenders", the "Great Debating Societies", and the "Opinion Respecters" is to simply make me lose sufficient blood that I end up feeling happy and "unGRUMPY-fying" myself...

Then I can more properly align myself with the OTHER 7 dwarves (Happy, Sneez-ie, Dope-y, and all the other "xxxxx -ie's" on the list) and HUM A HAPPY TUNE...

I'll get to practicing that act by continuing my READING on articles like this which tell me why my PAYCHECK IS ABOUT TO GO UP...

http://articles.moneycentral.msn.com/Investing/Extra/why-your-paycheck-might-be-going-up.aspx?gt1=33009