Leisureguy pointed out a couple of days ago in reply to my post on my recent decision to move out of equities, that he had done exactly the same thing in response to a BBC interview he had seen with Alessio Rastani, an independent trader. I had forgotten that my own decision was catalyzed into action by seeing that same interview on Leisureguy’s site (credit where it’s due). I had been meaning to get out of equities for some time but had been “watching” the situation, comforted by the fact that markets lost one day, but seemed to recoup the next.
I watched the interview again and it is refreshingly chilling in its candor. I think it’s a must watch if you have any money in the markets right now.
Rastani’s interview is painfully reminiscent of those with traders the day after 9/11. Most thought that, human causalities aside, 9/11 represented an incredible financial opportunity because of the instability it caused.
While we may judge these people to be amoral creeps, their candor is appreciated because it cuts through the bullshit we are sold every day by more politically correct financial “advisers”.