This week, a friend forwarded an article by Porter Stansberry to me. In case the name isn’t familiar, Stansberry is a financial commentator who made a lot of hay a few years ago by predicting the impending bankruptcies of GM, Fannie Mae, and Freddie Mac. In truth, folks had been discussing GM’s inevitable restructuring for years, and the question wasn’t whether Fannie Mae and Freddie Mac’s balance sheets were upside down; the question was whether the government would guarantee their debt, as investors had long thought it would.
Even so, I suppose kudos are in order, to some degree. He was certainly one of the loudest voices shouting out in the wilderness about such things. However, that was then, and this is now. As you know, the investment industry always asks “what have you done for me lately?”…Read On…