Feb

5

 Disney profit in the 4th quarter was "also held back by a charge related to fuel hedge contracts." Now if they hedged non-Texas, it had to be to short oil. From 9/30 to 12/30 oil was down from 100.44 on 9/30 to 44 March 30 with nary a day over 100. Yet they still managed to lose. Reminds me of Joe U., my customer who bought silver when it went to 500 one day and got stopped out at 4 for total loss and then told me, "but if I had shorted I would have made 500%" and then I told him that even if you had been short you would have lost everything. That's the market when you pay vig and over your headedness.


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