Bill Cara actually provided two posts today that I can ridicule - this is better than Christmas and Easter rolled into one.
Cara, if you don't know, is an obnoxious know it all who spends most of the time criticizing the U.S. equity markets - and some of the criticism is well-founded - the problem with Cara is the same as with Ritholz - as with Knight - someday they are going to call the top - after all they call it every day so eventually they are going to be right - wow - I'm impressed. I've got a coin that is more accurate regarding the market than any of these guys. But back to Cara.
In post number one he says that he was invited to write an article for Forbes titled something like - are there too many ETFs? He answers in the affirmative. Now I haven't read the article but I could also say there are too many stocks. Or too many mutual funds. Or too many classes of bonds. Or too many different ways to invest in real estate. But - I only have to invest in what I want to invest in - no one is making me invest in all of those various classes - so, Bill - so f*ing what!
But in post two he really rang my bell. He suggested that the activity of gold ahead of the Fed's announcement suggests (only suggests mind you) that there might be some insider trading going on. What a bunghole - here I am with absolutely none of the sophistication of 99% of the rest of the investment world predicting the Yen correctly. Here is how I did that - the Fed got involved in the markets last week and probably back on Feb 27th by putting a lot of liquidity in the hands of the bankers so they could buy every offer. By buying the offers they keep the market from going down 20% or more at a time. After doing that did you really think that the Fed was going to make any noise that might rile the markets yesterday? Of course not and I wrote that yesterday morning or Tuesday night - I don't remember when. Consequently doesn't it stand to reason if I can figure out such a simple thing then the rest of the world can as well and there might be a whole lot of speculation in gold as a result?
Of course there is - but Cara will never believe it because he is a bunghole - plain and simple. I'm sorry if you are a Cara follower - he is an acquired taste. Like clams, muscles and Bull Snot.