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The Super-Rich Are Spooked
November 2, 2009.
A couple of seemingly unrelated articles in Fridays Wall Street Journal illustrate how life
is getting more complicated for the super-rich. First, it seems that the UBS debacle was not just a U.S./Swiss
disagreement. Far from it. Now that the IRS has shown other high-tax countries how easy it is to pierce the veil of bank secrecy,
the Europeans want their tax evaders too. And in Switzerland, theirs are a lot more numerous than ours.
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So Many Shorts, So Little Time
October 14, 2009.
U.S. stocks are up again today, bringing the S&P 500s bounce off the bottom to 63%. All those
buy-and-hold 401(K) investors (and the advisors who told them to hang in) are breathing a sigh of relief and hoping
that normal times are here again. But the smart money is looking for a short-sale entry point. Theres no way to
know whether this is it, of course, but each up day brings us closer to the level that well look back on as the day we
should have gone all-in. Theres also no way to know exactly what will set off the rout, but a few of the more reasonable
possibilities are:
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