Where are you putting your investment $$$ ??

[Coronita]

Myself I'm mostly in cash, gold, and TIPS, with a few speculative bets against the American consumer (SCC, retailer put options). My expectations include continued dollar decline, falling discretionary consumer spending during the winter gradually developing into recession, eventually second round of credit crunch, this time driven by mass defaults in Prime/Alt-A sectors. When the dust settles, time will come to buy a house and move into stocks.

Brilliant. Totally agree, with minor exception that I have far more than "a few speculative bets" on the American Consumer (stopping their credit card / refi spending, causing a recession and and stock market collapse)

Weeks like this one are 7% (up) weeks for my portfolio. Yes, I understand the risks (and benefits!) of LEVERAGE. However, in the spirit of "full disclosure" I admit I'm getting my butt kicked on the Bear positions I took on oil at $82/bbl.

Regarding future Dow moves…
Let that American Consumer go home now and get frightened from reading scare headlines about how the Dow dropped 3.5% this week, ahead of the 1987 Crash anniversary. Let some tasty panic build ahead of Mondays market open. A 500+ point drop in the Dow on Monday would be just what the Doctor ordered. I'm not predicting it, just saying it is within the realm of possibility.

 

I knew you would post today. You're getting to be pretty predictable. 🙂

BTW, I'm curious? Does your 7% increase in your portfolio include 7 percent from the lowest of the loss, or 7% returns? The only reason why I ask, is that I recall you mentioned you went "heavy" into the SDS reverse index fund a few days after the rally inspired 1/2 point interest cut. and I recall trading in the mid to upper 52's. Just wondering that 7% increase would take you around to the 55's which SDS isn't currently trading at. Yes, I have a good memory. 🙂

 

 

 

[Allan from Fallbrook]

I’m not entirely sure I understand the need for a Swiss bank account.

All of the major international players, including Swiss banks, have branches in the Caribbean.

While I do understand the “white glove” nature of private Swiss banking, how does this equate to wealth protection?

Also, you’ve been asked a few times for the name of the bank in question, but that answer has not been forthcoming. Would you mind passing that along?

[Allan from Fallbrook]

I’m not entirely sure I understand the need for a Swiss bank account.

All of the major international players, including Swiss banks, have branches in the Caribbean.

While I do understand the “white glove” nature of private Swiss banking, how does this equate to wealth protection?

Also, you’ve been asked a few times for the name of the bank in question, but that answer has not been forthcoming. Would you mind passing that along?

[nostradamus]

Swiss banks have branches in the U.S. as well. You don’t need to go there to open an account.

The biggest bank in Switzerland is UBS:

http://www.ubs.com

The 2nd biggest is Credit Suisse:

http://www.creditsuisse.com

[nostradamus]

Swiss banks have branches in the U.S. as well. You don’t need to go there to open an account.

The biggest bank in Switzerland is UBS:

http://www.ubs.com

The 2nd biggest is Credit Suisse:

http://www.creditsuisse.com

[Coronita]

Credit Suisse:

Uh, and you folks trust this institution?…I mean, you guys do know who Frank Quattrone is, don't you? You know, the guy that almost went to jail, but dodged the bullet…You guys talk about the real estate cesspool. Nothing compared to what sort of sh!t happened here.

http://en.wikipedia.org/wiki/Frank_Quattrone

Talk to relatives and friends that worked in the ipo and m&a world under his watch..Or at least talk to the ones that still are willing to talk. He's scott free now.

 

[Coronita]

Credit Suisse:

Uh, and you folks trust this institution?…I mean, you guys do know who Frank Quattrone is, don't you? You know, the guy that almost went to jail, but dodged the bullet…You guys talk about the real estate cesspool. Nothing compared to what sort of sh!t happened here.

http://en.wikipedia.org/wiki/Frank_Quattrone

Talk to relatives and friends that worked in the ipo and m&a world under his watch..Or at least talk to the ones that still are willing to talk. He's scott free now.

 

[New_Renter]

I suspect Running Bear is more talking about the smaller private (sometimes family-owned) banks in Switzerland. The three I know about are Julius Baer, Vontobel, and Banque Privee Edmond de Rothschild. There are a number of others I’m sure with stellar reputations. I was just curious as to which one met his/her seemingly strict criteria.

The reasons for putting some funds there stem from a kind of survivalist type of mentality, and as a hedge against a hopefully unlikely massive depression or U.S. bankruptcy. During periods of geopolitical upheaval the Swiss Franc tends to outperform as it serves as a flight to safety. These small swiss banks have little to no exposure in the U.S. markets.

[New_Renter]

I suspect Running Bear is more talking about the smaller private (sometimes family-owned) banks in Switzerland. The three I know about are Julius Baer, Vontobel, and Banque Privee Edmond de Rothschild. There are a number of others I’m sure with stellar reputations. I was just curious as to which one met his/her seemingly strict criteria.

The reasons for putting some funds there stem from a kind of survivalist type of mentality, and as a hedge against a hopefully unlikely massive depression or U.S. bankruptcy. During periods of geopolitical upheaval the Swiss Franc tends to outperform as it serves as a flight to safety. These small swiss banks have little to no exposure in the U.S. markets.

[nostradamus]

Yes, I’m sure Chief Running Bear was referring to one of the smaller private banks. After reading his posts I looked into it quite a bit but am still on the fence about getting an offshore account. I’m being conservative with most of my assets in CDs at the moment but this sucks when you think of taxes and the ever-sinking dollar. Foreign stocks are an option and I’ve done well with them in the past but the volatility of China and other markets scares me back to square one.

This is a 3-glasses-of-wine post BTW.

[nostradamus]

Yes, I’m sure Chief Running Bear was referring to one of the smaller private banks. After reading his posts I looked into it quite a bit but am still on the fence about getting an offshore account. I’m being conservative with most of my assets in CDs at the moment but this sucks when you think of taxes and the ever-sinking dollar. Foreign stocks are an option and I’ve done well with them in the past but the volatility of China and other markets scares me back to square one.

This is a 3-glasses-of-wine post BTW.

[34f3f3f]

Short of visiting Credit Suisse in Zurich, is there a way online to open a Swiss account and convert US$ to Euros?

You can try through their New York branch. They probably won’t talk to you in Zurich. I was advised to leave the US borders anytime I needed to give Credit Suisse instructions. On a visit to Zurich I was grilled by a US airline as to the purpose of my visit (none of their damn business). Banking has really tightened up in Europe as a result of US pressure to fight terrorism, and has become paranoid. At least it was a couple of years ago. It may have cooled down now. You have to remember that the point of a Swiss account was anonymity, and privacy laws which has now been eroded. If you just want a foreign bank account banks like Citi have branches in London and are probably more flexible. Credit Suisse does not offer savings accounts, only money markets, and some are waiting to see if they have any exposure to the subprime mess. Citi is offering 6.27% on a flexible savings account. But remember there is not usually FDIC insurance in other countries. Aside from all that, I’m not sure converting dollars to Euros is such a good idea in the present climate. The horse has bolted.

[34f3f3f]

Short of visiting Credit Suisse in Zurich, is there a way online to open a Swiss account and convert US$ to Euros?

You can try through their New York branch. They probably won’t talk to you in Zurich. I was advised to leave the US borders anytime I needed to give Credit Suisse instructions. On a visit to Zurich I was grilled by a US airline as to the purpose of my visit (none of their damn business). Banking has really tightened up in Europe as a result of US pressure to fight terrorism, and has become paranoid. At least it was a couple of years ago. It may have cooled down now. You have to remember that the point of a Swiss account was anonymity, and privacy laws which has now been eroded. If you just want a foreign bank account banks like Citi have branches in London and are probably more flexible. Credit Suisse does not offer savings accounts, only money markets, and some are waiting to see if they have any exposure to the subprime mess. Citi is offering 6.27% on a flexible savings account. But remember there is not usually FDIC insurance in other countries. Aside from all that, I’m not sure converting dollars to Euros is such a good idea in the present climate. The horse has bolted.

[34f3f3f]

New_Renter, there are dozens of small banks in Zurich, many with good reputations. I spoke with Lloyds there, who are a respectable UK retail bank. They are situated just behind Credit Suisse (Paradeplatz Sq) but have a much smaller office, and are probably not under the same pressure as the big guys. Just remember though that Swiss accounts are a red flag. Singapore is where all the Swiss money is going.

[34f3f3f]

New_Renter, there are dozens of small banks in Zurich, many with good reputations. I spoke with Lloyds there, who are a respectable UK retail bank. They are situated just behind Credit Suisse (Paradeplatz Sq) but have a much smaller office, and are probably not under the same pressure as the big guys. Just remember though that Swiss accounts are a red flag. Singapore is where all the Swiss money is going.

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