Wikinvest Wire

The Bobby Ewing market

Tuesday, September 01, 2009

This item from one of David Rosenberg's missives last week at Gluskin-Sheff has been hanging around in a draft folder for a few days, but I just couldn't bring myself to hit the Delete button as it is just too good not to share.

This is undoubtedly an exciting rally for the bulls, and a frustrating experience for the bears; however, at the same time we should all be informed about the extent to which the market is behaving rationally and whether the macroeconomic landscape that is currently being discounted is going to come to fruition.

The ongoing rally in the S&P 500 has taken the index all the way back to where it was last October. This prompted Brad Dunkley, one of our senior PMs, to email me this little ditty:

“I call this the Bobby Ewing market. Remember when Bobby appeared in the shower and the entire last season was just a dream? That's what people are saying, what Recession? It never happened.
Those of you who were "Dallas" fans might get a particular kick out of this. Having never watched the show save for, perhaps, the resolution of "Who shot J.R.?" (and probably not even that, come to think of it), it was still pretty funny to me.

Is a Bob Newhart version of this next?



bevo said...

Two thoughts on the Bobby Ewing analogy.

One, the stock market rally could prove to be a dream. Like Pam, we all wake up to discover we are in the grips of a recession turned depression.

Two, the show, Dallas, never recovered from the shower stunt. Family Guy mocked this scene twice. Could the American economy never recover from a similar gaffe (e.g., the recession never happened).

Both thoughts are pretty frightening.

Anonymous said...

He may be yet be right. Of course, Rosie's "stay short the market, 500 is in sight" at s&p 666 lost his (then) clients a mint when it turned and increased 60%.

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