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The Brutal, Beneath-The-Surface, Slo-Mo Crash Of Stocks

by Don Quijones, Testosterone Pit.com:

Leon Black, epitome of the smart money and CEO of private equity giant Apollo Global Management, explained the phenomenon this way during Thursday’s earnings call:

At a conference in the spring of last year, I was somewhat infamously quoted as saying that we were selling everything that was not nailed down. Here, at Apollo, since then, it’s no secret we’ve been very active in monetizing the existing investments of the funds we manage, but even I didn’t foresee the remarkable pace of the activity to come…. For now, in terms of harvesting, we intend to remain active in capitalizing on market conditions as appropriate.

This “harvesting” takes place when the smart money sells its investments at peak valuations and at the peak of the market to the dumb money, often mutual funds that get stuffed into the retirement nest eggs of the unwitting.

Read More @ TestosteronePit.com

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