Global Economics

Gabelli Advises Patience


Albert Pujols, Rafael Furcal and David Freese hit home runs for the St. Louis Cardinals, who won the best-of-seven National League Championship Series 4-2. The teams combined for six home runs in Game 6 at Miller Park in Milwaukee.

European Central Bank governing council member Christian Noyer said he’s “completely confident” that euro area governments will find a way of ending the debt crisis they face in coming days. He spoke on TV5 Monde.

A 66 percent plunge in the measure over 12 months from October 2007 was marked by a 19 percent rebound from March 17 to May 2, 2008. “The other four declines of 30 percent plus lasted an average of 18 months,” Roberts said. “The current decline is seven months old; it’s too soon to think that a lasting low has been registered.”

Three vignettes from Bloomberg News, October 16, 2011.

I selected October the 16th randomly amongst the carnage of Autumn 2011.

Things change.

I am informed by Surveillance Midday art-stud John Newhouse (yes, he and Joan give me my look, her worship has no known last name) that Mr. Pujols has moved on to other opportunities. I am informed by say, Charles Dumas of Lombard Street Research, that Mr. Noyer was…off the mark. I was informed by, at the time, a courageous few, that perhaps the “lasting low” was… now.

All this, this window back to The Nether Lands (titanic Folgelberg album) of equity gloom suggests how grown-ups make money.

Watch the entire Mario Gabelli interview of this March 2012. Focus on one, one single Gabellian idea.

The “game” is about what you do not do. What you do do is effort the most difficult do-not-do. Your to-do list of what to do? Gabelli advises patience. Discuss.

Keene hosts Bloomberg Surveillance 7-10 a.m. ET on 1130 AM in the New York metro area and nationally on SiriusXM 113.

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