Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

Lots of Laughs and ‘Sense on Cents’ With New York’s Bravest

Posted by Larry Doyle on September 14, 2010 7:25 AM |

How often do we not remember what we did last week, while never forgetting the jokes told and the 3-putt greens in the midst of friends at a charitable golf outing? I was fortunate yesterday to play in a local charity golf outing with some of New York’s Bravest. While the funds raised were not for the benefit of the NYFD itself, the fact that I was able to spend time in their company was awesome. Reminiscing about past golf outings while simultaneously making new memories which we can share in the coming years was spectacular.

As has happened in the past, and given that this outing occurs shortly after 9-11, our conversation included recollections of that fateful day. The depth of their feelings and memories of so many lost friends and fallen comrades are truly palpable. May we never forget. I am not writing today to rekindle those memories, but I do feel compelled to pay respect to all those members of the NYFD and NYPD who made the ultimate sacrifice that day.

While  the best memories from a day like yesterday are from the interaction with The Bravest, other members of our respective groups are also top shelf and actively involved in the markets. While there is plenty that occurs on a golf course that is best left on the golf course, in the midst of lost balls and missed putts, there were plenty of comments and opinions on our markets and economy. While I lost my share of golf balls, I picked up plenty of insights including:

1. Belief that the May 6th Flash Crash may very well have been an orchestrated event by one or a few high frequency trading entities.

2. Overall volumes in the equity and fixed income markets continue to decline and become more concentrated in a handful of names by a handful of players.

3. Market structures, especially within the equity space, remain fundamentally broken with little confidence that regulators can address, improve, or correct the deficiencies in timely fashion.

4. The economy remains a LONG way from being healthy. Washington has very few options to help the economy, BUT can certainly hurt it by imposing further direct and hidden costs and charges on businesses.

5. The municipal default in Harrisburg, PA is a dangerous precedent. If other municipalities believe they can and should default and then look to Washington for aid rather than addressing budgetary problems and fiscal excesses, then our long road back to economic health is going to be a lot longer.

6. The economic policies and programs emanating from Washington will ultimately crush the value of our greenback.

Lots of sense on cents in the midst of those lost golf balls. Fortunately, the sense on cents was overwhelmed by the fun and games with some of New York’s Bravest!

Larry Doyle

Please subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

I have no affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

Recent Posts