THE MADMAN RETURNS

"Where the hell you been?"

"The Keys.  Just got back on Monday.  Wonderful."

"You stop?"

"For now.  Told you I was going to. Should have done it a couple of years ago.  This is really Coo-Coo land."  But I still read the Journal and still have the screens although their damn expensive for what I do now but there's some good stuff.  Like today.  Did you see the story on Greek Bonds?"

"You mean the greatest investment in the past year except you can't sell 'em because nobody trades 'em?"

"That's the one!  So tell me something banking wiz, if nobody trades 'em, how do you value 'em?"

"You didn't lose the habit of asking awkward questions down in the Keys did you?  You make a S.W.A.G.--you know what that is right? A Sophisticated Wild-Ass Guess."

"Just like..."

"Yes, just like 2007.  That's what you were going to ask, right?  And yes, they are all being held at cost or better by everybody in Euroland even though somebody tried to blow up the former Prime Minister with a letter bomb today.  And yes, the ECB holds a bucketful, and no, nobody cares."

"Not a short, eh?"

"Not even for a Mad Man."

"Reassuring.  Nothing has changed in five months...hell nothing has changed in ten years!  Except for my gold buddy Trump Who is right where he wants to be, the Biggest Swinging..."

"OK, OK.  I get the picture.  You really know him well?"

"Well enough...from golf, charities.  He gives away a lot.  Should have been a trader.  Biggest set ever.  Problem is he's always all in.  You know you just have to be right 51% of the time.  This guy thinks he's right ALL the time and he scares the crap out of people so they dump the positions."

"So why don't the call him Mad Donald?"

"You know what, Charlie? I don't know.  Maybe because he don't drink.  I don't know. Now The Original...I've been known to have a cocktail..."

"Or six."

"Or eight if the truth be known.  Tell ya what though.  He's got some smart guys around him.  But what the hell do I care.  I bought a house in the Keys."

" You what!  You!"

"Me.  Charlie, this could go either way.  In fact it could go either way about five times!  I can't trade this gig.  Still should be all over the place but like you say, nobody cares.  So Mad Max is no more. I'm becoming respectable."

"It's called age, Max"

"For you, Charlie but not for me! Still have the condo for you-know-who.  She won't make a big move.  Me neither I guess, but I'm done, I really am.  You told me to do it  I owe it to you......you bastard!"



I don't know how to feel about this.  Max is about the last of a breed and without people like him I'm not sure we are better off.  There are things about this business...it's feel I guess the thing that machines do not have.  Max was better than 51%.   Not a lot but when you are you make a lot of money.  Too bad.  Then again, the Keys are great in the winter.  He says it's not big but it does have four bedrooms and fish all over.  My Man Max!bonds