Hurricane Sandy, a massive Cat. 1 storm is now embedded in a powerful Nor' Easter
(coastal storm). It is projected to make landfall tomorrow near Atlantic City NJ (Trump
is reviewing his various damage indemnity policies). The storm will bringing drenching
rain, a possible record storm surge and high winds. The NYC transit system will be
completely shut down by 9 pm tonight EDT and Mayor Bloomberg has ordered mandatory
evacuation of the downtown financial district. The NYSE may still try to open tomorrow
for those with hipwaders and who love to walk in the rain and work in the dark.
Since my town up north is likely to lose power, this may be the last post you see for a few
days. The one saving grace I see is that the power companies will be under enormous pressure
to have the power fully up and running before election day, Nov. 6.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!