Not As Short As This Fellow, But Owe A Few Shares

What do the following all have in common? The nation's largest boat builder awash in debt, a legacy airline hugely awash in debt and union issues, an tiny oil company with a huge market capitalization, a well regarded bank with a huge subprime portfolio, a fancy fitness club operating in a terrible industry, and a broad market index. They represent most of my short positions. They've provided a good hedge against my longer term holdings and have kept me from finding a high ledge.

Mid June is nearing and, as I mentioned in an earlier post, expect the media to feast on a California budget crisis as we near mid month. Comparisons to Greece will be rampant and requests for more Federal help will fill the front pages and cable shows. California will once again bring our over borrowing to the forefront. Sounds scary, so I would guess the markets won't like it even though they should already know its existence. I'd be surprised if my shorts didn't make me happy and my long positions cause me anguish. But I'll try to remember that I own stocks for a purpose and a long horizon. In the meantime I will borrow some more shares. Especially Brunswick as the California problems and Florida oilslick are not going to be conducive to sales of new boats.

Time to go tally today's damage and see if mama can buy new shoes.