Yup, 2014.

It’s déjà vu all over again, as Yogi Berra once put it. And for all those worthless hedge fund managers who charged their marks (aka clients) 20% for underperforming the index, good riddance. You can only commit grand larceny every pay day for so long.

Click the image for the sound effect.

Great equity investors, from Jesse Livermore (who ended it all when his last bet went awry) to Steve Cohen (who got away with it), do not celebrate the new year. You cannot spend expectations. They celebrate the old.

And now that the markets are closed for the year, the only sound to be heard chez Pindelski is one of popping corks. Yet again.