Sunday, August 1, 2010

Classic Casey bullshit

This, sent in by A Reader this morning, made me laugh like the proverbial drain. Taken from the July 26 edition of the Casey Energy Report Quarterly and written by chief obfuscator Marin Katusa, it's another classic example of how arrogance and unaccountability combine into total bullshit, delivered to your doorstep by Casey Research.

click to enlarge

What we have to begin with is a trade gone wrong. The Casey boyz called buy on CBA Development Corp (TCF.v) at $0.90 in September 2008, then added again in Feb 2010 at $0.25. Today we find the stock languishing at $0.145 and the total position loss swallowed by Katusa is 68.58%. Now there's no particular problem with that, we all make mistakes and none of us can possibly get them right all of the time. Normal.

Nah, the problem is the utter drivel and tripe that follows. Because instead of being man enough to admit a mistake, first up we get a puerile, "Please sir it wasn't me!" handwringing excuse, as "....CBM Asia's last quarter was not impressive". You see, it's never the full-of-himself analyst that's to blame for the bad call, it's the company that failed to live up to his pie-in-the-sky expectations.

But then it gets even better. Apparently, Katusa is closing the position but will wait until it gets to at least 30c before bailing. B-b-b-b-b-but wait a moment!! That's the same as calling it a buy, isn't it? I mean, what you have is a stock at 14.5c that he thinks will go to damn Ethel, Katusa thinks TCF.v is a double from here! So what is it, Marin...a buy or a sell? C'mon dude, help us out here.

What's the point in calling sell on a stock and then wanting it to double before doing so? Pretty simply, just another case of the accountable-to-nobody Casey bullshitters covering their asses and pretending their pisspoor calls never happened. I'll betcha a dollar to a donut that if TCF.v does indeed return to 30c or above then Katusa will be crowing about how he called it as going from under 15 to over 30 and will neatly forget about the original 80c malarkey, such is the par for this course.

So anyway Caseydudes, now I've stuck a segment of your subscription material up in the public arena feel free to slap a legal something-or-other on my tush. You'll love the publicity, I'm sure.