So this little debate about when things will be good again-- Blankfein claims "We're closer to the end than the beginning," while Eclectica Asset Management's Hugh Hendry predicts financial stocks will take TWENTY FIVE YEARS to recover from the subprime incident. I don't know who to believe: Jew or hyperbolist (as you know, I'm partial to both). On the one hand, Blankfein reminded us recently that he's paid the big bucks to know what he's talking about. On the other, Hendry's estimate is just so much more amusing (which is really what this whole business is about, having a good laugh). Twenty five years? Most of you will be dead by then. I'll be 48 and still working for Carney at DB, and wishing I were dead. The only thing that could possibly get me through a life that would so closely resemble hell would be if Hendry's other comical prediction (which is not to say it won't come true, just that it makes me laugh) came to pass-- Citi trading at less than $10 a share.
Hedge funder Hendry on why we'll be down for 25 years [The Deal]
A Light In The Tunnel [NYP]