http://www.nytimes.com/2009/05/02/opini ... .html?_r=1

My friends, no matter how rough the road may be, we can and we will, never, never surrender to what is right.
Dan Quayle

CHARTZ AND TABLE ZUP @ WWW.JOEFACER.COM

MAJOR MAJOR things going on at two Bay Area pension plans. Stay tooned while I do some reading and thinking... AN' THEN SOME WRITIN'; 'AHL BE BACH....

Meantime....





http://www.msnbc.msn.com/id/30536320/
http://www.roadracingworld.com/news/art ... icle=36361
http://www.bloomberg.com/apps/news?pid= ... refer=home
http://www.msnbc.msn.com/id/30536320/
http://www.msnbc.msn.com/id/30325553/
http://www.latimes.com/business/la-fi-p ... 3869.story

http://www.bloomberg.com/apps/news?pid= ... refer=home
http://www.bloomberg.com/apps/news?pid= ... refer=home
http://www.nytimes.com/2009/05/03/us/po ... efits.html
http://www.bloomberg.com/apps/news?pid= ... refer=home
http://www.bloomberg.com/apps/news?pid= ... refer=home
http://www.msnbc.msn.com/id/30549505/

Sunday Evening....

Stay tooned for further information on a coupla Bay Area defined benefit pension plans. It's amazing how the similar situations can be viewed differently and responded to differently by different administrations. Somebody has it very right and somebody has it very wrong. Or not. How can you be sure without the necessary information? More to come as things become clearer.

Monday

http://www.newyorker.com/reporting/2009 ... table=true
http://www.ritholtz.com/blog/2009/05/se ... d-go-away/
http://www.ritholtz.com/blog/2009/05/mo ... i-blew-it/
http://www.ritholtz.com/blog/2009/05/ar ... ally-over/
http://www.bloomberg.com/apps/news?pid= ... refer=home


There is a lot of risk being in stocks now. I read the links I post here and a whole lot more beside. The risks I see ahead are huge and I'm very wary of the downside risk. I'm expecting a plunge down later in the year as the magnitude of the damage to the economy is finally recognized.

But for now there is a lot of reward to be had by being in stocks; bear market rallies are sudden and vicious and non rational and we got one. I've got a job to do; earn pension money. So below is my latest balancing act between greed and fear. But I'm not losing sight of the fact that this rally has claws and teeth and won't forget where its DNA came from.



Coulda done better; coulda done a WHOLE lot WORSE.

Got the latest pension mailing from the hall. Gimme a little time to do some analysis, then read about it here....