Dick Bove is sick of all the bad news
Richard X. Bove is sick of all the bad news.
The widely quoted Rochdale Securities analyst –- who makes frequent appearances on cable news shows -- is now taking aim at what he views as the media's doomsday-like interpretation of financial events.
In an analyst's research note (a medium best-known for its staid commentary on specific companies or economic events) Bove on Tuesday delivered a sarcastic missive titled "Is It Possible That the World Is Not Ending?"
"Like most people every morning I wake up, look at the news on TV and scan three newspapers," he wrote. "The message is always the same. It is time to slit my throat and leave this morass of misery."
From the European debt crisis to the U.S. housing market, Bove laments, the focus is overwhelmingly negative.
Bove is known for being unusually frank in his commentary.
His point is that perhaps things are not as bad as “the media” would make them seem.
"The GDP figures for the third quarter were up by 2.5%. Just about every banking company that reported earnings beat their estimates and some had record revenues. Approximately 73% of the S&P companies reporting beat earnings estimates at last count,” he continued. “In October, the S&P 500 rose 10.8%; bank stocks were up by 13.4%."
-- Alejandro Lazo
Photo: Richard X. Bove