Great article over at NY Magazine. Think you took a hit this month? They took a look at the some of the biggest losers.

Wall Street moguls’ stock holdings in their own companies lost them a combined $842 billion since the frothy days of just last year. Who escaped the least scathed? Citigroup’s new CEO, Vikram Pandit, who didn’t get his shares until January 22.

(Photo: Patrick McMullan)

JAMES CAYNE, Formerly of Bear Stearns
Shares Owned: 5,658,591
Closing Price, 1/24: $87.74
52-Week High: $170.23
Value at High, in Millions: $963
Value on 1/24, in Million: $496
Loss, in Millions: $467

(Photo: Patrick McMullan)

LLOYD BLANKFEIN, Goldman Sachs
Shares Owned: 1,952,107
Closing Price, 1/24: $199.20
52-Week High: $250.70
Value at High, in Millions: $489
Value on 1/24, in Million: $389
Loss, in Millions: $100

SEE THE REST OF THE BIG LOSERS

My top 10 list from yesterday was well received so here comes the 2nd edition.

10. You ask him if he has his Series 7 or Series 3 and he replies "I really can't afford a BMW"

9. Your trading fees are $7 plus "the first spin of the Big Green Wheel on The Price is Right" per share.

8. When asked if they could help you with a 401K they tell you that they are more about financial help than marathon training.

7. Their online trading platform had been shutdown for two weeks to "fix that time change thing"

6. They just offered online trading after 5 years because they've been waiting for Vista to come out.

5. When you check your portfolio you realize he has $10,000 of your money invested in a "The Girls of Wal-Mart" calendar.

4. After every executed trade a button pops up that says "Good Luck, You'll Need It"

3. Every time you go into his office there is a map of Mexico on the wall, a suitcase full of clothes in the corner, and a passport on his desk.

2. His last "hot tip" turned out to be "play the numbers from LOST in the Mega Millions Game"

1. Every time you call to complain about his bad investments he replies with "Don't Hate the Player, Hate the Game"

They didn't have much of a chance going into earnings. The whisper number of this high flying stock was as much as a $1.00. Garmin comes in with .89 and crushes the .82 cent average yet the stock still tumbled. When you have a stock up over 100%, the fast money desires become almost too much to achieve and this was the case today. I see it as a wait a few days and let the gamblers get out and then jump in and ride it another 100%, just like it did when it hovered around $100 and got knocked around. Do you remember what happened? Same thing. Garmin was pounded for a while, the stock split and boom, up 100%. This time will be no different.

One other huge reason to get in now is their announcement of the bid for Tele Atlas. They upped the bid given by Tom Tom to $3.3 billion and position themselves nicely since passing on Navteq, the other digital mapper. I'm sure Tom Tom will come back with a higher bid but Garmin has a better financial position and will get this easily albeit higher than they wanted to pay. Nokia stole Navteq and the Tele purchase won't go so cheap. Either way Garmin stands to gain a ton on the purchase so expect it go through. In turn, the stock will settle and assume the climb

Update: Fox emailed me to let everyone know
the following

Anchor Liz Claman’s FOX Business Network exclusive interview with legendary investor Warren Buffett will air as an hour-long special on FBN this weekend. Viewers can catch the news-making interview on Saturday, 10/20 at 8:00 PM/EST and 12:00 AM/EST, and Sunday, 10/21 at 6:00 PM/EST and 11:00 PM/EST.

Wall Street analysts were buzzing about Buffett’s comments on the Brazil real, why he sold his stake in PetroChina, and his belief that homebuilders haven’t hit the bottom yet…but the FBN interview also made waves at CNBC, which was running headlines from the interview on Closing Bell.

CNBC did credit FBN in its lower thirds for this unprecedented hour-long interview with one of its former anchors.

Fox Business had an interview with Warren Buffet. Whatever Buffet says I take as scripture. If he thinks things are OK, so do I. Here are some of the highlights courtesy of Fox. If you would like a full transcript of the entire hour please email me and I will send it to you.

WARREN BUFFETT, CEO & CHAIRMAN, BERKSHIRE HATHAWAY, INC. TELLS FOX BUSINESS NETWORK THAT HOME BUILDERS ARE NOT UNDER VALUED

In a broadcast exclusive with FOX Business Network’s Liz Claman, Warren Buffett talks about the housing market, selling his stake in PetroChina, the mystery currency he never announced until now and his own investments. Below are the excerpts. The full transcript is available upon request.

* Mandatory credit: FOX Business Network

On taking stakes in home builders:

“I didn’t buy a share. I look at them. I look at their debt, their equities. I look at everything. I’m waiting until they’re under priced. That’s what I look for with any security. And, I don’t think they’re undervalued. Starting 30 minutes, ending 18 months ago – that year – we probably had more home builders offer to Berkshire where the managements wanted to see the business that I’ve ever seen in any industry. A significant percentage of the publicly-owned home builders, when their stock was flying high and their management was talking bullishly, were trying to sell their companies. Apparently they knew what was going on or likely to go on. Though, I don’t think they saw it coming as extensively as it did.”

On the Treasury’s bailout fund:

“Well, right now, it’s a mystery fund. When they announced it Monday they said more details would come. I haven’t seen any details so I don’t really know what they’re talking about. I don’t see anyway that pooling a bunch of mortgages, changing ownership is going to change the viability of the mortgage instrument itself. I’m withholding judgment on it and a little skeptical until I see the details.”

“Would a fund like that help anyone pay their mortgage or save them from foreclosure?

No. Not that I see. In the end, you need to have enough money to make the monthly payments. And, particularly, if you’ve had the teaser rate with the monthly payments increasing, there are a lot of problems out there with that.”

On banks keeping this information off balance sheets:

“They didn’t want to incur the capital requirements they would have by keeping them on the balance sheets. They stuck them in the vehicles that they still get the earnings benefits from but they didn’t have the capital requirements. I think it would have been better to have them on the balance sheet so everyone knew what was going on.”

On picking up Countrywide shares:

“Well, I talked to Angelo Mozilo, CEO, a few times and I never came close to buying the stock. If there had been a comprehensive plan that might have involved us in some way owning some security I would have listened to the idea. But, Bank of America came along and bought a $2bn convertible preferred as you know so we didn’t get close to doing anything.”

On BOA:

“They ran into some problems that other big investment banks and commercial banks have. As they say, when the tide goes out you find out who’s been swimming naked. And, now the tide is going out.”

On Angelo Mozilo:

“Angelo was one of the first ones to say, with respect to what was happening in the mortgage market, he said I’ve never seen a soft landing and this is when we were talking about a soft landing. So, he put out a few warning signals and maybe his sales, themselves, were warning signals. In the end, I think he finally saw what was coming but he did describe it fairly well publicly a few times.”

On PetroChina:

“We sold it [all stakes], but we sold it based on price [not politics]. At the time of the annual meeting it was around $100 and since then it has more than doubled so, unfortunately, I sold it a little too soon. It was a decision based 100% on valuation.”

“If it went down a lot I’d buy it back.”

“We made about $3.5bn on a $500m investment but we still sold it too soon. I left a lot of money on the table.”

On how he found PetroChina:

“I sit there in my office and read an annual report, which fortunately, was in English, and it described a very good company. It told about the oil reserves, the refineries and everything else and I sat there and read it and said to myself this company’s worth about $100bn. I don’t look at the price first. I look at the business first and try to figure out what it’s worth because if I look at the price first I’ll get influenced by that.”

On whether he’s looking at other companies in China:

“The answer is pretty much no. I don’t look based on companies or that sort of thing. I just read every report I can and figure out whether something is cheap.”

On the mystery currency he alluded to last year:

I’ve decided that rather following this idea of currencies, I would buy businesses with lots of earnings abroad because that’s a better way, in my view, to play a bearishness on the dollar. I had this one position and it’s kind of an interesting position because it’s quite unlikely that if you had told me ten years ago that I would buy the Brazilian Real, I would have you thought you were crazy. But, Brazil in the last century has had five different currencies that went basically to zero. I mean, they turned into confetti. In the last five years, the Brazilian currency, in terms off the American currency, has doubled in value.”

On the American economy:

“It’s better than I would have anticipated with crude oil being close to $90 and all the grains moving up, with house depreciation actually setting in. We’re seeing slowdown some places. In retail we’re seeing a slowdown. We’ve got a number of businesses that are related to construction and we’ve seen a big slowdown there. But, so far, unemployment hasn’t taken off at all.”

On whether slowdowns will translate to recession:

“It’s hard to tell. When the American public is getting squeezed by higher transportation costs, food costs and house depreciation when formerly they could keep taking money out and refinancing, it could lead to that, sure.”

On the Fed cutting interest rates:

“My guess is more than the job figure went into their calculation. They were seeing what was going on in the mortgage market. But, we don’t really worry about Fed policy or recession. I hope I live to see a couple of recessions. In the next 20/30 years there’s going to be a recession every now and then, but, overall, we’re going to do fine.”

On whether any of his divisions are suffering right now:

“Our brick business is down very significantly. That’s in the southwest primarily. Char carpet. A lot of that goes into new construction. The carpet business is down for us and our competitors. Insulation for homes is down though not for commercial buildings. Anything related to construction is going to be down.”

On what is doing well:

“We’ve been really lucky on insurance this year. Insurance is far bigger than anything else for Berkshire so when we’re lucky in that it takes care of everything else.”

On finding companies to invest in:

“Some guys read Playboy. I read annual reports.”

On why he never bought an Internet company:

“The truth is that I don’t understand what they’re going to look like in 5 or 10 years from now. I don’t know how to make money in cocoa beans and I don’t know how to make money in predicting what Internet companies will win ten years from now.”

On how much money he spent buying stocks yesterday:

A little over $200m. About four different companies.

UPDATE: I won't be able to send the full transcript out until tonight. I have received 40-50 emails and I am away from the computer I stored it on. I will send one to everyone who asks as soon as I get home.

I'm hoping Fox is a success in their new business channel venture and I think there are three keys to their success. One. Creativity/Originality. They have to be different than CNBC. Two. The info has to be timely and correct. The opinions are exactly that but when news comes across the line they have to hit it hard. That or they go out and make the news. Three the anchors and reporters have to be good looking. Nothing keeps an eye on the television more than a good looking person. I think Alexis Glick is the perfect example. I would watch her iron her clothes in the morning if they showed that on the FBC. No bios on the new people below yet. I'll fill you in on their good lookingness when I get some photos. You need to check out foxbusiness.com it's worth a look. A little to much flash and not very linkable but still nice.

FOX BUSINESS NETWORK ADDS TO REPORTER LINE-UP

Stocks Editor Also Named

FOX Business Network (FBN) has named Tracy Byrnes, Robert Gray and Ashley Webster as reporters, and named Elizabeth MacDonald as stocks editor, announced Kevin Magee, Executive Vice President, FOX News.

In making the announcement, Magee said, “We are pleased to strengthen our coverage of worldwide business events, the markets and breaking news from the New York Stock Exchange with the addition of three reporters and a stocks editor.”

Tracy Byrnes, who will serve as a reporter, has been a recurring guest on Fox News Channel (FNC), appearing on Cavuto on Business, Cashin’ In, Bulls and Bears, and Your World with Neil Cavuto. She previously served as a morning business correspondent for FOX affiliates in New York, Chicago and Washington D.C., among other cities. Earlier, Byrnes was a senior writer for TheStreet.com and a freelance reporter for The New York Post.

Robert Gray, who will serve as a reporter based at the New York Stock Exchange, joins FBN from Bloomberg Television where he has held various roles as a reporter at the NYSE, weekend anchor and assistant producer since 1999. Before joining Bloomberg, Gray was a producer and writer for nationally syndicated radio programs and an announcer for C-SPAN.

Elizabeth MacDonald, who will serve as a stocks editor, joins FBN from her role as senior editor at Forbes magazine. Before joining Forbes, MacDonald was a staff reporter for The Wall Street Journal and prior to that, she was a financial editor for Worth magazine.

Ashley Webster, who will serve as a London-based reporter, was previously the anchor of the nightly newscast on WZTV-TV (FOX) in Nashville, TN. Prior to that he anchored newscasts for WGBA-TV (NBC) in Green Bay, WI and KWST-TV (CBS) in Yuma, AZ. Webster has also spent six years working in the banking sector in London.

FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York—the business capital of the world—FBN will launch on October 15th and is available in more than 30 million homes in major markets across the United States. Owned by News Corp, the network has bureaus in Chicago, Los Angeles, Silicon Valley, Washington, DC and London. On the web at www.foxbusiness.com.

Nutrisystems (NTRI) dropped 10% on a analyst opinion yesterday. This stock is so volatile that everyone who holds it is jittery. You won't find a much better opportunity to make quick and long money that right now. Opportunity already came on the first dip a month ago and now it presents itself again. Long term this is a fantastic stock to buy, especially $6 cheaper that it was yesterday on no news. Short term it will be a quick buck as well.

He is as well known for his Cabo Wabo tequila as he is for fronting the band Van Halen but he certainly will have made more cash from the tequila. In May he inked a deal to sell 80% of his Cabo Wabo tequila business to Grupo Campari for $80 million. What started as the house tequila for his Cabo Wabo Cantina rode the tequila craze to sales of 140,000 cases in 2006. Hagar agreed to sell the share because he was unwilling to do the work required to make it an international brand. He knew only a large company could take it any further and it was time to cash in. He make just as much on the other 20% when it is all said and done. What a great story. A man invests in what he knows. His next option was a line of hair bleaching products.

I would like to formally announce that WallstreetFighter will one of the locations you will be able to enter the Stock Trading 101 stock picking contest. Here are a few of the other blogs that are taking part in the contest

The Frugal Trader

The Clever Dude

Investoid

GolbGuru

The contest has already started for the week but a new one will start up again next Monday and we will take picks for next week contest. The contest consists of picking one stock over $1 and one other financial pick, ie what will the NAS end up the week. Blain of 101 will check the comments in this article for the picks. To make it more interesting and to try and get reader of this blog to enter. If the winner comes from this blog I will be sending you an incredible gift that will make tears come to your eyes. I won't tell you what it is, you just need to win and I guarantee it is the greatest gift you'll receive this year. So get to commenting and picking. Do it now, wait until the end of the week, I don't care just give me your pick.

In one of the most bizarre hedge fund stories of the year

By JANA WINTER, RODDY BOYD & KATE SHEEHY

March 6, 2007 -- A renowned hedge-fund honcho hatched a heinous revenge plot against his former mistress by posing as her on the Internet - saying she wanted to be kidnapped and raped as part of a sicko sex fantasy, officials said yesterday.
Albert Hsu, 43, a wealthy, married dad of two and former Cub Scout leader, posted his fiendish ad on a hardcore, S&M Web site, Connecticut authorities said.
He allegedly included the woman's name, photo, address, license-plate number, train schedule to and from work and even the rail car she usually sits in.

Read more at the NY POST

That's right, grow a set and short the market and at the same time load up on the great companies that are in the blue light special aisle. Full disclosure I bought 50 QQQQ March 44 puts yesterday at the close and then 50 more at the open. I decided to add more due to the incredible volume today on the opening . When I left this morning, I was doing well on the first 50 and actually losing on the second 50. I like this trade and I'll tell you why. Everyone knows the market is due for a correction and we've all been waiting with our figures on the sell button for it too happen. A crash? Hell no, a CORRECTION. The market has had an incredible run since August and needs to come down 5-6%. Did I think it would be in one day? Of course not. Do I think it will continue? Yup but it drip down and you'll have an opportunity to buy your favorite stocks at a cheaper price. We've gotten spoiled by everything going up and it's time for the bears to get some of their money back. They have been crushed for 6 months, so give them a piece of meat and let them eat a little. Remember in the long term everything is going to be fine. It is OK to short stocks and buy puts. It feels wonderful to ride this thing up and then on the downturn to make even more money. Life is grand.

Most people only know how to go long or short and don't have the emotional balance necessary to work the markets both way. They are either a pessimist or an optimist, not both. To me these are merely numbers. Good companies will always rise over the long term but just as in life there are good days and bad days. IMO there are more bad days ahead for the market but it does not make it a bad market. During these times I simply sell the market and use the money to buy stocks cheap. It is a great way to play "downtrending" market. It always has but I am not convinced after one day it is a downtrending market. PS. I am still holding June ICE. Despite them market, ICE is a dream stock and I will continue to add.