There was some nervousness on Tuesday ahead of Helicopter Ben’s testimony on quantitative easing (QE) before the zombies today (and tomorrow). The Fed Chairman has become the E.F. Hutton because when Bernanke talks Wall Street and the world listen.
The commercials for E.F.’s advisory services were timeless and classic back in the 70’s and 80’s and we are sure not too many current investors have ever heard of the company. Smith Barney gobbled up E.F. Hutton later down the road who was then absorbed by Citigroup (C, $x). In 2009, Citi sold 51% of Smith Barney to Morgan Stanley and is now known as Morgan Stanley Smith Barney. Last year E.F. Hutton was revived by his grandson and now runs the firm.
We went off the beaten path to explain the story because we are stock market history buffs and it was something we remember as a kid.
We also remember being scared of bears but now we aren’t as we have learned to make money off of them. They we out in force during yesterday’s second half pullback but for the most part, support held
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