Bill, you are one lucky dude. Take time off with the wife-y, and get some stress out of your life (boat adventures aside). This credit crisis will take a while to play out, and your health, well-being and joy of life are the most important. I keep thinking back to your bad health a few months ago...and think that you deserve a good rest. Thanks for all.

I'll second bbc on that score. Enjoy your vacation, Bill. Your recent reports have been so clear and pointed that I would be embarrassed if I weren't able to pedal my own bike after the great push you have given me.

Today I'm off to Napa with my wife, her grandmother and a friend visiting from Minnesota. And it's a glorious day for an outing.

Hello everyone,

I was thinking about the capital risk involved in ETFs, such as GDX or XLE. Is it too insignificant to worry about? Is it generally less than individual companies? I just thought, if an individual company can fail, why can't an ETF? Thanks.

Holy Smoke!! Close call, an explosion sounds like a plausible potential outcome, thankfully averted. As many advancements in our world of technology, combustion engines are just not meant to be in a water environment. Wind power has its advantages.And, I'm untrusting enough to wonder what more it means when missing are two letters that identify the craft. Paradise can have an invisible fine line that separates it from not paradise. Everyone else will encourage you to do the sensible thing and take a break, but doesn't mean postcard size commentaries wouldn't be welcome. Glad to know that you and the computer are safe...in that order of course.

One word: Sailboats.

Sailors in New England used to call motorboats "stinkpots". I guess MAG lived up to that name yesterday!

Glad, Bill, you got away with a happy ending. While you're away is there a mechanism whereby community chat could be left on? Otherwise, I for one, will suffer from "withdrawl" not having access to the Cara community.

Novice -

I've not heard of the leading companies in an entire sector much less an entire market going bust at once. ETF's are generally comprised of shares in the top companies (capitalization-wise) in a given index.

Conceivably there could be a problem with solvency of the ISSUER of a particular ETF. But, I'd expect that the ETF, being backed by the shares it holds, would be safe. Plus, the main issuers are big banks.

You can see the major holdings of a given ETF by going to etfconnect.com and typing the symbol of the ETF into the search box. Some are more concentrated (in their holdings) than others.

For example, EWW the Mexico country ETF is heavily concentrated in TELMEX and AMX (cellular spin-off from TELMEX) but that's because the Mexican stock market itself is so concentrated.

Yikes! Sounds like a close call on that yacht. Those close calls make a person re-evaluate their lifes sometimes. We spent the long weekend checking out a new landbased Indian casino/resort in New Buffalo MI. New Buffalo is where wealthy Chicago people get away for vacations, and summer living. Right on Lake Michigan. Took this casino several years to fight off an anti-casino group called TOMAC. During that time I emailed back & forth with the Pokagon Band tribal chief, John Miller, a bit. He's quite happy now. Actually, the competition came from the casino riverboat in Michigan City IN who backed TOMAC financially. And they had deep pockets. But, it's up & running now since Aug. 2. Quite nice, beautifully built with of course an Indian motif. Very enjoyable for us on special occasions to visit. We used to go all the way up to Soaring Eagle Casino/Resort in Mt. Pleasant MI, which is just outstanding as casinos around here go.

This is way off topic, but hey it's a holiday...at least in the states.

re mkt outlook,fwiw, The Informed Trader is still calling a bottom:
"On the Sentiment front our 21 Day P/C remains at an elevated 1.11. The Investors Intelligence Survey continues at a 4% spread of Bulls over Bears at/near an area suggestive of a bottom. The Commercials continue to remain quite bullish. We believe the combination of the above will allow the market to climb the proverbial "wall of worry". Rails and Steel sectors are highlighted...but commodities in general are their bullish theme....not an area that they concentrated on in the past year. Perhaps their enthusiasm will spread.

Bill mentioned he was going to get a report on Guyuana Gold does anyone know if he ha actually posted it?

Thank you for your input Jock. I had been thinking whether an ETF issuer insolvency would result in shareholders losing all their investments in an ETF, but it makes sense that an ETF is backed by the underlying securities. I guess with all the talk of capital risk, I wanted to make sure I wasn't being complacent with my ETF investments, even if the issuer is a big bank.

Couple things on the boat...

First, contrary to popular belief, most yachts have diesels in them (and this boat was a virtual certainty to) and while diesel does not explode, it sure burns like hell.

Second, turbochargers (which are on all high-performance diesels) get really hot. In fact, that's kinda the point (since its how they work.)

Lots of people think gas boats are more dangerous. The USCG says otherwise; there are more diesel boat fires resulting in the loss of the vessel than gas boat explosions, yet gas boats outnumber diesel ones 10:1 at least.

In all probability it was a mechanical failure with either a turbocharger or an oil line failure which sprayed hot oil all over (that then caught on fire.)

The other nasty thing is that fiberglass boats are basically plastic, and fiberglass burns like an inferno. Once it gets lit you can forget about putting it out - which is why built-in fire systems and immediate response to fires are essential - or the boat WILL burn to the waterline.

Count your blessings; as a fellow yachtsman I have always paid real close attention to the engine room on my boats but even so, things do break and sometimes in ways you can't possible imagine possible before it happens.

Good thing the built-in fire system was not only there but worked - you'd be shocked at how many people don't check it regularly like they're supposed to....

Glad you're ok Bill - property can be replaced, lives can't.

Hope this doesn't turn you off to the water and living on and around it - I love being out there, and in fact was boating today.....

As a very seldom poster, just let me say that I'm glad all turned out well Bill. Enjoy your time off with your wife!

Glad to hear that you are ok Bill. As for taking time off to be with your better half. It is the best idea you've had in a long time.