Visiting The Wrecks

[as intro, cue the theme from the movie 'Titanic' - or maybe 'The Abyss'...]

Sitting at the bottom of oceans around the world, are the wrecks of once proud sea-conquering ships.  Visiting these monuments to the ultimate preeminence of Nature over Man requires a willingness to expose oneself to darkness, pressure, cold, and death.

Not dissimilar to investing in the fallen behemoths of industry ...

Diving into the financial depths takes the bravado of Mike Nelson, the dedication of Chatterton and Kohler, and the audaciousness of Buffet (Warren, not Jimmy).

If you take the plunge you will see, as you approach the bottom, apparitions appearing from the ghostly dark.  The broken hulks of financial goliaths like the Lehman, the Bear Stearns, and the Washington Mutual resolve into view, ruined 'instruments' spewing out of ruptures in their fiscal structure.  An enticing panorama drawing you in...

Think before penetrating these wrecks, though.  

Inside, the tangle of failed machinery will confuse and entrap the unwary diver.  And the most valuable parts were already salvaged by the good ship JP Morgan Chase, before the rest was consigned to the depths, so there is little reason to risk a distressing death by entering.  You may find only worthless common stock, bled out from investors forced overboard before the salvage.

But wait, you ask, what of those ships only wounded?  Those that lie only half-submerged in the world's fiscal seas, foundered only partially by the economic perfect storm?  The great ships AIG, Fannie Mae, the Citi, and the Bank of America.  The dreadnoughts GE, Ford, and GM.  The fast cruiser Chrysler.  Can these be safely visited by plucky and ever-hopeful investment divers?

Personally I would rather dive a single tank to the Andrea Doria, but for a less depressive answer look to the world's top wreck divers.  If as properly trained and well-equipped with the right gear and tools as those daring souls, the truly adventurous investor might visit the grounded vessels and shallower wrecks safely.  

Just watch out for the sharks that circle...

[cue 'Mac the Knife' for the outro, as performed by Bernie Madoff ... ]