I joked Sunday during my presentation at the Traders Expo that I was not wearing a suit because Wall Street was dead so there was no need. That got a chuckle from the crowd but when you think about it, all the majors are either gone or magically morphed into banks.
What makes me more afraid is not the natural capitalist selection of the broker/dealers. Rather, it is that there will be no replacement structure for several years. Trading, investing, raising capital and similar activities could be on hold as the recession takes its toll.
And with that, the demand for publications such as Barron's and my own newsletter can decline.
Now, I am not saying Barron's readership and/or advertising are down because I just don't know. But seeing all the accompanying businesses to Wall Street fade back into the shadows for a few years is not out of the question.
Yes, I know, getting out at the bottom is the sign of capitulation. But I do not think people in this business are getting out permanently. They may just want to take some time off and recharge while the economy and the market does the same. After all, Wall Street is in our blood.
Anybody want to buy a newsletter? (tongue near, if not in, cheek)