I am an avid investor and have been since high school (my father opened an account for me when I was 16). I am mainly an investor bear in this market. There are a lot of things that could easily blow up (Greece, the EU, Spain, Italy, Portugal, France, China, etc.).
I have been very successful with my theory of "negative potential". This is the primarily the opposite of value investing. I look for poorly managed companies that keep making the same mistakes and/or refuse to own up to their problems (unsustainable debt levels, poor product mixes, non-core issues distracting management, etc.). I currently have 7 major short positions along with a few other positions.
I enjoy everything about the markets and like reading and studying as much as I can.
In my opinion the Spanish bank bailout, (and remember, the recent Spanish bailout was to give Spain a loan to help it bailout its failing banks, this is not the same as the Greek bailout which was to slash the country's debt) is an absolute disaster.
1) It isn't big enough to matter.
2) It only adds further debt on a country that cannot sustain its current debt level.
3) The rest of the EU (namely France and Germany) cannot continue to bailout everyone else. Their resources are already being stretched.
4) This bailout sets up the need to do the same for Italy, Portugal and other countries. And, what happens when France faces the same situation in 12-18 months?
I'm still researching how this misguided effort will affect the US economy and markets.