I'm a nice guy, but I tend to think there are a lot of idiots on Wall Street.

For every Meredith Whitney, the chief analyst at Oppenheimer (OPY), who all but predicted the downfall of the banks and someone who's a bit of a muse to me, there are hundreds of analysts and patrons of the financial news who have blinders glued to their eyes about the banking crisis.

Now, I don't want to see the fallout from the money center banks' missteps any more than you do—the majority of my portfolio is based in long stocks similar to yours, and I know the housing recession has no chance of firming up until the financials get back on track.

A Windfall of Profit

But to be honest, the majority of my biggest profits in the past several months have come from my short-side plays, particularly those in the financial sector.

To those of you who are paying attention, it won't come as a surprise that there's cash to be made from the bankers' flameouts. I know the first tenet of "how to invest" is to buy stocks that are going up, but here at ChangeWave Shorts, our strategy is to buy put options on stocks that are crumbling, exactly like many of those in the financial sector.

So, while we've enjoyed multiple triple-digit wins from Wall Street's losers, if you're among the few who are paying attention when it comes to the banks, it seems you're light years ahead of the analysts on Wall Street and many members of the financial news.

Why do I say this? Because short-covering in the financial stocks and deep-value players who are literally not reading publicly disclosed information have driven up prices.

Sadly, we all remember the tragedy that came from the Enron catastrophe. The consequences were deep and significant for the individuals who lost their retirement savings and 401(k) plans, as well as investors and corporations who were left to deal with dwindling stock values.

The New Enron?

It's even more upsetting when you consider that all of the information and documents that people needed to see that Enron was a house of cards were publicly available in SEC reports. It's the same case for many banks today that value players are rushing into.

In fact, just one piece of information is enough to convince me—earlier this year…