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Am not up to date on Stein's pimping skills. Was he good?
70 million shares represents about 15% of his holdings.
Selling all at once looks a bit shocking and as you and others have pointed out seems to have put pressure on the stock but overall probably not a big deal. Probably wishes he had sold much earier though. <g>
But a much smaller bubble...
If the rumor is true that will just about get him on par with Gates for the past year and some odd months.
Breaking News; Ben Stein calls the deflation issue a
"fraud." Says he agrees with Milton Freedman in that when your gunning the money inflation is the risk. Well now...
Bill Gates, In 2002, sold 40 million shares. In 2003 he has sold 40 million shares so far, 23 million in april alone.
Steve Balmer sold about 4 million shares in Jan, 2002 or
5% of Gates' Sales in the same poriod.
Why is the company mum on Balmers planned sale? Are the execs not supposed to report planned sales?
How much of his 470 mmillion shares is he going to sell for "diversification".
Animal that is.
Not exactly a party anamal though. From it's doggish performance lately I am thinking that it may be company specific. Benj
OT---OK, I catch your drift now. Since you are fond of NewFoundlands I will fill you in on Leonbergers after hours. Benj
Speaking of tomatoes, Is everyone stewed tonight? Godfrey, why on earth would you compare a lab with a pit bull, it's predecessor being the English White Terrier which was exterminated in the British Isles for its unprovoked ferocity. I like labs and goldens but give me a Leonberger anyday.
Benj
I know what you mean, George. Confidence is a fleeting commodity these days. Think I will wait for the correction I expect before I add to golds. Whether it actually comes is another story however.
Good luck, Benj
>>Wanna Bet!<<
OK, if I can choose sides! >GG<
Benj
Godfrey, The India card? Possibly a factor but the gold arena being the most manipulated of all I couldn't really say. I just look for patterns and when the stocks, as George pointed out, don't Follow or lag the POG I smell correction. Still believe the stocks lead the POG.
Benj
George Cole, >But the gold stocks are lagging badly<
We seem to have seen this scenario before, no?
Benj
Sandeeps-- You mean $20 a share or....?
Benj
extelecom-- Yes hard to imagine that shareholders would not vote to wipe out their profits. <GG>
Benj
Train Guy, When MSFT could not pierce and hold $26.50 when others were rallying I began to get a sick feeling in my gut. I'm with you... no MSFT, no sustainable rally.
Benj
Greenspan mostly speaks in circles which is tantamount to saying nothing at all, IMO. Reminds me of a quote from Robert Louis Stevenson. " The cruelest lies are often told in silence."
Benj
Captain_Jack--OT--Aye, aye Captain, with pleasure.
Best, Benj
Mlsoft--LOL...the jokes on me. I guess I should read every post on this thread so as to not play the dunce. <GG> But I must surely protest the comparison of duck to liver...I just hate liver!!!!!
Best,
Benj
Mlsoft- Ducks and geese are not for everyone but they are for me. Used to hunt with my dad as a kid. Duck is very tricky and difficutl to cook for most people and I was just trying to imagine your recipe that would work for salmon AND duck. Would you be the kind of person that would trade recipes? We've got a great one for salmon that we got from a Montanna bush pillot. Come to think of it, it may just work for duck too!
Benj
Captain_Jack, <steelhead fishing> A friend of mine from Fiji used a unigue way to catch a steelhead here. She chased it up and down the river with a 2x4 for ten minutes until she finally clobbered it over the head. She then called ten people over for dinner. Fijians have lots of unusual ways to catch fish.
I have a way to catch fish without any gear at all. First you have to climb up 5000 feet of shear granite walls and canyons for two miles until you get to a couple of lakes that are near the second highest lake in the Americas. Then you lay down on the grassy bank of the stream connecting the two lakes, put your hand into the water, palm side up, and wait until a 12 inch Golden trout comes and nestels in the palm your hand. You then throw it out on the bank or into a frying pan. Goldens taste like Salmon. Oh, that's right, you don't care for either. <GGG> I share your taste for walleye though but can't get it out here.
Benj
Newly2b,
Roger that.
Benj
Soros, per CNBC, short US dollar...long N.Z. dollar and the yellow dog.
Benj
Godfrey,
Mr. Nightingale did seem rather chipper. Everything is going his way, says he. Jolly good. His theory seemed to be a slight variation on the Kondratieff curve theory of boom and bust cycles about every fifty years. I posted several months ago about a conversation Alan Greenspan had in the '80s with some Kondratieff enthusiasts that may bear repeating. Not word for word but when Greenspan was asked about the impending downside of the curve he said, I believe, that he hoped he was the fed chairman when it hit because he would print so much money he would defeat the cycle. Then he said that if it didn't work we may experience a depression that would make the thirties look like a cake walk. I don't know if he had tongue in cheek.
Benj
Bearmove,
Yes, I am aware of that. Housing does seem stable down there even though friends businesses have been down 20-30% year over year for the last few.
How much in general did housing increase in the bubble years in San Diego? I know it would vary from place to place. In Carmel, for an extreme example, houses appreciated 50% a year for a few years. In general around here probably 25-30%. Silicon Valley at the root of course. Now that it has been decimated people are leaving for lack of work. Houses are sitting longer and longer. Many for sale signs around.
San Diego may be more insuated as it is probably more diversified and does not rely on any one industry. Just my guess.
Newly2b,
I was going to ask how far property dropped in So. Cal but you answered it before I could. I remember that crash particularly well as a few cohorts and myself did most of the architectural renderings in Ca. during the boom times, including commercial, residential tracts, and mansions.
We always wondered when the end was going to come and when it came it hit hard and swift and our industry turned to dust overnight. I was left drooling on the sidelines as well. Punkie is right that we did not drop nearly as much in No. Cal. But I'm wondering about this time.
A few years ago house hunters were combing the beaches looking for property. One offered a friend $8 million for his 50x50 beach front lot with basically a teardown house on it and then offered a neighbor $12 million for his. Both offers were turned down but we haven't seen these type of people since.
One thing that is happening here that was not predicted is that not only are the million and multi-million dollar properties comming down but the 3-4-5 hundred thousand dollar properties are starting to crumble and I am starting to drool again but this time with cash. As you say, It's not a bad position to be in.<G>
Benj
Joe Stocks,
Was intended as a joke and not to be offensive but failed obviously. I guess my <G> was not large enough<GGGGGG>
The questions where serious however, unworthy as they are.
Benj
Joe Stocks, That article made me so dizzy I almost puked. <G> I try to look a things simply. For instance.....Are the various costs of my insurance going down?Are the costs of food going down?Are the costs of building a home going down?Are the cost of services like tax preperation, auto repairs, attourney's fee and the like going down?Are utilty bills gong down?Is anything really going down except for the price of a cheap belt made in China that I buy once a year? The major costs of living for me that I mostly have to pay every day or month are not going down but up and sometimes dramatically. It may just be my neighborhood though.<g>Benj
TJ, I think you're right. Did they even have any money of their own? If I remember right they leveraged their $1.00 into $100 billion or there abouts. <g> By the way, thanks for the reply on lynix. Always interested in computer literate individuals ideas on the subject for I am not one of them. Still believe the big boys ultimately lead this market. Get back from a few days travel and what do we get? MSFT, GE, etc. leading the way..... down.
Benj
Telecom has been the worst performing sector for the last two years. So why is Vimpel-communications (VIP), a leader in Russian wireless communications, up over 10O% in the last year? As of the latest report, 12-31-02, net revs up 82% to 768.5 million. Net income totaled 129.6M
up from 47.3M. A growth story?
TJ Parker,
I have always used MSFT and a few others as bell weathers for general market direction, but Linix is making inroads. When do you think linix will become more complete and easier to use allowing for a significant exodus?
Benj
mlsoft,
>>I am not trying to convince you at all...I am just stating what I am seeing.<<
mlsoft, no disrespect intended but you have been beating the fed and PPT drum constantly for months now and is the main focal point of your posts, IMO. It does seem like you are trying to convince people with the constant bombardment. Or maybe you are just trying to convince you. You are a very bright guy IMO but I think you may have become obsessed with this issue without realizing it.
Best,
Benj
Augieboo,
I don't thinks a 20% decline in realestate prices should be concidered doom and gloom, except for those who just recently bought. N.Cal is dropping both in the price of realestate and rentals but the event should be looked upon as a necessary balence in valuatiion. A 12% unemployment rate and a mass exoduse of folks leaving to go back to where they came from is not a bad thing but a realistic occurance to restore the prospects of economic sense. The envelope can be pushed only so far you see.
JMO
Benj
Captain_Jack,
Looks like an all time record for attendance this year. I bet there was plenty of corn and corn-fed beef at the
barecue.
Benj
Godfrey,
I don't own any BRK but methinks I should have liked to. 75% in three years in this market is better than a poke in the eye and a nicer perk than any old letter.
My buddy Warren sends me the letter because he likes the cut of my jib. >G< Need some swamp land?
Benj
George,
I looked at STHBX awhile back but did not buy any at the time. Called the company recently and the yeild now is just over 4%. The high of this fund at the height of the bull in '00 was about 10 bucks but was at $10.50 a year earlier, an indication of where the market was heading. It is now at $8.60 off the lows near $8.20 in october '02 when all of these funds took off like a flock of birds. The Buffett effect? Perhaps. I like the looks of this fund and it appears to be easy to get in and out of. I know you believe there is lower risk to this and other short term funds in a market correction. This fund has been remarkable stable in the last 6 months while the market has had some wild swings. Are you just holding or are you adding to this fund. Am a bit leary myself as it has already climed about 5%. I don't believe the market can climb much higher without the likes of GE and MSFT joining in. As Zeev said the generals have not really participated much in this rally. If MSFT can pierce its resistance at 26.50 as it did awhile back and hold on I would be encouraged for further upside. Maybe STHBX will keep showing us the way. By the way, when would you sell it? Sorry for all this wind.
Benj
George,
Who knows how far the junk can be pushed during the guest for yield. Have been looking at a lot of junk for a while but the yields have come down alot as the funds have risen looking less and less atactive to me here. Just heard "The Singing Oracle of Omaha" just reiterate that the "AVERAGE" investor should stay away from junk but somehow I don't think you fit into that category.<g>
Benj
Godfrey,
Buffett made that call on junk over a month ago in a letter to his shareholders. FWIW
Benj