• Uh Oh
    Posted by on October 3rd, 2008 at 6:00 pm

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    I wonder if this is some sort of metaphor:

    Armed Bank Robbers Hit Wachovia in Northwest D.C.
    WASHINGTON, D.C. – Police in the District are searching for a pair of armed bank robbers who burst into a Wachovia Bank in Northwest D.C. on Friday afternoon and demanded cash from the teller.
    Investigators say it happened just as people were sitting down to lunch outside the Wachovia Bank on Connecticut Avenue NW near Van Ness. They say one of the robbers was armed with a shotgun and the other with a handgun.
    According to police, the two men ordered the teller to open the vault, and then pistol-whipped her when she couldn’t. They say instead, the men bagged cash from the drawers and then took off.
    One witness who asked not to be identified told FOX 5 that’s when he encountered the suspects up close.
    “Two guys came running by the building and I bumped into one of them, brushed him and see his– what looks like a gun he’s carrying– and the two of them carrying garbage bags with what looks like money,” the witness told FOX 5.

  • Below 1100
    Posted by on October 3rd, 2008 at 4:20 pm

    The S&P 500 closed below 1100 for the first time in four years. The index finished the day at 1099.23. The S&P 500 first closed above 1100 over ten years ago, on March 24, 1998. The last time the S&P 500 closed below 1100 was on October 25, 2004.

  • Life Imitating Art
    Posted by on October 3rd, 2008 at 12:13 am

    From the IMDB plot summary of the movie Wall Street:

    Soon, Bud finds himself getting information from any source and using to gain an advantage. It all comes to a head however when Gekko targets Blue Star airlines, the company where Bud’s father has worked for 24 years, secretly planning to break it up and plunder the employees’ retirement fund.

    A Bloomberg article from today:

    Blackstone Said to Complete BlueStar Purchase, First in China

    Schwarzman, how could you!

  • The Stimulus Plan that Didn’t Stimulate
    Posted by on October 2nd, 2008 at 9:52 pm

    Remember how those stimulus checks were supposed to help the economy. Well, they didn’t:

    The US Congress and the Bush administration enacted a $100 billion tax rebate in an attempt to stimulate consumer spending. Those of us who supported this policy generally knew that history and economic theory implied that such one-time fiscal transfers have little effect, but we thought that this time might be different. Our support was, in the words of Samuel Johnson, a triumph of hope over experience.
    In the end, our hopes were frustrated. The official national income accounting data for the second quarter are now available, and they show that the rebates did very little to stimulate spending. More than 80% of the rebate dollars were saved or used to pay down debt. Very little was added to current spending.

  • The Oracle Speaketh
    Posted by on October 2nd, 2008 at 1:25 pm

    Warren Buffett on Charlie Rose for the full hour.

  • Looks Tempting
    Posted by on October 2nd, 2008 at 9:46 am

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    I have to admit that shares of Apple (AAPL) are starting to look attractive. The stock has come down a lot, but this is still an incredibly strong business. I think investors are getting understandably nervous about this holiday season.
    The company said to expect Q4 earnings (ending September 30) of $1 a share. However, the company always low-balls its forecasts so it can say that it beat forecasts. My quick guess is that Apple will probably report about $1.15 to $1.20 a share.
    The concern is that Apple will come out with a lousy forecast for 2009, and the market will think that it’s not low-balling. Even if the company only grows its earnings-per-share by a little bit, the current price won’t be a bad entry price. I wouldn’t bite just yet, but an $80 share price would be hard to ignore.

  • Yahoo at New 52-Week Low
    Posted by on October 2nd, 2008 at 9:31 am

    For a long time now, I’ve been criticizing Yahoo’s (YHOO) share price. I just couldn’t see how or why the stock was going for $31 a share. I said on several occasions that I wouldn’t pay half that much. Now the stock is finally close to half that level, and I’m still not buying.

  • Senate Says Yep
    Posted by on October 1st, 2008 at 10:43 pm

    The Senate passed the bailout bill by a vote of 74-25. Here’s the roll call.
    For now, I’m long wooden arrows.

  • Third-Quarter Update
    Posted by on October 1st, 2008 at 7:39 pm

    Now that the third quarter is over with, I wanted to pass along some thoughts about changes to my Buy List. I make changes once a year in mid-December, and start tracking the new list on January 1. Right now, I’m considering cutting a few stocks. I don’t know yet, but these are on my short list:
    Clarcor (CLC)
    Harley-Davidson (HOG)
    Lincare (LNCR)
    SEI Investments (SEIC)
    WR Berkley (WRB)
    Unitedhealth (UNH)

  • The Fine Print
    Posted by on October 1st, 2008 at 4:25 pm

    From The Onion:
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