I heard the story, bit by bit, from various people, and, as generally happens in such cases, each time it was a different story. Edith Wharton, Ethan Frome.
You'll have a difficult time finding a better piece of advice for understanding what goes on in markets. It's a different story every day. And through various sources and bit by bit over time you'll get an understanding of what moves them.
Yesterday real estate magnate Sam Zell put in an appearance on CNBC and unleashed a rare commodity these days, the truth. The truth unfortunately gets the same reception as whistle blowers, especially when it comes to MSM.
In the early part to the last decade, just before the tech bubble popped, Zell appeared at a conference in Century City where he spoke. At the time he was owner of lots of property in Silicon Valley. Might still be.
Someone ask him if he took part of the lease payments in shares of those hotter than hot technology darlings that were posting new highs every 20 minutes. His answer was quite revealing.
He responded he'd done something like that earlier in his investing life and got burned. Not this time around. Leases are leases. He wasn't interested in what could be called, depending on one's viewpoint, technology PIKs.
Zell's response that evening shocked many. Taking those shares in payment seemed such a no- brainier. After all, wasn't that what all those people who quit their jobs and rushed off to work in the valley were doing? Most of them had to be pretty smart people.
Here's link to his recent shocking revelation.
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