Heading over to the Congress this morning just in time for what looks to be a market meltdown today. It will be interesting to gauge the mood of the room. Visit the ValuePlays Bookstore for Great Investing Books
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Mudd, Cullen, Frugality, Moody's - Please read this. Note the opening quote...no wonder they failed...they just did not listen - James nailed Wells Fargo (WFC) and USB (USB) - We could use a little - Is anyone still listening? Visit the ValuePlays Bookstore for Great Investing Books
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Did you get burned on housing, Fannie (FNM) or Freddie (FRE)? Did you not buy Altria (MO) in 2000, yielding over 9% and miss out on 24% a year since? If you did it is because you have not read James Grant's Interest Rate Observer or, if you did, you ignored it to your own peril. First the boilerplate stuff: Collected from speeches and editorials by Grant, the editor of Grant's Interest Rate Observer, these essays are remarkable for their prescience: two years before subprime mortgages... Read Full Story
Here is the latest on Pershing and Borders (BGP) This calculation is based on 75,238,934 shares of common stock of Borders Group, Inc. This figure is based on 60,538,934 shares of Common Stock outstanding as of August 29, 2008 as reported in its quarterly report on Form 10-Q for the quarterly period ended August 2, 2008 and warrants covering 14,700,000 shares of Common Stock described in Item 4. This Amendment No. 8 (this “Amendment No. 8”) amends and supplements the statement on... Read Full Story
Probably the most dramatic week in recent history... Disclosure ("none" means no position): Visit the ValuePlays Bookstore for Great Investing Books
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Here are the notable items from the Wells Fargo (WFC), Wachovia (WB) merger call. - The synergies will be a $5 billion in that number on an annual basis, it’s about 10% of the combined costs of the expenses of the two organizations. - Merger costs around $10 billion and target the closing for the fourth quarter. The due diligence has all been completed and the remaining approvals we need are regulatory approvals and shareholders’ approvals from Wachovia. - Will have an industry leading 6... Read Full Story
AutoNation's (AN) Mike Jackson did the following interview yesterday on PBS JEFF YASTINE: Earlier today, I spoke with Michael Jackson, CEO of AutoNation, the largest chain of auto dealerships in the country. I began by asking him how soon his business will feel the impact of the plan and when his customers will be able to get loans. MICHAEL JACKSON, CEO, AUTONATION: As far as I`m concerned, the sooner the better, but it is going to be tough to predict exactly when it is going to happen... Read Full Story
From Bloomberg William Ackman's Pershing Square Capital Management LP bought a 9 percent stake in Wachovia Corp., now valued at $1.2 billion, according to a person with direct knowledge of the purchase. The shares were acquired following Citigroup Inc.'s (C) Sept. 29 agreement to buy the bank and before Wells Fargo & Co. (WFC) announced a rival offer today, said the person, who declined to be identified because the purchases haven't been publicly disclosed. The purchase inserts Ackman... Read Full Story
AutoNation's (AN) Mike Jackson gives some real world examples of the current credit situation. It's not good... Watch this, he is talking about 3,000 MORE dealerships closing in 2008-2009. AutoNation will pick up huge market share through this process. My interview with Mike Jackson Disclosure ("none" means no position):Long AN Visit the ValuePlays Bookstore for Great Investing Books
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