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May 4, 2005
Pied piper, Wed., May 4, 2005, 3:39 PM
Who wudda thunk that the pied piper who would take this equity market out of its funk would be an 87-year old Armenian American billionaire ($8.9 billion in 2005 Forbes list) by the name of Kirk Kerkorian? Yes I even checked the list and while Kirk -- we're on a first name basis ;-) -- is the 41st richest person in the world, he ranks 651st youngest.
This is a man who made his money on MGM, and is responsible for building much of the Las Vegas resort industry, before making a ton on Chrysler stock.
Still, GM is quite a project for an 87-year old. Amazing.
Ironic that just last Saturday I wrote of pied pipers " even quoted from the story " and referred to GM as the vehicle (no pun intended, but not bad actually) for a trade.
So boys and girls, and that's all of us who have fathers in the mid-eighties, we can all follow Kirk to goodness knows where. But like the old German story, I don't think it's a good place.
I think I'll just pay the rat catcher.
Posted by Posted by Bill Cara on May 4, 2005 03:40:17 PM | Category: 25 Cons Discretionary , Cara Today in the Market
Watching Cramer today, I thought he made a good point and I wanted your take, he said and I'm paraphrazing, "now that GM's debt has been cut to junk, the Fed will stop raising rates, look at the reaction in TOLL at 12:38pm today, it jumped, and the recent (two week) bouancy of the ten year paper." Now that the Fed will be compelled to stop raising rates, He likes banks now because their yield is competitive with cash, does his view hold water?
Posted by: Matt at May 5, 2005 6:15 PM [link]