Last year, Warren Buffett wrote an op-ed in the New York Times announcing his intention to buy U.S. equities.Was the oracal of Omaha wrong?
Is it still not safe to put your money back into the stock market?
It has always been said to be “fearful when others are greedy and greedy when others are fearful”.
This bit of advice served Greenwich Resident Paul Tudor Jones well after the stock market crah of 1987. He went from Millionaire To Billionaire because he was smart enough to be being "greedy whe others were fearful".
Perhaps, this is yet another sign of fear that says investors should get back in the stock market.....
What a sale means on Greenwich Ave.
Marketplace, CA
Money is getting tighter for the high-end shops on Greenwich Avenue in Greenwich, Conn., which caters heavily to the finance industry. Amy Scott visited a few stores on the Avenue to find out what a markdown meant to them.
Please Listen To The Story:
http://marketplace.publicradio.org/www_publicradio/tools/media_player/popup.php?name=marketplace/morning_report/2009/02/18/marketplace_morning_report0550_20090218_64&starttime=00:04:07.7&endtime=00:06:58.7
TEXT OF STORY
Bill Radke: Greenwich Avenue in Greenwich, Conn. has been called Rodeo Drive East. It was once home to Mom and Pop stores, and a Woolworth's. Then Saks Fifth Avenue and Tiffany moved in. Stores could afford to be posh because Greenwich has been swimming in hedge fund and Wall Street money. But lately, some of that money has vanished. So Marketplace's Amy Scott took a walk down the Avenue.
Amy Scott: The first signs that all is not well on Greenwich Avenue are the "space available" and "moving" notices in store windows.
Two doors down from one empty space, Marty Novel manages Little Eric. It's a high-end children's shoe store just off the Avenue. He shows me a pair of knee-high black boots.
Marty Novel: This is a fashion boot. Looks like Mommy's boot, or you know . . .
Scott: So how much would something like that go for?
Novel: I think it's $169.
Scott: Only $85 on sale. Novel says this is the first time in his six years as manager that business hasn't grown.
Novel: Some of our cruise shoes and sandals aren't selling as well because a lot of people I hear are not taking as many vacations.
Scott:Up the street, David Goldsmith runs Manfredi Jewels. He says as many as half his customers are tied to the finance industry. They're not spending as much these days.........
Do Yo Smell Fear Out There?
Greenwich Billionaire Eddie "Please Don't Kidnap Me" Lampert Smells The Fear And Is Getting Greedy When Others Are Fearful:
Bloomberg
ESL Investments Inc., the hedge-fund firm run by Edward Lampert more than doubled its stake in CIT Group Inc. in the fourth quarter, according to a filing with the U.S. Securities and Exchange Commission.
ESL owned 15.4 million shares of CIT as of Dec. 31, according to today’s filing, up from 7.3 million in the third quarter. The Greenwich, Connecticut-based hedge fund also bought 11.5 million shares of Genworth Financial Inc.
CIT, a New York-based commercial lender that became a bank to qualify for federal bailout money, has reported seven consecutive quarterly losses. The stock has declined 90 percent in the past 52 weeks.
Genworth, an insurer that was spun off by General Electric Co. in 2004, has lost about 91 percent of its stock market value over the past 52 weeks. The company is also seeking money from the federal bailout program.
Lampert is a billionaire who made his fortune by investing in underperforming companies.......
PLEASE ALSO SEE:
by Darren Rickard
Ms. Schroeder, a sustaining member of the Junior League of Greenwich, will be signing copies of The Snowball, which can be purchased at the event, following the presentation. A portion of the proceeds from the sale of the book will ...
PLEASE ALSO SEE:
Train wreck coming or just a rest stop? « For What It’s Worth
by christopherfountain
by christopherfountain
Many of my colleagues who berate me for my “negativism” will, if pressed even a little bit, readily admit that the Greenwich housing market is in the toilet, and why shouldn’t they? That’s the truth. And here’s another truth: for at ...
AND:
Given the sweep and severity of today's global economic and real estate crisis, it would seem there's plenty of blameto go around. But local Greenwich Blogger Chris Fountain doesn't think any of it should fall on his shoulders.
However, some very unsuccessful real estate sales persons are starting a whispering campaign that a crazed real estate blogger and local gadfly has single handily brought the Greenwich real estate market to it's knees with a few simple blog posts
Do any of these low preforming real estate whiners seriously believe that Mr. Fountain had been President for the last eight years?
Has Mr. Fountain spent the last eight years advising the worse presidential economic team since Herbert Hoover?
Any reasonable member of Greenwich Society would know that the answer to these two questions would be: "No."
Last time I checked TIME's list of the 25 people to blame for the financial crisis I did not see Mr. Fountain's name. The magazine's story, which apportioned blame widely between such figures as Countrywide co-founder Angelo Mozilo, former Federal Reserve Chairman Alan Greenspan, former Lehman Brothers CEO / Greenwich resident Dick Fuld and President George W. Bush.
However, Mr Fountain's blog posts were not even mentioned in the Time magazine article.
There are a few bits of good news coming out this attempt by some so called "real estate professionals" to try and blame Mr. Fountain for their poor selling skills.
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