Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Support MFO
Donate through PayPal
Barron's Morning Read: After Everyone's Rally, Nobody's Selloff
Morning Thoughts/Bulls, Bears & Pigs From Kenny Polcari http://www.kennypolcari.com/2013/10/23/morning-thoughtsbulls-bears-pigs-try-the-spaghetti-wbutternut-squash-sauce/ "Speaking of ringing the cash register – did you see the news last night….Carl Ichan sold half of his position in NFLX against the wishes of his son Brett. Icahn sold some 3 mil shares from Oct 10th thru yesterday – but still owns some 2.6 million shares….So here is where the phrase “Bulls, Bears and Pigs” comes from. Brett – 33 yrs old – argued against selling a single share – while Carl – 77 yrs old – argued that they should lighten up as the stock makes new highs…..in the end Carl – entered the sell order and rang the cash register to the tune of some $800 million dollars – while still holding a significant position. In the event that the stock moves higher – and Brett is right – the fund will still participate in that growth. In the event that the stock moves lower – Carl is right – then the ringing of the cash register is even more sweet. Either way – you can never beat yourself up for TAKING A PROFIT. Brett clearly needs to understand that rule – but when Daddy gives you $3 billion to play with – it may take a bit longer for it to sink in. Take good care –" Kp
Comments
Morning Thoughts/Bulls, Bears & Pigs
From Kenny Polcari
http://www.kennypolcari.com/2013/10/23/morning-thoughtsbulls-bears-pigs-try-the-spaghetti-wbutternut-squash-sauce/
"Speaking of ringing the cash register – did you see the news last night….Carl Ichan sold half of his position in NFLX against the wishes of his son Brett. Icahn sold some 3 mil shares from Oct 10th thru yesterday – but still owns some 2.6 million shares….So here is where the phrase “Bulls, Bears and Pigs” comes from.
Brett – 33 yrs old – argued against selling a single share – while Carl – 77 yrs old – argued that they should lighten up as the stock makes new highs…..in the end Carl – entered the sell order and rang the cash register to the tune of some $800 million dollars – while still holding a significant position. In the event that the stock moves higher – and Brett is right – the fund will still participate in that growth. In the event that the stock moves lower – Carl is right – then the ringing of the cash register is even more sweet. Either way – you can never beat yourself up for TAKING A PROFIT. Brett clearly needs to understand that rule – but when Daddy gives you $3 billion to play with – it may take a bit longer for it to sink in.
Take good care –"
Kp