I imagine CNBC may have a party if the Dow closes at an all-time high with Bob Pisani kissing traders on the floor and Maria showing some skin and Kernen shaving his head? UPDATE – My buddies at The Rad Report sent me a note and link saying that Ron Insana has started a Fund of Funds . Party!
Instead of joining the Dow party, read Bill Cara’s great take on the hubbub. My favorite part is here:
General Electric, which owns 100-pct of CNBC and apparently requires their on-air personalities to hold shares of just GE, is a total disaster when it comes to its share price.
On the day the Dow set an all-time closing record high, January 14, 2000, the stocks of the biggest U.S. industrial, consumer, and technology companies were as follows: GE=$43.25; WMT=$61.04; and MSFT=48.63.
Today (last night’s close) ADJUSTED FOR DIVIDENDS and splits, those prices are GE=$35.48; WMT=$49.81; and MSFT=27.40.
And, if we adjusted for inflation – probably another -20 pct or more in the past almost 7 years, and the taxes on those dividends, these stocks would be even more of a disaster.
By the way, I want to welcome Bill Cara into the fold of Wallstrip as a contributor and all around wise mentor to our venture.
There are some other great contributors that will be announced this week. Stay tuned.
PS – Funny Simpson’s video up on the Wallstrip site.
Or start their own hedge fund:
http://www.nypost.com/seven/09302006/business/insana_going_into_fund_biz_business_roddy_boyd.htm
Eddie – great find my man.
Good for him. Tough gig though.