Harry Newton's In Search of The Perfect Investment
Newton's In Search Of The Perfect Investment. Technology Investor.
8:30 AM Friday, August 5, 2005: I
should keep my mouth shut. I jinxed it. Yesterday I rejoiced that TriPath
Imaging profits grew more than sevenfold during the second quarter,
its revenues rose 27 percent and it boosted its
earnings forecast big for 2005. Early yesterday, TriPath was up $1 to over $10.
But by late afternoon it was falling and actually closed 21 cents lower.
What happened? An institution presumably waited for the announcement and dumped
the shares -- the classic "Sell on news." Dumb strategy. The
good news is I hear there are large buyers around. I'm hanging on. The moral
of this boring story is that, while you'll never get consistent returns out
of investing in the stock market, you will get consistent agita.
and selling interests in hedge funds: Many
hedge funds are closed. Many hedge funds have long lockup periods.
Hedgebay is a web site trading
in hedge funds. The catch: they're non-US funds. They take a cut of 1% or so
for handling the "tricky" paperwork. The Economist reports,
"As a gauge
of investor sentiment, Hedgebay's listings, updated daily, can be revealing.
In July, which saw the highest volume this year, funds employing long-short
strategies (owning some assets outright while betting on the price of other
assets to fall) attracted the highest premiums. Convertible arbitrage strategies
have landed with a thud: some $61 million worth are for sale on Hedgebay against
demand for only $17 million worth. A credit-arbitrage fund, hit especially
hard by the junked ratings of General Motors and Ford, has $36 million in
shares marked for sale, most of them at a discount. By contrast, users have
posted offers for $116 million worth of European long-short equity funds,
mostly at a premium, against a supply of $22 million."
registered on Hedgebay's site this morning. They said they'd get back to me.
They did. They also do domestic funds. "It's a bit trickier," they
housing boom in New York City: "From Bensonhurst to Morrisania
to Flushing, new homes are going up faster now than they have in more than 30
years. In 2004, New York City approved the construction of 25,208 housing
units, more than in any year since 1972, and that number is expected to be surpassed
this year. Already, officials have authorized 15,870 permits. ... The
mushrooming of housing development is an outgrowth of the city's decade-long
population boom, low interest rates, government programs and a slide in crime.
... It has affected every borough and most neighborhoods, reshaping their physical
form, ethnic makeup and collective memories." This quote from yesterday's
New York Times.
impressed me about this boom which I've been watching intently is how it's covered
everything from $50 million apartments in Manhattan to $250,000 townhouses in
Brooklyn. It's covered all manner of construction and all manner of developer.
I loved this picture because it shows a new six story apartment building squeezed
between two story, one family homes.
65th Street in Bensonhurst, Brooklyn
get a flavor of the boom, you must watch an audio slide show which Jennifer
Steinhauer put together on New York City's housing boom. Go
here and then click on the audio slide show.
Program your cell phone to call ICE: Following
the disaster in London, some ambulance services have launched a "In
Case of Emergency (ICE)" campaign. ICE was thought up
by an ambulance man/paramedic who found that when they went to the scenes of
accidents there were always mobile phones but they didn't know which numbers
to call and he thought that it would be a good idea if there was a nationally
recognized name to file "emergency contact" under. The idea is that
you store the word "ICE" in your mobile phone address book,
and against it enter the number of the person you would want to be contacted
"In Case of Emergency". For more than one contact name ICE1, ICE2,
ICE3 etc. In an emergency, ambulance and hospital staff will then be able to
quickly find out who your next of kin is and be able to contact them.
is China's equivalent of Google: It's scheduled to begin trading
today under the symbol BIDU. It was priced last night at $27, but is
expected to jump. Google owns 2.6% of Baidu, which is actually profitable. The
name Baidu comes from an ancient Chinese poem about a man in search of love.
For more on Baidu's story, click
Recently while going through an airport during one of his many trips,
President Bush encountered a man with long gray hair, wearing a white robe,
and sandals, holding a staff. President Bush went up to the man and said, "Has
anyone told you that you look like Moses?"
The man never answered. He just kept staring straight ahead.
The President said, "Moses!" in a loud voice.
The man just stared ahead, never acknowledging the President.
Bush pulled a Secret Service agent aside and pointing to the robed man asked
him, "Am I crazy, or does that man not look like Moses to you?"
The Secret Service agent looked at the man carefully and then agreed.
""Well," said the President, "Every time I say his name
he ignores me and stares straight ahead refusing to speak. Watch! "Again
the President yelled,"Moses!" and again the man ignored him.
The Secret Service agent went up to the man in the white robe and whispered,
"You look just like Moses. Are you Moses?"
The man leaned over and whispered back ..
"Yes, I am Moses. However, the last time I talked to a bush I spent 40
years wandering in the desert, and ended up leading my people to the only spot
in the entire middle east where there is no oil."
Recent column highlights:
+ Manhattan Pharmaceuticals: Click
+ NovaDel Biosciences appeals. Click
+ Hana Biosciences appeals. Click
+ All turned on by biotech. Click
+ Steve Jobs Commencement Address. The text is available:
Click here. The full audio is available. Click
+ The March of the Penguins, an exquisite movie. Click
+ When to sell your stocks. Click
This column is about my personal search for the perfect investment. I don't
give investment advice. For that you have to be registered with regulatory authorities,
which I am not. I am a reporter and an investor. I make my daily column -- Monday
through Friday -- freely available for three reasons: Writing is good for sorting
things out in my brain. Second, the column is research for a book I'm writing
called "In Search of the Perfect Investment." Third, I encourage
my readers to send me their ideas, concerns and experiences. That way we can
all learn together. My email address is .
You can't click on my email address. You have to re-type it . This protects
me from software scanning the Internet for email addresses to spam. I have no
role in choosing the Google ads. Thus I cannot endorse any, though some look
mighty interesting. If you click on a link, Google may send me money. That money
will help pay Claire's law school tuition. Read more about Google AdSense,
here and here.