Harry Newton's In Search of The Perfect Investment
Technology Investor. Auction Rate Securities. Auction Rate Preferreds.
9:00 AM EST Tuesday, July 8, 2008: More
gloom and doom for the financial community.
crisis will be much worse
- The expected losses from the financial crisis will reach $1,600 billion
($1.6 trillion). To-date financial institutions have so far announced only
$400 billion. The pessimistic forecast comes from a confidential study
by Bridgewater Associates, the second largest hedge fund in the world.
facing an avalanche of bad assets," says the study. "We have big
doubts that the financial institutions will be able to have enough new capital
in order to cover the losses," the authors write.
my inheritances from Nigeria: I pray that no one who
reads this column is stupid enough to fall for the Nigerian scams. Sample:
THIS IS TO NOTIFY
YOU THAT YOUR OVER DUE INHERITANCE FUNDS HASBEEN GAZZETED TO BE RELEASED,VIA
ONLINE BANKING-DIRECT WIRETRANSFER TO YOU BY THE SENATE COMMITTEE FOR FOREIGN
OVER DUE FUNDTRANSFER OF 8,300,000.00 AS PART PAYMENT FOR THIS FISCAL YEAR 2008.
All I have to
give them a couple of hundred dollars for processing fees (or whatever) and
they'll send me zillions of dollars. This scheme works because dumb people actually
believe it. The Department of Justice says millions of dollars are lost to 419
scams. Here's the definition:
A fraud, particularly one originating in Nigeria, in which a person is
asked for money to help secure the release of a much larger sum and is promised
a piece of the larger sum. The classic 419 scam asks the victim to help some
hapless relative of a deposed despot get millions of dollars out of the con
artist's country. The con artist offers the victim a percentage of this illusive
pot of gold, hoping to suck the victim into paying all sorts of fees to get
trunks of money out of Nigeria, Sierra Leone, the Philippines or whatever
exotic locale the con artist chooses. In the end, the money is never sent,
but the victims are often out thousands of dollars. 419 refers to the relevant
section of the Criminal Code of Nigeria.
Mugabe's house in Zimbabwe: 50 elite military
guard the house 24/7. They're happy for the work. 85% of the country is unemployed
and inflation is running at a million percent a year. The house has 30 bedrooms
and sits in 44 acres of landscaped gardens. Underground steel and reinforced
concrete bunkers have been built in case his people rebel.
Shades of the White House, only larger.
Another view of the master bedroom, with master bed.
I'm guessing the gold fixtures are gold and the fireplace actually works.
Comfortable sitting room!
Bar on right.
Bathroom with gold faucets and gold hinges on the glass shower doors.
my sister could find FoxTown. She flies into
Milan. They lose her luggage. She searches, finds FoxTown, 50 km north, just
across the border in Switzerland. She rushes to FoxTown, picks up enough clothes
for her 10-day ritzy cruise, starting in Venice the next day. Then her luggage
turns up. Now she has twice the junk. She's so excited by FoxTown that she calls
me from Venice to tell me the entire story of her unbelievable bargains. For
more on my sister's exciting discovery, click on the logo:
Three pious Jews dressed in long black coats with beards are playing
A guy named Mulhaney
wanted to play golf and this was the only threesome in which he could play.
So, he joins the
Rabbis and plays 18 holes. At the end of the 18 holes, his score was 104.
The Rabbis had
shot 69,70 and 72.
So, he says to
the Rabbis "How come you guys shoot such good golf?"
The lead Rabbi
says, "When you lead a religious life, join and attend the right synagogue,
you are rewarded."
Mulhany, a true
lover of golf, thinks, "What have I got to lose?" He finds a synagogue
near his home, converts to Judaism, joins the synagogue, regularly attends services
and leads a holy life.
A year later,
he again plays golf with the three Rabbis. He shoots a 104 and they shoot a
69, 70 and 71.
He says to them:
"OK, I converted. I joined a synagogue. I live a religious life and I still
shoot a 104. "Why?"
did you join?" asks the lead Rabbi.
Beth El is for tennis!"
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
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