Now that the X-Mas shopping is done and the gifts opened, what happens if you want to return your gift? Or, if you received a gift card, do you know when you can get cash from the card? Here are some tips, prepared by the Consumer Protection Unit of the Santa Clara County District Attorney's Office, relating to refunds/returns and gift cards:
Refunds
A retail store in California does not have to accept your return of merchandise simply because you have changed your mind.
A retail store in California can set its own policy on returning merchandise. It may elect to refuse any returns once a purchase has been made, or accept returned merchandise for a store credit only.
However, if a retail store elects not to give a full refund or store credit within 7 days after purchase, it must post that written refund policy:
*on a sign at each cash register and sales counter;
*on tags associated with that merchandise;
*at each public entrance; or
*on order forms.
The policy must state:
*whether the store will give a cash refund, store credit, or exchange for the full amount of the purchase price;
*the time within which the return must be made; and
*any other conditions related to the policy.
There are exceptions under this law so be a wise shopper and ask to see the refund policy.
Gift cards and gift certificates
While gift cards and certificates make for very flexible and easy gifts, you should keep in mind the restrictions allowed under California law.
While the gift card or certificate cannot have an expiration date, the card may include a dormancy fee (a fee charged for not using the card or certificate within a certain time period); such fees are required to be printed on the front or back of the card or certificate. You also need to consider the likelihood that the store will close before you can use the card or certificate.
Finally, sellers of gift cards and certificates must redeem them only when the balance on them falls below $10.00.
"And if an epitaph be my story, I'd have a short one ready for my own: I had a lover's quarrel with the world." -- Robert Frost
Sunday, January 4, 2009
Saturday, January 3, 2009
Memories of 10 Years Ago
I am going through some old items and re-discovered two old songs I love.
This one's from Meatloaf, and this one's an incredible old-school rap song.
I also discovered an Atlantic article written by Miranda Seymour--Seymour's review so captivated me, I saved it. I must have been in a really foul mood at the time:
This is, even for Brookner, an unusually cheerless work, about the moral education of a young woman as assessed by herself in retrospect. The lesson she learns is that a wise woman expects nothing from life and will probably get it. Only a fool, Brookner suggests, would believe the lessons offered by the novels and fairy tales in which Zoë, like many of her predecessors, has rashly placed her trust. Poor girls who sit and wait to become princesses get nowhere. Ordeals may lead only to further suffering. There are no rewards for virtue beyond self-respect. Life is best viewed as a journey toward death, to be lived with attentive restraint.
Ah, memories.
This one's from Meatloaf, and this one's an incredible old-school rap song.
I also discovered an Atlantic article written by Miranda Seymour--Seymour's review so captivated me, I saved it. I must have been in a really foul mood at the time:
This is, even for Brookner, an unusually cheerless work, about the moral education of a young woman as assessed by herself in retrospect. The lesson she learns is that a wise woman expects nothing from life and will probably get it. Only a fool, Brookner suggests, would believe the lessons offered by the novels and fairy tales in which Zoë, like many of her predecessors, has rashly placed her trust. Poor girls who sit and wait to become princesses get nowhere. Ordeals may lead only to further suffering. There are no rewards for virtue beyond self-respect. Life is best viewed as a journey toward death, to be lived with attentive restraint.
Ah, memories.
Wise Consumer Tips (California)
My readers are no doubt enjoying the new year--the Nasdaq is up 3.5% and the Dow is up almost 3%. But stock market gains mean nothing if you get scammed in personal economic transactions. To help my California readers avoid fraud, I found some excellent consumer tips, prepared by the Consumer Protection Unit of the Santa Clara County District Attorney's Office. The resolutions/tips are very helpful and definitely worth a look:
As a consumer, I resolve, in 2009, to:
-read and understand every consumer contract, especially when purchasing or leasing a car, BEFORE signing it and get all oral promises added to the contract in writing
-check with the Contractors State Licensing Board on the status of a contractor before hiring one to work on my home (Licenses can be checked by telephoning the Board at 1-800-321-CSLB or using the Board’s website at www.cslb.ca.gov .)
-understand the refund/return policy before purchasing in a store or from a store online
-watch the register when items are being scanned to catch pricing errors (Consumers may call the Santa Clara County Department of Weights and Measures’ toll-free scanner hotline at 1-866-SCANNER to complain or ask questions about scanning devices at stores.)
-use my credit card for purchases, whenever possible and reasonable, so I can write to my credit card company to dispute any charge
-make all car payments on schedule to avoid repossession and a bad credit record
-obtain a written estimate for any auto repair and ask for replaced parts, if I need them (Licenses can be checked by telephoning the Bureau of Automotive Repair at 1-800-952-5210 or using the Bureau’s website at www.bar.ca.gov .)
-review my itinerary and cancellation terms before purchasing travel arrangements, whether online or through a travel agent
-not disclose my personal or financial information, such as credit card or bank account numbers, over the telephone or online to any organization I cannot verify as reputable
-check with the Better Business Bureau, Consumer Reports, the Bay Area Consumer Checkbook or simply do an internet search on any company from which I am purchasing
For more information, call the Santa Clara County District Attorney’s Office, Consumer Protection Unit at 408-792-2880.
[Note: this number goes to a local D.A.'s office, designed to assist residents of Santa Clara County, or those complaining about businesses in Santa Clara County.]
As a consumer, I resolve, in 2009, to:
-read and understand every consumer contract, especially when purchasing or leasing a car, BEFORE signing it and get all oral promises added to the contract in writing
-check with the Contractors State Licensing Board on the status of a contractor before hiring one to work on my home (Licenses can be checked by telephoning the Board at 1-800-321-CSLB or using the Board’s website at www.cslb.ca.gov .)
-understand the refund/return policy before purchasing in a store or from a store online
-watch the register when items are being scanned to catch pricing errors (Consumers may call the Santa Clara County Department of Weights and Measures’ toll-free scanner hotline at 1-866-SCANNER to complain or ask questions about scanning devices at stores.)
-use my credit card for purchases, whenever possible and reasonable, so I can write to my credit card company to dispute any charge
-make all car payments on schedule to avoid repossession and a bad credit record
-obtain a written estimate for any auto repair and ask for replaced parts, if I need them (Licenses can be checked by telephoning the Bureau of Automotive Repair at 1-800-952-5210 or using the Bureau’s website at www.bar.ca.gov .)
-review my itinerary and cancellation terms before purchasing travel arrangements, whether online or through a travel agent
-not disclose my personal or financial information, such as credit card or bank account numbers, over the telephone or online to any organization I cannot verify as reputable
-check with the Better Business Bureau, Consumer Reports, the Bay Area Consumer Checkbook or simply do an internet search on any company from which I am purchasing
For more information, call the Santa Clara County District Attorney’s Office, Consumer Protection Unit at 408-792-2880.
[Note: this number goes to a local D.A.'s office, designed to assist residents of Santa Clara County, or those complaining about businesses in Santa Clara County.]
Wednesday, December 31, 2008
Beautiful Piano Music
I'd like to share Michael Nyman's "The Sacrifice" with my readers. The song can be heard on this youtube clip, which has been viewed over a million times. It's one of the most beautiful pieces I've ever heard. I discovered it on the Miramax Greatest Hits soundtrack.
Happy new year to all.
Happy new year to all.
Tuesday, December 30, 2008
Addison Wiggin's The Demise of the Dollar
Addison Wiggin co-authored two good books, I.O.U.S.A. and Empire of Debt. As a result, I was looking forward to reading The Demise of the Dollar (and why it's even better for your investments). I should not have been so eager. Unless you are a gold bug, skip this book, or get I.O.U.S.A. instead.
First, the title, "The Demise of the Dollar, and why it's even better for your investments," is misleading. Readers don't get any tips or insight on why the dollar's fall would be good for investments until page 157. (My paperback edition has only 181 pages). If you do buy this book, and you agree the U.S. dollar will collapse, you may want to save yourself time and skip to the end if you're looking for investment ideas.
Predictably, the author likes gold and commodities and dislikes the Federal Reserve: "As the value of the dollar begins to fall, a corresponding and offsetting rise in the value of commodities, raw materials, and tangible goods will rise." [p. 157] Gold is mentioned several times as an "ultimate dollar hedge." [p. 175] Wiggin says that America's "decision to go off the gold standard was devastating," [p. 8] and "[n]o fiat money system has ever succeeded." [p. 71] As for the Fed, Wiggin calls it a "banking cartel" and "not part of Congress," making it unconstitutional. [p. 22]
The entire gist of Wiggin's book can be found on page 152:
The consequences [of a declining dollar] will be huge declines in the stock market, savings becoming worthless, and the bond market completely falling apart. As the value of the dollar falls, that dollar will no longer be worth a dollar; it will be worth only pennies on the dollar. It will be a rude awakening for everyone who has become complacent about America's invulnerability.
When Wiggin isn't repeating the same anti-dollar ideas, he makes some good points. For example, he laments the loss of domestic manufacturing: "We've given up making things to sell elsewhere, closed the store, and gone shopping. But we're not spending money we have; we're borrowing money to spend it." [p. 10] Those are good lines, but The Wire said it better:
You know what the trouble is? We used to make sh*t in this country, build sh*t. Now we just put our hand in the next guy's pocket.
A much better way to get the information in Wiggin's books is to watch his movie, I.O.U.S.A. More information, including an excellent 30 minute film, after the jump:
I.O.U.S.A. the Movie
While I recommend the I.O.U.S.A. movie and book, I cannot recommend Demise of the Dollar. It reads like the author finished it in one day and then handed it to students to add the citations. Demise contains nothing that hasn't been said before, by someone else, with more eloquence. That's one reason I.O.U.S.A. is so much better than Demise--it contains interviews with Warren Buffett and other investors who explain the economic times much better than Wiggin, and without the hysterics. (Read my take on the situation here and here.) Readers should skip Demise of the Dollar and watch/read I.O.U.S.A. instead if they're into economic horror stories.
As for me, I agree the U.S. dollar is in for a bumpy ride. That's why I've already bought a commodities ETF (DBC) and some Swiss francs (FXF).
Some stats from Demise:
At the end of 2006, foreign holdings of U.S. dollars had a market value of $16.295 trillion. [p. 43]
U.S. borrowing has expanded to the point that foreign central banks own major portions of the U.S. debt. The Bank of Japan held $668 billion of Treasury securities in 2004, compared to the Federal Reserve holdings of $675 billion. In other words, the Bank of Japan nearly matched the Fed in ownership of U.S. debt...If you just add in China, South Korea, and India, central banks own a lot more debt than the Fed does. [p. 153]
[O]ur actual inflation rates are understated by around two percentage points per year. [p. 30] For more on this phenomenon, click here.
First, the title, "The Demise of the Dollar, and why it's even better for your investments," is misleading. Readers don't get any tips or insight on why the dollar's fall would be good for investments until page 157. (My paperback edition has only 181 pages). If you do buy this book, and you agree the U.S. dollar will collapse, you may want to save yourself time and skip to the end if you're looking for investment ideas.
Predictably, the author likes gold and commodities and dislikes the Federal Reserve: "As the value of the dollar begins to fall, a corresponding and offsetting rise in the value of commodities, raw materials, and tangible goods will rise." [p. 157] Gold is mentioned several times as an "ultimate dollar hedge." [p. 175] Wiggin says that America's "decision to go off the gold standard was devastating," [p. 8] and "[n]o fiat money system has ever succeeded." [p. 71] As for the Fed, Wiggin calls it a "banking cartel" and "not part of Congress," making it unconstitutional. [p. 22]
The entire gist of Wiggin's book can be found on page 152:
The consequences [of a declining dollar] will be huge declines in the stock market, savings becoming worthless, and the bond market completely falling apart. As the value of the dollar falls, that dollar will no longer be worth a dollar; it will be worth only pennies on the dollar. It will be a rude awakening for everyone who has become complacent about America's invulnerability.
When Wiggin isn't repeating the same anti-dollar ideas, he makes some good points. For example, he laments the loss of domestic manufacturing: "We've given up making things to sell elsewhere, closed the store, and gone shopping. But we're not spending money we have; we're borrowing money to spend it." [p. 10] Those are good lines, but The Wire said it better:
You know what the trouble is? We used to make sh*t in this country, build sh*t. Now we just put our hand in the next guy's pocket.
A much better way to get the information in Wiggin's books is to watch his movie, I.O.U.S.A. More information, including an excellent 30 minute film, after the jump:
I.O.U.S.A. the Movie
While I recommend the I.O.U.S.A. movie and book, I cannot recommend Demise of the Dollar. It reads like the author finished it in one day and then handed it to students to add the citations. Demise contains nothing that hasn't been said before, by someone else, with more eloquence. That's one reason I.O.U.S.A. is so much better than Demise--it contains interviews with Warren Buffett and other investors who explain the economic times much better than Wiggin, and without the hysterics. (Read my take on the situation here and here.) Readers should skip Demise of the Dollar and watch/read I.O.U.S.A. instead if they're into economic horror stories.
As for me, I agree the U.S. dollar is in for a bumpy ride. That's why I've already bought a commodities ETF (DBC) and some Swiss francs (FXF).
Some stats from Demise:
At the end of 2006, foreign holdings of U.S. dollars had a market value of $16.295 trillion. [p. 43]
U.S. borrowing has expanded to the point that foreign central banks own major portions of the U.S. debt. The Bank of Japan held $668 billion of Treasury securities in 2004, compared to the Federal Reserve holdings of $675 billion. In other words, the Bank of Japan nearly matched the Fed in ownership of U.S. debt...If you just add in China, South Korea, and India, central banks own a lot more debt than the Fed does. [p. 153]
[O]ur actual inflation rates are understated by around two percentage points per year. [p. 30] For more on this phenomenon, click here.
Monday, December 29, 2008
Banks Did It, in the Dining Room, with the Rope
The Jan 2009 issue of The Commonwealth has a fascinating speech by Dick Kovacevich, Chairman of Wells Fargo (WFC). Most interesting is how quickly the banking sector grew.
Wells Fargo started as a business in 1852, and Norwest, where I worked before merging with Wells Fargo, started in 1873. By 1950, our combined assets were less than $3 billion...By 1985, both companies together were still only about $50 billion. Today, they are $610 billion. When our merger with Wachovia is completed, we will be nearly $1.5 trillion. So what happened...that caused this unprecedented growth? ... deregulation, new technologies, non-bank competition, and industry consolidation.
The banking sector is a rarity--despite multiple mergers, competition continues to be fierce. The internet banks, especially ING Direct, keep threatening the big players. Consumers owe (in the abstract) more to ING and other internet bankers than we realize.
The 1980s was a very difficult time for our economy. We had 16 percent inflation, 20 percent interest rates, double-digit unemployment and a severe recession.
Mr. Kovacevich differentiates between an economic crisis and a financial crisis. He says the 1980s was worse than today's crisis, because it was a full-blown economic crisis. Today, however, we have more of a financial crisis than an economic crisis:
We're probably in a recession; we'll be in one until early next year, but we've still got 6.1 percent unemployment, not 14 percent. We have 2 or 3 percent inflation, not 20 percent. We have interest rates at record lows, not at 20 percent...[So] It is a more serious financial crisis...We [the financial sector] really caused this crisis.
His willingness to accept blame should earns points. It's nice to see a Chairman of a major banking company speaking so frankly. He ends with a positive note:
I wouldn't want to bet against all the regulators and all the governments of the world -- this is a coordinated effort. If you want to bet against them, go right ahead, but I wouldn't. They'll get this thing fixed.
Very reassuring words from Wells Fargo's chairman.
Disclosure: I own shares of Wells Fargo (WFC). Warren Buffett's Berkshire Hathaway also holds WFC shares.
Bonus: In the same issue of The Commonwealth, Meg Whitman, former CEO of eBay, talks about California's budget:
Revenues have got to be greater than costs. This is one of the real laws of business. Otherwise, we go bankrupt. We need to change the structural way our budget is being done.
Although I live in California and consider myself a fairly comprehensive reader, I have no idea what's really going on with my state's budget. Last I heard, the Democrats were trying to call taxes "costs" to push through a budget over Republican objections. Come state election time, I may just vote against all the incumbents.
Wells Fargo started as a business in 1852, and Norwest, where I worked before merging with Wells Fargo, started in 1873. By 1950, our combined assets were less than $3 billion...By 1985, both companies together were still only about $50 billion. Today, they are $610 billion. When our merger with Wachovia is completed, we will be nearly $1.5 trillion. So what happened...that caused this unprecedented growth? ... deregulation, new technologies, non-bank competition, and industry consolidation.
The banking sector is a rarity--despite multiple mergers, competition continues to be fierce. The internet banks, especially ING Direct, keep threatening the big players. Consumers owe (in the abstract) more to ING and other internet bankers than we realize.
The 1980s was a very difficult time for our economy. We had 16 percent inflation, 20 percent interest rates, double-digit unemployment and a severe recession.
Mr. Kovacevich differentiates between an economic crisis and a financial crisis. He says the 1980s was worse than today's crisis, because it was a full-blown economic crisis. Today, however, we have more of a financial crisis than an economic crisis:
We're probably in a recession; we'll be in one until early next year, but we've still got 6.1 percent unemployment, not 14 percent. We have 2 or 3 percent inflation, not 20 percent. We have interest rates at record lows, not at 20 percent...[So] It is a more serious financial crisis...We [the financial sector] really caused this crisis.
His willingness to accept blame should earns points. It's nice to see a Chairman of a major banking company speaking so frankly. He ends with a positive note:
I wouldn't want to bet against all the regulators and all the governments of the world -- this is a coordinated effort. If you want to bet against them, go right ahead, but I wouldn't. They'll get this thing fixed.
Very reassuring words from Wells Fargo's chairman.
Disclosure: I own shares of Wells Fargo (WFC). Warren Buffett's Berkshire Hathaway also holds WFC shares.
Bonus: In the same issue of The Commonwealth, Meg Whitman, former CEO of eBay, talks about California's budget:
Revenues have got to be greater than costs. This is one of the real laws of business. Otherwise, we go bankrupt. We need to change the structural way our budget is being done.
Although I live in California and consider myself a fairly comprehensive reader, I have no idea what's really going on with my state's budget. Last I heard, the Democrats were trying to call taxes "costs" to push through a budget over Republican objections. Come state election time, I may just vote against all the incumbents.
2008 in Review
At the end of each year, I like to re-visit my hits and misses. Let's start with the misses.
My biggest mistake was thinking we didn't need any capitulation (July 25, 2008). The market hit the skids shortly thereafter. At the time I made the call, the S&P 500 was 1,257--now it's 869. That's a loss of around 30%. (Not as bad as Hilary Kramer, but too close for comfort.)
Of course, the market did capitulate later on, and on September 18, 2008, I said it was a good time to slowly re-enter the market. Unfortunately, the S&P 500 was 1206 on September 18, 2008--now it's 869. That's a loss of around 28%.
I also had a near-miss. On July 30, 2008, I praised Garmin when it was selling around $36/share. Fortunately, less than a week later, on August 5, 2008, I sold my shares, writing, "I sold Garmin (GRMN), taking a [small] loss. I violated the rule of never catching a falling knife." Garmin is now around $19/share.
My top hits in 2008?
1. Not only did I predict Longs Drugs would be bought out, I also identified the eventual buyer:
Longs is going to be a good company and attractive takeover target...CVS is going to be knocking one of these days.
I made the call on May 29, 2008. On August 12, 2008, CVS announced it was buying Longs Drugs.
2. On September 19, 2008, I correctly said that Transmeta (TMTA) was trying to conserve cash to become more attractive as a buy-out candidate.
TMTA looks like a company trying to conserve cash to survive. If you're looking for a growth story, this isn't it; however, as long as its patent portfolio remains viable, TMTA may be a potential takeover target or value play at the right price.
On November 17, 2008, Novafora bought Transmeta.
3. I correctly called a short-term bottom in banking stocks and Colonial Bancgroup (CNB) shares. My joyful reaction at making the correct call is here.
4. I called MGM overpriced and told the CEO at MGM's shareholder meeting he was propagating unrealistic expectations:
[Despite your rosy outlook] you're basically telegraphing that you're going to lose money because you're expanding and spending money while entering a recession...
In the same post, I wrote,
Overall, I believe MGM will not be able to replicate its record in 2007 and will make less money in the short term.
At the time, MGM was selling for around $52/share. Now it's at $12.74/share.
If you read the full post, you will see that I disliked the CEO at the time, Terrence Lanni. Mr. Lanni recently resigned after the WSJ reported that he had falsified his resume.
(By the way, the only other CEO who rubbed me the wrong way was Trimble Navigation's (TRMB) Steven W. Berglund. Let's see what happens with him and his company in 2009 and beyond.)
5. Recently, I called the drop in the Canadian dollar overdone. So far, it appears I accurately called the bottom.
6. I called GE a good buy when it was around $14.66 a share. It closed today at $15.66. GE's current dividend yield of 7+% shows it is willing to pay investors to wait until better times.
My favorite "hit," however, had nothing to do with a prediction. At the Yahoo shareholder meeting, I told Chairman Bostock to stop talking about Microsoft, comparing his repeated and unnecessary public proclamations to words from a jilted ex-girlfriend. I also politely suggested Mr. Yang go on a sabbatical. We haven't heard a peep out of Bostock for months now, and Mr. Yang has gracefully exited. Meanwhile, Yahoo stock has quietly made a comeback from around $9/share to around $12/share.
Aside from hits and misses, what was my biggest lament? That this article wasn't more popular among my regular readers. I don't think we're going to see the end of "OCM," so perhaps the article will gain more popularity with time.
As for my thoughts on 2009, I am looking forward to it. I think the S&P 500 will hit 1012 in 2009, but whether it stays there is anyone's guess. Here's the annual Barron's challenge if you're into forecasting.
My riskiest 2009 stock is Maxim (MXIM). I am hoping it will go to $14.90/share by early 2010. I started buying Maxim shares at around $12/share and have been averaging down. Maxim closed today at $10.98/share. If I'm right, my Maxim shares will appreciate 30+% in around one year.
The market's gyrations notwithstanding, it's important to remember that most Americans enjoy one of the highest standards of living in the world. If you disagree, may the new year bring you knowledge and a much-needed passport.
The information on this site is provided for discussion purposes only and does not constitute investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities or make any kind of an investment. You are responsible for your own due diligence.
My biggest mistake was thinking we didn't need any capitulation (July 25, 2008). The market hit the skids shortly thereafter. At the time I made the call, the S&P 500 was 1,257--now it's 869. That's a loss of around 30%. (Not as bad as Hilary Kramer, but too close for comfort.)
Of course, the market did capitulate later on, and on September 18, 2008, I said it was a good time to slowly re-enter the market. Unfortunately, the S&P 500 was 1206 on September 18, 2008--now it's 869. That's a loss of around 28%.
I also had a near-miss. On July 30, 2008, I praised Garmin when it was selling around $36/share. Fortunately, less than a week later, on August 5, 2008, I sold my shares, writing, "I sold Garmin (GRMN), taking a [small] loss. I violated the rule of never catching a falling knife." Garmin is now around $19/share.
My top hits in 2008?
1. Not only did I predict Longs Drugs would be bought out, I also identified the eventual buyer:
Longs is going to be a good company and attractive takeover target...CVS is going to be knocking one of these days.
I made the call on May 29, 2008. On August 12, 2008, CVS announced it was buying Longs Drugs.
2. On September 19, 2008, I correctly said that Transmeta (TMTA) was trying to conserve cash to become more attractive as a buy-out candidate.
TMTA looks like a company trying to conserve cash to survive. If you're looking for a growth story, this isn't it; however, as long as its patent portfolio remains viable, TMTA may be a potential takeover target or value play at the right price.
On November 17, 2008, Novafora bought Transmeta.
3. I correctly called a short-term bottom in banking stocks and Colonial Bancgroup (CNB) shares. My joyful reaction at making the correct call is here.
4. I called MGM overpriced and told the CEO at MGM's shareholder meeting he was propagating unrealistic expectations:
[Despite your rosy outlook] you're basically telegraphing that you're going to lose money because you're expanding and spending money while entering a recession...
In the same post, I wrote,
Overall, I believe MGM will not be able to replicate its record in 2007 and will make less money in the short term.
At the time, MGM was selling for around $52/share. Now it's at $12.74/share.
If you read the full post, you will see that I disliked the CEO at the time, Terrence Lanni. Mr. Lanni recently resigned after the WSJ reported that he had falsified his resume.
(By the way, the only other CEO who rubbed me the wrong way was Trimble Navigation's (TRMB) Steven W. Berglund. Let's see what happens with him and his company in 2009 and beyond.)
5. Recently, I called the drop in the Canadian dollar overdone. So far, it appears I accurately called the bottom.
6. I called GE a good buy when it was around $14.66 a share. It closed today at $15.66. GE's current dividend yield of 7+% shows it is willing to pay investors to wait until better times.
My favorite "hit," however, had nothing to do with a prediction. At the Yahoo shareholder meeting, I told Chairman Bostock to stop talking about Microsoft, comparing his repeated and unnecessary public proclamations to words from a jilted ex-girlfriend. I also politely suggested Mr. Yang go on a sabbatical. We haven't heard a peep out of Bostock for months now, and Mr. Yang has gracefully exited. Meanwhile, Yahoo stock has quietly made a comeback from around $9/share to around $12/share.
Aside from hits and misses, what was my biggest lament? That this article wasn't more popular among my regular readers. I don't think we're going to see the end of "OCM," so perhaps the article will gain more popularity with time.
As for my thoughts on 2009, I am looking forward to it. I think the S&P 500 will hit 1012 in 2009, but whether it stays there is anyone's guess. Here's the annual Barron's challenge if you're into forecasting.
My riskiest 2009 stock is Maxim (MXIM). I am hoping it will go to $14.90/share by early 2010. I started buying Maxim shares at around $12/share and have been averaging down. Maxim closed today at $10.98/share. If I'm right, my Maxim shares will appreciate 30+% in around one year.
The market's gyrations notwithstanding, it's important to remember that most Americans enjoy one of the highest standards of living in the world. If you disagree, may the new year bring you knowledge and a much-needed passport.
The information on this site is provided for discussion purposes only and does not constitute investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities or make any kind of an investment. You are responsible for your own due diligence.
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