If you missed it Mark Haines was in rare form this morning making fun of all the Blackstone hype. Adam Warner pointed out to me that they missed the open of the stock while they were interviewing a couple of people about the IPO.At one point I thought Mark was going to call Michelle an idiot during his next show but refrained. They had a tiff because Mark felt that the NYSE floor personnel were essential to price discovery, noting that pre-market trades in the $40 had to be canceled to support his idea. I think he overlooked that premarket trading is far less efficient than trading during regular hours regardless of where a stock trades. Thinking that NASDAQ trading would have been different probably isn't supportable.
Last night I heard Larry Kudlow say that this is not the top because there is no top in profits and that this cycle still has a couple more years to run.
I don't know if this is a top or not but this is certainly a hot fad and they are covering the hell out of it.
I also don't know whether this stock has investment merit or not but clearly there will be a lot heat chasing the name for a bit and the fundies, whatever they are, won't matter for a while.
All in all a great performance.
5 comments:
I think the BX hype is short of sickening. I saw the Michelle/Mark tiff==she can eat beat him up and steal his lunch.
I am shocked that you spend the time you do watching these clowns (CNBC etc).
And what "non-clowns" to you propose Roger (and a few million other investors) watch?
I wish there were more babes and less Haines on CNBC. A good cat fight would be worth watching.
But please, no Rosie O'Donnell. I don't want to be struck blind.
ALTERNATIVE TO CNBC? Certainly not the upcoming Fox network - who needs "All-Kudlow All The Time?"
How about Bloomberg? There's a welcome lack of hype about the place, and precious little happy talk. A few hyper-aggressive chart monkeys, but otherwise civilized.
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