I own BID in my retirement accounts and for my kids, as well for clients. It’s one of those stocks that I will never sell, due to my belief that the upper 1% amongst us will always throw money into collectibles. I also realize that art is in a giant fucking bubble, with paintings selling for $200 million at a clip. Nevertheless, I think BID has significant upside here.
Last night the CEO resigned. This is a big deal because Dan Loeb from Third Point has been haranguing the company for a sale. Much to his chagrin, the former CEO told him to fuck off and to go feed his gay giraffes. But with him gone now, I suspect all of the asshole hedge fund managers that you love to hate will put BID in play again.
Why?
It’s the same reason why Bill Ack Ack Ackman bought a $90 million apartment in NYC to just sit on it. Rich people love Sotheby’s and Christie’s auctions. To own the premier auction house in the world is the ultimate status symbol. It basically sinks your 550 ft yacht and shits on your mega-mansion in the Hamptons.
Aside from that, I like the market here, especially the shippers. Other stocks worth note are copper and steel, both surging thanks to China.
Actionable ideas here include BALT, AKS, CMI, LITB and BTU.
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Opinion on recent price action of $WFM? Still in your hold basket?
Long and strong. I doubt I will ever sell it
Agreed. Appreciate your insight.
go GPRO !! LOL !!
What’s wrong with you? What are you a retard?
BALT a hold ofyours?? I know you bought a couple weeks back..didnt see you sell…curious, been holding most of the fall waiting for my ship to come in. With the Chinese rate cuts I hope the shippers pick up
For your clients, are these their retirement accounts or long term holdings in trading accounts? Trying to get some insight on how to best plan/strategize my Roth and trading accounts. Thanks for the insight good Dr. and glad to see Loeb can be your friend (doubt Montauk Ackman feels the same way about him though).
I am long gay giraffes.