Billionaire Joe Lewis still long BSC @ 110?

The Kin · Mar 14, 2008

Quote from stock_trad3r:

Fast money's karen finderman is another example of a wealthy influential individual who makes horrible trades and recommendations.

Oh, you mean the female.

The Kin · Mar 14, 2008

Quote from turkeyneck:

Bear Stearns Investor Lewis May Increase His Stake (Update2)

By Yalman Onaran

March 11 (Bloomberg) -- Joseph Lewis, the second-largest shareholder in Bear Stearns Cos., may add to his holdings after the stock fell on speculation the company lacks sufficient access to capital, a person close to him said.

Lewis, a 71-year-old billionaire who began building his Bear Stearns stake in September, views the investment as long-term and isn't bothered by the falling share price, the person said, declining to be identified because Lewis doesn't make public statements about his holdings.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a9aawiNihxCk&refer=home

Hahahaha.

newbunch · Mar 14, 2008

Joe Lewis "isn't bothered by the falling share price." I wish I could lose $800 million and not be bother by it.

Landis82 · Mar 14, 2008

Quote from Pa(b)st Prime:

I agree. I've probably read the PJT, Rich Dennis, Bill Eckhardt and Kovner interviews in Schwager's books a dozen or more times. I've read Roger's sermon once. That was once too many times.......

Pabst, a buddy of mine was a high level trader at the Quantum Fund for a number of years. He said that no one could every figure out if Rogers actually traded because no one knew where he cleared out of. Suffice to say, they all thought that he simply took his partnership "split" from Soros in 1980 and put it into muni's.

He's great at marketing himself.
The book, the trips around the world, the motorcycle rides, the appearances on CNBC, putting his name on a commodity pool fund ( Beeland ) and creating some commodity indexes.

He's a great marketer.
I do give him that.

But trading?
I have my doubts.

Pa(b)st Prime · Mar 14, 2008

Quote from Landis82:

Pabst, a buddy of mine was a high level trader at the Quantum Fund for a number of years. He said that no one could every figure out if Rogers actually traded because no one knew where he cleared out of. Suffice to say, they all thought that he simply took his partnership "split" from Soros in 1980 and put it into muni's.

He's great at marketing himself.
The book, the trips around the world, the motorcycle rides, the appearances on CNBC, putting his name on a commodity pool fund ( Beeland ) and creating some commodity indexes.

He's a great marketer.
I do give him that.

But trading?
I have my doubts.

I'd rekon that "marketing" was his true (and only) contribution to Quantum.

zdreg · Mar 14, 2008

Quote from stock_trad3r:

Ever notice how these billionaire investors make the worst investments? Makes you wonder how they became so rich in the first place. Boone pickens shorted oil at 100 for example.

that is a silly remark.

me2 · Mar 14, 2008

u rekon wrong.

rogers was the macro idea generator and soros just had balls of steel(since they won) vs. rogue hedge fund(if they blew out)

Cutten · Mar 14, 2008

Quote from Pa(b)st Prime:

I'd rekon that "marketing" was his true (and only) contribution to Quantum.

Since Soros is on the record saying otherwise, what makes you say that?

zdreg · Mar 14, 2008

Quote from turkeyneck:

This guy surely has deep pockets or a big stomach for taking a beating.

http://seekingalpha.com/article/58545-joe-lewis-and-bear-stearns-puts

i think that being a billionaire means you have deep pockets.
he has an estimated net worth of 1.6 b
if you take away his loss on bear stearns
stock he is still dancing around 1b. if he has puts his loss might be alot less.

Cutten · Mar 14, 2008

Quote from Landis82:

Pabst, a buddy of mine was a high level trader at the Quantum Fund for a number of years. He said that no one could every figure out if Rogers actually traded because no one knew where he cleared out of. Suffice to say, they all thought that he simply took his partnership "split" from Soros in 1980 and put it into muni's.

He's great at marketing himself.
The book, the trips around the world, the motorcycle rides, the appearances on CNBC, putting his name on a commodity pool fund ( Beeland ) and creating some commodity indexes.

He's a great marketer.
I do give him that.

But trading?
I have my doubts.

100% long bonds in 1980-81? Wow, what an atrocious call that would have been!

Is your post actually substantiated with any facts, or just trading floor chat? If he is just a marketer, what was he marketing exactly in the 80s and 90s? Why would someone with no fund, no newsletter, no investment business, want to go heavy on marketing?

Let me guess - he wanted to get rich off his book sales lol.