Word: macros
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...stock is worth between $40 and $50, based on the replacement value of the rooms that they own, which is 58,000 rooms. The hotels are Westin, St. Regis, Sheraton. This year earnings are going to be down for obvious reasons. What I like is on the macro side. Construction in new hotels is going down dramatically, so when we come out the other end of this downturn, they're going to have huge pricing power...
...Macro issues aside, many stocks now trade at bargain prices. Sell now and you risk selling at the bottom. Ironically, a lot of tech stocks now trade higher relative to this year's earnings than they did even before the slide. So they still look expensive. But that's because near term earnings assumptions are falling faster than the stock price. If the earnings slump is temporary, as it most likely will be for blue-chip firms like Intel and Microsoft, the near term outlook should be ignored if you are a long-term investor. A better metric...
...yearning is real: "There is this whole spiritual existence out there and I can't get there." Her questions, however, are a cockeyed amalgam of Me-generation nostrums: "WHAT DO YOU NEED TO DO? HOW MANY BOOKS? HOW MANY JOURNEYS? WHAT ARE THE WORDS AND WHAT KIND OF FOOD? MACRO? MICRO? DO ROOTS FEED THE SOUL? CARROTS, TURNIPS, POTATOES? OR THE ANCIENT SONGS...
...macro scale, AeroVironment designed and built the Pathfinder, a six-engine, battery-powered, unmanned plane with a 121-ft. wingspan that in 1998 flew to an altitude of 80,400 ft., higher than any propeller plane has ever flown. The Centurion, a successor model with an enormous wingspan of 206 ft., is using solar cells, and, says MacCready, "we're expecting to fly it to 100,000 ft. in late spring." The ultimate descendant of these craft, the Helios, will have a fuel-cell energy-storage system to provide power for flying at night. That will enable the plane...
Underscoring that point, one unusual hedgie, Jeff Vinik, has racked up stellar gains by taking an Everyman's approach to investing. Vinik, the onetime manager of Fidelity's Magellan Fund, doesn't touch derivatives, futures or options, generally won't mess with commodities or bonds, and doesn't make macro currency bets. Such high-octane strategies are the purview of many hedge funds, and the reason some of those funds have made small fortunes--out of very large ones...