NEW YORK, Dec. 30, 2008 Billionaire investor Kirk Kerkorian has sold his remaining 5 percent stake in Ford Motor Co., according to his investment company, Tracinda Corp. Kerkorian, 91, has unloaded his last 107 million shares - a 4.89 percent stake - ending his investment with the troubled Dearborn, Mich., automaker whose turnaround efforts he expressed confidence in earlier this year. Kerkorian's stake in Ford peaked in June, when he owned 6.49 percent after paying $1 billion at an average share price of $7.10. He began scaling back his ownership in October, selling shares at an average price of $2.43 each, according to regulatory filings. That marked a loss of about two-thirds of his investment, or roughly $650 million. http://www.cbsnews.com/stories/2008/12/30/business/main4691056.shtml Ford is at 11.50$ today. Thanks for any responses.
1) His nickname is KKK. 2) At age 91, can somebody really be an investor anymore with a reasonable time horizon? 3) What is a Tracinda? All of the good business names have been used up. 4) Does he have other gains to write-off the losses against?
Yeah the age thing I kind of overlooked to be honest. What was he thinking selling anyway. When you are 91 who cares. Anyway, I opened this topic because I thought all bilionaires have this 24hour connection with the FED and they come together once every week to discuss strategies. Apparantly not or perhaps they kicked out Kerkorian cause of his age?
"Remember Kerkorian and Ford? Anything to learn from this?" Do not average down? June 2008 http://data.cnbc.com/quotes/F/tab/2 "Kerkorian continued increasing his stake in June"
At 91 here's what he ought to do: Put almost his entire fortune into an old "American" company, like Ford. Set up a college scholarship program for Ford employees' children. Take out a full page ad in the Journal and the Times like "I believe in the American spirit and the values that made this country great. I have invested in a company that provides jobs right here in the US, and I urge you, the Public, to do the same." He'll be dead in 10 years, and 10 years after that he will have everything from schools to parks named after him, plus he would wind up on a postage stamp in the "American Patriot" series. Every bad or unscrupulous thing he might have done will be swept under the carpet. Sometimes it's nice to know you'll be remembered.
and what took place in "other" accounts in "other" countries while this "huge loss" took place. time for bass ale..........lets just ponder the possibilites.
I always thought he was the Doctor who helps people kill themselves. Who would've thought he's an billionaire also.
I guess he doesn't care http://en.wikipedia.org/wiki/Kirk_Kerkorian "The richest person in Los Angeles, he may also be the most private. He almost never gives interviews and seldom appears in public. Even though his charitable foundation has dispensed more than $200 million and a school,[2] he has never allowed anything to be named in his honor"