This, and a psychological evaluation of The Beard, in Third Point's Q3 letter.
Shamrock Capital Private Equity Exec Identifies Latest Takeover Target: Some Sweet Jos A. Bank ThreadBy Bess Levin
The last time Ray Lopez bought a suit, Lehman Brothers was still standing. Now the managing partner at Greensboro, North Carolina, private equity firm Shamrock Capital Partners is ready to go wardrobe shopping again. Lopez, 43, plans to drop as much as $1,500 at Jos. A. Bank on two pinstriped suits, white dress shirts, and a handful of ties: “I feel more comfortable about the economy. Plus I’m seeing these big discounts everywhere.” [Bloomberg, not available yet]
“There are obviously very severe economic and social consequences from this level of unemployment,” Bernanke said at an event hosted by Ohio State University’s Fisher College of Business. “So getting new jobs, getting unemployment down is of an incredible importance.” [Reuters]
Earlier today, PIMCO managing director Paul McCulley took to the company blog to offer a word of congratulations to Ben Bernanke. “Bravo, Ben,” McCulley, a fan of QE2, wrote. How has the mustachioed investor come to the conclusion that the Fed’s program is the right move for the economy? It passed his litmus test when it was panned in equal measure by both smart, savvy individuals and Sarah Palin. Sayeth McCulley:
It brings me great angst to observe professional critics – many of them acquaintances and friends of mine – rhetorically beating Fed Chairman Ben Bernanke about the head and shoulders for launching QE2. At the same time, the fact that Sarah Palin has joined the chorus brings me great joy. If what Ben is doing offends both the learned and the unlearned, then he is clearly acting unconventionally relative to orthodoxy. And this is good, very good.
So just, you know, get on board. And if you can’t get on board, just shut the hell up and take it. This is happening, so buckle up. Read more »
“Did Ben Bernanke see the crisis?” Nassim Taleb asked on Bloomberg TV today. “No,” Taleb answered himself, “He was flying the plane and he crashed the plane…[Bernanke] reminds me of the LTCM people. They had brilliant people with great academic records and they blew up the fund and almost blew up Wall Street…Bernanke is someone who talks about returns without talking about risk. It’s identical to a pilot who is talking about speed — not talking about safety. The measures he is using, this quantitative easing, may work but should it fail the risks are humongous.” Read more »
John Taylor, Chief Investment Officer of FX Concepts, has been doing a lot of thinking about the economy lately and he keeps coming back to one thing– how similar things are to Europe just prior to World War II and how Bernanke’s actions are eerily reminiscent to those of Adolf Hitler. Sure, the facial hair is slightly different but other than that, Taylor says, “the parallels are ominous.” Really, it’s uncanny! If you aren’t lucky enough to be one of Taylor’s clients, who received the history lesson this morning, please join us as we take a gander at the outside the box “insight” some people apparently pay money to read. Read more »