If I’m a PM at Scout Capital, Trian, Cedar Rock, MSD, Calamos, BlackRock, RenTec or Two Sigma, all of which own a significant number of shares in the pizza purveyor, my takeaways are: 1. Passion 2. Teamwork 3. Initiative 4. Ingenuity 5. Ability by middle management to read between the lines and infer that corporate’s edict to “torch the competition” was meant literally. Alternatively, if I’m a certain someone who walked away, dumping all but a couple shares retained simply for the free slices, I’m thinking I made the biggest mistake of my life underestimating these two. Continue reading »
pizza
Will Domino’s Largest Shareholders Increase Their Stakes After Hearing Of Two Managers Who Set Fire To The Competition?
By Bess LevinThe ultra-rich bankers, hedge fund managers and private equity executives of New York City have long enlisted private security firms to help safeguard them and their wealth. But as the mood on Main Street turns increasingly hostile, New York’s financial titans are cranking their security measures up to 11…One executive contacted Insite requesting help planning his escape from the United States in the event the federal government was overthrown, said Howard A. Shapiro, Insite’s chief technology officer. The executive wanted to know how much gold to keep on hand and how to escape the United States by submarine in the event of a major incident. [NYT via BI, related]
Wall Street Protesters Could Use Some Socks, Are Good On Snacks, Have Gotten Comfortable
By Bess LevinBut there hasn’t been much need for [medical supplies]. Ms. Lembitz, another medic, was tending to one of the most common injuries: blisters on a bongo drummer’s fingers. The only other common injuries, Mr. Pilon said, were cuts from food preparation and cases of foot fungus caught by activists who didn’t change out of wet socks…A website set up for the protest has a link to a nearby pizzeria, Liberato’s. Donors call, give the restaurant their credit card information, and a short time later a few pies—the website says the protesters prefer them without meat—show up at the area set up for food. Protesters hope they’ll be able to hold out for a while—some say forever. “Until Wall Street crumbles,” said Chris Mapp, a 20-year-old film student who lives in Harlem. “And we say that in the most peaceful way possible.” [WSJ]
According to an email circulating from Christopher Harvey, JPMorgan’s “Senior Country Officer in Japan,” to colleagues. Continue reading »
Again, just something I thought you should know. Apparently we need to start keeping a list of all the good names that are already taken.
Reuters reports that SAC Capital has taken a 5.3 percent stake in Domino’s Pizza, making it the fifth-largest investor, at 3.2 million shares. While Cohen doesn’t appear to have plans to meddle with management, he most certainly will be doing his part to enhance the brand, not only in an attempt to maximize profits but out of a love for bread, sauce and cheese. He’ll be counting on every one of his soldiers to help him take DPZ to the next level and to that end, here’s a short list of what SAC employees can expect moving forward: Continue reading »
If you’re going to commit financial fraud, you probably don’t want to find yourself sitting at a table across from David Einhorn, who will know what you’re up to and share it with the world. Similarly, if you’ve never played poker and have only ever had a 15 minute tutorial on the game, you probably should avoid playing with the Greenlight Capital founder, whose vastly superior skills will demonstrate just how much you suck. As I like to live on the edge, yesterday in an undisclosed location, I choose not to heed the wisdom of the latter. Over several hands, Einhorn and I discussed the new edition of his 2008 book, “Fooling Some Of The People, All Of The Time.”
The latest version includes an epilogue, and concludes the story of Allied and Einhorn’s years of trying to get other people to listen when he said something was up. As we now know, Allied’s shares collapsed, Greenlight collected $35 million, and the hedge fund made another big (and correct) call on a bank called Lehman Brothers, whose failure was, according to Einhorn, “the Allied story all over again,” just on a bigger scale, with more resounding consequences. Even after the last crisis, which should have been a wake-up call, Einhorn doesn’t think we’ve changed much and if anything, the reforms passed only “encourage poor behavior and will likely foster an even bigger crisis.” He and I chatted about that exciting event, Quantitative Easing, Steve Eisman’s illicit pleasure of choice and more, plus poker tips for people who really, really need them.**
BL: You mentioned an unexpected and tremendous response from readers of the book the first time around. What’s the craziest piece of fan mail you’ve gotten- has anyone sent you their undergarments in the mail?
DE: [laughs] No, do you think they should?
BL: Sure.
DE: You’re hysterical.
BL: I mean, people do that. Musicians, rock stars get sent that sort of stuff. You’re like a rock star…of investing.
DE: Well, the thing is, my following [for the most part] is with 20 to 35 year old men. So, you know. I definitely don’t want their undergarments. Continue reading »
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