Market Melt-Up, Penney's Sale, and Weiners for All! on Talking Squawk
Talking Squawk: Blogging tidbits, insight and some sarcasm on the WEEK THAT WAS and the WEEK TO COME from the notepad of the senior executive producer of "Squawk Box."
OK, now let's fast forward. The weekend is almost here!
"Louisville" is now The Masters. "Portugal" is now Dow 15K or Market Melt-up; plus a whole bunch of new curve-ball buzz topics including Fed Flub ... for the way it botched the release of its own minutes. Obama also sent us a late, Un-passable Budget ... while the Nuclear Nut-job in North Korea just won't go away.
Um, just because you can sell iPads and iPhones for Apple doesn't mean you understand back- to-school shopping, white linen sales, teen fashion, and Black Friday.
My career suggestions to now former JC Penney CEO Ron Johnson: Dude, it didn't work out, but you still have a ton of money, go lay on a beach for a while.
To hedge fund manager and Penney board member Bill Ackman who handpicked Johnson to turnaround the retailer: Bill, try the Peter Lynch strategy until things calm down a bit. Invest in what you know. When was the last time you bought a suit at the JC Penney's men's department? (er, Herbalife?)
State of the Art Investment?
I'm not suggesting he did it for tax reasons, however, just so I understand: Leonard Lauder gave away 33 of his Picassos, 17 Braques, 14 Légers and 14 works by Gris that are now valued around a billion dollars.
But as Joe Kernen pointed out, how much did he pay for works originally? And how much will he be able to write off now compared to if he waited for Obama's plan for a 28 percent limit on deductibility could kick-in?
In today's world, how is it possible to give away a billion dollars and still walk away with a profit on your investment? And get your name on an entire wing at the Met?
Tweets of Note
@beckyquickcnbc: Our guest host Brian Belski getting mixed reviews for his fashionable glasses after Joe's comments. Your thoughts?
(My thoughts? Brian, they are doing amazing things with contact lenses these days.)
Our Director @PaulDeFabo There's a sale at Penneys!
(Bad news, the fog is getting thicker. (Johnny) And Leon's getting laaaaaaaaaaaaaaaaarrrrrrrrrger. Gotta love "Airplane"!)