I hope you (or Merrill Lynch) are right because I will make an awful lot of money if you are. Meantime, those monthly checks from FAX are paying me about twice what I once got as a regular paycheck. I know some of it's return of capital, but I view it as a kind of annuity.
Incidentally, we have a locally breaking story that ought to make it quickly into the national news. A very quietly-run and privately held outfit operates out of a small North Carolina town near here and acts as a reinsurance agent. They arranged reinsurance for airline disasters, with premiums going to several Japanese companies. With five jets down in December [correction, of course, September], the Japanese companies are suddenly bankrupt or near to it after taking in tens of millions of dollars per year. The agency claims not to be responsible but at least one of the companies is claiming misrepresentation of risk. One of the owners of the agency is the father of a young woman born the same day as my daughter, and we knew the family fairly well until all of a sudden their income went from the hundreds of thousands to the several millions annually, at which point they lifted off into a different orbit, buying and completely making over, for several million, a kind of urban chateau and leasing private jets, etc.
I wonder how this is going to play out. |
