Here’s the Tom Cruise angle, courtesy of Rick Rickertsen, managing partner at Pine Creek, at bloggingstocks. He’s seen the market top and it happened this week.
“Was it the announcement that Wall Streeters were going to get $30 billion in bonuses in their Christmas stockings this year? Nope.
“Was it the Hertz IPO, you ask, where investors fleeced Ford Motor company and made $2 billion in about thirty minutes? No sirree.
“Was it Google buying YouTube for about $10 million dollars per day that the company existed ? Nyet.
“Was it the announcement of more than $50 BILLION DOLLARS of deals in one day, which occurred on Monday ? Wrong again!”
No, what has convinced Rickertsen that we are in a special place where only the tulips have value was a piece in the New York Times on Monday, entitled “Old moguls never die; they just get private equity.”
Every ten years or so a group of rich investors come calling on Hollywood — the world’s riskiest business — looking for something far more fun to invest in than rental car companies. Invariably they leave town all the poorer.
Now Tom Cruise has even done a private equity deal. “Folks, when this happens, Elvis has left the building.”
