via NYT
>
Source:
Sam Zell’s Empire, Underwater in a Big Way
CHARLES V. BAGLI
NYT, February 6, 2009
http://www.nytimes.com/2009/02/07/business/07properties.html
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Retail Sales in Jan rose .4% headline m/o/m, .7% ex auto's, .6% ex auto's and gasoline and .7% at the core. The headline figure was less than expected while the rest were slightly better. But, with respect to non headline sales, because Dec figures were revised lower, taking the two months together were about in line with forecasts overall. Sales rose in electronics, building materials, food/beverages, clothing, sporting goods, dept stores and restaurant/bars and fell interestingly for online retailers, health/personal care, furniture and motor vehicle/parts. Bottom line, headline sales were below expectations due to the greater than expected fall m/o/m...
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February 9th, 2009 at 2:28 pm
I don’t understand the title of this post or the article at the NYTimes. Why are these Zell’s debacles? It looks like he sold the properties at the market top. Isn’t that good for him, but a debacle for the buyer?
February 11th, 2009 at 11:29 am
What I got out of the NY Times article is that there was a massive transfer of wealth from stupid banks to Sam Zell. Maybe Zell can now help in the bailout.
March 10th, 2009 at 3:22 pm
The New York Times corrected the headline of this article, omitting “Sam Zell.” The paper did not include his name; it was incorrectly added in the online version of the story. Bottyguy is right, the headline doesn’t fit the article, since Zell sold at the height of the real estate market. The assets were a debacle for the buyers.