Media Appearance: Kudlow & Company (1/20/06)



Tonight’s appearance will be Kudlow & Company, and I am scheduled to be on from 5:00 to 5:30 pm, plus or minus a few minutes. Also appearing: My old pal Noah Blackstein, John Rutledge, and Charlie Gasparino.

I have to emphasize again:

I don’t believe in forecasting
• I
don’t know what’s going to happen next year;
• Neither do you, nor does
anyone else, for that matter.
Bull or Bear are irrelevant labels.

That said, I will attempt to be humble given the debacle of today’s markets . . .

UPDATE:  January 20, 2006 6:05am

About that sweater . . .

As soon as the Dow crossed negative 150, I just knew I was going to get the call  from Kudlow’s producers. I made a half-hearted attempt to beg off, but it went nowhere. They needed someone who had made a bear call, and my new office is at 46th & Park Avenue, 3 blocks from the remote studio at 49th and Madison. 

I always wear a suit and tie to appearances — I even keep a backup outfit in the office — suit, shirt, tie, shoes, the full monty. But since I just moved into the new digs just 2 weeks, ago, I haven’t brought in the emergency regalia yet. Hence, the casual Friday, unshaven, buy-side sweater.

At least I wasn’t in jeans!

Category: Media

The Bull’s Sheet

Category: Investing, Markets

Video: Cyclical Risks to Markets

Category: Media

Inversion Redux

Category: Economy, Fixed Income/Interest Rates

3.4% Inflation is Worst in 5 years

Category: Inflation

The Big Mac Index

Category: Currency, Retail

Picture This: Steve Jobs Running Disney

Category: Media

Media Appearance: CNBC’s Morning Call (1/19/06)

Category: Media

Will Disney Buy Pixar? Will Jobs Become Heir Apparent?


Today’s WSJ has a major, front page scoop: Disney is in advanced talks to buy Pixar:

"Walt Disney Co. is in serious discussions to buy Pixar Animation
after months in which the two animation giants have been
exploring ways to continue their lucrative partnership, according to
people familiar with the matter.

In the deal under discussion, Disney would pay a nominal premium to
Pixar’s current market value of $6.7 billion in a stock transaction
that would make Pixar Chairman and Chief Executive Officer Steve Jobs
the largest individual shareholder in Disney, according to people
familiar with the situation. That would vault Mr. Jobs into an even
more influential place in the media world, where he already holds
tremendous sway as head of Apple Computer Inc. Yesterday, Apple
reported that net income nearly doubled in the latest quarter on huge
demand for its iPod music players. (See related article.)

People familiar with the situation caution that the talks are at a
sensitive stage and that the outcome isn’t certain, noting that other
options are possible."

Disney needs some sort of deal to guarantee its future stream of animated films. Whether the best structure is a takeover or some other relationship is subject to debate.      

What is especially curious about a Disney takeover of Pixar will be the potential role of Jobs in Disney. Disney CEO Robert Iger is 55, Jobs is 4 years his junior — might there be succession issues?

Recall that when Apple bought NeXT, they got Steve Jobs as a consultant. From that role, he eventually engineered his return as CEO. Will a Disney/Pixar deal give Jobs a springboard to eventually takeover running Disney?

I wonder if we will see history repeat itself . . .


click for larger graphic


Chart courtesy of WSJ 

UPDATE:  January 20, 2006 5:56am

The NYT weighs in:

"And the merger could give Mr. Jobs a pivotal role, if he wants one, in helping shape the convergence of new media and old at Disney. "He’s one of the handful of people who has shown the ability to guide both technology and entertainment companies and that might be quite useful to Disney," said Bran Ferren, a former Disney Studios Designer and technologist, who is now co-chairman of Applied Minds, a technology consulting firm based in Glendale, Calif. "What he has that is rare is taste, and that’s a very valuable commodity if you can focus it and harness it."

Deal Could Offer New Disney Role for Apple Chief
Published: January 20, 2006



UPDATE: January 26, 2006 3:31pm

Slate joins team "Jobs as heir apparent at Disney"

Robert Iger vs. Steve Jobs
Only one man can control Disney. I know who I’m betting on.
Daniel Gross
Slate, Wednesday, Jan. 25, 2006, at 6:13 PM ET


Walt Disney Is In Serious Talks To Acquire Pixar
Stock Deal for Animator Would Make Jobs Top Holder Of Entertainment Giant
THE WALL STREET JOURNAL, January 19, 2006; Page A1

Is Disney/Pixar the sequel to Apple/NeXT ?                

Jobs to become Heir Apparent at Disney?               

Read More

Category: Film, Finance, Financial Press

Expansion Leaving Workers, Income Behind

Category: Employment