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> “The market can stay irrational longer than you can stay solvent.” -John Maynard Keynes Or it can stay irrational as long as it has a wealthier billionaire b
by zombieprocesses 9y ago
> “The market can stay irrational longer than you can stay solvent.” -John Maynard Keynes
Or it can stay irrational as long as it has a wealthier billionaire backing it.
People forget that HLF was headed for collapse until Icahn and a few other billionaires backstopped HLF.
There is a reason why Ackman is worth $1 billion and Icahn is worth $16 billion.
- marojejian 9y agoInteresting. Why did Icahn and the other deep pockets care to fight this battle?
- loeg 9y agoIt's an investment they think they'll see return on, and apparently don't have moral compunctions about.
- marojejian 9y agoHmm, also seems like there is a big personal feud there: http://fortune.com/carl-icahn-bill-ackman-feud/ http://fortune.com/carl-icahn-bill-ackman-feud/ Seems a little game of thrones-y. Sometimes I wonder how much of our rational "systems" are mere fronts for powerful people no different from the chieftains of pre-history. Sigh.
- AlexCoventry 9y agoThey doubled their money in five years. The potential for that was probably sufficient reason for them.