Sunday, March 22, 2009

Better To Be Lucky

There's an old saying "It is better to be luck than smart." Perhaps but there's a superlative.
"It's better to be inside than anything else."
Take this guy, Roberto Hernandez. Mr. Hernandez is director at Citicorp and this is the story of his incredible luck.

Way back in 2006, Nov 9th exactly, Roberto "Lucky" Hernandez sold some stock. Some Citicorp stock. For $50.54. 14,596,100 shares for a $74m payday. Apparently our friend "Lucky" saved some of that windfall because luck was about to strike again. In 2009, March 3rd exactly in a feat of market bravery crafty Roberto scarfed up some shares. 6 million shares at $1.25. $7.5 million invested. Here's the round trip. So. How lucky? That investment is now worth $15.7m. Here's a chart covering the period:

Don't hate him because he's lucky.


Northern Renter said...

And it is better to be first than to be last.


Sun said...

It really is amazing how much the last five years have been the real life Monopoly. Buy everything you can as fast as you can - and pray! If you go, it's just a game. The BK will be off the books the next time the ol' board game is pulled out of the closet. No downside risk - Sweet!

Tyrone said...

Scenes from the Recession

I like the picture of the Sacramento Mom, living in a motel, kids in tow, lighting up a cigarette. Little money for food, shelter, or kids, but her vice will not be denied!
(I looked closely at the photo; fairly certain she's lighting up)

Son of Brock Landers said...

anyone just watch the dateline first of 3 episodes on the financial f-up? simple and straightforward for the masses.

Pleather Murse said...

Buyers flocking to cheap foreclosed homes

A Glendale home that sold less than two years ago for $259,000 sold again three months ago for $113,000. A Phoenix home that fetched $190,000 two years ago just went for $45,900. A Queen Creek home sold for nearly $275,000 when it was built in 2005. Last month's price: $78,000.

If there's an upside to the Valley's growing foreclosure problem, it's the number of home bargains now available.

Lenders saddled by a growing portfolio of foreclosed properties are selling homes for prices not seen in metropolitan Phoenix for a decade.

Bob said...

Bill Clinton's old runnin' buddy. How'd you like to have him for a wing man?

$80 million is spare change to this guy. He probably made ten times that when Citi bought Banamex. Bloomberg has been covering his moves -- he may be trying to take Banamex back which I'm sure Citi will fight, narco banking being one of the few growth areas in the portfolio.

Since the topic is Citi, here's the latest media-driven outrage over pocket change, while the real money goes unaccounted and unreported:

Hey, is that a real Picasso?

Unknown said...

Bankers need to be frog prepped.

Jean ValJean said...

When you're going to make a deathbed confession, make sure you're actually, you know, gonna die.

Bill in NC said...

Even if it has dropped from $400,000, why is a $100,000 house suddenly attractive in middle-of-nowhere California with no jobs?

Are retirees suddenly flocking to the Inland Empire?

No jobs, no infrastructure - try maintaining public roads/utilities with a collapsing real estate base.