More Hot Links for Weekend Reading
Here’s the story about a lawyer you will hate even more than all of the other lawyers you already despise. Marc Dreier was a powerhouse bi-coastal player, ripping off hedge funds, real estate developers and possibly one of my favorite rock bands in the world, Wilco. New York Magazine has the whole story and its a great read for a Sunday. Its fascinating the lengths that white collar criminals will go to in the pursuit of extreme wealth. If you have to impersonate people, hold fake conference calls, forge documents and live on the edge of a knife just to own a yacht, how much enjoyment can you really be deriving from said yacht? Read “The Impersonator” and decide for yourself.
John Mauldin‘s terrific weekly newsletter Thoughts from the Frontline featured an extensive piece on the many times Dow Jones has changed the holdings in the DJ Industrial Average. He discusses the original 30 companies in the DJIA and there are some real surprises in the data on how these names would have effected the famous index had they remained included.
Henry Blodget at Clusterstock read the same piece and embellishes on it. His post includes the revelation that the Dow would have done about 3 times better, topping out at around 30,000 in October of 2007, had the DJ chefs put down their spoons and left the stew alone.