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Today's Taipan Daily
Beating the Bear
Justice Litle, Editorial Director, Taipan Publishing Group - 7/3/2008
Today is Thursday. But as tomorrow is July 4th, it feels a lot like Friday.
Hopefully you'll be heading to the beach, throwing some steaks on the grill, or finding some other distinctly American way to celebrate. (As for me, I ask you -- what could be more American than playing a little Texas Hold 'em?)
And so without further ado, let's look back on the higlights, lowlights and oddball surprises of this holiday shortened week...
Welcome to the bear market. It's now official, says the Wall Street Journal: "Stocks fizzled [yesterday], ending in bear-market territory for the first time in more than 5-1/2 years as oil jumped and fears about the financial health of General Motors mounted."
This is bad news for all "buy and hold" investors whose best hope for a happy ending is retiring on a market upswing. For those of us who know markets can go down as well as up -- and who aren't afraid to buck convention -- there are plenty of ways to "beat the bear." And remember, too, that no matter how bad the headline indexes get, that time-tested old adage still holds: There's always a bull market somewhere.
By the why, look who else has been grizzly-bit. None other than the great one himself, Warren Buffett, is struggling. According to Bloomberg data, Berkshire Hathaway is now down 20% from December of last year -- the official threshold for bear territory. It's Berk's worst first half since 1990.
No one need shed a tear for Buffett, though. Chances are, he and his investors will come through this just fine.
What to make of the news from Starbucks? The relentless expansion of the Seattle coffee chain was once a potent symbol of American consumer might; an old article from The Onion caught the zeitgeist with a mock headline that read, "New Starbucks Opens in Rest Room of Existing Starbucks."
