Archive for August, 2009

The Worlds Greatest Sailing Yacht Sold, at 40% discount!

Thursday, August 13th, 2009

The Maltese Falcon Sold

Tom Perkins, a Silicon Valley venture capitalist and ultra-millionaire, finally sold his super yacht, the Maltese Falcon.

The reported price tag: 60 million pounds, according to the British newspaper The Times. After nearly a year on the market, the price was trimmed from about 90 million pounds, which is believed to be about what Perkins had paid for the boat.

“It has taken a while,” Perkins told The Times. “It is not the best time in the world to sell it. I can’t tell you anything at all about the buyer. There is confidentiality.”

The 289-foot-long Maltese Falcon (home page here) was built in Turkey three years ago and has been a frequent visitor to the Port of Monaco, where we spotted it in front of our vantage point.

The luxurious yacht features a model Maserati car, two VIP suites, private gyms and a hotel staff of about 20. The boat carries the Deep Flight Super Falcon, a two-man submarine built to travel at 1,500 foot depths. Perkins told the television show “60 Minutes” the yacht cost more than $150 million but less than $300 million, and he refused to elaborate.

At one point Perkins made the boat available for charter for about $550,000 a week. He has said he made enough money from renting to break even.

Maximum speed of the Maltese Falcon is 18.5 knots, and the boat has a range of 3,000 miles at 14 knots. The sails, mounted on three masts made of carbon fiber, furl and unfurl at the touch of a button. One person can sail the ship from a computerized console.

“I wanted to recapture the grandeur of the clipper ships and bring them into this century,” Perkins told the Chronicle in 2007. He also wanted to own the world’s largest privately owned sailing yacht.

For a while, the Maltese Falcon was the largest in the world. Now that title belongs to the 557-foot-long Eclipse, owned by billionaire Roman Abramovich, a Russian oligarch and it still lags behind the Dubai, the 531-foot vessel owned by Sheik Mohammed bin Rashid al Maktoum, and valued at £212 million ($350 million).

Jim Rogers on China

Tuesday, August 4th, 2009

A YouTube clip:

China is spending its Reserves Building Strategic Infrastructures Jim Rogers

Swiss US showdown at the Corral with UBS stuck in the middle

Monday, August 3rd, 2009

(Reuters) – The United States and Swiss bank UBS AG said on Friday they had agreed to settle a dispute over tax evasion and bank secrecy, heading off a showdown that had threatened relations between the two countries.

See article from Yahoo finance here

Reminds me of the the lyrics by Steelers Wheel:

Stuck in the Middle with you Lyrics:
Well, I don’t know why I came here tonight,
I got the feelin’ that somethin’ ain’t right.
I’m so scared in case I fall off my chair,
And I’m wonderin’ how I’ll get down the stairs.
Clowns to the left of me, jokers to the right,
Here I am, stuck in the middle with you.

Rest can be found here

Warning: Bubble Ahoy!

Saturday, August 1st, 2009
The Chinese government stimulous of 500 trillion dollars seems to have pulled the economy out of the recession with GDP expanding by 8% year to date.
We question if the growth is real or just money being transfered from the government to government run companies who in turn are speculating on the stock market.
Recent IPOs out of Shanghai suggest that the Chinese penchant for gambling in the Casinos has split over into the stock exchange as these huge companies, flush with cash, are speculating in stocks rather than pursuing real and economically sustainable projects in the field. It has happened before in recent Chinese boom economy, and it looks like it is happening again as the IPOs  have exploded well past any reasonable valuation of the stocks underlying worth.
All the forced feed government to bank liquidity, that the Chinese banks have in turn injected into their favourtie government coffers is being shoveled into speculative stock plays. As one of our favourite old China hands recently said, he is not buying Chinese stocks now, nor  would we suggest that anyone try there hands in this market. Betteroff going to Macau if you prefer to gamble.