PDA

View Full Version : CNBC Overstock CEO interview



Sapiens
12-18-07, 11:04 PM
Check this out how the talking heads on CNBC try to deflect Patrick Byrne's bearish comments about the economy at about 2:30 Min.


<object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/m-TLfmLTiqA&rel=1"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/m-TLfmLTiqA&rel=1" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>

WDCRob
12-18-07, 11:22 PM
Sounds like an iTulip regular.

jimmygu3
12-21-07, 12:05 PM
<object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/m-TLfmLTiqA&rel=1"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/m-TLfmLTiqA&rel=1" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>

Check this out how the talking heads on CNBC try to deflect Patrick Byrne's bearish comments about the economy at about 2:30 Min.

It is so funny when somebody goes off the script. SYNTAX ERROR! Reminds me of when Jon Stewart was on CNN Crossfire and told them what a piece of crap their show is. If a caller had said what Byrne said, the CNBC hosts would have hung up, laughed and dismissed him as a conspiracy nut. When the 'nut' is a CEO, the only choice they have is to try to imply that he's hypocritical, having benefited from the credit boom he claims is now collapsing. Then change the subject and hope it goes away.

lb
12-21-07, 06:01 PM
Didn't Byrne's his dad turn GEICO around for Buffett?

Dylan is always looking for a way to throw the word 'extent' into a conversation.

Maria is always looking to push the mass sale of income producing American assets as being a good thing, or talking about how great PE and LBOs are for the economy.

Jim Nickerson
12-22-07, 01:20 AM
I suspect one day some of you will learn that you can make it in investing without any of the bullshit that comes your way when you watch/listen to financial TV.

tree
12-22-07, 09:25 AM
The Money Honey's disturbed/questioning body language is highly entertaining. Oh, how can anyone dismiss the wonders of high rises and digital commerce. La la la!

Yesterday I was helping a Maryland family move -- mother died in May at 43, after two excruciating years. Father has advanced MS. Verizon phone bill was in wife's name, and return UPS labels for return of no longer needed Verizon fiber optic equipment was sent to her private banker (in Chicago), who couldn't find them. I asked Verizon to generate new labels to be sent to husband, so we could return equipment. Was told computer wouldn't allow another generation of labels. I replied that a human could override the computer. I was on hold for over 30 minutes as a supervisor who could do this was looked for. They found a way to deal with it, only because I hung on the phone and didn't go away like most consumers would -- and then either pay for UPS shipment or be hit with big fees for unreturned equipment. Ah, yes, the wonders of digital commerce, indeed. I was reminded of that early scene in the Steinbeck novel about The Great Depression, where the Joad family is being told it has to move because technology can farm better than they can, and that's all there is to it. Nothing personal, it's just business.

FRED
12-22-07, 10:44 AM
The Money Honey's disturbed/questioning body language is highly entertaining. Oh, how can anyone dismiss the wonders of high rises and digital commerce. La la la!

The comments and body language say, "What do you mean? Uh, what credit bubble? Uh, this is a productivity boom, technology and buildings and stuff, not credit."

Their failure to cover the credit bubble story is a huge disservice to their viewers, ensuring they are blindsided by what's to come.


I was reminded of that early scene in the Steinbeck novel about The Great Depression, where the Joad family is being told it has to move because technology can farm better than they can, and that's all there is to it. Nothing personal, it's just business.

You mean this, one of our favorites. We call it, "Who do we shoot?" It's a question more than a few folks may be asking in a few years.


<object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/umoYaS49Dnw&rel=1"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/umoYaS49Dnw&rel=1" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>

metalman
12-22-07, 11:01 AM
nah. not this time. the gummit will buy up all those empty tract homes in nv and ca and rent them as public housing. they didn't inflate until thousands of banks failed and fdr dumped the gold standard 1933 and inflated. this time, skip the first part and go right to the inflation.

Sapiens
12-22-07, 11:03 AM
You mean this, one of our favorites. We call it, "Who do we shoot?" It's a question more than a few folks may be asking in a few years.



You shoot anyone coming to push you off the land. Except of course, we “learned” folk, do not want the ignorant masses knowing that. ‘cause if they did, we would have to work ourselves.

Cheers!

FRED
12-25-07, 05:48 PM
One thing's been bothering me about this interview: the stock price does not appear to confirm his assertion that bad times are here and bad times are good for his company.


http://chart.finance.yahoo.com/c/5y/o/ostk

Sapiens
12-26-07, 08:31 AM
One thing's been bothering me about this interview: the stock price does not appear to confirm his assertion that bad times are here and bad times are good for his company.


http://chart.finance.yahoo.com/c/5y/o/ostk

http://www.nypost.com/seven/11232007/business/overstock_lobbies_to_fight_short_selling_289808.ht m


November 23, 2007 -- Overstock.com is taking its bitter war to reform short-selling practices to Washington, launching a lobbying group whose goal is to raise investor awareness about so-called "phantom trading."

The group, Coalition Against Phantom Trading, is housed in the offices of Peter Mirijanian, a veteran public relations exec who worked on some of Overstock's initiatives and suggested the idea of a "coalition" to the company's lobbyists.

Mirijanian, according to Overstock lawyer Jonathan Johnson, has been trying to engage other companies on the issue and has been speaking to other lobbyists on behalf of the troubled Internet retailer. However, at this point Overstock alone is involved in CAPT.

metalman
12-26-07, 11:07 AM
One thing's been bothering me about this interview: the stock price does not appear to confirm his assertion that bad times are here and bad times are good for his company.


http://chart.finance.yahoo.com/c/5y/o/ostk


the stock fell after that interview...

So when Byrne appeared on CNBC on Monday and warned that gross margins would fall (http://money.cnn.com/news/newsfeeds/articles/prnewswire/LAM05810122007-1.htm) during the busiest quarter of the year — despite a 10 percent rise in gross bookings — the stock slid 21 percent. Six weeks ago, Overstock shares were trading for as much as $39.39, their highest level in nearly two years. But after Monday’s slide, the stock is now up only 19 percent this year. One more Byrne interview could wipe that out.

Why would Overstock choose to deepen discounts and beef up promotions during a quarter when it had been otherwise assured of a tidy profit? CIBC, which had been forecasting a $4.2 million profit for the company this quarter, revised that downward on Monday, to a loss of $2 million. That red ink is so much blood in the water for short sellers.
A clue may lie in something else Byrne told Fox:

If anything, we are counter-cyclical. In good times, it is — we have — it’s toughest to get overstock. In bad times is when, suddenly, everybody is calling us to unload product. In light of that, Byrne must be hoping to build market share. By slashing prices, Bezos-like, during a holiday season in which consumers are counting each penny, he’s doubling down — betting he’ll wind up with an even larger share. If so, maybe his recent TV appearances aren’t so crazy after all. Risky? Very. But crazy? We’ll see.
Just How Crazy is Overstock’s Patrick Byrne? (http://gigaom.com/2007/12/11/just-how-crazy-is-overstocks-patrick-byrne/)

GRG55
01-07-08, 01:52 PM
Didn't Byrne's his dad turn GEICO around for Buffet?...

Yes, that's was his father. And that's one of the few reason's Patrick Byrne has any credibility. Jeff Matthews (http://jeffmatthewsisnotmakingthisup.blogspot.com/) has had periodic commentary on Byrne and Overstock, much of it quite hilarious.

FRED
01-07-08, 03:10 PM
Yes, that's was his father. And that's one of the few reason's Patrick Byrne has any credibility. Jeff Matthews (http://jeffmatthewsisnotmakingthisup.blogspot.com/) has had periodic commentary on Byrne and Overstock, much of it quite hilarious.

Indeed. The only thing that makes Byrne sound rational in this interview is the nutty responses from the interviewers: "But we got buildings and, uh, ecommerce!"