So the blogosphere and Mainstream media are all in the hype/spin and sensationalism mood this week. Got to sell those electrons and links!
Tech Crunch is flat out speculating on a $1.6 billion Google acquisition of YouTube. That would put me up 60 percent on the $1 billion valuation trade. Not bad. If true, can’t wait to hear the whining and all the backpeddling.
Personally, I think the number is low, but will take the cash and redeploy :) into Wallstrip
W.R.T. Vega, the Select Fund in question – is a global macro fund that is supposed to make HUGE bets on direction. Soros did it and has been down 50 plus percent before. We are talking about a firm that has had 1 down year in 9.
I have been on sales calls with Mr. Michael Mann and he is the best of the best. Jon Berg, who recently retired from the Chairman role, is as good a man as you could meet. This fund – if it indeed has blown up or is the victim of a panic, is a big loss to the industry. From every person I met at the shop, this was a first class operation and I am sorry for all their headaches. I am hoping the media has it wrong and we have a down year filled with nmedia panic that they recover from.
By the way – From Vega – last night:
Dear Friends and Investors,
In view of the inaccurate media reporting in various quarters, investors should know that assets under management in investment funds and managed accounts managed or advised by the Vega businesses, which include Vega Asset Management and VegaPlus Capital Partners, are approximately $5 billion as of the end of September 2006.
Vega Securities LP
$5 billion is a lot different than the $1 billion being reported. The mistake and lie factor for ratings has never been higher.
PS – When a finger was reported to be found in a Wendy’s package and blasted all over the New York Times, Wendy’s was finished according to the mainstream media. In case you forget, it was a sick hoax and shoddy investigative reporting.
The stock recently hit a 52 week high. Enough said.