Reed Hastings Letter to Whitney Tilson: Don’t Go Long Our Stock

Oct 25, 2011
J. Webster
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Honestly, Whitney, you're my friend, right? I know, I know, I know I was wrong to tell you NOT to short our stock a few months ago, but now I want to come clean and not let you lose money going long our stock this time. Yeah, it's getting a bit confusing isn't it. But Whitney, you are a wonderful human being and I want to save you from more pain with our stock. It's just that, we are freaking out over here at Netflix. Sure, the Qwikster fiasco and raising prices have put us in a bind, but things weren't

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Whitney Tilson Goes Long Netflix

Oct 25, 2011
J. Webster
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Whitney Tilson, the man wisely went short Netflix and then very unwisely took off his short trade is now going long the stock:
“It’s been frustrating to see our original investment thesis validated, yet not profit from it. It certainly highlights the importance of getting the timing right and maintaining your conviction even when the market moves against you. The core of our short thesis was always Netflix’s high valuation. In light of the stock’s collapse, we now think it’s cheap and today established a small long position. We hope it gets cheaper so we can add

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MTV’s True Life: I’m Occupying Wall Street

Oct 25, 2011
J. Webster
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Here's a little preview of MTV's True Life reality show about Occupy Wall Street. Specifically, the show follows around 23 year old Bryan as he protests down at Zuccotti Park.

Get More: Music

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Jim Cramer’s Call to Buy Netflix at $135 a Share

Oct 24, 2011
J. Webster
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Don't get me wrong, I love Jim Cramer, his mad passion for stocks is contagious. And his book, 'Confessions of a Street Addict,' is superb and inspiring. However, you've got to be very careful when listening to his mad stock calls. In a way he's forced to make calls, as he's on TV so much and that's what he's paid to do. Yes, he's bound to be wrong since he's making picks every single day, but sometimes his caffeinated exuberance gets the better of him. Here's his call to buy shares of Netflix at $135, which is proving to be

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Michael Moore’s Appearance on CNBC

Oct 24, 2011
J. Webster
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Michael Moore was on CNBC today and said he doesn't own stocks, saying Wall Street is a "rigged casino." In fact, he said he's never owned stocks ever. I was just hoping Moore would have come up with a better metaphor than rigged casino. It's an old one that we've all heard. I was hoping for something more clever and new. The truth is though, Michael Moore makes a lot of excellent points and should be heard from more often. Hopefully he'll take off the hat and don a suit and show up on the set of CNBC one of these

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Bernie Madoff Says He’s Treated Like a Mafia Don in Prison

Oct 21, 2011
J. Webster
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Somehow I just don't think this will last too long for Bernie Madoff. I just don't think prison is going to treat him so nicely as the years go by. And I think he's probably wishing prison was like this or at the very least exaggerating. Perhaps what's happening is Madoff is on a high dose of medication and or has going senile. I'm guessing as his 150-year prison sentence reaches say year 10 or 20 hearing Uncle Bernie in the prison yard will get old. And when the quotes below make it out across the web, and especially to the

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Schwarzman Skewers Brian Moynihan

Oct 21, 2011
J. Webster
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Stephen Schwarzman of the Black Stone Group delivered the keynote speech at the Alfred E. Smith Memorial Foundation Dinner, an annual Catholic charity fund-raiser named in honor of the former governor of New York. By tradition, the keynote speaker of the 66-year-old event is supposed to deliver a mostly humorous speech. Schwarzman does just that with a zinger of a joke aimed at Bank of America's CEO Brian Moynihan. It was all in good fun though.
“Brian Moynihan is here tonight. He’s the C.E.O. of Bank of America. As many of you know, Brian’s brother Patrick runs a Catholic boarding school

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The New Yorker Cover: “Keep Things Precisely As They Are”

Oct 21, 2011
J. Webster
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The bankers crash the Occupy Wall Street protest with their own clever signs!

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Picture: The Najarian Brother’s Rolling Trading Office

Oct 21, 2011
J. Webster
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Ever wonder how the Najarian brothers, Jon and Pete, get around when they're in New York City? Well, it seems they have some kind of rolling office, so they don't miss a trading opportunity when they're trying to get to CNBC so they can appear on Fast Money or the Fast Money Halftime Report. Looks quite nice don't you think. Apparently, those laptops are all Apple Macs. If call volume starts to spike in say shares of Akamai, on the rumor that Google wants to buy the company, while the brothers are in route, no need to fear, the Najarian

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Level 3 Communications Soars, But It’s a Reverse Split

Oct 21, 2011
J. Webster
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Damn, if you were a Level 3 Communications share holder and woke up this morning and looked at the stock (LVLT), you might have thought you'd struck it rich. The stock is up over 1,394.19%, going from around a dollar and a half the day before to $23 and change. However, unfortunately, nobody paid a premium for the company and bought them out, they just did a 1 for 15 reverse split. Sorry to be the bearer of the bad news. But things aren't all bad. Now that Level 3 trades over $5 a share, and is not near penny

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