If this isn't a sign that we're in the midst of a new bubble (or perhaps a reinflation of the old one), then I don't know what is (sorry the Journal seems to think people should pay for its content; go figure):
NEW YORK -- A year ago, Bret Grebow, a 28-year-old who runs hedge fund HMC International, was taking cheap flights on JetBlue Airways and keeping a lid on his spending. But his fund's investment portfolio surged nearly 40% last year, and Mr. Grebow says he's confident that the market has regained its footing. So two months ago he bought a new $160,000 Lamborghini Gallardo. He says it was his first "treat" in months.
These days when Mr. Grebow and his girlfriend travel between his Highland Beach, Fla., home and his New York office, he charters a catered plane with a bar, paying as much as $10,000 for the three-hour flight. Last weekend he spent more than $12,000 to fly himself and some friends on a Learjet 55 to the Super Bowl.
"It's fantastic. They've got my favorite cereal, Cookie Crisp, waiting for me, and Jack Daniel's on ice," says Mr. Grebow.
...
One apartment drawing interest is the Fifth Avenue co-op of L. Dennis Kozlowski, former chairman and chief executive of conglomerate Tyco International Ltd. His $15,000 poodle-shaped antique umbrella stand, $6,000 shower curtain and $38,000 backgammon table became symbols of 1990s excess. Now several Wall Street professionals are showing interest in buying Mr. Kozlowski's apartment, according to Sharon Baum, a real-estate broker at Corcoran Group involved in showing the place. With 11 rooms, including a master bedroom with Central Park views and staff quarters, the apartment is listed at around $28 million.
Dining at New York's Le Cirque restaurant late last month, three Wall Street executives approached real-estate mogul Donald Trump, interrupting his dinner, to ask about prices of apartments in his deluxe Manhattan buildings. "I've never been inundated like that," Mr. Trump says.
Grant Morgan, who runs a brokerage firm in New York called First Republic Group, says he likely will add 30 new brokers to his 100-broker staff this year. After several years of putting off a remodeling job at his Greenwich, Conn., home, the bachelor now is spending $600,000 to gut and rebuild.
"We're comfortable the market won't take a new downturn," says Mr. Morgan, 36, who was comfortable enough to spend a week at The Breakers in Palm Beach last month and six months ago bought a $150,000 Ferrari 360. "Things are thawing."
Those of you who are conspiracy theorists, and who believe the Bush administration uses 1984 as a playbook, then be sure to read about their plans to advertise what a great new deal the Medicare plan represents.
The best part, according to the Center for American Progress, "The new Medicare ads urge citizens to call 1-800-MEDICARE to hear more about the new law. And in 'Big Brother' style, when you call that number you have to actually say out loud 'Medicare improvement' in order to get information."
From last night's Daily Show, John Stewart, noting Bush's reversal and claim that he wants "to get all the the facts" about the so-called intelligence failure on WMD, says, "All the facts? Welcome to the SS Curious, Mr. President."
And the Bush AWOL story just gets more and more entertaining. Ed Gillespie is "disgusted" by "gutter politics." Um, Ed, google "Max Cleland" and "attacks on patriotism."
NEW YORK -- A year ago, Bret Grebow, a 28-year-old who runs hedge fund HMC International, was taking cheap flights on JetBlue Airways and keeping a lid on his spending. But his fund's investment portfolio surged nearly 40% last year, and Mr. Grebow says he's confident that the market has regained its footing. So two months ago he bought a new $160,000 Lamborghini Gallardo. He says it was his first "treat" in months.
These days when Mr. Grebow and his girlfriend travel between his Highland Beach, Fla., home and his New York office, he charters a catered plane with a bar, paying as much as $10,000 for the three-hour flight. Last weekend he spent more than $12,000 to fly himself and some friends on a Learjet 55 to the Super Bowl.
"It's fantastic. They've got my favorite cereal, Cookie Crisp, waiting for me, and Jack Daniel's on ice," says Mr. Grebow.
...
One apartment drawing interest is the Fifth Avenue co-op of L. Dennis Kozlowski, former chairman and chief executive of conglomerate Tyco International Ltd. His $15,000 poodle-shaped antique umbrella stand, $6,000 shower curtain and $38,000 backgammon table became symbols of 1990s excess. Now several Wall Street professionals are showing interest in buying Mr. Kozlowski's apartment, according to Sharon Baum, a real-estate broker at Corcoran Group involved in showing the place. With 11 rooms, including a master bedroom with Central Park views and staff quarters, the apartment is listed at around $28 million.
Dining at New York's Le Cirque restaurant late last month, three Wall Street executives approached real-estate mogul Donald Trump, interrupting his dinner, to ask about prices of apartments in his deluxe Manhattan buildings. "I've never been inundated like that," Mr. Trump says.
Grant Morgan, who runs a brokerage firm in New York called First Republic Group, says he likely will add 30 new brokers to his 100-broker staff this year. After several years of putting off a remodeling job at his Greenwich, Conn., home, the bachelor now is spending $600,000 to gut and rebuild.
"We're comfortable the market won't take a new downturn," says Mr. Morgan, 36, who was comfortable enough to spend a week at The Breakers in Palm Beach last month and six months ago bought a $150,000 Ferrari 360. "Things are thawing."
Those of you who are conspiracy theorists, and who believe the Bush administration uses 1984 as a playbook, then be sure to read about their plans to advertise what a great new deal the Medicare plan represents.
The best part, according to the Center for American Progress, "The new Medicare ads urge citizens to call 1-800-MEDICARE to hear more about the new law. And in 'Big Brother' style, when you call that number you have to actually say out loud 'Medicare improvement' in order to get information."
From last night's Daily Show, John Stewart, noting Bush's reversal and claim that he wants "to get all the the facts" about the so-called intelligence failure on WMD, says, "All the facts? Welcome to the SS Curious, Mr. President."
And the Bush AWOL story just gets more and more entertaining. Ed Gillespie is "disgusted" by "gutter politics." Um, Ed, google "Max Cleland" and "attacks on patriotism."
posted by John at 7:22 PM
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