On August 23 I suggested the brave at heart consider the American Depository Receipts (ADRs) of the Russian oil company Yukos – symbol, YUKOY – at 16 or so. Oil prices seemed likely to stay strong and a friend who had studied the situation had bought a million shares. Well, oil prices have certainly been strong, and YUKOY touched 21 earlier this week before closing last night at $16.74, but my friend is now out of the stock, so I’m getting out, too. There’s always the chance that it will zoom – I still think the government will not want to scare off investors by clobbering YUKOY completely. But better safe than sorry.
If the mountain won’t come to Mohammed . . . it turns out you don’t have to go see Going Upriver, as I’ve been recommending. You can download it for free and it will come to you, right where you’re sitting. The only teeny-tiny catch – it will take half the night to download if you have a fast connection . . . or approximately 394 years if you use dial-up. Click here.
GEORGE AND JOHN, SIDE-BY-SIDE
For those of you who want to see John Kerry win, take heart. Electoral-vote.com currently shows us down 228-284, but that’s with Bush winning Florida and New Mexico, and New Jersey tied. We are going to win all three (see September 17), and that makes it 275-252. Add in Ohio and it’s 295-232. More than half the country disapproves of the job President Bush has done. More than half the country thinks we’re on the wrong track. A tremendous number of new registrants and “unlikely voters” are going to turn out to vote. They are not going to reelect George W. Bush. Hang in there: just 18 days to go.
Quote of the Day
Every debt is ultimately paid, if not by the debtor, then eventually by the creditor.~Jim Grant
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