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alstry (35.69)

Rich running out of $$$$

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May 22, 2009 – Comments (14)

"Nobody's spending money right now," said Mr. Peacock, sitting under the tent with his head buried in his hands. "I guess we'll try to just keep hanging on."
...

Mr. Peacock's auction marked a new moment in the fall of the latest Gilded Age. Fire-sale auctions of mansions, yachts, sports cars and other trappings of wealth have become increasingly common as the rich become less rich. But Mr. Peacock is in the vanguard in attempting to downsize in just one day. The event was less an auction than a lifestyle liquidation, a clearance sale on a decade's worth of conspicuous consumption.

...

The couple now has a $2.2 million mortgage on their mansion, Mr. Peacock says, and a $1 million mortgage on a four-bedroom oceanfront home nearby that they used while building the mansion. Maintaining the house is also costly: $50,000 a year in taxes, $25,000 for insurance and more than $100,000 a year for indoor and outdoor maintenance. That's not to mention the upkeep on their other home.

...

"We don't need all this stuff anymore," he says, adding that the couple plans to buy a cabin in the Blue Mountains. "It's time to simplify."

http://globaleconomicanalysis.blogspot.com/2009/05/lifestyle-liquidation-estates-of.html

Simplify.....or running out of money????  

....but if few buying.....will only few be selling????? 

What about all that go out of businesses when sales evaporate????

There are many homes in America where simply the property taxes and maintenence make the home unaffordable or undersireable  for practically every American.......expect the values of the uber expensive homes to simply evaporate as few want to be saddled with such a big nut...even if fully paid for......

The above is simply another consequence of the Zombulator and the FU virus.....get ready for lots  more as the green shoot become a fond memory based on current policy.

14 Comments – Post Your Own

#1) On May 22, 2009 at 8:00 AM, portefeuille (99.78) wrote:

Richard and Amanda Peacock spent five years building their dream home, a 10,000-square-foot, orange mansion overlooking the ocean here. They filled it with leopard-skin chairs, pinball machines, antique Coca-Cola signs and six sports cars. It had a room full of 100 hunting trophies -- including a hyena and the head of an elephant -- and an aviary out back housing eight rare parrots.

help!

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#2) On May 22, 2009 at 8:09 AM, danteps (30.02) wrote:

Alstry is not the “best”, even if it is self-proclaimed.  Like the car wreck so many of us rubber neck our heads to view, I sometimes find myself reading the pompous proclamations of Alstry.  The beauty of this forum is we can all express our opinions and, admittedly, I need a chuckle and perhaps a reminder of my medical school days when we read about folks with Narcissistic Personality Disorder and the like.  I suppose we all encounter these folks from time to time, but Alstry is the text book case. Pervasive pattern of grandiosity (in fantasy or behavior) and need for admiration as indicated by five (or more) of the following: ·         has a grandiose sense of self-importance (e.g., exaggerates achievements and talents, expects to be recognized as superior without commensurate achievements); ·         is preoccupied with fantasies of unlimited success, power, brilliance, beauty, or ideal love; ·         believes that he or she is "special" and unique and can only be understood by, or should associate with, other special or high-status people (or institutions); ·         requires excessive admiration; ·         has a sense of entitlement, i.e., unreasonable expectations of especially favorable treatment or automatic compliance with his or her expectations; ·         is interpersonally exploitive, i.e., takes advantage of others to achieve his or her own ends; ·         lacks empathy: is unwilling to recognize or identify with the feelings and needs of others; ·         is often envious of others or believes that others are envious of him or her; ·         shows arrogant, haughty behaviors or attitudes. Is Alstry right about markets and the economy?  Well even a blind squirrel finds a nut; so sometimes Alstry makes a good point and many times the conjectures are just plain wrong.  For me Alstry is like Cramer, frequently inaccurate, but sometimes entertaining and always narcissistic.   

Hopefully we all can remember to be a bit more humble given Alstry’s example of the alternative.

 

Perhaps I shall pen a blog and comment on myself.

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#3) On May 22, 2009 at 8:24 AM, PrestonCheek (35.80) wrote:

ROTFLMAO.........DAN

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#4) On May 22, 2009 at 8:44 AM, russiangambit (29.96) wrote:

Oh, please, Leave alstry alone. We are all familiar with his personality, or hould I sat personality hosen for the MF posts. Still, he has good ideas. The presentation doesn't bother me at all, I breeze through it.

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#5) On May 22, 2009 at 8:58 AM, alstry (35.69) wrote:

If Alstry is innacurate...based on his one socre and rating might question your diagnosis....and that is after he just lost a ton of points.....

but you did write a lot up there....it was always fun deposing doctors...a a young attorney learned quickly that those that had to use big words and couldn't explain things simply and concisely...really were the hacks;)

For Alstry....his score speaks for itself....and please pay special attention to the average score and number of picks relative to the duration and timing of his play....and it doesn't have to speak often.

It is not easy being the best....but its time to get better....and help those around Alstry.

After all Alstrynomics is all about being right...and it quite often is....

Prepare.

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#6) On May 22, 2009 at 9:18 AM, danteps (30.02) wrote:

Alstry . . . always enjoy a good challenge, especially one lobbed in from the Narcissistic One.  My guess is that I will be passing your CAPS rating within a fortnight or 2.

 

The key with treating narcissism is to ensure that one stays focused on the problem.  On behalf of my fellow Fools, I shall ensure  that we never waver from our commitment to curing your disorder.

 

Prepare.

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#7) On May 22, 2009 at 9:20 AM, alstry (35.69) wrote:

Dan,

Thanks...and if you are still practicing...what kind of physician are you????

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#8) On May 22, 2009 at 9:26 AM, farmnut1985 (< 20) wrote:

"Or how can you say to your brother, 'Brother, let me remove the speck that is in your eye,' when you yourself do not see the plank that is in your own eye?

Luke 6:42

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#9) On May 22, 2009 at 9:29 AM, alstry (35.69) wrote:

Or the baseball bat about to be shoved up your backside....

Alstrynomics 101

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#10) On May 22, 2009 at 9:49 AM, jddubya (< 20) wrote:

danteps -

"On behalf of my fellow Fools, I shall ensure  that we never waver from our commitment to curing your disorder."

LOL this is good stuff.  Please don't anybody take this wrong, but the first thing that popped into my head when I read this was a piece from a 3 stooges skit where they were doctors performing surgery:

Moe - "Cotton!"
Curly - "Cotton!"
Larry - "Cotton!"

Moe - "Anakanapana!"
Curly - "Anakanapana!"
Larry - "Anakanapana!"

I'm not even sure I got the quotes right, but recalling the voices of those 3 yelling those words just cracks me up.

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#11) On May 22, 2009 at 9:55 AM, Rasdiff (< 20) wrote:

Dan, is your goal to marry Alstry? Is your goal to fix that last thing wrong with him so you can have a perfect man? Fixing people never works. I don't ever plan to be in the same room with Alstry so I don't care at all what is wrong with him. I care about what is right about him, and that is his understanding of what is happening now and of what this means for our near term future.

When I saw that Pier One's stock was trading at 1% of its high, and that management's plan was to cut office staff by 8% and try to rework 10% of their leases, and no one was calling BS on them I could not believe it. I searched the darkness for a voice of sanity and Alstry's was the one voice I found. He was making the depression call.

Business owners like me need to know what is really coming to make plans, save the jobs it is possible to save, and then get ready to grow like the wind in the coming years of cheap rents and resonable wages. 

Alstry says what we need to hear. I think you are confused in thinking about Alstry in the terms of disease. You should be thinking about him more as a vaccine.

Run Alstry Run Report this comment
#12) On May 22, 2009 at 10:04 AM, alstry (35.69) wrote:

Rasdiff,

In Alstry's world many of his friends are small business people....and Alstry saw this coming a long time ago....

There is a lot Alstry knows that  he simply keeps  to  himself.....if the obvious is  unclear....imagine how people would react to that which takes a bit of thinking?

Don't think of Alstry as a person....as no person by himself could have been as accurate as Alstry when so many "experts" were so wrong.  Alstry is more the collective thought of reality and truth.....distilled to the practical.

It is why Alstry keeps going and documenting.....if the truth means nothing.....society is dead.

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#13) On May 22, 2009 at 10:44 AM, ralphmachio (24.57) wrote:

It's those who do not embrace their own insanity and flaunt it that are crazy. Repression creates church going, suit wearing psychos with little kids in their basements. Or even worse, someone who subscribes to mass media!

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#14) On May 22, 2009 at 3:33 PM, VintageCat (< 20) wrote:

Rather than discuss the blogger, the content of the article posted in this blog certainly mirrors my observations in the liquidation of my small retail business and our personal downsizing.  While my items are not as rarified as the Peacock's gold and leopard chairs and other seemingly over the top items, the spending patterns appear to be roughly equivalent to that in the story.

My shop's bigger ticket items (antique furniture, large retail fixtures, oriental rugs and vintage lighting pieces used for fixtures and the like) will move at roughly 50-75% of initial purchase unless it's highly desirable or rare then it moves at or above cost.  Fortunately for me with zero debt, plenty of time to market things and not being such a conspicuous consumer, I can make choices that are less financially painful than the couple in the story.  

In a micro version of this story, my economic strata being less affluent and even though my area of the country couldn't be more diverse than Florida, the results are surprisingly similar.  Interesting story. Thanks for posting.

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