Bellagio and MGM Grand Schnanegans

The wires are reporting that Kirk Kerkorian is making a bid to purchase the Bellagio from... well, himself (as he owns 56% of the MGM Mirage). Interesting timing with the WSJ reporting yesterday that the MGM is making an international play to build and manage branded luxury hotel properties around the world (which won't be casinos). When I read the article yesterday, it seemed to oddly contrarian for the company to make a play like this in an industry that is battling a horrible business travel climate and uncertain luxury leisure travel. But, upon hearing this, it makes a little more sense; if Kerkorian buys the crown jewels of MGM, than the company needs some other reason to exist.

I suppose, this is just a long way of saying that I wouldn't bet on Kerkorian buying the whole company and taking it private.

Michael Lewis Review of Warren Buffett Book

Mike Lewis reviewed a new book about Warren Buffett for Powell's books. The review itself is typically awesome writing but, of course, it helps that the subject is so interesting. Here's a small piece from a quite thoughtful review:

By the time he was sixteen, Buffett had accumulated the equivalent in today's dollars of $53,000, and hardly saw the point of taking the spot he had been offered at the Wharton School. He knew what he wanted to do for a living -- live in Omaha and invest in stocks -- but his parents prevailed and off he went to college. He lasted three years before he returned and finished at the University of Nebraska.

Interesting that he wrote the review for Powell's rather than Amazon. I wonder if they paid him?...