[Leica] Re: What recession?

[shino at panix.com (Rei Shinozuka)]

i feel for you, i am in the same boat.  and i don't see the
portfolio bouncing back anytime soon, if ever.  which isn't to
say the broad indexes won't rebound at some time, but that's not
the same as one's specific portfolio coming back. citi was at 20
now it's $1.95, freddie and fannie and aig shareholders were 
completely wiped out.

my wife bought a big screen tv and a leica m8 for me in 2007 and i was
really on the verge of returning them, because i could see that
finance was already in trouble (though we didn't know how much
in trouble).  at this point, our having bought durable goods was the
best money we ever spent.  

if only i had taken out a no-money down mortgage, or a cash-out refi!
i coulda been bailed out or crammed down or rescued or stimulated!

-rei

On Feb20 10:58, Lawrence Zeitlin wrote:
> Complaining about high Leica lens prices? Don't be a cheapskate.
>
> Because of an inflated former job title, I am on the mailing list of a 
> magazine "Showboats International." This glossy rag features luxury  
> yachts costing upwards of $1,000,000. The pages are replete with 100 ft. 
> plus boats, featuring interiors that would put Westminster Castle to 
> shame. Tucked amongst the ads for Rolex watches and executive jets is one 
> from an Italian pen maker, Tibaldi. Partnering with Riva, an Italian 
> classy runabout maker, Tibaldi offers an inlayed wood ball point pen for 
> a mere $3000. Come on now. It's a ball point pen that probably doesn't 
> write any better than a Bic.
>
> One of the articles is an interview with a yacht owner, an aged man  
> sporting a nubile young female companion far too young to be his  
> daughter. Dangling from his shoulder, like a piece of jewelry, is a  
> Leica IIIf. The text of the article suggests that his hobby, in addition 
> to clipping coupons, is adorning his floating palace with functional 
> antiques - the best products from each era. The centerpiece is a 
> collection of old Leica cameras.
>
> Obviously luxury yachting is one segment of the economy that the world 
> recession hasn't impacted. Boatyards specializing in construction of 
> yachts for the super rich are backed up for years. Although a few have 
> been caught, most of the Bernie Madoffs of the world are alive and living 
> on their floating pleasure domes off the Cote d' Or.
>
> So spring for that new 18 mm lens. Keep Dr. Kaufmann on his yacht.
>
> Larry Z
>
> P.S. I'm bitter because, as of this morning, my investment portfolio has 
> lost 50% of its former value.
>
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-- 
Rei Shinozuka shino@panix.com
Ridgewood, New Jersey