Tuesday, February 21, 2006
Merrill Peril: Stan I'm Your biggest fan or Sell MER
Is it just me, or does the Blackrock deal look unnecessary and over priced and a strategic mistake. Only time will tell. Why would anyone want to pay 37 times earnings for a minority stake in a Brand unknown to retail customers.For now I'm selling Merrill, at 75$ it looks fully valued. Hey but who Knows how things will turn out. Rather than a traditional blog posting, I have dedicated the following to Stan O' Neal and the EVPS at Merrill.
( With thanks to Marshall Mathers)
Dear Stan, I meant to write you sooner, but I've just been busy.
You said your return on equity is reached now, how far along to a stock split are we?
Look, I'm really worried about the Blackrock deal.And here's an autograph for Komansky : I wrote it on your latest report on strategy,
I'm sorry I didn't see you on CNBC, I must have missed you.
Don't think I did that shit intentionally, just to diss you.
And what's this shit you said about earnings dilutive,
You like to have your cake and eat it too?
I say that shit just clownin' dawg,c'mon, how fucked up is you?
You got some business issues, Stan, I think you need some counselin'
To help your assets from bouncin'
off wall street when the maket's down some.
And what's this shit about Blackrock and us meant to be together?
That type of shit'll make me not want us to meet each other.
I really think you and your consultants need each other.
Or maybe you just need to pay them better.
I hope you get to read this letter.
I just hope it reaches you in time.
Before you hurt the business model,
I think that you'd be doin' just fine If you'd relax a little.
I'm glad that I inspire you, but StanWhy do you follow value enhancing fads?
Try to understand that I'm your biggest fan.
I just don't want you to do some crazy shit.
I seen this one shit on the news a couple weeks ago that made me sick.
Some dude was drunk at Morgan Stanley and drove a deal with Blackrock
and had his lawyer ask for majority stock,
and they was offerin' much less money,And in the end they called it off and Fink found another
didn't say what the new found deal was,
but it did say who it was,
to Come to think about it...it was an asset swap...and his name was...it was you.
DAMN!
( With thanks to Marshall Mathers)
Dear Stan, I meant to write you sooner, but I've just been busy.
You said your return on equity is reached now, how far along to a stock split are we?
Look, I'm really worried about the Blackrock deal.And here's an autograph for Komansky : I wrote it on your latest report on strategy,
I'm sorry I didn't see you on CNBC, I must have missed you.
Don't think I did that shit intentionally, just to diss you.
And what's this shit you said about earnings dilutive,
You like to have your cake and eat it too?
I say that shit just clownin' dawg,c'mon, how fucked up is you?
You got some business issues, Stan, I think you need some counselin'
To help your assets from bouncin'
off wall street when the maket's down some.
And what's this shit about Blackrock and us meant to be together?
That type of shit'll make me not want us to meet each other.
I really think you and your consultants need each other.
Or maybe you just need to pay them better.
I hope you get to read this letter.
I just hope it reaches you in time.
Before you hurt the business model,
I think that you'd be doin' just fine If you'd relax a little.
I'm glad that I inspire you, but StanWhy do you follow value enhancing fads?
Try to understand that I'm your biggest fan.
I just don't want you to do some crazy shit.
I seen this one shit on the news a couple weeks ago that made me sick.
Some dude was drunk at Morgan Stanley and drove a deal with Blackrock
and had his lawyer ask for majority stock,
and they was offerin' much less money,And in the end they called it off and Fink found another
didn't say what the new found deal was,
but it did say who it was,
to Come to think about it...it was an asset swap...and his name was...it was you.
DAMN!
