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The Wisdom of the Market, part 452


A colleague of mine steps into the Time Warner presentation at yesterday’s Credit Suisse First Boston conference. This is a few minutes after Time Warner CEO Dick Parsons has just told the crowd Time Warner would still consider a deal for MGM—that is, the studio Metro-Goldwyn-Mayer and its massive film library: At “a reasonable price, I’d slam it in there.”

Said colleague, the latecomer, ends up standing in the back of a room next to an investor. Investor glances at his BlackBerry and dryly chuckles to a pal that MGM’s stock is already up on Parsons chatter. (And it was .)

Thing is, as Mr. BlackBerry knows, MGM-the-studio is not a standalone publicly traded company. MGM Mirage—which operates resorts and casinos—is. And it’s helpfully traded under the symbol MGM.

The Wisdom of the Crowds? Not in this case.


The Aging of Abercrombie & Fitch
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