Bill Hester: Buyout Bingo — A Sucker’s Game
Excerpt from Hussman Fund analyst Bill Hester’s essay on the U.S. market: “Buyout Bingo.” “Merger Monday.” At the point a trend in the market is identified with constant alliterations, it’s probably about to stop working.
Related Bingo News:
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- Station Casinos Gets $4.7B Buyout Bid
- Harrah’s close to largest casino buyout
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- Senate panel OKs bill that would authorize bingo, raffles
Casino gambling information:
- The El Rancho Casino & Hotel in Las Vegas was known for a few firsts. It was the first casino/resort on the Strip opening in 1941 with 63 guestrooms. It was also the first to offer a buffet. The cost of the buffet was only $1.00! The El Rancho burned down in 1960 and fortunately no one was hurt.
- The first legal lottery in the twentieth century was the New Hampshire Sweepstakes which began on March 12, 1964. Currently 37 states and the District of Columbia operate lotteries.
- Casino chips were used in the 18th century as a substitute for money being wagered. Originally, they were pieces of bones, mother of pearl or ivory engraved with the name of the casino and their respective value.
- Lotteries were brought to America in the 1800s by the thousands of Chinese immigrants who worked in the mines and on the railroads.
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