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
- Boyd Gaming affirms committment to Station buyout
- Harrah’s close to largest casino buyout
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- Name Changes Ahead for Sands Casinos
- Casinos mum on buyout response
- Casino company Harrah’s gets buyout offer of $15 billion
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Interesting gambling facts:
- Charles Fey invented the first slot machine way back in 1895. He went on to perfect his initial innovation in 1907, when he teamed with Mills Novelty Company who manufactured the "Mills Liberty Bell".
- By the 1370s, playing cards had reached Europe in a form that is recognizable today, with a pack consisting of 52 cards with suits of swords, polo-sticks, cups and coins.
- 1951: On September 4, Frank Sinatra makes his Vegas debut, performing in the Crystal Room at the Desert Inn.
1959: Wayne Newton performs in Vegas for the first time, despite the fact that he is still too young to enter a casino. - 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.
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