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We Take You Inside the National Stock & Bond Show, Comcast Insults Disney and Apple Messes Up.

Author

David Prince
February 27, 2025

Last month, we visited the 24th Annual National Stock & Bond Show in Washington, DC to learn about the hobby of Scripophily – the collecting of historical stock and bond certificates to meet dealers and explore their collections. Check out our YouTube channel for a recap from the show!

Let’s take a look at what happened in the last week.

  • JP Morgan Chase CEO Jamie Dimon was recorded ranting against work from home, then issued a five-day return to office mandate.

  • Elon Musk, head of the Department of Governmental Efficiency, floated the idea of giving taxpayers each a $5,000 stimulus from the pool of money he saved.

  • Apple unveiled the new iPhone 16, with a lower price and enough power to run AI in your pocket.

  • Fed Chairman Jerome Powell put the expected rate cut announcement on holdto see the impact of tariffs on inflation.

    “Don’t tug on Superman’s cape” for 2025.

We’re certainly living in interesting times. But with the S&P 500 at record highs and gold nearing $3,000 per ounce, there are definitely reasons to feel good. Stay Bullish.

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Own a piece of Wall Street history. Check out the Ticker History Shop for stock certificates from your favorite companies.

The Biggest Leveraged Buyout In History 📅

In 1989, private equity firm Kohlberg Kravis Roberts (KKR) completed a $25 billion leveraged buyout (LBO) RJR Nabisco, the largest in history at the time.

KKR’s takeover of RJR Nabisco would come to symbolize corporate greed in the 1980’s, with business school case studies and the classic book “Barbarians At The Gate” written about it.

In an LBO, the acquirer borrows money to purchase the target, using its future cash flows to secure the loan.

RJR Nabisco CEO Ross Johnson, known for his lavish spending on corporate expense accounts, proposed a management-lead buyout at $75 per share with financing from Salomon Brothers.

KKR’s Henry Kravis, who had a relationship with Johnson, was angry he was left off the initial proposal. He countered with an offer at $109 per share, valuing the company at an unheard of $31.4 billion. Financing for the deal came from junk bonds issued by Michael Milken’s Drexel Burnham Lambert.

The deal was described at the time as “ill-advised” by a “corporate kleptocracy”, and had disappointing results. Under new ownership, the company couldn’t meet the original cash flow expectations and struggled to meet its debt service. Just a few years later, KKR began selling off assets to recover its equity.

This Week In Business History 📅

February 26, 2004

Comcast launches a hostile takeover bid for The Walt Disney Company, offering $54 billion in stock and assuming $12 billion in Disney’s debt.

The offer would create a media giant by combining Comcast’s cable distribution network with Disney’s content.

Disney’s board, led by CEO Michael Eisner, rejected the bid, arguing it undervalued the company, and Comcast faced strong resistance from Disney shareholders.

By April 2004, amid public scrutiny and declining stock prices, Comcast withdrew its offer.

Headlines in 2004 describe Disney CEO Michael Eisner as extremely hostile in his response to Comcast’s offer. Despite Disney’s struggles, Eisner was determined to turn things around.

February 27, 1998

Apple discontinues the Newton personal digital assistant after selling only 200,000 units.

The device was hyped for its advanced handwriting recognition but struggled with accuracy issues, and the base price tag of $900 didn’t help.

In 1995, The Simpsons roasted Apple for the Newton’s failure.

PDAs like the Apple Newton and Palm Pilot were early predecessors to today’s cell phones.

Think Different? 📅

They can’t all be hits. For every innovative gadget that redefines how we live and work, Apple has had a dud.

Maybe a little too different.

March 1, 1827

The Baltimore & Ohio Railroad is chartered as the first U.S. railroad company to provide transportation for both freight and passengers.

Construction began in 1828, with Charles Carroll, the last surviving signer of the Declaration of Independence, laying the first stone.

During the Civil War, the B&O transported troops and supplies, and later fueled the Industrial Revolution by connecting coal mines and steel mills.

It was merged into CSX Transportation in 1987.

The B&O Railroad was an iconic piece of American history memorialized as one of the original four Monopoly railroads along with Reading, Pennsylvania, and Short Line.

Every Stock Has A Story 📅

One of our favorite hobbies is looking up the history behind some of the items that come across our desk.

What’s up with this early 50’s French wine stock certificate?

Vielle Cure de Cenon was an herb liquer produced in a monastery outside of Bordeaux, France starting in 1909.

Bordeaux was occupied by Nazi forces during World War II, with the monastery and many other city buildings used as supply and logistics centers. Under strict rationing rules and shortages, alcohol was a hot ticket item, and a black market developed for Vielle Cure de Cenon.

Production stopped in 1986, and sealed bottles remain an extemely popular collector’s item to this day.

Looking Forward 📅

That’s old news. What can we look forward to this week?

  • Zoom releases earnings on 2/24, letting us know how serious the push for ending work from home is affecting the bottom line.

  • Chipotle’s “Burrito Season” hiring initiative starts, as the company looks to add 20,000 employees. As far as fast food jobs go, Chipotle is considered one of the best, with competitive pay, benefits, and management pathways.

  • Amazon is hosting a product event on 2/26 in NYC where it is expected to debut a more powerful version of Alexa.

  • The Oscars are on Sunday- who do you like for best picture,

Stay safe, stay warm, and stay bullish.

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Own a piece of Wall Street history. Check out the Ticker History Shop for stock certificates from your favorite companies.

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