Frederic Tudor has his associates in the audience.
Frederic Wertham, when he wrote "Seduction of the Innocent," proved that comic books were the source of all juvenile crime.
FREDERICK "SHAD" ROWE: Well, my father was in the advertising business for most of his life, and he recommended to me that I buy some Central Airlines
FREDERICK "SHAD" ROWE: Less than the frame value, because I was a value investor.
FREDERICK "SHAD" ROWE: Well, I worked for this firm called Schneider, Bernet & Hickman.
FREDERICK "SHAD" ROWE: Well, stocks-- bank stocks, real estate stocks, real estate-related stocks.
FREDERICK "SHAD" ROWE: The thesis was it was terribly overbuilt, and everyone was going go broke, which I was absolutely right on.
FREDERICK "SHAD" ROWE: Of course it was, sure.
FREDERICK "SHAD" ROWE: Sure.
FREDERICK "SHAD" ROWE: No, and there was a lot more retail investing then than there was the last few years.
FREDERICK "SHAD" ROWE: Well, it becomes all-consuming.
FREDERICK "SHAD" ROWE: Well, actually, in the time between Central Airlines-- I also owned small companies, I owned Southwest Airlines when they had three and then four airplanes--
FREDERICK "SHAD" ROWE: About 1974.
FREDERICK "SHAD" ROWE: Oh, it was probably 27%.
FREDERICK "SHAD" ROWE: Yes.
FREDERICK "SHAD" ROWE: Well, Lamar Muse.
FREDERICK "SHAD" ROWE: Yeah.
FREDERICK "SHAD" ROWE: Well, it was part of an odd man out kind of thing.
FREDERICK "SHAD" ROWE: Right.
FREDERICK "SHAD" ROWE: We can't talk about Google, can we?
FREDERICK "SHAD" ROWE: Oh yeah, it's great.
FREDERICK "SHAD" ROWE: Kirkland.
FREDERICK "SHAD" ROWE: Well, any little company that takes off.
FREDERICK "SHAD" ROWE: Well, I'm a customer, just like you are.
FREDERICK "SHAD" ROWE: Well, I would love to find a business that was doing something better, faster, cheaper on a scale that could be taken globally,
FREDERICK "SHAD" ROWE: Capital intensiv-- capital what?
FREDERICK "SHAD" ROWE: Well, I look at it.
FREDERICK "SHAD" ROWE: Well, If you were still short, I'd want the same thing.
FREDERICK "SHAD" ROWE: Well, I don't think that way.
FREDERICK "SHAD" ROWE: I oughta know a lot, then.
FREDERICK "SHAD" ROWE: One of those, I don't want to talk about.
FREDERICK "SHAD" ROWE: No.
FREDERICK "SHAD" ROWE: Well, it's nice if the stock is off for the wrong reason.
FREDERICK "SHAD" ROWE: Well, I'd just want to see how you can pay 10 times what you thought it was eventually going to earn.
FREDERICK "SHAD" ROWE: Right.
FREDERICK "SHAD" ROWE: Sure.
FREDERICK "SHAD" ROWE: Well, I've done a little bit of that.
FREDERICK "SHAD" ROWE: If you'll think of yourself as a stock, I think it helps.
FREDERICK "SHAD" ROWE: Yeah.
FREDERICK "SHAD" ROWE: Well, he's a good money manager.
FREDERICK "SHAD" ROWE: I was just saying that short sellers really think that they're the smartest people on Earth, that they're much
FREDERICK "SHAD" ROWE: And then the value investors I've already talked about.
FREDERICK "SHAD" ROWE: Yeah.
FREDERICK "SHAD" ROWE: Yeah.
FREDERICK "SHAD" ROWE: Well, Michael J. Fox, I'm on his board.
FREDERICK "SHAD" ROWE: Fun being here.
FREDERICK "SHAD" ROWE: All right, yeah.
FREDERICK "SHAD" ROWE: I don't have any of those.
FREDERICK "SHAD" ROWE: Well, let's see-- McDonald's.
FREDERICK "SHAD" ROWE: Sure.