CHESSNOID

The stock markets are still very volatile swinging in both directions. Up 2-4% one day, then down 2-4% the next, and the pattern seems to be consistent.  I don’t know if it is bottoming or topping.  This is a tough market to make money and full of risk.

Even the big players like Kerkorian is selling stock: Kerkorian cuts Ford stake, could sell all shares

Kerkorian’s pullout from Ford would be a costly retreat for the activist investor, who has a mixed track record with his investments at all three Detroit-based automakers.

Kerkorian surprised analysts and investors earlier this year by spending more than $1 billion to take his stake in Ford for an average price per share near $7.10.

Tracinda began selling Ford shares on Monday at $2.43, according to its statement. That represented a loss of almost 66 percent from what the fund paid on average.

“In light of current economic and market conditions, (Tracinda) sees unique value in the gaming and hospitality and oil and gas industries, and has, therefore, decided to reallocate its resources to focus on those industries,” the investment firm said in a statement.

Ford shares have dropped 60 percent since June when Kerkorian raised his stake to 6.5 percent and said he was willing to support the automaker’s turnaround with an injection of additional capital.

Tracinda did not request a seat on Ford’s board.

Kerkorian previously took a stake of nearly 10 percent in General Motors Corp (NYSE:GM – News).

His adviser, Jerry York, held a seat on GM’s board for a short time but resigned after GM rebuffed suggestions for changes and Kerkorian sold the stake.

Kerkorian also was a major shareholder in Chrysler before it was acquired by Daimler in the late 1990s and made an offer to buy the company in 2007 before it was sold to private equity group Cerberus.

The more money you have, the more money you lost in this recession. These guys are drowning in losses. Their percentage losses may be identical to you and me, but their net worth has a lot more dollar losses. I am assuming, of course, you are not a billionaire reading my little humble blog.