Armed Polite Society
Main Forums => The Roundtable => Topic started by: Ben on November 20, 2018, 11:51:43 AM
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This was an interesting article to me (or at least the part I could read without an WSJ subscription). Based on the information, I'm actually not sure where I stand on it.
Basically people are likening what Amazon Execs did to insider trading: Based on insider knowledge, the execs bought themselves homes in the NYC area before Amazon released news of the new HQ. They thus got the real estate for what is likely a "bargain price" given what real estate in the area will likely do (think Silicon Valley).
So, "insider trading" or shrewd business acumen?
https://twitchy.com/gregp-3534/2018/11/20/someone-please-videotape-ocasio2018-when-she-reads-this-wsj-story-on-amazon-execs-buying-long-island-city-real-estate/
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That's an interesting one, but no, I don't think insider trading.
Maybe if they were going to flip the real estate, but if they're looking to purchase homes because they'll be based there, there's nothing that I know of that says they have to wait until the formal announcement is made to buy a home. It's not company stock.
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That's an interesting one, but no, I don't think insider trading.
Maybe if they were going to flip the real estate, but if they're looking to purchase homes because they'll be based there, there's nothing that I know of that says they have to wait until the formal announcement is made to buy a home. It's not company stock.
This is where I'm leaning based on current information. While it wouldn't be concrete info, any Joe Shmoe with some money could have speculated over the last 30 days that Amazon was heading in this (geographical) direction and taken a chance on investment. Even if Amazon changed direction, it's not like real estate in that location is going anywhere but up right now. It just wouldn't be as "up" as it will be now. :)
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Supposedly a lot of people were doing just that with property in the Crystal City area of Virginia, where Amazon is going to park.
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I'll echo Ben. Taken at face value it's a shrewd personal financial move but not insider trading.
Brad
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My daughter lives in Queens, a few miles east of Long Island City. Condos in the area are selling like icecubes in the desert. There is one main subway link (Number 7 train) in that area to Manhattan, where she works. She says the train is already way beyond capacity, and she often has to wait as 2-3 completely full trains pass her pickup point. She hopes that most of the employees live in other parts of NYC.
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I have an Amazon fulfillment center being built about 6 miles away from my house. I am waiting for the mid-management to get here so I can put my house on the market. :)
bob