He said he'd sleep when he's dead, and now '70s rock icon Warren Zevon will get the chance.
Zevon, the composer of such songs as "Werewolves in London," "Sentimental Hygiene," and "Things to Do in Denver When You're Dead" passed away in his sleep yesterday at his home in Los Angeles.
The singer/songwriter announced he had terminal lung cancer in September 2002, with only months to live. Yet he hung on to record and see the release last month of his final album, "The Wind."
While he may have sung "Poor, Poor Pitiful Me," Zevon said he had no regrets, living one life as a rock star and another as a sober father. Indeed, his hypothesis that "Life Will Kill Ya" turned out to be correct. He was 56. Rest in peace.
In today's Motley Fool Take:
- McDonald's Scores in China
- Shameless Plug: Motley Fool Income Investor
- Seattle's Coffee War Heats Up
- Quote of Note
- BofA Soothes Shareholders
- Discussion Board of the Day: Altria
- And Finally...
McDonald's Scores in China
McDonald's
With China's economy prospering, the country's long sought-after marketplace of 1 billion-plus consumers may finally be opening in a meaningful way to U.S. multinationals. Companies like Coca-Cola
McDonald's, which first entered China in 1992, now has 566 stores in 94 Chinese cities, making the country McDonald's seventh-largest market by revenue. McDonald's Chinese operations are profitable, as well, according to Cantalupo.
Interestingly, McDonald's is not the largest U.S. restaurant chain in China. That honor belongs to KFC, owned by Yum! Brands
Both McDonald's and Yum! Brands are classic examples of how investing in U.S. multinationals can be an effective way to get exposure to developing economies.
Shameless Plug: Motley Fool Income Investor
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Seattle's Coffee War Heats Up
There's a storm a-brewing in Seattle, and it's all about espresso.
Voters in the coffee-lovin' city head to the polls next Tuesday to decide the fate of Initiative 77, which, if approved, will tack a dime onto the price of every espresso drink sold within the city at businesses with over $50,000 in annual sales. Your everyday drip stuff won't be taxed, however, since lawmakers have determined that only highfalutin drinks like cappuccinos are "luxuries."
The proposal first surfaced a little over a year ago, and was controversial from the beginning. Revenues generated from the new taxes would go to support early childhood education programs. No one wants to sound like a meanie speaking out against kids and education, but the choice to go after something so central to Seattle's self-image as coffee has puzzled many.
To characterize certain coffee beverages as "luxuries" is to necessarily draw flawed class distinctions. After all, it's not just rich folks plopping down moolah to sip on some caffeinated latte love. Bentleys? Full-length chinchilla fur coats? First-class plane tickets? Now, those are luxuries.
Starbucks
In the end, it's in the hands of Seattle's citizens. When they cast their votes next week, will they willfully impose extra taxes on themselves and their coffee-swilling neighbors? Or will they decide that their lattes have been unfairly targeted as luxuries? We're simply buzzing with anticipation here.
Quote of Note
"I have measured out my life with coffee spoons." -- T.S. Eliot, 1888–1965, Anglo-American poet
BofA Soothes Shareholders
We have two updates for you today in the strange mutual fund trading scandal revealed last week by our old friend Eliot "Bulldog" Spitzer, the New York attorney general.
Spitzer charged the hedge fund Canary Capital Partners, along with its principal, Edward Stern, with buying and selling mutual funds until 6:30 p.m., but at that day's closing prices (instead of the next day's close like the rest of us would have to pay). This "late trading" allowed Canary to trade practically risk-free on any news that broke after the market closed. What's more, it did this with the mutual funds' cooperation. Bill Mann offers a great explanation of late trading and related "timing" charges in Come See the Parasites.
This alleged wrongdoing hurt mutual fund shareholders because every dollar Canary made came straight out of their funds. Spitzer says mutual fund managers from Bank of America
Today, Bank of America promised it would make "appropriate restitution" to any of its Nations Funds shareholders who were hurt by the late trading. (Janus made a similar promise last week.) In addition, BofA said the adviser in the transactions would return to the fund any fees it received.
The other big news is that the U.S. Justice Department's Manhattan attorney will be teaming up with Spitzer, according to The Wall Street Journal. This, says the paper, gives the mutual fund industry cause for concern because it adds the threat of possible federal criminal prosecution to the case. (Canary already settled Spitzer's civil charges by agreeing to return $30 million in illegal profits and pay $10 million in fines.)
As Spitzer mentioned last week, we don't yet know the full extent of this fraud, and many questions are still unanswered. How many other mutual fund managers colluded with hedge funds? Just how many billions have investors lost because of it? Finally, why hasn't Rep. Michael Oxley (R-Ohio) taken his obligatory swipe at Spitzer and accused him of grandstanding and overstepping his bounds?
Even Oxley must be close to admitting that Spitzer is much more effective at ferreting out and prosecuting Wall Street wrongdoing than the feds are.
Discussion Board of the Day: Altria
Tobacco stocks have one thing in common -- high yields. Do you think they're a bargain now or will investors get more than they bargained for? What about the smoking-related lawsuits? Will Altria ever get past those? All this and more -- in the Altria discussion board. Only on Fool.com.
And Finally...
Today on Fool.com:
So fund companies got caught red-handed stretching the law and are looking to make amends. Not convinced? Dayana Yochim takes a good look at a hot commodity on Wall Street and Main Street -- exchange-traded funds (ETF). Find out whether these relative newcomers offer an attractive alternative for you.
If you'd rather pick your own stocks, check out Matt Richey's Tech vs. Pharma and Rick Munarriz's Making MO Money. Caveat emptor.
Contributors:
Bob Bobala, Robert Brokamp, Paul Elliott, Mathew Emmert, Jeff Fischer, Jeff Hwang, Tom Jacobs, LouAnn Lofton, Alyce Lomax, Bill Mann, Selena Maranjian, Dave Marino-Nachison, Rex Moore, Rick Munarriz, Matt Richey, Reggie Santiago, Dayana Yochim