General Electric Co (GE:NYSE): When crony capitalism fails by dowdogs

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ge · @dowdogs ·
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General Electric Co (GE:NYSE): When crony capitalism fails
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<p>General Electric is the story of two CEOs:</p>
<p><strong>Jack Welch</strong> - &nbsp;In his two decades at the helm of <a href="https://www.cnbc.com/quotes/?symbol=GE">General Electric</a>, he grew:</p>
<ul>
  <li>revenues &nbsp;from $25 billion to $130 billion</li>
  <li>profit from $1.5 billion to $15 billion</li>
  <li>market capitalization ballooned to $400 billion, growing by a multiple of 30.&nbsp;</li>
</ul>
<p>Jeffrey Immelt - a crony capitalist whose actions resulted in the share price falling by more then two thirds in the 17 years since his appointment as CEO of GE was announced:</p>
<ul>
  <li>participated in every Obama administration boondoggle imaginable</li>
  <li>Obama's council of economic advisers (remember them giggling about "shovel ready" jobs)</li>
  <li>resorted to short term financial engineering when the Democrats lost power</li>
</ul>
<p>I do not know why it took the GE Board so long to get rid of Jeffery Immelt, but since they did in October last year - the skeletons have been falling out of the closet and the share price has taken a big beating. So much so, it is the worse performing Dow stock over the past year. The doggiest dog of the Dow if you like.</p>
<p>The Dogs of the Dow Theory would suggest that the market has over-corrected for all the bad news that has come out recently including:</p>
<ul>
  <li>Cash flow problems</li>
  <li>Massive amounts of debt exposed to rising interest rates</li>
</ul>
<p>I added General Electric Co (GE:NYSE) to our portfolio this week at $14.60. Lets see how it performs over the next 12 months compared to the other Dow stocks</p>
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<p>&nbsp;</p>
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@arcange · 
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