When the Dice Come Up Snake Eyes Memorable Investment Failures
TED TURNER WHIFFS ON AOL In creating CNN and pioneering the concept of the cable superstation, Ted Turner left his mark on the American media landscape. Even a resume that sterling, though, doesn’t make you immune to a catastrophic decision. Turner’s Time Warner shelled out an obscene amount of money to acquire AOL in 1999. AOL was a behemoth at the time, but they were struggling not long after the merger. Not only did this cost Turner his job as chairman, it hurt his personal bottom line to the tune of $7 billion. While Ted’s still doing okay for himself, you have to imagine he still has nightmares featuring the phrase “you’ve got mail.”
THE NEW YORK TIMES MAKES A BEANTOWN BLUNDER Sometimes, you just can’t account for the future. When the New York Times purchased the Boston Globe for $1.1 billion, it looked like a coup. Of course they didn’t anticipate one huge innovation: the internet. With more and more people getting their news online, the Times was forced to shed the Globe and its sister properties for a fraction of the purchase price, losing hundreds of millions in the process. When you bet big, you have to be prepared to take a huge hit. The lesson these stories serve to illustrate is one that we talk about all the time in financial planning: Without diversification, you leave yourself vulnerable to disaster.
There’s no such thing as a foolproof investment. Even people and companies with a track record of success can end up making a decision that puts a serious dent in their bank account. Here are a couple of examples that prove the old adage, “Don’t put all your eggs in one basket.”
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Not Your Father’s Food Court Trade Food Hall in Irvine When you hear the words “food court,” you probably think of the collection of neon-lit, substandard eateries that were a fixture of shopping malls in the ’90s. Since then, though, food culture in our country has improved dramatically. As the culinary scene has evolved, a new style of food court has emerged. Rather than featuring characterless chain restaurants, the new breed combines local eateries with delicious, handcrafted creations. The newly opened Trade Food Hall in Irvine is a great example of how far food courts have come. A trip to Trade Food Hall feels like going to a handful of great restaurants all at once. Each vendor turns out a different style of casual, thoughtful cuisine, and it will be hard to limit yourself to stopping by just one stand. HiroNori Craft Ramen serves up some of the best noodle soup in the city. If you’re in the mood for pork, Pig Pen Delicacy will blow your mind. For seafood lovers, Portside offers fish and chips, calamari, fish tacos, and more. If you want a craft cocktail to go along with your meal, Center Hub has you covered. And for dessert, Sweet Comforts doles out inventive takes on the classic Belgian waffle, covered in homemade toppings and drizzles. Just as inviting as the variety of food is the indoor-outdoor atmosphere. It’s perfect for hanging out with friends and family or a quick lunch
that will satisfy every palate in your office. One visit to Trade Food Hall will smash your preconceptions about what a food court can be. It will definitely take a few visits, though, to taste even a fraction of all the mouthwatering dishes under this one roof.
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