Optimism abounds with the market resolutely shaking off bad news while focusing myopically on the good, or relatively good, news. The cheerleaders on CNBC (GE) can scarcely be heard uttering the dreadful words of inflation, recession, stagnation, credit crisis, and foreclosures. Happily, they talk about earnings beats. Surprisingly, there are a number of really substantial earnings beats that seem to justify the current sanguine tone of the market.
A lot of the beats thus far have come from blue chip companies that dominate their industries and sectors. Logically, this makes sense. …

I love this guy Sam Zell – he’s just so funny and sharp. Zell is the real estate investment billionaire who sold his Equity Office Properties Trust to the Blackstone Group for $39 billion in the early part of 2007. He recently bought the Tribune Company, owner of the Chicago Tribune and the Los Angeles Times. The company also owns the Chicago Cubs major league baseball franchise. Zell is known for using colorful language during press conferences and speaking very clearly and succinctly in a straightforward …