Europe struggles with its unnavigable ship of state, while consumers eat inflation

March 15, 2010  

Ward Davis of Caerus Global Investors ties together Larry Ellison, Ben Bernanke and the PIIGS.

By Ward Davis

This past Valentine’s Day, the crew of BMW Oracle achieved owner Larry Ellison’s ambition to win the America’s Cup and bring the sailing regatta back to its namesake waters. It only took $300 million dollars of investment in multihull and wing technology and years of court appeals to secure the victory held off the coast of Valencia, Spain. The BMW Oracle sported a wing mast that cost $5 million alone – the price of an entire America’s Cup campaign ten years earlier!

Ernesto Bertarelli’s Alinghi 5 was so light that she was unable to sail effectively in winds over 15 knots or with waves much over a few feet high. Ellison’s boat was much heavier and more capable of handling the rough conditions. Despite a costly botched start in the first race, BMW Oracle blew by Alinghi (literally) and swept the best of three series two to...


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