Bear Stearns - The Best Bargain in Town?
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The news that JPM is buying Bear Stearns got us thinking about bargains - a topic we know plenty about - because we (like this whole nation) love a good bargain. But what makes a good bargain, and can you instantly recognise one?
It's easy to think that getting a whole company for less than the price of its New York real estate holdings is a bargain. But what if that bargain comes with a whole lot of hidden costs?
Let's take the Gucci loafers you bought at an 80% discount and never wore. They took up valuable real estate in your closet, until you got smart and sent them off to Oxfam. Same with that crazy dress that was such a steal it would've been rude not to. And what about that great fixer-upper that turned into a money pit?
It seems that with almost all bargains - save those on tried, tested and true items (Berocca at Boots, Tropicana OJ at Waitrose, your favourite Calvin Klein boxer briefs at a 50% discount) - come with a bit of a gamble.
And so we wondered: in the financial capitals of the world, are there any truly fail-proof bargains?
New York
While 75-cent bagels, $1.50 hot dogs and $2.75 slices of pizza all provide good value, the best bargain must be the Staten Island Ferry. You can ride it from the southern tip of Manhattan, through New York Harbour and past Ellis Island and the Statue of Liberty - for free. Of course, then you're in Staten Island, where there isn't much to do, so you have to turn around and come back - also free, but taking up at least minutes of your time. (And what's the value of your time, high roller?)
London
Is it possible to get past the free museums and the free Heathrow Express transfer between Terminal 4 and Terminals 1, 2 and 3 and on to something more substantial? Ah ha, we've got it! Scavenge a free lunch by sampling stuff at Borough Market, check your emails for free at the Apple Store on Regent Street, then walk down to The Stockpot and have a three-course meal - with plenty of wine - for way less than a £20. You could almost afford that day on the dole.
Tokyo
No. There's no such thing as a bargain in Tokyo.
Let's take the Gucci loafers you bought at an 80% discount and never wore. They took up valuable real estate in your closet, until you got smart and sent them off to Oxfam. Same with that crazy dress that was such a steal it would've been rude not to. And what about that great fixer-upper that turned into a money pit?
It seems that with almost all bargains - save those on tried, tested and true items (Berocca at Boots, Tropicana OJ at Waitrose, your favourite Calvin Klein boxer briefs at a 50% discount) - come with a bit of a gamble.
And so we wondered: in the financial capitals of the world, are there any truly fail-proof bargains?
New York
While 75-cent bagels, $1.50 hot dogs and $2.75 slices of pizza all provide good value, the best bargain must be the Staten Island Ferry. You can ride it from the southern tip of Manhattan, through New York Harbour and past Ellis Island and the Statue of Liberty - for free. Of course, then you're in Staten Island, where there isn't much to do, so you have to turn around and come back - also free, but taking up at least minutes of your time. (And what's the value of your time, high roller?)
London
Is it possible to get past the free museums and the free Heathrow Express transfer between Terminal 4 and Terminals 1, 2 and 3 and on to something more substantial? Ah ha, we've got it! Scavenge a free lunch by sampling stuff at Borough Market, check your emails for free at the Apple Store on Regent Street, then walk down to The Stockpot and have a three-course meal - with plenty of wine - for way less than a £20. You could almost afford that day on the dole.
Tokyo
No. There's no such thing as a bargain in Tokyo.
