Thursday, February 12, 2009
ENMESHED IN LATE CAPITALISM
One can only hear mention of Charoen so many times before yielding to the tug of Google.
Charoen Sirivadhanabhakdi is rich. In fact, he is currently the richest person in Thailand, head of TCC Group (Thai Charoen Corp Group). Whiskey mogul found himself as one of the few with cash on hand after 1997, now the largest land holder in Thailand.
TCC's latest move is Empire Tower, three towers fused together into single building, near Chong Nonsi station.
Of course this search led to skim of Thailand's Wealthiest 40 (lots of families), and spilled over into U.S top 400. Inconceivable wealth, all in all. But I guess the current ghost buildings are derivatives of that wealth (contributing to great volatility in Thai Top 40).
Translating it to the average stock owner, would it be something like having some unpainted lawn ornament, small yet annoyingly immovable, show up after your 401(k) falters a bit? Then someone like Charoen comes around, takes the lawn ornament off your hands on the cheap (it's worth the peace of mind), paints it and sells it for a smart profit.