From Silicon Alley Insider: It’s smart to study the habits of seasoned professional investors, because you never know when you’ll be treated to some invaluable crumbs of wisdom. For example, just this morning on CNBC, there was the unassailable logic Boone Pickens employed when deciding to plunk down $250 million on Yahoo (YHOO):
Becky Quick: WE WANT TO ASK YOU ABOUT OTHER THINGS GOING ON IN BUSINESS, TOO. YOUR GOOD FRIEND CARL ICHAN, 10 MILLION SHARES HE PICKED UP. WHAT DO YOU THINK OF THAT?
Boone Pickens: I MEAN, CARL ICHAN IS A SMART GUY, HE DOES GREAT THINGS FOR SHAREHOLDERS. AND I’M A — BECAUSE OF CARL ICHAN, I’M A SHAREHOLDER IN YAHOO! TOO.
Pickens: THAT’S RIGHT.
Quick: HOW MUCH DID YOU BUY?
Pickens: 10 MILLION SHARES. AT THE SAME TIME HE JUMPED IN [i.e., long before all the suckers CNBC viewers found out about it]. WHEN I SAW WHAT HE DID, I’LL JUMP IN WITH CARL. HE GOES IN FIRST, I JUMP IN BEHIND HIM.