No Time To Chase Old Bulls

ALHAMBRA INVESTMENT PARTNERS January 23, 2013 By: Joe Calhoun Lance Armstrong confessed to Oprah Winfrey last week what most rational observers had concluded many years ago – he took performance enhancing drugs during his 7 Tour de France wins. His excuse – as Randall Forsyth points out in Barron’s this week – is one that every parent knows well – everyone else was doing it. Peer pressure pushed Lance Armstrong to break the rules, win a bunch of bike races, convince the US Postal Service to pick up the expenses, start a charity that somehow manged to be more about him than its beneficiaries and oh yeah, by the way, become filthy rich in the process. Now that his lies have come to light and he’s facing the prospect of actually having to work for a living, he’s suddenly become contrite. Excuse me, I’m going to have to take a break here to recover from the emotional traum...