I got to Sundance yesterday and caught my first movie. I am visiting a good friend in Salt Lake City so I won’t be spending full time at the festival until today. I hope to catch 3-4 films on Saturday and Sunday before heading back to Chicago. Even though I’ve missed some good stock market rallying, it is very good to be away. My investments have done poorly so far this year. Space and distance helps to clear my head and will allow me to confront the difficult decisions better next week.
This is my first visit to the Sundance Film Festival. From Wall Street’s perspective the festival only matters as it relates to the purchase of films by the major studios. Sundance historically ahs been a festival more about independent film that the sales of those same films. Over the past few years, it has become more of marketplace, and this year it the marketplace that is generating the most news. Or maybe I should lack of news.
Because of the writer’s strike, which has postponed production on many films due in theaters in late 2008 and 2009, I believe expectations were raised that sales of films at Sundance would be robust in terms of both volume and price. Most of the stories about film sales at the festival have noted they have been slow and at prices below expectations. I suspect this is a case of the bar being set too high, much like with earnings on Wall Street. The agreement between the Director’s Guild and the Studios may also be impacting sales because it has raised hopes for a quick end to the writer’s strike.
I realize none of this has much to offer for market forecasts or stock ideas but it’s been a crazy two weeks so I hope you appreciate the diversion. I’ll be seeing the top selling movie on Saturday, Hamlet 2, which went for $10 million. I’ll tell you what I think about it and the other films I see next week.