Wednesday morning headlines

Market mystery: Here's why people go nuts trying to figure out what to do with their stocks. This morning's WSJ leads its front page with a story headlined, "Why Market Optimists Say This Bull Has Legs." It cites a small group of investors and academics who believe that thanks to the global economy's continued strength, the U.S. is in for another extended stretch of market gains. One of them expects the Dow to reach 16,000 – a bull market that will be comparable to the post-World War II boom (the Dow started this morning at 13,539). All right, so it's an interesting piece, but then you scan the rest of the paper… and on page D4 there's a much shorter piece headlined "Advisers Voice Caution on Stocks." It cites a number of wealth management folks who have told their clients to reduce their holdings. Dave Corbin, president of a Fort Worth, Texas, money-management firm, has cut its stock allocation to about 40 percent, from roughly 65 percent a year ago, "because it almost seems like a mania out there right now.” He says, “We're pretty concerned about a slowing economy and the whole 'can't lose' environment we see." So, like, take your pick.

Grubb & Ellis sold: The Chicago-based real estate brokerage is being bought by a small Santa Ana firm, NNN Realty Advisors, which plans to move Grubb's headquarters from Chicago to OC. G&E, which was founded in SF in 1958 by brokers Bill Grubb and Hal Ellis, is the nation's fifth-largest publicly held real estate company. Consolidation has been a leitmotif in the real estate game; late last year, El Segundo-based brokerage CB Richard Ellis Group Inc. bought Trammell Crow Co. for $1.9 billion. LAT

Oaktree bulking up: The L.A.-based investment firm has taken in more than $800 million by selling about a 14 percent stake to several dozen other large investors. The money will be used to fuel expansion and is another example of the frenzy to raise cash for acquisitions of companies. From the LAT:

Oaktree, which manages about $40 billion in assets, specifically decided not to offer shares to the public at large. Instead, its stock offering is the first on an exclusive market created by brokerage Goldman Sachs Group Inc. The idea behind the market is to allow private firms to raise money — and create a way for their executives and employees to cash out some of their wealth in the business — without taking the cumbersome route of going public.

Amgen is subpoenaed: It's hard to know whether this is a big or little deal, but the NY attorney general is seeking documents related to the company's marketing activities, medical education, clinical studies, pricing and contracting, license and distribution agreements and corporate communications. Amgen disclosed the subpoena in an SEC filing, which also noted a new class-action shareholder lawsuit. It's likely related to the recent safety questions raised about the company's anemia drugs. AP

California officials lobby feds: They're demanding that the state be allowed to impose stricter auto and light truck emissions rules to address the greenhouse gas issue – and they’re threatening to sue if U.S. regulators don't allow them to move forward. Attorney General Jerry Brown said that "Protecting our planet is not a partisan issue, and the states now want to do what we can in the absence of federal action." An auto industry rep said the California standards would be "counterproductive." From ther NYT:

Eleven other states, including New York, New Jersey and Connecticut, have said they will adopt the California standards if the federal government approves them. Together they account for roughly 30 percent of the American population and 30 percent of the vehicles on the road. Tailpipe emissions from cars and trucks account for about a third of all the greenhouse gas production in the United States. California is seeking a waiver under the federal Clean Air Act to enact its own emissions standards with a goal of reducing greenhouse gas production from vehicles by 30 percent by 2016. California officials argue that affordable technology exists to make cars run cleaner and burn less fuel, and thus produce less carbon dioxide and other pollutants that may contribute to global warming.

County pay raise: L.A. supervisors have given David Janssen a new title - CEO - and a whopping salary hike, from $242,116 to as much as $399,000 a year. The idea is to hold one person accountable for all county operations, but the move immediately raised concerns about having an all-powerful bureaucrat who would have the freedom to cut all kinds of backroom deals. And there's also the money: "It sounds like they are being pretty generous with taxpayer dollars," David Kline, spokesman for the California Taxpayers Association, told the Daily News.

Mr. and Mrs Google: It's only $3.9 million, which by Google standards is not even a rounding error, but the company's investment in a biotech start-up co-founded by Sergey Brin's wife, Anne Wojcicki, is making news. Brin married Wojcicki in a secret ceremony in early May, the same month Google's investment was made. The funds from Google and other investors were used in part to repay a loan of $2.6 million that Brin had earlier provided to Wojcicki's company, 23andMe. Considering that Brin’s Google stock alone is worth $13.6 billion, you have to wonder why he couldn't just write the check himself. Brin is said to have recused himself from the investment decision. Mercury News

LAX gets better grades: Maybe it's not such a dog of an airport that we think it is. Travelers participating in a J.D. Power survey gave Los Angeles International mostly average grades, an improvement over the failing marks of years past. LAX moved up to 11th place (out of 17), tied with Chicago's O'Hare. Survey participants liked the shops and restaurants at LAX, but weren't crazy about the check in and baggage claim process. Dallas/Fort Worth had the highest overall rank among large airports (really?), while San Francisco International Airport was at the bottom (really?). From the Daily Breeze:

Last year, LAX found itself in 13th place, with only 16 large airports counted in the survey. That helped convince airport directors to set aside money to rip up old carpet, replace cracked tiles, renovate old bathrooms and offer new amenities – including wireless Internet service and valet parking. "Overall, LAX does a pretty fair job," study director Jim Gaz said. "They do seem to be making some progress, kind of creeping up the ladder."