Being on the front lines every day talking with investors just like you, it never ceases to amaze me how much you appreciate Dick Young and how he has made you a more comfortable and successful investor. He made you self-reliant. He helped you beat inertia. How? You basically had no choice. You needed to know what he was thinking every month. He got your attention, which reminds me of an interchange we had when I first started working with him back in 1998. My job was to talk with prospective clients, learn about their situations and see if there was a way we could help. Prospects would … [Read more...]
Buffett’s Flying J Invests in the Energy Revolution
“A sucker is born every minute, and Warren Buffett just proved it. He agreed to spend an undisclosed sum of his shareholders’ money to buy a controlling stake in Pilot Flying J, the truck-stop chain that sells food, coffee and diesel fuel to truckers”, writes Holman Jenkins, Jr. in his WSJ column. “After all, aren’t truckers about to be replaced by robots, and diesel by battery power?” Not so fast he continues, “The sucker in this scenario, we add, is anyone who believed such futuristic forecasts in the first place” Changing gears, I had a discussion about natural gas this week with a … [Read more...]
You Are on the Most Beautiful Boulevard in Paris
You won't believe your good fortune. You just arrived in Paris, checked in to your room at Hotel Franklin Roosevelt and decided to turn left on to Rue Clement Marot. You are on your way to the most beautiful boulevard in Paris: Avenue Montaigne. You note, in case you get hungry later, that across the street is the iconic brasserie Chez Andre. Life is good. You are in Paris’ Golden Triangle or Triangle D'or, a mix of business, culture, shopping boutiques, fashion houses and lunching at L’Avenue. Lucky you. Triangle D’or, located on the right bank, in the 8th arrondissement, is shaped by … [Read more...]
How it Feels to be Rich like Bezos
What makes Jeff Bezos tick? You. From the very beginning Jeff Bezos has always been about the customer. And that ethos flows through the company like a package from your computer to your doorstep. To Bezos, if the customer isn’t satisfied, what’s the point of being in business? And the Smith house is satisfied. At times it feels like an Amazon fulfillment center with all the boxes. How does Amazon do it? Driving past the gargantuan Amazon building in Fall River, MA, going 70 mph, it literally takes several seconds. It’s sheer size is breathtaking. It looks like it belongs in another … [Read more...]
Weekends in the Mountains or on the Water
Over the weekend we were at our log cabin in New Hampshire. One of the best parts about being in the White Mountains is the change of pace. It breaks up the routine. Instead of heading to the office or off to school, we went to my parents’ house for coffee, drove around town, and just enjoyed being up there. I know a lot of you do the same thing whether it’s weekends away or an entire season. It’s important to change up your scenery. It allows you to breath, if you will, and to gather your thoughts for the next steps you’ll take in your life. … [Read more...]
Thank You President Trump for Record Breaking Stock Market Streak
You can thank President Trump, a pro business and pro economy president, for the stock market's longest streak in 20-years. The S&P 500 closed at its sixth consecutive record Thursday, its longest streak of highs since 1997. The market hates uncertainty and wishy washy leaders--President Trump is neither. … [Read more...]
The Trouble with Balanced Mutual Funds and ETFs
In the past, when I thought about balanced mutual funds and ETFs I would think about a Swiss Army knife—a useful tool to have on hand. Today, with the ability to specialize a portfolio to your exact investment criteria and needs, I’m not sure if they’re the right tool for the average retirement investor. One half, for argument sake, of any balanced fund, is bonds. And it’s my belief a lot of these funds cater to a larger clientele, if you will. Institutions, pensions, foundations and trusts immediately come to mind. Their deep pockets assume a longer investment horizon than the average … [Read more...]
One of My Favorite Meals in Paris
On our recent trip to Paris, Becky and I ate and drank like locals. After all, we were visiting her parents, Dick and Debbie Young who, through several years, have accumulated months of on the ground intelligence on all things Paris. One of my favorite meals was lunch at La Fontaine de Mars. It was a beautiful Sunday afternoon with everyone enjoying themselves as if they were happy to stay there until next Sunday afternoon. In trying to describe Fontaine de Mars to you I have to go back to my childhood memory of going to Epcot Center. It had just opened and we were walking through the World … [Read more...]
What’s Supporting Real Estate Prices?
Access to money is one of the key reasons for success in commercial real estate, especially here in the U.S. where REITs are everywhere. But with dividend yields near historic lows it begs the question: What is supporting these lofty prices? Even skyscrapers don’t grow forever. Now in Malaysia, where REITs seemed ready for prime time, things aren't looking so good. Shefali Anand writes: Until recently, Malaysia seemed to be on track toward building a successful market for real-estate investment trusts. Its market grew to a capitalization of around $10 billion, and included Kuala Lumpur’s … [Read more...]
Ikea Buys TaskRabbit, Customers Win
I like this development for customers of Ikea. Retailers that continue to figure out how to improve the buying experience will be rewarded. Kara Swisher and Theodore Schleifer outline the deal at ReCode: TaskRabbit is one of the best-known startups in the so-called “gig” economy that links freelance workers with jobs, from handymen to movers to assistants. It has about 60 employees, but over 60,000 independent workers use its platform. The purchase of TaskRabbit was fueled by Ikea’s need to further bolster its digital customer service capabilities to better compete with rivals likes … [Read more...]
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