When God closes a door, She opens a window
+ My 20-year plus air conditioning service guy told me he was too busy to make any appointments until the fall — when it’s no longer hot. I found another one. He repaired my system the next day.
+ I told the State of Massachusetts that I wouldn’t pay them all the taxes they wanted. They reduced my taxes. I still don’t now what the taxes were for. I don’t live in Mass.
+ I told DirecTV I was paying them too much. They reduced my monthly bill by 35%.
+ The day I dumped my worst investment, and felt ultra-gloomy, another investment paid off big time. Getting rid of aggravation by selling bad investments is worth a fortune.
In the old days I got my kicks from meeting deadlines. I ran monthly magazines. They have deadlines. I was always “up” because I love meeting deadlines. These days I’m an investor with no control over anything. The stocks I own make me happy when they go up and make me sad when they go down. Hence my daily emotions are up and down, basically out of control. I get my kicks by telling you, my readers, what I’m feeling.
Moreover, this blog is a deadline. That’s good.
How crazy are some bitcoin “investors”?
Some are using 100-1 margin. That means they buy a million dollars of bitcoin for only $10,000.
If Bitcoin goes up 10% to $1,100,000, they have made ten times on their money. That’s a ten-bagger.
According to CNBC,
Traders taking excessive risk in the unregulated cryptocurrency market being forced to sell when prices go down were in large part responsible for last week’s 30% drop in prices and outages for major exchanges, according to analysts. A burgeoning bitcoin lending market is also adding to the volatility.
Under pressure from some readers looking out for my old age, I bought some GBTC. I am already up 4.86%, which is clearly more exciting than a slap in my belly with a cold fish. And better than I can earn in my JPMorgan “savings” account.
As I wrote yesterday in my magnum opus on bitcoin (click here), the excitement over bitcoin gives irrational enthusiasm a whole new meaning.
The picture missing from yesterday
This is the New Yorker photo showing bitcoin mining.
Allegedly mining bitcoins on these banks of computer takes more electricity than used by some of the world’s smaller countries. I can understand why China is restricting bitcoin mining. They have more than enough pollution from coal fired electricity plants.
My bond man is Todd Kingsley
He is as honest as the day is long. I’ve been with him for over 25 years.
I’ve been paying him a small fee to manage my muni bonds.
Yesterday he called and said, while he could continue to earn fees, there was nothing worth buying in muni bonds, treasuries or any other fixed income thingee, and he was returning my money. I got it by wire that afternoon.
This is the second time this year he’s sent me money back.
Thank you Todd for being honest.
I contrast I have two “ten-year” funds with Goldman Sachs that are way older than ten years. But Goldman is still keeping them alive for the fees. It’s painful looking at their miserable returns and the hefty fees.
Please refinance
A dear friend just got a mortgage on his house.
He’s paying 1.37%.
He got it from a big bank, one of America’s ten biggest.
Today at 10:00 AM PT Nicole Perlroth is on
She wrote this wonderful book:
She’ll be speaking with her friend Andy Grotto, who led cyber policy for the White House under Obama and Trump, She’ll be speaking at Stanford University. It’s a virtual event open to the public. Click here.
Off to Portland, Oregon to see grandkids
There are no bargains left in air travel any longer. The only place you may find them is your friendly travel agent, who can usually scrounge something. Hint: Try American Express.
This grandchild one is Sophie. It’s her official school photo, taken by a real photographer with a real camera.
The lighting is a bit flat for my taste. But, it does get rid of her wrinkles. (?)
She’ll be seven in August.
She now subscribes to my blog via her new Gmail address.
She can read every word. She’s a whiz at reading.
When she gets married at 30, I’ll be 101. Susan will be 100.
We’ll drive to the wedding in our new F-150 Lightning.
By then, the F-150 will come with an elevator for alta kakas? It’s the only feature the F-150 doesn’t come with today. But, by then….
We’re looking forward to the wedding. Go Sophie. — Harry Newton
