Yesterday’s headline was “OK. We know it all. It’s time to nibble. There are bargains out there.”
Today the bargains got more expensive.
Which means most of our stocks went up today — except my brilliant pick of the oils. CVX, DVN and XOM are all down.
Technology is where the growth is. I should stop listening to BubbleVision.
Today, thank you Apple, Workday, Adobe, Danaher, Salesforce and the Trade Desk. And Zoetis, my favorite doggie technology stock.
Driving down Manhattan’s Ninth Avenue
I stopped opposite the old post office between 34 and 35th streets. Look what they’re building:
Then I looked up:
And saw that thing jutting out. It’s a viewing platform for the tourists — one of Manhattan’s five.
Viewing platforms are one of New York City’s real estate’s most profitable businesses. A wise man told me that the Empire State Building was making over $75 million a year from its viewing floor — more than it was making on its office rents.
Above the viewing platform is a restaurant called The Peak. Here’s the view you get when you’re having dinner.
The big buildings above are part of a Brookfield development. The charm of it is they’re joined on one side to the gorgeous new Amtrak train station and on the other side to Hudson Yards (where the viewing platform and the Peak is.)
To get a feeling for the awesomeness of this whole development, watch this short video.
I hear much of those two huge Brookfield buildings are already leased or sold. Somebody told me Blackstone bought some of them. This development turns me on. More so than Hudson Yards, which is too windy.
Inflation status
+ My friends talk about a strong growth in residential rents — up 20% over a year ago.
+ Clothing and technology costs are plummeting. Check the costs of screens and sweaters/cardigans on Amazon.
+ Gas prices are higher, but nowhere near where they were in 2008.
+ Wages are up, but so is sale of service technology, e.g. ServiceNow and Salesforce. Workers should earn more if technology makes them more productive, which it does.
+ Even interest rates are low, in fact ultra low. The proposed upcoming March hike will barely be a blip. Here’s a 54-year chart of the 10 year treasury yield back to 1962. The 10 year treasury is the benchmark used to decide mortgage rates across the U.S. and is the most liquid and widely traded bond in the world. The current 10 year treasury yield as of January 26, 2022 is 1.85%. Today it’s 1.782%. Down a little. You can find the latest yield. The symbol is TNX.
Good health
+ Posture. Stand straight. Walk straight. Then you won’t have my crappy shoulder.
+ Portion. Eat half of what they give you at your favorite restaurant. Take the other half home for tomorrow.
+ Nap. And/or sleep 8 hours a night.
+ Give up sugar and salt. Not difficult. I did.
+ Keep moving. Run, don’t walk. Take the stairs.
+ No stress. Aggressively ditch anything that might add to your stress. Like crappy stocks. Or biotech gambles. Cash is stress-free. You can sleep on Harry’s Mattress Bank.
Or
Don’t laugh. I bet I could get it going. Someone got Doggycoin going. Dogecoin is now selling at 14 cents.
5G is definitely a game changer
I sat in our car in mid-town Manhattan waiting for Susan. My iPhone showed 5G from Verizon. I did a speed test. This is incredible — faster than most people get at their homes over cable, satellite or (slow) fiber. I did the test here. Good work Verizon.
Fun cartoons
Australian Tennis finals are Saturday and Sunday.
The tennis is probably on ESPN at odd times. Australia is 16 hours ahead of the east coast. The Tennis Channel re-broadcasts the matches during the day.
See you on Monday. Maybe sooner. — Harry Newton
