{"id":2842,"date":"2010-06-28T09:05:35","date_gmt":"2010-06-28T13:05:35","guid":{"rendered":"http:\/\/www.technologyinvestor.com\/?p=2842"},"modified":"2010-06-28T09:35:16","modified_gmt":"2010-06-28T13:35:16","slug":"nothing-is-simple-obvious-nor-easy-any-longer-cash-remains-king","status":"publish","type":"post","link":"https:\/\/www.technologyinvestor.com\/?p=2842","title":{"rendered":"Nothing is simple, obvious nor easy any longer. Cash remains king."},"content":{"rendered":"<p>The chickens are coming home to poop. Friday was awful. Checking on my private investments found that most of them had turned big-time sour.<\/p>\n<p>There was one big lesson: Don&#8217;t put money into illiquid &#8220;investments.&#8221; Virtually every illiquid investment of mine has now turned officially to poop, or semi-poop. Some have turned to zero. Some have gone Chapter 11. Some have dropped 75% of their original investment. The better ones have only dropped 40%.\u00a0 There &#8216;s some hope for some of them. But time stretches and stretches. There&#8217;s nothing I can do. They&#8217;re all illiquid. I can&#8217;t sell them.<\/p>\n<p>If my experience is representative &#8212; and I bet it is &#8212; then we&#8217;re going to have big-time trouble funding small, exciting (but illiquid) companies.<\/p>\n<p>The public market has its charms. When your stock drops, you can get rid of it and its emotional aggravation.<\/p>\n<p>Here&#8217;s the performance of our high-yielders on Friday. Nice.<\/p>\n<p><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/UltraHighYielders10.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2844\" title=\"UltraHighYielders10\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/UltraHighYielders10.jpg\" alt=\"\" width=\"691\" height=\"663\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/UltraHighYielders10.jpg 691w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/UltraHighYielders10-300x287.jpg 300w\" sizes=\"auto, (max-width: 691px) 100vw, 691px\" \/><\/a><\/p>\n<p><span style=\"color: #0000ff;\"><strong>How the U.S. Census Bureau helps the unemployed.<\/strong><\/span> The Bureau hired a gigantic 411,000 &#8220;temporary&#8221; workers to take the census. It&#8217;s nice, cushy job. Why would you want to give it up? I guess that&#8217;s the\u00a0 reason they keep bugging us to fill in\u00a0 our census form (again and again). Got to make the job last.<\/p>\n<p>411,000 lucky people were hired. I wonder if there&#8217;s a record for how many times one of us\u00a0 has been contacted? Four is our lucky number. What&#8217;s yours?<\/p>\n<p><span style=\"color: #0000ff;\"><strong>Weekend reading recommendations:<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px;\">+ Roger Lowenstein on the crisis in pensions. &#8220;Ever since theWall Street crash, there has been a bull market in Google hits for \u201cpublic pensions\u201d and \u201ccrisis.\u201d Horror stories abound, like the one in Yonkers, where policemen in their 40s are retiring on $100,000 pensions (more than their top salaries), or in California, where payments to Calpers, the biggest state pension fund, have soared while financing for higher education has been cut. Then there is New York City, where annual pension contributions (up sixfold in a decade) would be enough to finance entire new police and fire departments.&#8221; Click <a href=\"http:\/\/www.nytimes.com\/2010\/06\/27\/magazine\/27fob-wwln-t.html?scp=1&amp;sq=roger%20lowenstein&amp;st=cse\" target=\"_blank\"><strong>here.<\/strong><\/a><\/p>\n<p style=\"padding-left: 30px;\">+ Paul Barrett on Nouriel Roubini, &#8220;the man who saw the crash coming gazes into the economic future.&#8221; &#8230;&#8221;The main problem isn\u2019t their (the banks&#8217;) size, grating as that may be. The real trouble is that investment bank traders are paid huge bonuses for making reckless bets that yield short-term returns. They aren\u2019t penalized when their gambling ultimately costs their employers money (or drives the firms out of business). This leads to a casino culture lacking common-sense caution.&#8221; Click <a href=\"http:\/\/www.nytimes.com\/2010\/06\/27\/books\/review\/Barrett-t.html?scp=1&amp;sq=paul%20m.%20barrett&amp;st=cse\" target=\"_blank\"><strong>here.<\/strong><\/a><\/p>\n<p><span style=\"color: #0000ff;\"><strong> <\/strong><\/span><\/p>\n<p><span style=\"color: #0000ff;\"><strong>Help me define happiness:<\/strong><\/span> During the boom, happiness for many people was comparative wealth. Now it&#8217;s health, love and family. For\u00a0 many happiness has been hurt by all their dumb investment decisions now coming home to roost.\u00a0 Bhutan&#8217;s King proclaimed &#8220;&#8221;Gross national happiness is more important than gross national  product.&#8221;<\/p>\n<p><span style=\"color: #0000ff;\"><strong><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/bhutan.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2846\" title=\"786180-001\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/bhutan.jpg\" alt=\"\" width=\"435\" height=\"300\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/bhutan.jpg 435w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/bhutan-300x206.jpg 300w\" sizes=\"auto, (max-width: 435px) 100vw, 435px\" \/><\/a><\/strong><\/span><\/p>\n<p><em>A merry yak herder. <\/em><\/p>\n<p>Bhutan ranks as the world&#8217;s eighth-happiest nation, according to National Geographic Traveler. There&#8217;s one international airport.\u00a0 Only 25,000 tourists visit each year. Friends who&#8217;s been there\u00a0 say it&#8217;s fantastic. Visiting Bhutan is on my Bucket List &#8212; the list of things I want to do before I kick the bucket.<\/p>\n<p>We have our own version:. &#8220;Life, liberty, and the pursuit of happiness.&#8221; It&#8217;s one of the most famous phrases in the United States Declaration of Independence, and considered by some as part of one of the most well crafted, influential sentences in the history of the English language, according to Wikipedia.\u00a0 They&#8217;re our &#8220;unalienable rights.&#8221;<\/p>\n<p>What thoughts on how you personally define happiness?<\/p>\n<p><span style=\"color: #0000ff;\"><strong>Went to Prairie Home Companion at Tanglewood in the Berkshires on Saturday night. <\/strong><span style=\"color: #000000;\">Garrison Keillor is\u00a0 on a summer tour. Catch him in your area.<\/span><strong><br \/>\n<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/Garrison.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2850\" title=\"Garrison\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/Garrison.jpg\" alt=\"\" width=\"200\" height=\"294\" \/><\/a> <a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/garrison3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2854\" title=\"garrison3\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2010\/06\/garrison3.jpg\" alt=\"\" width=\"136\" height=\"294\" \/><\/a><\/p>\n<p>The show is a lot of fun. Make sure you stick around after the radio show.\u00a0 Garrison and the audience sing traditional American songs &#8212; ones you even know the words to &#8212; like America the Beautiful, Amazing Grace and Irene Good Night. It&#8217;s neat to see couples holding each other and swaying to the music.<\/p>\n<p><span style=\"color: #0000ff;\"><strong>The evils of alchohol.<\/strong><\/span><strong><br \/>\n<\/strong>A guy was in New York on a business trip and decided to head to a local bar for a drink. Standing outside the bar was a nun holding a tin cup.<\/p>\n<p>As the man threw a few bucks into her cup the nun launched into a long tirade about the evils of alcohol. She went on and on about how alcohol was tearing apart the fabric of society and how it was the root of all the city&#8217;s problems.<\/p>\n<p>Slightly pissed off at having to listen to this the guy said,<\/p>\n<p>&#8220;Listen sister, I work hard for my money and sometimes at the end of a long day I like a drink or two. That doesn&#8217;t make me a bad person. I have a wife I idolize and two wonderful kids at home. I provide for my family, I volunteer my time to several local service clubs and I contribute regularly to various charities. Yet you stand here and condemn me just because I drink the occasional glass of scotch!&#8221;<\/p>\n<p>The nun was slightly taken aback and replied, &#8220;I see your point my son and I apologize if I offended you but the alcohol is such a powerful demon that all who consume it are doomed&#8230;&#8221;<\/p>\n<p>&#8220;Look there you go again,&#8221; said the man, &#8220;How can you make such a sweeping statement. Have you ever even TRIED alcohol?&#8221;<\/p>\n<p>&#8220;Of course not!&#8221; gasped the nun, &#8220;The evil alcohol has never touched my lips.&#8221;<\/p>\n<p>&#8220;Do you really think that one glass of booze can change you from a devout nun to some kind of evil degenerate?&#8221;<\/p>\n<p>&#8220;Well, I really don&#8217;t know &#8230;..&#8221;<\/p>\n<p>&#8220;I&#8217;ll tell you what, come into the bar with me and I&#8217;ll buy you a drink. One drink. I&#8217;ll prove to you that &#8220;evil&#8221; is not inside the glass, it&#8217;s inside the person.&#8221;<\/p>\n<p>&#8220;Oh I could never be seen going into such a den of inequity, it&#8217;s out of the question. However, your comment about evil residing in the person rather than the glass is quite intriguing. I must admit you&#8217;ve aroused a curiosity in me.&#8221;<\/p>\n<p>&#8220;Well let&#8217;s go inside and settle this&#8221;<\/p>\n<p>&#8220;No my son, I could never enter such a place&#8230;. but how about this. Take my tin cup with you and fill it with this &#8220;scotch&#8221; you mentioned. Bring it out to me and I&#8217;ll try it.&#8221;<\/p>\n<p>&#8220;You&#8217;re on!&#8221; said the guy.<\/p>\n<p>The nun removed all the change and handed him the tin cup. He went into the bar and said to the bartender, &#8220;Two scotch on the rocks, and could you put one of them in this tin cup please&#8221;<\/p>\n<p>The bartender sighed and said,<\/p>\n<p>&#8220;It&#8217;s that damn nun out there again!&#8221;<\/p>\n<div style=\"text-align: left;\"><strong><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2009\/12\/HarryNewton.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-9\" title=\"HarryNewton\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2009\/12\/HarryNewton.gif\" alt=\"\" width=\"95\" height=\"162\" \/><\/a><\/strong><\/div>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><span style=\"color: #000000;\">Harry Newton,who&#8217;s focusing on high-yielders today. Remember these things fluctuate based on before and after they pay dividends. Wimbledon is on ESPN2 during the day and The Tennis Channel at night. Watch in HD. When tennis gets bumped from ESPN2 for soccer (and I&#8217;m not sure that will be the case today), it gets switched to their college sports network, ESPNU, which I believe is channel 793 in Manhattan.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chickens are coming home to poop. Friday was awful. Checking on my private investments found that most of them had turned big-time sour. There was one big lesson: Don&#8217;t put money into illiquid &#8220;investments.&#8221; Virtually every illiquid investment of mine has now turned officially to poop, or semi-poop. Some have turned to zero. Some [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2842","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts\/2842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2842"}],"version-history":[{"count":0,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts\/2842\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}