Prisoner’s Dilemma I have a friend who is incarcerated in a federal penitentiary. As Cher said on stage the other night, jail is the short term one and prison is the long term one. Well, this is a prison and I will go this Saturday to visit him. He will be in prison for another month, having served one month of his two-month sentence. Let us stop and consider that for a moment, how hard…
Do the Right Thing It has been 76 days since Nancy Pelosi announced the House of Representatives’ investigation into an impeachment inquiry. We have had 76 days of action that basically has taken the form of Democrats unearthing countless facts that support the claims that Trump abused his authority, that he coerced and bribed President Zelinsky of Ukraine, and that he has continuously obstructed Congress in its efforts to get to the bottom of what…
A Very Slow Goodbye We are heading out for California in eight days. It feels like we’ve been heading out for six months. The fact is, we have been. Time seems to be passing far more slowly than it normally does. Everyone says and thinks that time moves by faster and faster as we age, but I’m here to tell you that time modulates based on the circumstances. Sometimes it whips past and sometimes it…
Death of a Giant The news just came across this morning that Paul Volcker died yesterday at the age of 92. At 6’7” tall, he qualified as a giant of a man. But mostly, he was a giant to most of us who lived through the financial worlds of the 1970’s and 1980’s. His impact on the economic history of the United States and perhaps the world was matched by few men. As a man…
Whose Father Do You Think Would Be Madder? Back in the days before political correctness was the necessity it is today, I heard my redneck Chairman (RIP) comment about a married couple who worked for us that came from different ethnic backgrounds. It is one of the funnier yet most biting comments I have ever heard that effectively denigrated two ethnicities all at once. I am hesitant these days to repeat the comment except in…
Now You See It… This weekend was family weekend for us here in New York. On Friday we warmed up by going for our annual holiday party at The Metropolitan Club. This is an annual event put on by our friends Alan and Nancy Zakon, who make their home in Key Largo, Florida, but keep their Metropolitan Club membership for their visits to New York City. I worked briefly in the mid-1990’s with Alan,…
The Motorcycle Show I have a long history over the past twenty-five years with the New York Motorcycle Show. It is always held at the Jacob Javits Center on the West Side and it is in the winter, either in December like this year or in January, as in the past. There is nothing unique about the venue, convention halls are all mostly the same. The amazing thing isn’t that the venue looks like it…
Cash Management What is cash? Cash is liquidity, money you can put your hands on at the moment you need it. In theory you want to keep only the money you absolutely need on hand in cash so that the rest of your money can be more productively employed in some form of compounding investment. I have said before and will say again that compounding is one of the greatest powers of the world because…
Our Political Banana Peel Back in college, one of my buddies loved the comedian Don Rickles. For those of you who remember him, his schtick was focused on denigrating people of all ethnicities and creeds. Everyone was a hockey puck to him (I never realized a hockey puck was such a lowly item). He had a comment that has always made me laugh. He would find somebody in the audience that he found funny-looking and…
The Politics of Coping We had dinner last night with the husband and son of one of Kim’s old Los Angeles friends. Neither of us knew them very well, but there was history and they were in New York on business, so we met them for dinner. What we did know about this man was that he was in commercial real estate and that he was from Orange County. Normally, that would not make for…