In a Thanksgiving message titled “A letter to a friend,” Pinkett-Smith wrote, “This subject is old but I have never answered it in its entirety. And even with this post it will remain incomplete… Willow cut her hair because her beauty, her value, her worth is not measured by the length of her hair. It’s also a statement that claims that even little girls have the RIGHT to own themselves and should not be a slave to even their mother’s deepest insecurities, hopes and desires. Even little girls should not be a slave to the preconceived ideas of what a culture believes a little girl should be. More to come. Another day.”
Well said Jada Pinkett-Smith. Read more.
So let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.
All of America is waiting for Congress to offer a realistic and concrete plan for getting back to this fiscally sound path. Nothing less is acceptable.
In the meantime, maybe you’ll run into someone with a terrific investment idea, who won’t go forward with it because of the tax he would owe when it succeeds. Send him my way. Let me unburden him.
- Some straight talk from Waren Buffett. Read more
GUY FIERI, have you eaten at your new restaurant in Times Square? Have you pulled up one of the 500 seats at Guy’s American Kitchen & Bar and ordered a meal? Did you eat the food? Did it live up to your expectations?
Did panic grip your soul as you stared into the whirling hypno wheel of the menu, where adjectives and nouns spin in a crazy vortex? When you saw the burger described as “Guy’s Pat LaFrieda custom blend, all-natural Creekstone Farm Black Angus beef patty, LTOP (lettuce, tomato, onion + pickle), SMC (super-melty-cheese) and a slathering of Donkey Sauce on garlic-buttered brioche,” did your mind touch the void for a minute?
I know a girl who just looks at her face in the medicine cabinet mirror and never looks below her shoulders, and she’s four or five hundred pounds but she doesn’t see all that, she just sees a beautiful face and therefore she thinks she’s a beauty. And therefore, I think she’s a beauty, too, because I usually accept people on the basis of their self-images, because their self-images have more to do with the way they think than their objective-images do.
- Andy Warhol
These distraction-oholics. These focus-ophobics. Old George Orwell got it backward. Big Brother isn’t watching. He’s singing and dancing. He’s pulling rabbits out of a hat. Big Brother’s busy holding your attention every moment you’re awake. He’s making sure you’re always distracted. He’s making sure you’re fully absorbed. He’s making sure your imagination withers. Until it’s as useful as your appendix. He’s making sure your attention is always filled. And this being fed, it’s worse than being watched. With the world always filling you, no one has to worry about what’s in your mind. With everyone’s imagination atrophied, no one will ever be a threat to the world.
Let me add a few thoughts about your own investments. Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals.
Should you choose, however, to construct your own portfolio, there are a few thoughts worth remembering. Intelligent investing is not complex, though that is far from saying that it is easy. What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.
To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.
Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.
The Girl with Big EyesBy Steve Wallace
When I step into the voting booth, I think about the world I want to leave my two daughters, and the values that are required to guide us there. The two parties’ nominees for president offer different visions of where they want to lead America.
One believes a woman’s right to choose should be protected for future generations; one does not. That difference, given the likelihood of Supreme Court vacancies, weighs heavily on my decision.
One recognizes marriage equality as consistent with America’s march of freedom; one does not. I want our president to be on the right side of history.
One sees climate change as an urgent problem that threatens our planet; one does not. I want our president to place scientific evidence and risk management above electoral politics.
Divides between the rich and the poor are nothing new in New York, but the storm brought them vividly to the surface. There were residents like me who could invest all of their time and energy into protecting their families. And there were New Yorkers who could not.
Those with a car could flee. Those with wealth could move into a hotel. Those with steady jobs could decline to come into work. But the city’s cooks, doormen, maintenance men, taxi drivers and maids left their loved ones at home.
Read more. [Image: Reuters]
Grand Central Terminal Floods, Fills with sharks.
You’re watching the unfolding of the end of the world. Mayans were right.