Cod Liver Oil

Adding MSGE to the PE RE bucket.

My long for 2025 is JOE because at $47 everyone knows the overhang problem and no one knows the solution. The curtain will be pulled back in the next few months and there will be less reason not to own it. My short is MSTR at 405. All the btc skeptics have capitulated (myself included) and Saylor needs a lot more fiber in his diet. Not investment advice

Capital gains tax and taxation in general influences my investing behavior significantly. Druk and other great money runners who handle OPM evolve to be pre-tax investors and remain so even after they retire into a family office. Buffett is unique in that way. Pretax returns are what attracts capital even when you have 28% tax friction plus whatever egregious fees you can extract. Alpha becomes delta quickly. Taxes unintentionally make us better investors by moving us toward the punch card.

@Parsad can you list a few legitimate food banks here please?

Mo' Joe; I'm buying Bruce's stock. It's PE at this point.

https://fortune.com/2024/11/24/elon-musk-f35-stealth-fighter-drones-pentagon-weapons-doge-lockheed/ I guess Musk is in charge of the Pentagon now. @dealraker should we sell our defense companies?

Marc Rebillet is comic genius but the gould/liszt/beethoven combination is great to drive the kids to school.

When a bitcoin entrepreneur buys a $6 million banana and eats it. Not sure if this is peak something. https://fortune.com/2024/11/21/justin-sun-tron-comedian-banana-artwork-sothebys-elon-musk-space/

Cautiously buying some Nike <75. Hopefully Trump will not cut off his nose as he shakes down Xi with tariffs. Might suffer from premature accumulation here but I’m pretty sure it’s worth more than 2 times sales.

https://www.blinknow.org/ This woman is doing amazing work with orphans in Nepal. We will be supporting her; local girl (Mendham, NJ) makes good.

https://finance.yahoo.com/news/americans-just-harder-europeans-says-104346801.html For people, character may be fate. For companies, it’s regulation.

Sold a bunch of Joe March 50 puts. Joe and FRPH are in the coffee can.

My friend runs this one and it’s great: https://cureblindness.org/ I also like Greg’s idea of random acts of kindness like leaving huge tips or helping strangers in unexpected ways. Being involved in a hands on way in your community is also very fulfilling. I prefer a personal rather than institutional approach but foundations skew towards naming rights and other forms of puffery.

A couple of my clients are foundations with wide charters. Do you guys know of any charities which do good work and most of the money gets to the people who need it? Thank you!!!

Great interview about the music business: