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Shares of Netflix soared today on news the company lost a record $859 million in cash in the third quarter. Why are investors applauding this egregious destruction of capital? Well, it’s because investors only look at one number when Netflix reports earnings – subscriber growth. And on that metric, the
[Editor’s note: While Simon is traveling today, other members of the Sovereign Man team penned today’s missive.] In February 2013, a 500+ foot yacht docked on the west side of Manhattan. The boat, named Eclipse, belonged to the Russian oligarch, Roman Abramovich – one of the richest men in the
On June 15, 1215, King John sat in a field in Runnymede, England, surrounded by angry nobles. His Barons—the big landowners throughout England—had rebelled and seized London, forcing King John to sign an agreement guaranteeing certain rights to the people of England… and restrictions of his power. This agreement was
Earlier this year I quoted Chicago-based hedge fund manager John Thompson of Vilas Capital Management– who has been incredibly vocal (and blunt) about Tesla. Back in March, Thompson said that he thinks Tesla is going to crash . . . “. . .partially due to their incompetence in making and
Last week, the head of a New York state pension fund found herself a new job. Vicki Fuller, the former head of New York’s $209 billion fund, now earns $275,000 per year working part time for a natural gas group called The Williams Companies– good work if you can get
Yesterday I told you about a still little-known gem in the US tax code known as opportunity zones. The example I gave you yesterday is– let’s say you have Apple stock, and you sell today for a total gain of $250,000. Ordinarily you’d have to pay tax on that gain.
True story– over the past 15 years I’ve spent a LOT of time studying my family history, and I’ve managed to trace my roots all the way back eight centuries to 1250 in medieval England. Along the way (and I recorded a podcast about this a few years ago), it
Hudson Yards is a gigantic real estate project on New York City’s western edge that will be the most expensive development in US history when it’s completed in 2025. At $25 billion, the project costs more than the size of the entire economy of Iceland… which is saying a lot
Howard Marks is one of the greatest investors in history. Marks is the founder of the credit investment firm Oaktree Capital Management. And he’s been sharing his insights with the public in his Chairman memos since 1990 (which you can read for free on his website). Even Warren Buffett stops
In 279 BC, the vast army of King Pyrrhus of Epirus was met by Roman forces at the Battle of Asculum in southern Italy, in what would be one of the costliest military engagements of ancient history. Pyrrhus fancied himself the second coming of Alexander the Great and believed that
On October 12, 929, roughly 1100 years ago, Abd-ar Rahman III of the Umayyad Dynasty was proclaimed ruler of Cordoba– the Islamic kingdom that comprised most of Spain at the time. Rahman was just 21 when he ascended to power, and he remained there for nearly 50 years as one
It was February 15, 1898. The American Civil War was a distant memory, and the United States had become the largest economy in the world. Still, something was missing in the Land of the Free: colonies. More than 100 years before, other leading powers like Spain and Britain had established
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