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File this one away under “Completely Obvious…” Last night the parent company of Snapchat reported a quarterly loss of more than TWO BILLION dollars. Snapchat, of course, is the photo-focused social networking app that’s adored by tweens and adults who still live with their parents. (Talk about a lucractive demographic.)
A few days ago I spoke to a finance professor at Columbia University here in New York City who has been doing a deep dive on the financial management industry. His results were pretty concerning. One of the things that he said was that fund management fees have been dramatically
His remarks started off like dozens of presentations that I had heard so many times before. . . “Without silver,” began the speaker, “our entire society would go back to the Stone Age.” The speaker was the CEO of one of the largest silver mining companies in the world, and
The headline in the New York Times today read “U.S. Job Growth Bounces Back; Unemployment at 10-Year Low”. That’s certainly one way of looking at it. The US Department of Labor released its regular jobs report this morning showing the official unemployment rate is just 4.4% in the Land of
By late 2014 I’d finally had enough. After so many run-ins with the bitter incompetence and bureaucratic indignity of the banking system, I decided once and for all that I would start my own bank. I probably should have had my head examined, but instead I called one of my
You’ve probably heard the saying “The Early Bird Gets the Worm. . .” It turns out that expression is completely wrong, both literally and figuratively. This morning I was watching these new baby chicks run around and play on the lawn. If you’ve never seen chickens up close and personal,
Like so many other high-flying Silicon Valley startups, Clinkle was supposed to ‘make the world a better place’. Founded in 2011 by a guy barely out of his teens, the company picked up early buzz after proclaiming they would disrupt mobile payments. Or something. Silicon Valley venture capital firms were
Finally, the breakthrough. After months of experimentation and failure, I finally managed to crack the code and successfully distill my first batch of homemade ethanol. I botched the job the first seven times and ended up with useless buckets of goo, so I’m pretty excited right now. It turns out
On October 22, 1986, the world was an entirely different place. The Soviet Union still loomed, as did the threat of nuclear annihilation. Most people had no idea how to use a computer, let alone even heard of the “Internet” (which at the time was still a military communications project.)
Last week the Internet was ablaze with disgust after a man was physically dragged off a United Airlines flight. What’s amazing, though, is that there are countless cases of another industry abusing its customers in far, far worse ways than the airlines. I’m talking, of course, about the banking industry.
Recently the Congressional Budget Office published a scathing report that the US government debt-to-GDP ratio will double over the next 30-years. Few government agencies are as blunt as the Congressional Budget Office. In fact the agency’s report plainly states that “the prospect of such large and growing debt poses substantial
On the plane ride back to Chile last night, I was sitting next to a particularly chatty woman who wanted to know my whole life story and what I was doing in Mexico. I played along and explained to her that I had been on a cruise for the past
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