Another TBB post featuring the most eclectic links around the web such as more private equity warnings, boredom crisis, curing cancer, more premium travel reward cards changes, lack of tech jobs, hopeless housing, another crypto bro going to prison, viral trickshot video stars, the best hotels in Thailand, best camping places in the US, Spirit Airlines descending, the best photography links and of course always all of the most important developments in the crazy world of frequent flyer miles and points at the lower half of the post. Enjoy the weekend and stay cool.
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PERSONAL FINANCE
I will continue to warn about the coming free for all for your pockets with all things “private” investments. Then again, I am the guy who has been warning about crypto for years and look at what happened. So, take my advice with a grain of salt. Come to think of it, why grain of salt and not, say, grain of rice or something huh? Anyway, here is the article: The Gilded Age of Private Equity for the Masses.
The asset management firms hoping to gain access to trillions of dollars in “retail” investor dollars are explicitly referencing this aura of exclusivity as a key marketing message for private equity offerings. But there are several reasons to be wary when you hear fund marketers make claims about “democratizing investing” or opening up access to areas previously only available to an elite group.
Investors who buy into publicly traded stocks or bonds are getting both transparency about what they’re investing in plus a ready source of liquidity. Private capital investments, on the other hand, are often opaque and illiquid by design.
“The first people who invested in private equity got the filet mignon and the lobster tails, and the Vanguards and Fidelities of this world are going to wind up with tuna noodle casserole.” – Bill Bernstein
So, just beware of what is to be unleashed ok?
When you hear claims about the virtues of open access to areas that were once off-limits, it’s worth thinking carefully about who’s really benefiting. As passively managed funds with rock-bottom expense ratios continue to gain market share, asset management firms are under pressure to find new sources of high-margin revenue. And that new source of revenue, in many cases, is you.
I am adding this link for my son and his friends who read my blog. Looking back, 2019 was a hell of a year to graduate from college with a software engineering degree. I feel for the kids who are graduating this year: Goodbye, $165,000 Tech Jobs. Student Coders Seek Work at Chipotle. As companies like Amazon and Microsoft lay off workers and embrace A.I. coding tools, computer science graduates say they’re struggling to land tech jobs.
Among college graduates ages 22 to 27, computer science and computer engineering majors are facing some of the highest unemployment rates, 6.1 percent and 7.5 percent respectively…
I really enjoyed this podcast interviewing Redfin’s CEO: Why Housing Feels Hopeless.
Interesting visual: 25 Richest Countries in the World, by Three Metrics.
SCAMS/CRYPTO/AI/TECH
Another crypto asshole pleads guilty and likely heading to prison for several years. Unless he changes his tune soon and starts angling for a pardon that is: Crypto Entrepreneur Do Kwon Pleads Guilty to Fraud Charges Stemming From Crypto Crash. And this guy was one arrogant prick indeed. Founder of TerraUSD and Luna digital tokens faces as many as 25 years in prison.
MUST READ, just take some time to read this: Bored. So much to excerpt that I just can not pick a few passages. Heck, I could do a separate post about this just one piece. I subscribed to this newsletter by the way. Absolute writing gem. What is this about? Ok, just two short excerpts below to give you an idea:
Americans currently enjoy more leisure time than at any point in history; yet 83% of us report spending none of this time whatsoever “relaxing or thinking”. Instead, we are trapped in a casino of likes, retweets and dopamine-soaked drudgery— consuming content so hyper-stimulating that relaxing is impossible and thinking is unnecessary. The average American, today, spends 6 hours awake “consuming content”, checks their phone 205 times a day (once every five minutes) and lives in a house with 17 internet-connected screens.
Americans today feel more anxious, more adrift and more unhappy. We are also— never bored.
And it just gets better diving into our boredom condition…
What a story, Toronto Life does it again. Becoming El Jefe. Before Ryan Wedding landed on the FBI’s Most Wanted list as a high-level associate of El Chapo, he was a bright-eyed kid from Thunder Bay. The inside story of how an Olympic snowboarding prodigy became one of the world’s most dangerous and powerful drug lords. Wow, this guy is still out there…
Good morning Buzz,
Thanks for the great post and enjoy your weekend.
The El Jefe story, crikey
Possible gold for the desert rats…
Silver! For the Pacific Northwest! I think that Marathon runner was in 1911, not 2011, George!
Lots of great reading to do this weekend! Yay!
Much appreciated and enjoyed!
There goes my bonus, shit!
Sorry I’m late! I’ll bring a note from the archivist …
The tuna casserole struck a nerve. I mentioned “tuna helper” once and students
almost passed out! Different worlds.
Thanks for the weekend reading material!
One of the nice things about not being a kid is I don’t have to eat tuna casserole anymore.
Going to have some tuna sometime this week now…
Atmos doesn’t exactly roll off the tongue does it? Wonder which brilliant genius got paid millions of $s to come up with that?
See The Standard Hua Hin is included in the list of best Thai hotels. I am getting tempted to try it if we do actually go through with out Christmas Thailand trip which has been off/on just about on a daily basis. Nothing booked yet, but that’s how we roll, make it up on the spot and go with it.
Interesting that you haven’t burnt more points this year. So far I am only at about 1/3 of my burn rate for the past 2 years and not sure if that’s because it is harder to find redemptions or due to my declining points balances. It’s been a dire year for Hyatt bonuses that’s for sure. We have 14 nights at GH Singapore next month so praying for a bonus offer before then but expecting zilch.
Will respond tomorrow. Need to take a break after losing another email list subscriber. Feel so disappointed every time this happens…hurt actually. I think I publish great content here and then bang smh.
Amazing to see Iceland ranked #5 in GDP considering how hard the financial crisis hit the country in 2008. Mondo is more dominant than Sergey Bubka….
CAR-T is amazing, still easier to treat liquid tumors than solid.
@ David: First by several miles, congrats. You win…not sure what, lol.
@ Carl: Fixed that typo right away, thanks. Will let the intern keep the imaginary bonus lol.
@ DML: Is archivist note today’s “dog ate my homework” excuse? 🙂
@ Vicky: I am ok with Atmos. It is certainly unique. And it derives, like all human language lol, by a Greek word. Which has a meaning of “air”…hope it is not all hot air woohoo. I have seen pics of The Standard in Hua Hin and I am just not that awed by it at all, let along seeing in that best of list. I think the one in Bangkok looks nicer in the Mahanakhon building, hope an earthquake when we stay there, it is a looooong way down to the ground. Yeah, the lack of meaningful Hyatt bonuses (especially no double elite night credit promos) has made requalifying for Globalist hitting 60 nights an act that is sure taking its too. In other words, certainly feeling it this year. And it is certainly harder to find redemptions. Not sure PointsYeah is that good, will likely not renew it.
@ ABC: Yeah, especially when you consider the shenanigans by the banks in Iceland were even more outlandish than the cream of the US banks. Amazing comeback indeed. Did know much about CAR-T, certainly do now.
“Invest like the 1%”… Who could possibly have foreseen this outcome?
https://www.cnbc.com/2025/08/18/yieldstreet-real-estate-bets-customer-losses.html
Gee, I sure hope this doesn’t happen when they allow riskier stuff in 401ks…
This fits the blog mission, thank you!
“Invest” Like the 1%. Let me rewrite that:
Lose Like the 1%.
World of Hyatt customer services has deteriorated bigly.
Check your reservations.
We decided to cancel one and…it was nowhere to be found. Apparently the rep had already canceled it for us when I had instructed her to update it to the previous night. WTF!
Atmos
In case you missed it lol.