Another TBB post featuring the most eclectic links around the web such as tax breaks for kids, AI profits drought, the highest bars, my trip to Greece, tariff insanity, what some short people do to get taller, Apollo in real time, most dangerous beaches, tallest statues of Jesus Christ, 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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BLOG HOUSEKEEPING
This is truly a one man labor of love operation, enjoy it while it lasts.
Hello from my hometown Larissa in Greece. Most of this post was prepared while back in the US and while traveling here. I will try to keep up my almost 13 years of at least posting once a week next Friday. But it won’t be easy as I am super busy here looking after my mother, seeing family and friends, etc.
PERSONAL FINANCE
My wealth management practice is mature. How mature? There are only two kids from clients still in college and they are both halfway through. If you have kids this article will help, tax wise that is: Your Kids Are Your Pride and Joy. They Are Also a Tax Break.
I get approached all the time to get my clients to invest in “alternatives”. There are always people in Wall Street working to separate you from your money, it’s all in the marketing folks. Stay basic and stay the hell away from these things: The Ivy League Keeps Failing This Basic Investing Test. Elite universities are again stuck with illiquid assets just when they badly need cash.
In good times, investors give no thought to liquidity, because cash is plentiful and the need for it isn’t pressing. In hard times, liquidity becomes the only thing investors can think about, because cash is scarce and the need for it is desperate. And when you have a sudden, urgent need for cash, good luck selling your alternative assets. [Never forget this!]
and this:
Don’t be a monkey. Don’t put a penny into alternatives that you can’t afford to have locked up when you suddenly need cash.
The insanity of US Tariff Rates by Country.
Another insane fact: There are now more ETFs than stocks: 4,300 vs 4,200.
Something needs to be done about this: American Income vs Home Prices.
SCAMS/CRYPTO/AI/TECH
I had never heard of this guy. Probably because he died right at the height of his philanthropic generosity fraud binge: The Most Generous Man in New York. Before his mysterious death, Matthew Christopher Pietras donated millions to the Met and the Frick. It was stolen. Some people just seem immune to doing things right and want to take a Ferrari to become mega wealthy.
This probably belongs in the next section but since it involves tech and, you know, it feels scammy I am placing it here: ‘Being short is a curse’: the men paying thousands to get their legs broken – and lengthened. Before you click, please be aware that the images you will see will most likely give you nightmares, you have been warned! It looks like medieval torture, from the metal rods inserted into sawn bones to the months of agonising recovery. But to some, travelling to Turkey to gain a few inches is a (very high) price worth paying. This excerpt below stuck with me and then a peak at the images and the super grueling recovery after the procedure makes me scream phuck no!
Frank is determined he won’t be treating shorter men any differently now, but one interaction with another patient has stayed with him. “I saw him as a short man for the first time. Not in a bad way, but I saw why people perceived me as a short man – and I felt tall compared with him. Now, every time a woman comes near me, they’re shorter,” he says, with undisguised glee.
I think this is a must read: The A.I.-Profits Drought and the Lessons of History. Like the steam engine, electricity, and computers, generative artificial intelligence could take longer than expected to transform the economy.
As we are all trying to figure out where we are going with AI, I can’t help but marvel at the absolutely gigantic amounts of money being thrown at it. And the bubbly aura around it. I personally don’t find it that imperative to pay for it (yet?). Son is gladly paying $20 per month for ChatGPT, fine. How can $20 a pop per person ever recover the endless billions being thrown at it? I guess time will tell. This is just my personal take on it. I am the same guy who still believes all things crypto are a giant pile of shit…so there, you decide what is best for you. Anyway, a few excerpts from this down to earth balanced article:
And yet, a new study, from a team of researchers associated with M.I.T.’s Media Lab, reports, “Despite $30 – $40 billion in enterprise investment into GenAI, this report uncovers a surprising result in that 95% of organizations are getting zero return.”
Another important thing to note is that adoption of A.I. throughout the economy could well be a lengthy process. In Silicon Valley, people like to move fast and break things. But economic history tells us that even the most transformative technologies, which economists refer to as general-purpose technologies, can’t be exploited to maximum effect until infrastructure, skills, and products that can complement them are developed. And this can be a long process.
On the technology J curve, once the “frictions” are overcome, productivity takes off. But since the journey along the curve can be lengthy, it’s hard to predict which firms will emerge as the winners and losers. During the commercialization of the internet, many of the ultimate winners didn’t emerge until after the dot-com bubble had burst, in 2000. (Google was founded in 1998, but it didn’t go public until 2004. Facebook wasn’t created until 2004, Airbnb until 2008.) There is no guarantee that history will repeat itself.
Just wanted to say hi from the HR Thessalonoki! Was just in Larissa 5 days ago. What a small world.
What a small world indeed!
What brought to the megalopolis of Larissa?
Going back to my 2nd home on Monday…the Thessaloniki Hyatt Regency that is. Let me know if you are still there. Register for the World of Hyatt promo for casino stays, it qualifies! Got me 777 points I did not expect, with more to come as promo lasts through September!
Hmm speaking of Atmos, what gives with Alaska never seeming to have Cathay redemptions anymore? Yeah the whole AI thing, I am using ChatGPT but why would I pay for it when it gives me what I want for free? Yes another thing I don’t understand.
Hope your mom is doing ok!
The piece about how to become taller thru surgery was really something. Thanks for
all the links!