Welcome to the first-ever edition of my newsletter!
I know, I know... You need another email subscription like a moose needs a hat-rack, but I think you’ll enjoy this one. And if not, just unsubscribe below. No hard feelings.
Now let’s get to it…
WHAT’S NEW
This has been one hell of a year for crypto. And now, with last week’s cataclysmic demise of FTX and SBF’s fall from grace, are we witnessing the death throes of this “asset class”?
There’s nothing I can say that hasn’t already been said, but it’s looking increasingly likely that (in the developed world, at least), crypto is somewhere between a solution looking for a problem and a bottomless pit of fraud.
I’m nowhere near qualified enough to have a prediction here. Could crypto, DeFi, Web3, etc. eventually fulfill the prophecies? Sure, but I’m not holding my breath. Change takes time. Inertia is more powerful than you think, especially in finance.
As always, caveat emptor.
QUICK READS
👉🏼 Boring is Beautiful in Investing by Ben Carlson
“Successful investing should be boring. It should be long-term in nature. It requires patience and discipline and the ability to ignore the madness of the crowds.”
👉🏼 A Few Good Stories by Morgan Housel
“Most decisions aren’t made on a spreadsheet, where you just add up the numbers and a rational answer pops out. There’s a human element that’s hard to quantify, hard to explain, and can seem totally detached from the original goal, yet carries more influence than anything else.”
👉🏼 50 ways to be ridiculously generous—and feel ridiculously good. by Alexandra Franzen
“I realized—many years ago—that when I behave generously, I feel rich. I like to feel rich. So I choose to be generous.”
👉🏼 Twitter is cigarettes by Josh Brown
“Twitter will be fine. It’s not going anywhere. No matter how nasty the platform gets, or how racially charged the discussions become, or how performatively offended the power users are, it won’t matter. Because Twitter is cigarettes.”
RECOMMENDATIONS
🎧 PODCAST: Alfred The Great: Fury of the Vikings
Hosted by two Brits - including one of my favorite historians, Tom Holland - TRIH is one of the best history podcasts in the game. This episode is the first in a series about Alfred, King of Wessex (if you’ve seen The Last Kingdom, you know who he is). A pretty easy argument can be made that if it wasn’t for Alfred, the last 1,000 years of British - and world - history would be much, much different.
📼 MOVIE: Cast Away
The last time I saw this classic, I was in college and completely missed the point. It’s not about a guy living on an island talking to a volleyball, it’s about a guy who loses everything, including the love of his life, and never gives up. There’s line at the end of the movie (delivered by Tom Hanks in his prime) that I just love: “I’ve got keep breathing, because tomorrow the sun will rise. Who knows what the tide could bring?” Chills.
📖 BOOK: American Kingpin
I’m only halfway through, but the story is fascinating and topical: About ten years ago, a wayward but brilliant kid from Texas (and Penn State grad - represent!) started a website to buy and sell drugs, guns, and every other illegal thing you can think of. Main takeaway so far: even a pure idealist can quickly become a fraud, in spite of (or due to?) their high IQ. Sound familiar?
THE JUKEBOX
Elton singing Your Song live in 1971. No commentary needed. Just enjoy. 📺
MY LIFE
My daughter, who’s always been an angel, turned 13 a few weeks ago and the hormones have really started to kick in. She’s straight-up said “no” to me more times than she’s said “hi,” fueled by this weird instinct to do the opposite of whatever I tell her.
I know that I was just as bad (worse?) at her age, but 25 years of perspective makes me wonder what the evolutionary advantage is to never listen to your parents/elders. Wouldn’t all the young rebels have died off, survival-of-the-fittest style? Or are we the descendants of 10,000 generations of adolescent idiots (which would explain a lot)? Who knows.
Anyways, she’s still a great kid and we have a ton of fun, but some days I’d kill to have my sweet six-year-old back for just a day (*sigh*). Moral of the story: enjoy your kids, even during the hard times. Believe it or not, one day you’ll miss it.
🤙🏼 Pura vida,
Sent with 💛 from Pittsburgh
Disclaimer: Nothing in this newsletter should ever be considered investment advice.