Rudy, how did you find out that Ronald Lauder (Warsh's dad) is mentioned several times in the Jeff files ?
I wonder if Warsh needs inflation to become too painful so that he gets a clear reason to cut. OTOH, i wonder if the FED chairs (except maybe Volcker) only job is to inflate away debts of dumb debtors who think they are smart. I always assume the latter i.e. endless money printing.
If you focus on Free Cash Flow, you can avoid a lot of the impending disasters with circular financing imo. You still will get hurt, but not as bad or for as long.
I remember when Powell was going to be the sound money guy, lol. They always make serious mutterings about concern over inflation, then inflate all the problems down the road. Only Bernanke and Yellen admitted their intentions to increase inflation. End the Fed.
Back in the pre internet bust days, I was one of the earlier (not the first group, but the 2nd) at one of those endless telecom companies laying fiber and doing VOIP. (which was a big deal at the time)
And even us 2nd group peons got some options. Not many and they vested on a quarterly basis over 2 years. (so 1/8th the first quarter, another 1/8 the 2nd quarter, etc) But of course the first group, those guys got a LOT of shares. 100's of thousands of shares.
At the time tax law was if you exercised the option and held the shares for 2 years and then sold (of course they would only go up and you would make more money) and they were only taxed at capital gains rates. (20% at the time IIRC). If you exercised them and sold right away (which the company would do for you), it was taxed at ordinary income tax rates. (up to 39%).
I got my 1/8th and sold it right away. It was like $8,000 which was a nice little bonus. Of course all the older guys came and told me how I was silly and paying extra taxes and it was just going to keep going up and they were holding all theirs and had taken mortgages and stuff instaed of just using the cash to buy their houses/cars/etc.
next quarter, I sold my 1/8th right away and got like $2500. (same number of shares mind you). Nobody else sold that i know of, by the 3rd quarter of my options vesting of course they were underwater, last I heard 15 years ago they had done a 1:10 reverse split and been acquired and such and long gone.
It's better to make money and pay taxes than to not make money. Bulls make money, bears make money, pigs get slaughtered.
Nobody is taking anything off the table after a big "win". bitcoin, gold, nvda, spaceX, whatever. Everyone is greedy as hell and at some point it's all gonna come crashing down. "ohh we couldn't have seen it coming".
I also asked if he ever had chipped beef on toast, a/k/a sh!t on a shingle. They served it in the school cafeteria for lunch in my day. The price of dried (or cured) beef had reached $21.99 per pound. It remains there today. I doubt the public schools are serving it today.
No response from Jay.
You cannot hate the Federal Reserve enough. [For more reasons than inflation.]
Elsewhere: "The dish was formalized in the 1910 Manual for Army Cooks, where it appeared as a recipe for stewed chipped beef designed to feed large groups of soldiers economically."
I just saw something the other day that some YT channel was making Great Depression recipes and couldn't because the ingredients had gotten too expensive.
The summer of…doesn’t feel like love. And thank you.
You find some amazing stuff. Love the MoU. Gonna listen to the David Wech podcast. Thanks your post.
Rudy, how did you find out that Ronald Lauder (Warsh's dad) is mentioned several times in the Jeff files ?
I wonder if Warsh needs inflation to become too painful so that he gets a clear reason to cut. OTOH, i wonder if the FED chairs (except maybe Volcker) only job is to inflate away debts of dumb debtors who think they are smart. I always assume the latter i.e. endless money printing.
Various sources. I haven't personally verified the 900 number, but here's an example of the connection. Epstein's world was full of such people. https://www.thedp.com/article/2026/02/penn-ronald-lauder-jeffrey-epstein-relationship-wharton
The 14 points are perfect.
If you focus on Free Cash Flow, you can avoid a lot of the impending disasters with circular financing imo. You still will get hurt, but not as bad or for as long.
I remember when Powell was going to be the sound money guy, lol. They always make serious mutterings about concern over inflation, then inflate all the problems down the road. Only Bernanke and Yellen admitted their intentions to increase inflation. End the Fed.
Bill Hicks had to die young. His mind was too brilliant for his body to survive it through old age.
re: the Ted Oakley comments
Back in the pre internet bust days, I was one of the earlier (not the first group, but the 2nd) at one of those endless telecom companies laying fiber and doing VOIP. (which was a big deal at the time)
And even us 2nd group peons got some options. Not many and they vested on a quarterly basis over 2 years. (so 1/8th the first quarter, another 1/8 the 2nd quarter, etc) But of course the first group, those guys got a LOT of shares. 100's of thousands of shares.
At the time tax law was if you exercised the option and held the shares for 2 years and then sold (of course they would only go up and you would make more money) and they were only taxed at capital gains rates. (20% at the time IIRC). If you exercised them and sold right away (which the company would do for you), it was taxed at ordinary income tax rates. (up to 39%).
I got my 1/8th and sold it right away. It was like $8,000 which was a nice little bonus. Of course all the older guys came and told me how I was silly and paying extra taxes and it was just going to keep going up and they were holding all theirs and had taken mortgages and stuff instaed of just using the cash to buy their houses/cars/etc.
next quarter, I sold my 1/8th right away and got like $2500. (same number of shares mind you). Nobody else sold that i know of, by the 3rd quarter of my options vesting of course they were underwater, last I heard 15 years ago they had done a 1:10 reverse split and been acquired and such and long gone.
It's better to make money and pay taxes than to not make money. Bulls make money, bears make money, pigs get slaughtered.
Nobody is taking anything off the table after a big "win". bitcoin, gold, nvda, spaceX, whatever. Everyone is greedy as hell and at some point it's all gonna come crashing down. "ohh we couldn't have seen it coming".
FREE. MONEY but still everyone wants more.
I remember that period very well, and have a lot of stories very adjacent to yours...
A couple years ago I sent Jay Powell a jar of Maille cornichon gherkins https://www.maille.com/us/en/p/maille-original-cornichons-gherkins-13-5fl-oz.html/00043646210389. The occasion was the price inflation on the gherkins at my grocery store then exceeded over 80% in the space of a couple years.
I also asked if he ever had chipped beef on toast, a/k/a sh!t on a shingle. They served it in the school cafeteria for lunch in my day. The price of dried (or cured) beef had reached $21.99 per pound. It remains there today. I doubt the public schools are serving it today.
No response from Jay.
You cannot hate the Federal Reserve enough. [For more reasons than inflation.]
lol 😂 chipped beef on toast is English so I doubt it
https://tatnuckmeatandsea.com/fresh-meat/beef/where-did-chipped-beef-on-toast-come-from/
Elsewhere: "The dish was formalized in the 1910 Manual for Army Cooks, where it appeared as a recipe for stewed chipped beef designed to feed large groups of soldiers economically."
I just saw something the other day that some YT channel was making Great Depression recipes and couldn't because the ingredients had gotten too expensive.
Interesting. There’s also a struggle meals YouTube. I don’t know what dish I was thinking about but it sounds English
Graham Parker and the Rumour didn’t get enough exposure. Too many local girls.
didn't know I could dislike Joshua Brown more than Cramer