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Some thoughts and rambling. I will be 50 soon. Hard to believe as it seems like just a few years ago I graduated college & left for Silicon Valley to chase a career & a girl. The career has changed many times & so did the girl.I started in accounting, then an auditor, later a tax
expert & honestly hated all three. Excelled as much as you can in a career you don& #39;t love & eventually found my passion later in life in the markets. I can tear apart a set of financials with the best, understand business & what it takes to make it work & these traits help me
evaluate at a level I feel confident enough to not only manage my money but the money of others. I have the right amount of skepticism, fear, mixed in with a little greed to make it work. My actively manged clients are doing well the last several years because honestly, I realize
the market price discovery mechanism is broken or at best treated with skepticism. Really, yes, broken. Just look at the game. Our President openly manipulates the market & cackles with glee. Benchmarks his presidency on market return. Tweets
false statements just to pump the street & then calls it neat. $TSLA Elon Musk commits fraud, scienter on a regular basis, is above the law & knows it. Now one of the richest men on the planet from government largess. The world& #39;s savior while stealing the work of
others & claiming it as his own. $W sells cheap Chinese built furniture for nosebleed prices & yet continues to lose more as it sells more. $CVNA has a felon leader, convicted of financial improprieties, dubious metrics & yet these stocks soar. Oh and don& #39;t forget the
Chinese Hustle, Just a couple of examples of Wall Street& #39;s darlings. Our regulators are intentionally absent. The SEC isn& #39;t a regulatory body but a stepping stone for a better job & you certainly don& #39;t want to rock the boat & risk a lucrative corporate career.
Their oversight is a Congress which loves to self-deal & openly conducts insider trading. Of course their leader, I already mentioned him earlier. The Fed, a true symbolic representation of a roman orgy in modern times. Endless printing & QE which allows bubbles to be blown, the
repercussions of bad policy to flourish, broken business models to thrive as debt is forever rolled over & if satisfied, only so by the fleecing of investors through capital raises created from fiscal gluttony. Auditors, sigh, slaves to fees & with no SEC free
to look the other way like the blind mice we sang about as kids. Thus, valuation, financial metrics, sound financial research, real tangible analysis & true price discovery are replaced with the promises of a snake oil salesman promising trips to mars, cars that drive themselves
& make you rich while you sleep, & travel so cheap why own your own car. Weave a great fairy tale and you can have my money because for certain you will be the next Amazon or Apple. Alas, as I ramble I realize maybe Buffet & Graham are like the dinosaurs of the past.
Wall Street no longer a place where capital is created or destroyed through good choices or bad. Just a place for hungry gamblers who bet on red or black or pick the best horse regardless of it& #39;s health,
