Don Zech

November 2025 monthly letter
Banks, Bubbles and old Birds

The first Thanksgiving celebration lasted three days. Today, Plymouth Rock is only the size of a car engine. It has cracked three times over the years, getting smaller each time. Speaking of rocks, Nick lost his grandmother and I, my mother, a couple of weeks ago. At 87, she had

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October 2025 monthly letter
Show-and-Tell Magic

In an effort to bring them down, a couple of weeks ago the Fed cut rates by a quarter-point (25 basis points). Yet, as if by magic, the 10-year Treasury note rose by 2 basis points to 4.127% and the 30-year Treasury added 2.5 basis points to 4.745%. Hmmm…what happens

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September 2025 monthly letter - CDC
Turning Lemons into Lemonade

The United States… has already reached the foremost rank among nations, and is destined soon to out-distance all others in the race. In population, in wealth, in annual savings, and in public credit; in freedom from debt, in agriculture, and in manufactures, America already leads the civilized world. ~Andrew Carnegie,

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August 2025 Monthly Letter
Why you should read your lease carefully

This creative tenant was delivered his lease in a Word document and decided to sneak in an extra clause. I am now considering adding this to all our future listings! Then I could look forward to cakes every August! You may have read this month that Lynsi Snyder, the heir

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Hans Christian Andersen’s famous tale The Emperor’s New Clothes
How do you know if the emperor has no clothes?

Of course, most of you are familiar with Hans Christian Andersen’s famous tale “The Emperor’s New Clothes,” in which the weaver plays on the emperor’s vanity by saying the suit is only visible to people who are clever and competent. In reality, he was naked. Warren Buffett is famed for

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November 1 Monthly Letter Image 1
You can’t please all of the people all of the time!

The now-famous Democratic donkey was first associated with Democrat Andrew Jackson’s 1828 presidential campaign. His opponents called him a jackass (donkey), and Jackson decided to use the image of the strong-willed animal on his campaign posters. Later, cartoonist Thomas Nast used the Democratic donkey in newspaper cartoons and made the

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