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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Success is Anticipating the Anticipation of Others

“Investing is a game of Snap, of Old Maid, of Musical Chairs. It’s a pastime in which he is the victor who plays “Snap” neither too soon nor too late, who passes the Old Maid to his neighbor before the game is over, and who secures a chair for himself

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Department of Government Efficiency
You’ve heard of DOGE, what about DOREE?

“Plan B is to succeed at Plan A” ~ Arnold Schwarzenegger The Beatles were a group for six years and played more than 200 shows before they got a record deal to record their first album. Three record labels rejected them before this happened. I read the Steve Jobs biography

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