Boycott Burgerville

Every year this time of year, Mount Bachelor calls, and some crazed cycling friends and I answer. I will not run or swim this week, just turn the pedals. Over and over. Big ups to the daughters for looking after their momsie.

When I travel, I mentally prep by imagining all the bad things happening, canceled flight, middle seat, etc. In this road trip case, construction delays, accidents, and who knows what else.

And therein lies the problem, my imagination wasn’t up to anticipating today’s crisis. There I was pulling into Burgerville for an early lunch before juicing up the electric whip in Sandy. Because I always try to eat healthy during Big Weeks, I said to the speaker, “I’ll have a 16 ounce strawberry shake.” Don’t judge me, it’s fruit, right?!

“$5.99 at the second window.” “Okay, thanks.”

Then, right as I began to finally empty my bulging coin purse, it happened. The crisis I did not anticipate.

“Oh. Senior discount. $5.39.”

Nevermind the carbon fiber bike in the back of the $40k car, Oregon thinks I deserve an “old person” rebate of 60 cents. Hey Oregon, how about discounting Millennial milkshakes since most of them, unlike me weren’t born at the right time to the right two parent family.

Senior discounts don’t make any sense for the half of seniors doing well. But this story isn’t about flawed economic and tax policies. It’s about my ego and how a woman at Burgerville shattered it. It may take all week to recover.

I Can Do It Too

This guy, whose net worth is over $500m, has a huge following among young sports-minded men. He has won over $2m picking the winner of the last two professional golf events. You can take this to the bank—his recent, short-term luck will translate into hundreds of millions more lost by sports gambling addicts.

Paragraphs To Ponder

“And therein lies the reality of the entire Bronny James situation. He is a good basketball player … but right now, he is not a great one. He is a freshman still developing. So yes, he makes silly mistakes — like not finishing one second-half cut, which led to a USC turnover and Enfield barking across the court with his pointer finger extended. But he also has promising flashes. It’s a mixed bag. It’s no different than dozens of other talented but raw prospects across the country.

This one just happens to have a stupendous surname.

Take away that bloodline, and Bronny James is a multi-year college player, one who needs to continue honing his skills. Reminder: He is not even a starter now, on one of the most disappointing teams in the worst of all six power conferences, per KenPom. (USC was picked to finish second in the Pac-12 and was ranked No. 21 in the preseason AP poll. The Trojans are one game ahead of Oregon State for last place in the league). What about that suggests this guy is ready for the NBA next season? Absolutely nothing.”

The Athletic.

Take-away for those on their way up. If your parent is arguably the GOAT at their job, follow in their footsteps at your own peril. 

The Cult

That could’ve been the title of Rob Copeland’s gripping inside look at Ray Dalio’s hedge fund, Bridgewater Associates.

Cults seem to have a few things in common including leaders who combine delusions of grandeur with atypical charisma. In the Bridgewater Associates cult, Ray Dalio combined delusions of grandeur with unfathomable wealth which he used to maintain a loyal following. Many Bridgewater employees sacrificed their morals, mental health, and general well-being for the prospects of striking it rich.

The gap between Dalio’s public persona as an investing and human relations genius and Copeland’s portrait of an insecure, simple-minded, self-centered, and cruel bully, is a searing indictment of the financial press.

After reading The Fund, one can’t help but be skeptical, if not hopelessly cynical about anybody with a glowing public persona. With no end in sight, we continue to buy what the rich and famous are so desperately selling.

Almost like we’re in a cult.

Sentence To Ponder

“In 2022, according to the Federal Reserve, the average American household directly or indirectly owned almost $500,000 worth of stocks. But these holdings were concentrated in the highest-income 10 percent of the population; the median household owned only $52,000.” Paul Krugman

File this under “the New Aristocracy”. Relative to the “income gap”, the more pernicious “wealth gap” flies well under the radar.

I’m A Socialist

Weight loss drugs inventor Lotte Bjerre Knudsen says proudly adding, “I don’t care that much about money.”

One two-part myth people in the (dis)United States ignorantly perpetuate about socialism is that it fails everywhere because it zaps people’s motivation to work. That absent economic incentives, people won’t achieve much of anything.

Ethnocentric capitalists maintain their collective ignorance of socialists, and socialism, by not knowing the Lotte Bjerre Knudsens of the world. Cue a recent LBK interview.

DER SPIEGEL: You have made Novo Nordisk Europe’s most valuable company, with a greater market capitalization than Daimler, Bayer, Lufthansa and BMW combined. Do you benefit financially?

Knudsen: I don’t care that much about money, I’m a socialist! Here in Scandinavia, we teach our children teamwork from an early age. It’s not about the individual. And that’s how I am too. I have never asked for a raise in 34 years.

DER SPIEGEL: You never got more money? Not even now?

Knudsen: Yes, of course. But I didn’t push. I can’t see that capitalism and money make people happy. At Novo Nordisk, I have always preferred to use my credibility to demand more funding for science, not more salary for myself. I also have no intellectual property rights. They belong to the company because I gave them up when I was employed.

I don’t care about money? It’s not about the individual? I can’t see that capitalism and money make people happy?

Holy blasphemy.

Paragraphs To Ponder

The cost of living in New York City edition.

“As an environmental engineer, Michael Quinn is accustomed to making logical decisions. But two years ago, after getting divorced and selling the family house in White Plains, N.Y., he tried not to be so analytical.

‘I decided to listen to my heart and let that guide me,’ said Mr. Quinn, 56. Although he had never lived in the city, he took a chance on Manhattan and landed in a Murray Hill luxury building, paying $4,700 a month — which, after a year, rose to $4,850 — for a ‘flex’ one-bedroom with 850 square feet.”

The Final Four

The Semi-Pro football playoffs begin today with two semi-finals. In light of this article, “The Best Teams That Money Could Buy” here are the matchups.

Game one, 5p EST. Walk of Champions versus Hail Impact.

Game two, 8:45p EST. Texas One Fund versus Montlake Futures.

There’s no clear favorite like in recent years. All I know is, the local team with the best name of the four, Montlake Futures, will be a tough out.