San Franfreakshow....................

Tonight I logged in.   I see i have a new account assigned to my firm.

I don't want this account assigned to my firm.  I don't know these people.   I don't want anything to do with them.  

They live in San Francisco.  I would never consider going to San Francisco after having lived in LaJolla CA for 10 years and visiting San Francisco often.

I don't have the stomach to visit San Franfreakshow and see all the homeless, the feces, the needles and smell  the stench of human filth everywhere.

 A once great city now reduced to socialism's finest hour. 

California.  It's what liberal Democratic policies have created. 

Indian Country for the WIN

On Tuesday, the Supreme Court handed down an opinion on the case Washington State Department of Licensing v. Cougar Den, Inc. (16-1498).  In a plurality opinion written by Justice Breyer and joined by Justices Sotomayor and Kagen, the Court upheld a ruling by the State of Washington that the Confederated Tribes and Bands of the Yakama Nation's (Yakama Nation) wholesale fuel distributor, Cougar Den, Inc. does not have to pay a state fuel tax.

"Really, this case just tells an old and familiar story. The state of Washington includes millions of acres that the Yakamas ceded to the United States under significant pressure. In return, the government supplied a handful of modest promises. The state is now dissatisfied with the consequences of one of those promises. It is a new day, and now it wants more. But today and to its credit, the court holds the parties to the terms of their deal. It is the least we can do."

 

- Justice Neil Gorsuch, Concurring Opinion 

LYFT to IPO?

With the company expected to trade at only 10x revenues and less than a -$1 billion annual loss, this deal looks exceptionally compelling!  How could the underwriters let this go at such a cheap price?  Truly disgraceful!

Here is what I wrote many years ago.

"IPO’s are not part of our methodology for several reasons.  Most of their problems stem from the deliberate underpricing of new shares, which creates a huge wealth transfer from a newly public company to the customers of an investment banking firm.  Shareholders are better off in the long run with a higher net worth than with an artificially and temporarily high stock price. IPO’s are allocated to clients who pay the big commissions. Those responsible for the well-being of a company are the directors.   If they were held liable for the eradication of corporate assets, the mispricings would end.  At Chippewa Partners we don’t play the IPO game by paying commissions for syndicate allocations, period.  Our only focus is making money for our clients."

Dean T. Parisian, Chairman,  in a letter to Barrons and The Wall Street Journal

Tax Refunds

Interesting to see how big the industry around tax refunds has grown. 

How is it that people don’t know that letting the federal government hang on to their money all year long is actually costing them?