“The number of MBA-dedicated yachts expanded from 12 in 2019 to 95 in 2021, according to Day 8. These year there were 42 M.B.A. boats carrying roughly 500 people, according to the company. HBS students alone booked 28 yachts that took part in the festivities, up from 20 in 2021. Photos posted on Instagram last month showed some Yacht Week attendees in matching white hats with the HBS crest and a sailboat. Students from Stanford’s Graduate School of Business and Tuck came aboard, too, according to Day 8.”

WSJ

I won’t bother you with more details of these libations since most of us are more concerned with the price of meat going up by 9% this year but remember: these are your future leaders.

They ask that you don’t call them “fats cats”. “Slurpy cats” ?

To the futures Chairmen and Chairwomen of Goldman Sachs, I will tip my hat ! And get that venture capital money for your app-for-hangovers ready, people !

Until next time,

Your Man,

Max Cantor

The latest post there: Is It Possible That Your Body Will Heal By Creating And Manufacturing Its Own Medicine? I invite you to read it.

“

Of course, Elon countersued

So, where is all going ? You can’t force food down anyone’s throat. I don’t see Twitter being able to enforce the buyout.

We’ll be watching more of Musk and Twitter, certainly.

The biggest Wall Street news is, of course, Elon Musk’s buying of Twatter, the “town square” of social media .

“In order to secure the $12.5 billion margin loan on his Tesla shares, Musk gave a personal guarantee, according to Fortune,  Here’s what that means: If Musk can’t repay the loan by selling shares of Tesla, banks could take Musk’s equity stake in Twitter, his 46% stake in SpaceX, or any personal assets.”

Fortune Magazine

If Tesla’s stock falls below 40%, Musk will face a margin call.

 “Set at 1.1%-1.5% in 2018, that figure was bumped to about 1.8% after Levin was promoted to CEO in April 2021. 

Eight months after he took over, Sculptor announced another new pay package. This one increased the range to 2.8%-5.2% of gross profit and loss — at the upper end, about one-fourth of the 20% Sculptor charges in performance fees. Levin could also be given carried interest distributions from funds that were excluded from the profit-sharing agreement. “

Bloomberg Wealth

Sculptor is a publicly traded investment vehicle.

Men At Work

Shoulder Mobility Routine (60 Min.)

You know that was coming, didn’t you ?

“Everyone wants a piece of the growing retail market.” – ExecSum

“Titan takes the professional services provided by hedge funds and offers them to anyone. They are filling the gap for retail traders that want an actively managed portfolio, but don’t have time to research and track their investments themselves.”

ExecSum

Disclaimer: I have no affiliation with titan or ExecSum and make no particular representation or investment advice of any sort.

Video of the Week: The Most Powerful Exercise You are Not Probably Doing

From the Wall Street Journal: “At J.P. Morgan Chase & Co., compensation for investment bankers and traders rose 13%, about three times as much as the extra revenue they produced. J.P. Morgan is paying CEO Dimon $34.5 MM, $3 MM more than he made in the previous two years. The J.P. Morgan board also awarded him a $50 MM special bonus earlier in 2021.”

WSJ

“JPMorgan also gave its younger staff a raise this week for the second time in seven months, lifting base salaries to match rivals. First-year bankers will now make $110,000 a year, up from $85,000 at the start of 2021, according to a person familiar with the matter. Associates, the next rung up the ladder and typically three years into their careers, got a $25,000 raise to $175,000 this week.”

WSJ

“Compensation as a percentage of revenue at the five biggest companies ticked up to 35% from 33%, where it had been for two years. That means their bankers, traders, engineers and portfolio managers took home an extra $9 billion that might otherwise have gone back to shareholders or been invested in new loans or technology upgrades. Jefferies Financial Group LLC gave its most-junior employees a choice of gifts including a Peloton bike.”

WSJ

Meanwhile on the crypto news… NY City Mayor Eric Adams converted his first paycheck into cryptocurrency ($BTC and ETH)

Ketamine for depression ?

When you have some spare time, I invite you to listen to this talk

“If you are going to be an expert archer,

You must shoot before you think.

Otherwise I’ll be too late.”

Alan Watts

Meanwhile, in investment banking… Steve McLaughlin of Financial Technology Partners LP is “comfortably the highest paid investment banker in America [WSJ, Dec. 5th, 2021]

Let’s look at some more thoughts on the subject: “I don’t believe there’s a reason for everything, and having faith doesn’t mean I’m blind. I believe people make poor choices. I believe bad things happen to good people. I believe there’s evil in the word that I will never understand, but will never stop fighting. – Tammara Webbe

Peter Kreeft says there are no good people: “That’s what’s so striking about the title of Kushner’s book: When Bad Things Happen to Good People. How is that fair? Well, the answer to that is that there are no good people.”

Nicola Yoon is getting closer:

“People just want to believe. Otherwise they would have to admit that life is just a random series of good and bad things that happen until one day you die. – Nicola Yoon

“Don’t Expect What Goes Around to Come Around. Total jerks and evil people often get all the good breaks. Being nice guarantees nothing. Good things happen to bad people. Sometimes, things just don’t “balance out” or “work out for the best.” – Paul Pearsall

Paul Pearsall hit a home run. Let me explain. I know, as do you, plenty of rotten people are not only wealthy, they live glamour lives: money and health galore. Yes, their dog and squirrel sometimes die and they cry out for their misfortune, but let’s face it, they’re like Tesla, their stock only goes up. You’re asking yourself: “Is their karma this f-ing good ? Is my karma this f-ing poor ?

Myself and the 19th Century mystic G.I. Gurdjieff are the only people who said that time does not exist.

Here’s what I do:

I shit on rich and powerful front lawn (hopefully, not literally). I stand up for the underdog. Not like fake underdogs (hello, Chamath Palihapitiya). Welcome to the only website in the world for the oppressed, underserved, unappreciated and unlucky.

I am Spartacus [hello, Grand-Father]

For the girls in our lives we have a video today:

The WSJ says there are 8,764 of those in the U.S. (Sat/Sun Sept 17, 2021). A few kind of businesses are ruled out -tanning salons, golf course and liquor stores.

“But there is no requirement that a project actually benefit residents of that zone.”

WSJ

We’ve found out the idea of OZs came from Sean Parker, of Napster and Facebook fame.

WSJ

“Self-storage facilities, which create hardly any jobs, are sprouting with OZ money. So is luxury student housing- in university towns, which are eligible only because college kids show up as poor in census tallies.”

WSJ

Do any readers participate as investors in an OG ? If so, let us know in the comments.