You know, it’s so funny when you’re listening to the radio and thinking that you can’t hear anything crazier or anything else that’s going to shock you, but then you hear that the Senior Senator from New York – Democrat Charles Schumer– is pushing the MTA into figuring out how it can provide wireless internet connectivity on the Long Island Railroad.
With apologies to my friends who ride the LIRR, I have to say that this is just plain silly. Before you know it, Senator Schumer will be demanding internet service on the subways and maybe the buses. Why not? The MTA’s house is completely out of order so why not add this to the mess as well. Heck, who knows, maybe through connectivity the MTA will be able to solve its budget crisis and make its services run smoother.
This latest move by Senator Schumer illustrates just how screwed up this society is and how a lack of focus in Washington is causing the country’s economy to sink deeper and deeper.
After my last post, a loyal reader said that I am too angry when I write this blog, that I’ve got too many negative things to say and that I should stick to hedge funds and markets and move away from politics. Just so we are clear, I’m not angry because I think the country is failing or I think the country is floundering; I’m angry because I think our leaders our failing and floundering and wreaking havoc on our economy. Politics, unfortunately in this day and age, is heavily intertwined with the markets. Just so we are clear, my love for this country runs deep – I believe it to be the greatest place on earth and I think it’s the place where everyone wants to be. That doesn’t mean that I’m not disappointed by the inaction of our leaders and angry that people are not willing to be engaged to make this country a better place. (By the way for those of you wondering why it has taken so long for this post to be posted, it is because I recently finished a new book with Richard Bookbinder on Fund of Funds which will be out late this fall. You can secure a first edition by clicking here!)
Recently I had the pleasure of giving a commencement speech in which I spoke specifically about the concept of engagement, getting involved in your community, getting people excited again to be part of the process. I told the graduates that if they see a problem, they should try to fix it. If they know something is wrong, try to correct it and if they hear leaders lying, tell the world that they know that they’re lying and do something about it. The point was that it’s our responsibility as humans to make this world a better place.
The same can be said for your investments. As we settle into the summer, many of you are enjoying time outside and relaxing a bit, but don’t forget that you still need to get involved with your portfolio. Half the year will be over in a few days and now is a better time than most to see where you are and make adjustments. If you don’t, who will? After all, it is your money.
With that I am hanging up the “Gone Fishing” sign for the next few weeks. I’ll post again in mid August, unless something needs posting sooner. Have a good summer and go Red Sox!
THINGS THAT DRIVE ME CRAZY
I am happy to report that nothing has driven me crazy as of late. I will say, however, that I do believe there is a conscious and concerted effort by corporate America, in particular by those who are trying to sell us something, to bring customer service to the lowest point imaginable. I am constantly amazed at just how unengaged the people are who allegedly work in customer service. When I was working at Orbitex Group of Funds at the end of the last century, some of us identified others as the heads of sales prevention. These were the people who were happy to tell those of us who were marketing and selling how much more they knew about what we were doing. Luckily we proved them wrong, the point, however, is that I have drawn on this experience and have identified most people in retail, whether on the phone or in a shop, as the heads of customer disservice.
