About a year ago, I got some news I really didn’t want to get: my prime broker, BTIG, was giving me the boot. I hadn’t done anything wrong, but they were nuking all their accounts less than a certain threshold, and I was below it, so, bang, I was slated to be out by the end of the year.
Big deal, you might say. There are dozens of brokers out there, and any of them can execute stock trades. Well, yes, I know that, but when you get accustomed to a certain platform over a period of years, it’s very hard to change. I do a tremendous amount of trading, and being able to easily “flow” with my trading system is important to me. Even the little stuff – – like the fact I knew the names of the personnel at the local office, and my familiarity with all the little routines that were required each day – – was tough to abandon. I didn’t want to change.
On the front page of Thursday’s Wall Street Journal is this article, which is another absolutely superb piece by multiple-Pulitzer Prize-winning journalist John Carreyrou. I strongly, strongly encourage you to read it, but I wanted to say a few remarks about it on my own.
As everyone knows, Theranos has become a complete disaster and an embarrassment. The megalomaniac founder, Elizabeth Holmes, claimed a net worth of nearly $5 billion a couple of years ago, and this net worth is now reported to be $0 billion. John Carreyrou has done a yeoman’s job bringing The Truth out about this despicable organization and its husky-voiced, completely fake CEO who was given a huge pass by the public (like Hillary Clinton) because she’s a……….woman. God knows Mr. Carreyrou deserves a third Pulitzer prize for his superb journalism.
Just as heroic, however, is former Theranos employee Tyler Shultz, the grandson of 95-year old George Shultz, of Reagan administration fame. I used to kind of look up to the old fellow, but the way he treated his grandson, who acted with honor and ethical integrity, is revolting.
That actually goes for the entire crew of ancient old white men who populated the Board of Directors, whose principal motivation, I suspect, was to stare at the mildly attractive young woman, fifty years their junior, who ran the place. You know. The new Steve Jobs. That one. Because she wore a black turtleneck.
I was pleased to see no less a publication than Barron’s featured House Safari in this week’s issue. Here’s a link to a free download of my product. (Note: what is shown below is an image; clicking the links won’t work).
During my stay in Milwaukee, I saw this book, which reminded me of a certain Sloper………
Well, now that Hillary has refused to accept the results of the election (surely one of the most ironic decisions in political history, considering all the crap people were throwing at Trump about how he was going to wreck global democracy by doing the exact same thing), I’m going to hit the sack. It’s been one hell of a night here, Slopers. No doubt trading tomorrow should be one for the books. Bless you all, especially Plus members.
Slope has never…………EVER………..had so many comments. Most financial blogs, including the big ones, garner a few dozen comments for a post. Tonight we’ve got something like FIVE THOUSAND. This is truly the greatest financial blog out there.
Things are bound to get dicey on a day like this…….
……..and then it takes a turn for the worse………