The Next Panic May Be Artificial August 13, 2023 But first . . . TWO MINUTES Watch! We need to run this guy for office! APE / AMC Settlement approved. The convergence has begun. In after hours trading, AMC fell $1.34 to $3.92 Friday; APE rose 42 cents to $2.20. At some point soon, when every 100 APE shares become 88 AMC shares, there will only be one price to look at. (Multiplied by 10, because there will simultaneously be 1-for-10 reverse split.) I love the movies and AMC is my chain of choice, but it’s a tough business. If I can get $2.50 or $2.75 for APE shares bought at $1.05, I’ll be happy. POPE FRANCIS World Bank suspends lending to Uganda because of the Anti-Homosexuality Act Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values. We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality. This law undermines those efforts. Inclusion and non-discrimination sit at the heart of our work around the world. “Interesting that the bankers are ahead of Jesus’s representative on earth when it comes to compassion,” I wrote a friend. “His representative here is just a little slow, that’s all,” he replied. “It took the Church 500 years to apologize to Galileo for persecuting him because he explained that the Earth revolves around the Sun. But they DID apologize to him. Which gives me faith that another apology (to LGBT people) is forthcoming no later than 2523.” To his great credit, as noted in April, the Pope has been basically great on this issue: Being homosexual is not a crime. It’s a sin. But it is also a sin to lack charity with one another. Let’s distinguish sin from crime. Every man and woman must have a window in their life where they can turn their hope and where they can see the dignity of God. And being homosexual isn’t a crime. It’s a human condition. Later going on to clarify: When I said it is a sin, I was simply referring to Catholic moral teaching, which says that EVERY sexual act outside of marriage is a sin. And yet despite his directives, the Archbishop of Uganda openly supports what the World Bank has condemned . . . and the Pope — his boss — does nothing. World Bank — 1, Pope Francis — 0. And now . . . THE NEXT MARKET PANIC How AI could cause a crash. One more reason to keep cash reserves — and definitely not to buy stocks on margin. Have a great week!