Hip! Hip! April 1, 2023April 1, 2023 Hurray for Finland joining NATO! With Sweden not far behind. Great news for the free world. Hurray for inflation’s continuing ebb! Could full employment and the Fed’s 2% target inflation rate be in our future? Hurray for the rule of law! As, for example, when the Trump Justice Department sent Michael Cohen to prison for a crime committed at the behest of co-conspirator “Individual 1” (who could not be indicted while in office but is out of office now). How can Trump and the overwhelming majority of Republican electeds who fear him be outraged that a grand jury, after much deliberation, decided a trial should be held for the co-conspirator? If he’s innocent, so be it! If he’s guilty, and that’s affirmed by all the inevitable appeals, so be that, too! How is it that Michael Cohen was handcuffed and shackled at his arraignment (though he never resisted or called the prosecutor an animal), but Lindsey Graham is beyond aflutter that his co-conspirator will be finger-printed? How has the rule of law — something fundamental to American democracy — become something only one of the two political parties still accepts? UPDATES BOREF plunged when someone apparently put in to sell 7,000 shares “at the market.” According to one of you with access to this kind of data, the first 1,300 shares got filled at $4.75; the remaining 5,700 at $2.27. Maybe a long-time BOREF holder passed away and his executor, not realizing how thinly it trades, neglected to put it in as a “limit” order. Whether at a $10 million valuation ($2 a share) or a $25 million valuation ($5), BOREF will either eventually go to zero or — if WheelTug gets certified and begins flying — to many times its current valuation. The company, in May, announced “rapid progress.” But that was May, 2010. “Rapid” may not have been the word they were searching for. Still (witness last month’s news as an example), the game’s not over. And remains a total gamble. CHRA, meanwhile, suggested just a couple of days ago (versus BOREF, 23 years ago), is trading as though it’s going out of business. As I suppose it may. Its market cap is now around $10 million also (though unlike BOREF it’s burdened with $135 million in long-term debt plus a further $65 million or so in less pressing convertible debt). What gives me heart is this link, showing that CHRA “insiders” did a lot more buying than selling this past year. Also the fact that it’s one of just a few players in a large market; with around $300 million in sales that might again turn profitable once they straighten themselves out. Down from $50 a year ago to just above $2 now, it may be that some of the last few days’ selling was just some fund manager dumping a couple of hundred thousand shares, regardless of price, to get an embarrassing loser off his list of holdings by quarter’s end (which was yesterday). We’ll see. Only with money we can truly afford to lose. Have a great weekend.