Chris Williams: ‘A subject near and dear to hearts among us. Scope out webflyer.com, and more specifically the flyertalk link there in its pull-down menus (or flyertalk.com). This is where the mileage maniacs hang out. They are the road warriors who know all the tricks and post the very latest ways to generate serious numbers with minimal effort. They also debate the philosophy of things like ‘poaching.’ This is the confiscation of overhead space on front row seats by passengers whose tickets seat them in the back. They, knowing their overheads in the back are probably full by the time they get back there, poach one of the overheads storage bins up front as they walk past, and grab their bag on the way out. In the meantime, late arriving people who are possibly Medallion FF mileage holders (airlines usually put Medallion folks towards the front) reach their seats to find no overhead space. Anger ensues. Cool website. Lots of good stuff.’
A Vanguard employee who wants to remain anonymous: ‘I work at Vanguard in the department that does financial planning for individuals and I wanted to clear up one thing. Your comments last month make it sound like a financial plan would cost $3,000 and/or you would be charged a 1% annual fee. But Vanguard has a fee-only financial plan for $500 (discounted and/or free for those with a lot of money at Vanguard). I wish everyone could do his or her own financial planning, but a lot of people won’t read a brochure on investing, let alone a book. Having a person to explain the recommendations is a big benefit for a lot of people, and well worth $500 or less.’
Arianna Huffington’s column yesterday: ‘Last week, the recognition that the SEC is failing in its ‘primary mission’ to, as its own website boasts, ‘protect investors,’ led even the Wall Street Journal and London’s Financial Times to finally join this solitary Greek chorus and call for Pitt’s ouster. The Journal ended its biting editorial by deriding the White House’s ludicrous claim that Pitt is doing ‘a great job getting tough on corporate misconduct’: ‘We doubt,’ read the editorial, ‘anyone at the White House really believes that. At least we hope they don’t; because no one anywhere else does.”
☞ Don’t look to Harvey Pitt’s S.E.C. to be half the friend to investors that Arthur Levitt’s was.
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Quote of the Day
Be greedy when others are fearful and fearful when others are greedy.~Warren Buffett
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