One of my dad’s clients half a century ago was Bonomo’s Turkish Taffee. This has nothing to do with the closed-end Turkish Fund suggested in April at $5.47, and neither does the Firesign Theater’s iconic, “Welcome to side six, as we learn three new words in Turkish: towel, bath, border.”* But with TKF closing last night at $9.11, up 66%, I am am feeling Istanbullish and can’t resist the associations. In April, the fund was selling at a tempting 17% discount to its net asset value; today, at about half that. I still like it, but 66% three-month gains make me nervous. I’d sell half and either buy it back a few dollars lower on the next downdraft or – if there are no downdrafts and it doubles from here – be happy I didn’t sell it all.
* “ ‘May I see your passport, please?’ ‘Why yes, I have it right here.’ [Sound Effect: RRRRRRIP] ‘What are you doing?! That was my passport!’ . . . ”
Happy birthday, America. To a first grader, you’re ancient – yet you go back just 10 generations. Heck, my stepdad is more than 40% as old as you. You’re a wonderful young experiment we must not allow to fail.
What nicer way to kick off the July 4th weekend than with this 18-minute Presidential nod to life, liberty, and the pursuit of happiness . . . to the proposition that all of us – even our transgender friends who were invited to the East Room – are created equal under the law?
Have a wonderful long weekend!
Quote of the Day
Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works.~John Stuart Mill, 1867 (Like shopping centers in the middle of the desert. Or millions of pages of legal documents.)
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