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
Every gun that is fired, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. The world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children.~Dwight D. Eisenhower, 1953
Request email delivery
- Apr 18:
In Search Of Common Ground
- Apr 17:
- Apr 16:
Be Audacious Tonight — 8pm Eastern, 5pm Pacific
- Apr 15:
Doctors And Patriots Versus My Friend Paul
- Apr 12:
Davd Leonhardt On Climate Change
- Apr 11:
Tax The Rich?
- Apr 10:
270 Or Bust
- Apr 9:
It Took 99 Years, But H.L. Was Right
- Apr 8:
It Takes All Kinds
- Apr 5:
“What To Do With Your Money Now”
- Apr 18: