When I heard about Senator Grahamโs death last night, the first thing I thought about was not all the things he said and did in service of Donald Trump. I thought of the time before Donald Trump when he was a brother to Senator John McCain.
A time when senators from different parties could fight about politics and still be friends. A time when a conservative Republican from South Carolina could say of my father: โIf you canโt admire Joe Biden as a person, youโve got a problem. Heโs the nicest person Iโve ever met in politics. As good a man as God ever created.โ
That is the Senator Graham I will remember today. Not because I have forgotten what came after. Because in that memory there is hope. Hope for a country where brothers can fight like hell over policy and still share a meal, and a laugh, and the loss of the people they love.
I will choose to remember the time before Trump. Because I believe in an America after Trump.
Had a very interesting talk w/ a good friend about wealth in LA.
I scratch my head - all the time - thinking about how so many people can afford to go to Dodgers games, eat at nice restaurants, fly to Cabo for the weekend, etc. Let alone buy a $2, 3 or 5 mm home in WLA, Manhattan Beach, even the Valley.
We talked about the usual "there's a lot of money in LA" bit. Yea, I get it, but that much?? Even w/ Hollywood vaporized the way it's been?
Then we talked about spending. This is a city that exemplifies living beyond your means. It's always been insanely image-conscious, and that leads to a lot of money-vapor. Yes, they're driving a Bentley, but they're mortgaged to their eyeballs and are one health issue away from BK (literally).
We also talked about the influencer crowd. A lot of youtubers, apparently, buying $5 mm homes in Encino, Sherman Oaks, etc. This is an entirely new phenomena that's picked up over the past five years, and it's real. How sustainable, I don't know.
Then we talked about crises. The reality is, apart from Covid (which was such a bizarre downturn), a lot of folks have zero idea what a real financial shock looks like. My buddy and I spoke about one Sunday night during the GFC. He called me as he was packing up his boxes at Lehman - having just come from the restroom where two MDs were barfing in stalls after being wiped out by the BK. That sh|t is SERIOUSLY traumatizing and never really leaves you. When you see how quickly 'wealth' can evaporate, it changes you (wealth in air-quotes because you can argue if it was real wealth in the first place). IMPORTANT DISCLAIMER: I think the market for young folks is brutal in so many ways now - they're in the early innings of what may end up being the worst financial crisis of all.
Then we talked about something I hadn't really considered. Family money. The number of people - even very high earners in their 30s and even 40s - are being propped up by their parents. Parents paying off student loans, gifting down payments on a home, funding a grandkid's college fund, paying for family vacations, etc. There's a lot more of that going on than I realize, and I get it. I have ZERO idea how a kid can expect to buy a home anywhere near LA in this environment, barring some sort of jackpot win (or YouTube success). It's just a different world, and I think parents supporting their kids far longer than in the past is the modern equivalent of multi-family households. I remember a colleague at DLJ telling me in 2001 that he had just bought a second single family home in his neighborhood in Palos Verdes. Was planning to rent it until his kids were old enough and needed a house. He called it perfectly - if he didn't do it, it was unlikely his kids would be able to by the time they got older. He was a brilliant guy - I think he ended up buying A LOT more SFHs over the years and has built a bit of an empire for himself.
Finally, despite the insane politics, the economic issues, etc., the weather will always make LA a desired destination. Whenever I have to hit NYC in February, I remember why I love LA so much.