Jared King

Live life to the fullest!

[Jared King @Jared1King]

@RonDodson Another take are big tech companies now supposed to act as parent to our kids versus parents actually taking responsibility for how their kids interact with social media?

[Joe Concha @JoeConchaTV]

@RickSantelli is retiring. And one can make the argument that this was his greatest moment ever in putting the pious @andrewrsorkin completely in his place over lockdowns.

Looking back now, who do you think was right at the time?

[ludoonchart @ludoonchart]

David Einhorn says the hedge fund industry is only about $2.5-3 trillion while mutual funds are more than 10x larger - and as trillions moved from active managers into passive funds, he thinks value investing got effectively wiped out: “the value investing industry... is defeated, so to speak”

this is him explaining why cheap stocks can now stay cheap for years. the investors who used to buy them got redeemed, research teams disappeared, and index flows kept pushing more money toward the biggest and most expensive companies instead

Einhorn says Greenlight had to adapt by going from paying 10–11x earnings for undervalued companies to looking for stocks at 4–5x earnings with 15–20% cash-flow yields and aggressive buybacks - because he can no longer assume another active manager will eventually show up and rerate the stock

full interview below

[Lukas Ekwueme @ekwufinance]

Bessent must be furious...

Warsh’s speech sent the yen straight back toward 160.

It also highlights another reason Warsh can’t hike rates:

Higher US rates would strengthen the dollar and push the yen even lower.

That would increase pressure on the BoJ to sell USTs to defend the yen, forcing the Fed to print dollars to absorb the selling.

The Fed is trapped and can’t effectively fight inflation.

We all don’t own enough hard assets.

[Carolyn Rockey @CarolynWRockey]

1976. Gainesville, Florida, to Los Angeles.
Tom Petty is 25 years old. He just landed a record deal for his band, the Heartbreakers.
He is thrilled. He signs everything put in front of him.
Buried in the fine print, he signs away his songwriting and publishing rights. The price: just $10,000.
He does not realize what he has given up. Not yet.
1976–1978.
The band's debut album lands with barely a ripple in America. Then "Breakdown" becomes a hit in Britain.
It gets re-released in the US. It finally catches fire.
A second album, "You're Gonna Get It!," goes gold.
Petty is now a rising star. On paper, at least.
In reality, he has almost nothing to show for it financially.
1979. Los Angeles.
Petty's label, Shelter Records, gets sold to industry giant MCA.
Nobody asks Petty how he feels about it.
He refuses to go along quietly. He says he will not be "bought and sold like a piece of meat."
MCA disagrees. MCA and Shelter both sue him for breach of contract.
Petty keeps recording anyway. He pays for the sessions himself.
He racks up over $500,000 in studio costs, out of his own pocket.
Then he refuses to hand the tapes over.
He has one of his guitar techs hide them. Nobody at MCA can find the masters.
Here's what makes it worse:
Petty has almost no leverage. He is one guy against a major label with lawyers on retainer.
His debts pile up: $576,638 owed, against just $56,845 in assets.
He could lose everything. His music. His band. His name on his own record.
So he does something almost unheard of for a rock star.
May 23, 1979.
Tom Petty files for Chapter 11 bankruptcy.
It is not a financial collapse. It is a calculated legal weapon.
Bankruptcy court can void unfair contracts. Petty is betting his career on that single fact.
He later explains his math simply: no matter how hard he worked, the people who trapped him in that contract would always profit far more than he did.
MCA is stunned. They did not expect this.
The label fears other artists will copy the move next.
Within months, MCA folds. They release Petty from the old contract.
Then they turn around and sign him to a brand-new $3 million deal. A label built just for him, called Backstreet Records.
He finally gets his publishing rights back too.
1979. "Damn the Torpedoes."
The album he fought so hard to protect is released. It goes double platinum.
Petty is now a certified superstar.
1981. "Hard Promises."
MCA is ready to cash in. The label wants to raise the album's price from $8.98 to $9.98.
They call it "superstar pricing." One extra dollar, aimed squarely at Petty's new fame.
Petty says no. Flatly, no.
MCA had promised him $8.98 from the start. Now they are quietly changing the deal.
Minimum wage, at the time, is $3.35 an hour. A dollar is not nothing to his fans.
He threatens to withhold the album completely. He even jokes about naming it "$8.98," just to make his point impossible to miss.
"If we don't take a stand," he says, "records are going to be $20."
MCA blinks first, again.
They agree to release "Hard Promises" at the original $8.98 price.
Petty gets the last word anyway. The album cover shows him standing in a record store, right in front of a bin of albums priced at $8.98.
Years later.
Petty's bankruptcy strategy does not stay a one-time trick. Other artists study it, and some later use versions of it themselves to escape crushing label debt.
He is inducted into the Rock and Roll Hall of Fame in 2002.
He goes on to sell more than 80 million records worldwide.
He never becomes known as a lawsuit-happy troublemaker. He becomes known as the guy who simply refused to be pushed around.
Tom Petty dies on October 2, 2017, at age 66.
Decades later, artists still cite his fights with MCA when they talk about who really controls a record, a song, or a price tag.
A 25-year-old with no leverage stood his ground anyway. The industry eventually had to meet him there.

~Old Photo Club

[Daniel Hannan @DanielJHannan]

An apt day to remember that Dolly Parton once recorded a cover of Stairway to Heaven - and, in defiance of every moral law in the universe, she absolutely owned it.

[Jared King @Jared1King]

@RonDodson Truly

[Brad Powers @BradPowers7]

Dolly Parton and Kenny Rogers singing a song written by Bob Seger.

Definition of American exceptionalism!

[Jared King @Jared1King]

@RonDodson This anti business sentiment is disturbing

[Jared King @Jared1King]

Embarrassing

[Jared King @Jared1King]

@mcuban @BillAckman This is your Democrat Socialist Party Mark.

[Jared King @Jared1King]

Wow

[Jared King @Jared1King]

@girdley Their prices have gone so high you have question the viability of fiber board furniture vs shopping used on facebook marketplace.

[Jared King @Jared1King]

@rhylanrowe Too many Olivias!

[Jared King @Jared1King]

@gggtx So if you break the law for more than seven years, you should be forgiven?

[Jared King @Jared1King]

@mitchellvii Wow

[Jared King @Jared1King]

Bill is spot on

[Jared King @Jared1King]

Colbert is a fool; meanwhile Jon is spot on!

[Jared King @Jared1King]

@RonDodson Needs to be charged with crimes against humanity!

[Jared King @Jared1King]

@cava For years I would ask for a tiny amount of olive oil as dressing but now your restaurant refuses... Very disappointing.. #cava