Jeremy

[Jeremy @ToastyLocust]

@teddyreals @algllgh

[Jeremy @ToastyLocust]

@BugleBoyRIP @breakoutcards_ Sorry, but Billy was sold.

[Jeremy @ToastyLocust]

@KentMurphy The helmet with jacked up padding inside got used last, and you were forced to wear it when batting with the bases loaded.

[Thierry from arvy 🇨🇭 @ThierryBorgeat]

Imagine you spent 40 years doing the boring, responsible thing.

You opened a 401k at 23. You contributed every paycheck. You ignored the noise. You bought the index because Bogle told you to, because Buffett told you to, because every honest piece of financial advice for 30 years told you the index was the safest, most diversified, most rules-based way to own America.

The whole point was the rules.

The rules said: a company must trade for 12 months before joining the S&P 500. The rules said: it must show four consecutive quarters of GAAP profitability. The rules existed because in 1999 the index quietly bought a lot of stocks at the top, and pensioners paid the bill.

After the dot-com crash, S&P tightened the rules. Nasdaq tightened the rules. FTSE Russell tightened the rules.

For 23 years, those rules held.

Then SpaceX filed for IPO.

And the rules changed.

The S&P 500 waived the profitability requirement. Nasdaq cut its trading-history window from 90 days to 15. FTSE Russell cut its to 5.

Bloomberg Intelligence estimates the major index funds will absorb between 19% and 24% of SpaceX's float within six months. That's over $30 trillion of passive 401k and retirement money, mechanically buying a single newly public company at IPO valuations, because the rules said they had to.

Except the rules used to say they didn't.

Here's the thought exercise:

If you spend 40 years building a system designed to protect ordinary savers from buying overpriced stocks, and then you waive the protections the moment a sufficiently large stock asks you to, what was the system actually protecting?

Most of investing is about understanding what's a rule and what's a guideline.

A rule binds the rule-maker.

A guideline binds the saver.

You're allowed to find out which is which only after the fact.

[Jeremy @ToastyLocust]

@radiomancymuse @breakoutcards_ Still available. I’ll message you my info.

[Jeremy @ToastyLocust]

@WOWT6News Were there open dugouts? Or did it just hit the fence in front of the dugout?

[Jeremy @ToastyLocust]

@DarrenErickson @breakoutcards_ I sent you a message - send over payment if still interested.

[Jeremy @ToastyLocust]

@JunkWaxHero79 Congrats on your 1988 Donruss Mackey Sasser.

[Jeremy @ToastyLocust]

@CoreySeidman The Dodgers recent spending spree certainly had this negotiation in mind. If it's exorbitance and the resulting sentiment ends with them getting a cap, it'll have paid off 10X+.

[Jeremy @ToastyLocust]

@JermaineCurtis Aroldis would be throwing 119 mph now if they didn't lock him out.

[Jeremy @ToastyLocust]

@DarrenErickson @breakoutcards_ You got it.

[Jeremy @ToastyLocust]

@jeffwill67 @breakoutcards_ I’ll stay at listed prices. All are at the bottom of the market.

[Jeremy @ToastyLocust]

@wickedsportsri @breakoutcards_

[Jeremy @ToastyLocust]

@baxter40_22 Somehow Marsh and Bohm are among the league leaders in fewest pitchers per plate appearance, but not him. Maybe because they make contact?

[Jeremy @ToastyLocust]

@Detective51 @DaCardShop @CrdboyC Heck yeah!!

[Jeremy @ToastyLocust]

@Detective51 @DaCardShop @CrdboyC $28 shipped pwe?

[Jeremy @ToastyLocust]

@LittleGameBimmy @DaCardShop @JWed38918239 I’ll take 59 All Star

[Jeremy @ToastyLocust]

@HawkEmDownChris Lance Johnson