toddstrade

Trading. Know (and trade) YOUR time frame. Market analysis and strategy. Oenophile.

[Peter Girnus 🦅 @gothburz]

I am the Chairman and CEO of Vornado Realty Trust. Eighty-four years old. Seven buildings in Midtown Manhattan. I said what I said.

I said "tax the rich" is the equivalent of a racial slur. I said it at REBNY. Into the microphone. Eight hundred people. Median net worth in that room was north of $240 million, I know because our CFO ran the guest list through a Bloomberg terminal as a joke, and then it wasn't a joke. And when I said it, twelve people applauded. The rest nodded. One woman in the third row mouthed, "Finally." I saw her.

Sharon, my communications advisor, Columbia, $430,000 a year, very bright, Sharon wants me to walk it back. She drafted something. "Mr. Roth's comments were intended to highlight the emotional impact of political rhetoric on business communities." I read it. I put it in the trash can on my desk. Not the recycling. The trash. Here's my clarification: I understated it.

"Tax the rich" is worse than a slur. A slur is just a word. It doesn't come with a CBO score. Nobody is introducing a bill called the Racial Slur Implementation Act of 2026. But there are seventeen active proposals in Congress, I had Sharon count them, seventeen proposals designed to take more of my money. My money. Mine. Money I acquired by being better at acquiring Manhattan commercial real estate than anyone alive for four consecutive decades. That is not a crime. That is a record.

I pay property taxes on $18.2 billion in assessed assets. $412 million a year. Say it again: four hundred and twelve million. I carry that number. It's the first thing I think about when I see a protest sign. I think: I pay more in property tax than the entire annual budget of the city of Fort Lauderdale. I looked this up. Fort Lauderdale: $408 million. Steve Roth: $412 million. I am a small city. And the city doesn't get screamed at.

My effective tax rate last year was 11.4 percent. I say this because I believe in transparency and because I'm not ashamed of it. The rate reflects the legal structure of real estate investment trusts, depreciation schedules Congress established in 1986, and carried interest provisions that both parties have voted to preserve for forty years. I did not write these laws. I organized my entire financial existence around them with the help of nine full-time tax professionals who have offices on the 38th floor of 888 Seventh Avenue, which I also own. Their office is in my building. Their work protects my buildings. This is not a loophole. Sharon calls it a loophole. I've told her: a structure maintained by nine attorneys across four decades is not a loophole. A loophole is something you slip through once. This is architecture. This is the foundation. This is the building.

Last Tuesday, same as every Tuesday, I walked past 1290 Sixth Avenue. My building. And there was a man. Same man as last week. Same sign: "Billionaires Pay Your Fair Share." He was standing on my sidewalk. My literal sidewalk — my company owns the ground lease. He was maybe thirty. He was wearing a jacket I would estimate cost $60. My lunch that day was $114. For one. I am telling you this not to boast but because these are facts. He has decided I'm his enemy. Based on a number he saw on a Forbes list. He doesn't know what I pay. He doesn't know what my buildings cost this city in construction jobs and lease revenue and foot traffic. He knows one number. He has made one judgment.

I see him every Tuesday. I've started to notice things. He brings coffee from the cart, not the Starbucks. He has a backpack that looks heavy. He doesn't look unhealthy. He looks like he probably works somewhere, but not on Tuesdays. I've wondered: does he have a job? Does he have a building? Does he have anything that depends on him the way 4,200 employees depend on me? I suspect not. And yet he has opinions about my tax rate.

I gave $22 million to charity last year. The Met. NYU Langone. Mount Sinai. I gave a building to NYU. Not money for a building — a building. The Steven Roth Residence Hall. It houses 400 students. That man with the sign has never housed 400 students. He hasn't housed one. He gives cardboard. I give structures. This is not a comparison I'm making to flatter myself. It's just arithmetic.

When I said what I said at REBNY, I was saying what every person in that room believes and none of them will say publicly because they have communications advisors and the communications advisors all went to Columbia and they all say "unhelpful." I'm eighty-four. I'm too old for helpful. I'm too old to perform restraint for people who hate me for something I can't change.

I didn't choose to be rich. I chose to be good at one thing for a very long time, and this is what happened. You don't punish someone for that. You don't legislate against someone for that.

My net worth fluctuates between $3.8 and $4.1 billion depending on the quarter. I fluctuate more in a fiscal week than that man on my sidewalk will earn in his life. Both of these are facts. Only one of them is considered polite to say.

They want me to apologize.

I'll be dead in ten years. Twenty if I'm lucky. And they'll still be renting my buildings.

[April Color @ColorApril]

"Come on, Jose, come on!” There’s no doubt about it. Charging down the stretch Golden Tempo knew exactly whose voice cut through the roar of 150,000 people. Golden Tempo’s trainer Cherie DeVaux, the first woman trainer to win the Derby in its 152 Yr history. Odds 23-1 Pure joy 🐎

[toddstrade @toddstrade]

@ColorApril Chills. Awesome. Pure.

[toddstrade @toddstrade]

I have no idea what’s going on.

[unusual_whales @unusual_whales]

BREAKING: The SEC has reportedly eliminated the Pattern Day Trader rule, replacing it with a new intraday margin system.

The requirement to maintain a $25,000 balance to engage in day trading is being scrapped.

[Dr. Clown, PhD @DrClownPhD]

Chuck Norris is the main character in every movie.

[caio temer @canalCCore2]

Dezenas de pescadores acabam perdendo partes do corpo por causa do peixe-lobo. Isso porque muita gente não imagina que, mesmo depois de "morto" e sem corpo, ele ainda é capaz de fazer isso.

[The Rundown AI @TheRundownAI]

69% of baseball fans say they'd rather have a computer vision AI system call balls and strikes than a human umpire.

This season, the MLB gave them one.

For the first time in league history, a human ump's ball-strike call is not final. A Sony computer vision system called Hawk-Eye makes the ruling.

It can read the seam pattern on the ball, measure spin axis, and detect spin decay mid-flight.

Hawk-Eye's Head of Computer Vision Engineering says the pipeline runs "various AI and machine learning models" from camera capture to data output.

On Saturday, one umpire had 6 of 8 challenged calls overturned. Three of those missed by over 2 inches.

The team ran out of challenges by the fourth inning trying to correct him, then the manager got thrown out for arguing a call they couldn't challenge.

An AI computer vision system accurate to a sixth of an inch, sitting next to a human who misses by two.

The crowd cheered for the machine.

[Dom Lucre | Breaker of Narratives @dom_lucre]

🔥🚨DEVELOPING: A robot employee in China randomly started destroying dishes at his job and immediately started dancing when he got caught.

https://t.co/aoA3vUfrWe

[truthache @truthache68]

The Scriptures in jazz. A chill vibe. I am listening to their spin on the Book of Isaiah. It is a good reset for the mind, body, and soul. Stay anchored.

🎧 YouTube, Spotify, and Apple Music
🔎 Reavo

[toddstrade @toddstrade]

@BowTiedMara Long Cohiba 💨

[H*****Z @Hz___143]

We had to listen to a missing 80 year old woman for weeks every day. But nothing for the children. Thank you President Trump!!

This should be on the TV

[toddstrade @toddstrade]

@DanCollins2011 @StuOnGold What’d you smoke?

[toddstrade @toddstrade]

End times. #ChristisKing

[S p r i n t e r @SprinterPress]

In Israel, a bill has been submitted to the Knesset that could criminalize public speech about Jesus Christ.

The proposal was submitted by coalition lawmakers Moshé Gafni and Yaakov Asher. According to the draft, it would be prohibited to publish or distribute content that "supports Jesus" on the internet, in the media, or via email.

[Benny Johnson @bennyjohnson]

INCREDIBLE: American Nathan Martin comes out of NOWHERE to beat Kenyan by 00.01 seconds in the LA Marathon — closest finish ever.

“I could see the leader and with 800 meters to go, I was thinking, ‘I’m catching him.’”

He finished 2h 11m 16.50s

PATRIOT🇺🇸

[toddstrade @toddstrade]

@shanaka86 @TechCharts “Three words that mean: we cannot deliver, and legally, we do not have to.”
Wait. What are the three words?? 🤔

[toddstrade @toddstrade]

Does GC tag new highs?

[Ève @JemappelleEve]

If we’re being honest the baby eaters weren’t exactly being subtle were they

[toddstrade @toddstrade]

90%!? I had no idea 🤯

[Wall Street Mav @WallStreetMav]

90% of Canadians live along the border with the United States. 75% of their exports are to the USA.

Then their leadership says ridiculous things like:

“We don’t need the USA, we can do trade deals with China instead.

[Dustin Grage @GrageDustin]

This new Tim Walz ad goes hard.

Come for the learing, stay because you were carjacked.