Yacht sinks:

• Living the dream. Anchored off Sicily coast in late summer. Storm sinks you in early morning. Dead.
• 15 people rescued, including 1 year old girl.
• 6 dead. 5 found in sunken boat.
• 184ft $35m yacht.
• 165 ft deep. In tact.

Investments and Markets

• Markets booming. year-to-date
  • S&P: 20%
  • Tech: 18%
  • Div: 14%
  • Bitcoin up 40%!
  • Netflix up 44%.

Netflix!

• All time high. $700.
• Jake Paul, Tyson, Squid. NFL.
• Excited for Wyatt Earp.

Mag 7:

• I can’t think of a reason to bet against any of these?
• Apple: all i use
• Microsoft: embedded in every corporation (redwood).
• Nvidia: Years ahead of competition.
• Meta: Open source AI.
• Google: Break it up! Worth more!
• Amazon: Only place I buy from.
• Tesla: Robot in my kitchen prepping my coffee and other beverages. (10 years).
  • Ford has said its EV business is on pace to lose about $5 billion this year. In the three-month period ended in June, the automaker lost about $44,000 on every electric vehicle that it sold.
  • is canceling plans for a large electric sport-utility vehicle and expects to take $1.9 billion in related special charges and write-downs, as automakers continue adjusting their EV plans because of softer-than-expected demand.

The AI Race:

Politics and Govt Policy

• Policies. Friedberg on Price fixing: https://www.youtube.com/watch?v=xA5B6quoahY
  • 1:06:35
• Biggest problem with both parties is excessive spending to please big money backers and constituents.
  • Milton Friedman on spending: Nobel Prize-winning economist: https://x.com/icannot_enough/status/1824411533671080335?s=51&t=YUkdoBz4yNifBaQlQUp3-g
• Where is Kamala.
• Obama at DMC speech. Pretty dynamic.
• Trump on Theo Von vs Trump on X-spaces with Elon. All in Podcast
  • Talked a lot about drugs and alcohol.
  • Trump has never smoked or drank alcohol. Pretty remarkable. Brotherly advice (me on the otherhand…)

Saving for your kids:

• Probably need $250,000. Rule of 7&7. $7000/yr at 7% over ~18 years.
• Roth IRA. Brokerage Account.

Retirement Strategies:

• My simplest rule is $5m. Why? Most people can live pretty good on that. 5% return, $250k/year.
• Age 45 have $1m. Double in 7 and again 7: at 60 you’re at $4m.
• Very stressful when you don’t have an income.

Recommendations:

• Work your ass off.
• Hit the gym every day; or at least break a sweat.
• Dinner with kids.