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Do rich artists make bad art? “When you become as rich as [Warhol or Dali], being as rich as this becomes your story. If you don’t make art about being a multimillionaire, you are being dishonest. If you do, you can hardly claim the universality of great art.” (via rw)
People are changing how they spend their money, opting for buying experiences rather than things. “Just as we moved from a goods to a service economy, now we are shifting from a service to an experience economy.” (thx, malatron)
Larry Ellison spends tens of millions of dollars in borrowed money every year, which is worrying his accountant, who wants him to diversify by selling some of his Oracle stock.
Phil Greenspun on retiring young. “Retirement forces you to stop thinking that it is your job that holds you back. For most people the depressing truth is that they aren’t that organized, disciplined, or motivated.”
In 2005, 34 poker players earned $1 million playing tournaments, compared to 78 golfers earning the same playing their sport.
The Del Monte Note is a $20 bill with a Del Monte banana sticker that was affixed to it during the printing process so that the serial number and Treasury seal are partially printed on the sticker. “In the summer of 2004 a college student in Ohio received it as part of an ATM withdrawal and shortly there after posted it on eBay where it sold to the highest of 12 bids.”
If you want to sell your web startup, don’t take that much money from VCs or bootstrap the whole thing yourself. Too much money invested means that no one wants to buy your company for what your VCs require you to sell it for…especially if your business has limited prospects to begin with.
We’ve arrived safely in Vietnam. Saigon is by far the most European stop on our trip, which makes sense because Thailand was never colonized by a European power[1] and Hong Kong was British and therefore not European[2]. There are cafes, French restaurants, European architecture, public spaces like squares and parks, etc. It feels like Europe here.
And there are a lot of dongs here. The Vietnamese currency is the dong[3]. Our hotel is just off of Dong Khoi. I’ve seen several restaurants and shops with “Dong” in the name. Beavis and Butthead would love it here; I myself have been making culturally insensitive jokes pertaining to the currency and my pants pocket all afternoon.
[1] The only SE Asian country never to have been so colonized.
[2] Hello, angry Brits! Of course you’re European, but you know what I mean. For starters, you’ve got your own breakfast, as opposed to the continental.
[3] The 50,000 & 100,000 dong notes are plastic and see-through in a couple spots. US currency is so not cool.
New feature from Bank of America: Keep the Change. When you use your bank card, you can have your charges rounded up to the nearest dollar and the difference automatically deposited into your savings account. I think this is the first neat thing I’ve ever seen a bank do. (via coudal)
James Surowiecki on insider trading and members of Congress. From 1993-1998, “senators beat the market, on average, by twelve per cent annually”. Here’s a piece on the same study from the FT early last year.
From a Washington Post article about google.org, Google’s philanthropic effort:
Shareholder activists said Google’s charitable commitment raises questions about whether this is an appropriate use of company cash or whether company founders Sergey Brin and Larry Page ought to make donations to their favorite causes personally. The foundation of Bill Gates, the founder and chairman of Microsoft Corp. and the nation’s richest person according to Forbes, gave away more than a billion dollars last year to fight poverty, hunger and disease around the world. But Gates donates through a personal foundation, rather than through Microsoft itself.
“The board of directors should make it clear to the company’s founders what should be personal and what should be corporate,” said Patrick S. McGurn, special counsel to Institutional Shareholder Services Inc. “Google is spending shareholders’ money, and it raises questions if there is not a valid corporate purpose.”
Shareholder activists? You’ve got to be kidding me. You’d think that stock shareholders are a bunch of babies that need their noses wiped and hands held to go potty or something. If you don’t want to support Google’s philanthropic efforts and think that they’re throwing your money away by doing so, there’s an easy way to opt out: DON’T BUY GOOGLE STOCK. It’s a free country and open market…vote with your money on what you think is a “valid corporate purpose”. There are thousands of other companies to invest in that are doing other things, many of which operate exactly the same…nice and safe and by the book. The information on what these companies are doing with their shareholders’ money is freely available…get informed about what you’re buying. Given their P/E ratio, unique corporate approach, and incredible rate of growth, Google might just be the riskiest large-cap stock opportunity out there, but the potential upside (as well as the downside) is a lot greater than all of those companies playing it safe. As long as it’s stated (and I believe Google certainly has made their views very clear), risk isn’t something from which shareholders should be warned away.
Spam Stock Tracker tracked a bunch of penny stocks hyped by spammers to see how you would do if you bought them. Looks like a ~50% loss since May.
The new $10 bill ain’t too attractive. Why can’t we have nice things?
Update on the Million Dollar Homepage…it’s actually starting to fill up. He’s sold almost $100,000 worth of space so far. This is beginning to look like an absolutely brilliant idea.
Fun speculation that the purpose of Google’s big stock sale is to grease the skids for their entrance into the S&P 500. Lots of new people buy the stock of a company just added to the index and the stock sale would make that inventory available. (Or do they need money to buy Skype? Or are Google execs getting jittery about being in a bubble and want to cash in?)
Supernotes are high quality fake US dollars printed on the same printing presses that the US government uses to make money.
God and Satan, as investors mind you, are both beating the broader market over the past few years.
Venture capitalist Howard Anderson on why he’s leaving the VC game. Rational markets and an over-supply of technology are two of his reasons.
Daniel Gross on why the financial markets reacted to the London bombings as they did. Stocks dropped (but not too much), oil fell sharply, and transportation and insurance stocks took a bigger hit than most.
The shape of a mobile world. The main purpose of the Personal World Map is to give awareness of your actual position in the world in relation to other places by taking into account the “effort” you need to get to a certain destination.
Money Magazine on the 50 smartest things you can do with your money. Also includes a list of 15 dumb things to avoid.
Presentation: how to make a million dollars. “In America, starting a successful business is the surest, most controllable path available to you for making a million dollars”.
On Silicon Valley’s super-rich but not rich enough serial entrepreneurs.
Keith Chen is doing economic research with monkeys; teaching them how money works. “When taught to use money, a group of capuchin monkeys responded quite rationally to simple incentives; responded irrationally to risky gambles; failed to save; stole when they could; used money for food and, on occasion, sex.”
On shopping cart coin replacement things. The plastic coin replacement thingie is a “perpetually reusable currency for the shopping cart leasing market.”
Lauren Greenfield photo series documenting the beauty regimes of 6 New York women. “Some women spend $1700 monthly on beauty, more than many women pay for rent. Does spending more mean looking better?”
Michael Lewis is one of my favorite authors. He’s not the smartest or the most clever writer but he weaves deceptively simple stories into larger statements on society and humanity with a skill possessed by very few people doing creative work in any field. I haven’t gotten around to reading Moneyball yet, but Liar’s Poker is probably his strongest work. It’s as hard to put down as any fiction. Great book.
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