Notes From All Over -- Sunday Evening Edition -- May 2, 2021

Just a reminder -- the football game. Not looking good for NDSU: 17 - 7; midway through the second quarter. Unfortunately for North Dakota, it was a blowout, 34 - 21. And, it wasn't even that close.

Futures: US equity markets. Looking good. 

George Harrison: Greatest Hits 2018. Easy listening as we prepare for a trout dinner. 

The Buffett & Munger show: should get a lot of air time on CNBC tomorrow. One really has to listen closely to catch something that Buffett said. Munger was more direct. Buffett investing philosophy:

• in general, the folks playing at home should invest in the S&P 500; set it and forget it;
• guys like Buffett & Munger feel they can do better picking a few, and sticking with them
  

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

The Buffett & Munger show: I was disappointed in the questions that were asked by players at home. The questions generally fell into one of two categories: a) no originality; b) trivial.

One question in particular fell into both categories: why did Buffett sell the airlines when international air travel was halted in early 2020 due to the pandemic? That question has been asked a gazillion times and is thus "not original" and, in the extreme it is trivial. The question violates another cardinal rule for successful investors but I will lay that aside for now.

Everyone who is interested can do their own math. I started a spreadsheet as soon as this question came up back  in June, 2020. I've updated my spreadsheet periodically. From available public information, my spreadsheet shows the airline stocks that BRK sold are now worth $4.667 billion (April 30, 2021). The money from the sale of those airline stocks was invested elsewhere and is now worth $5.583 billion. In other words, even with the airline shares surging in the last few months, BRK is still ahead by almost $1 billion from that sale. I'll take that trade and won't ask questions.

Kentucky Derby: memories. In a park after dark, with the love of my life, back in 1973. Talking about Secretariat. Not sure how Secretariat came up in conversation. Neither of us followed horse racing. I guess that's how big Secretariat was at the time. From wiki:

At age two, Secretariat finished fourth in his 1972 debut in a maiden race, but then won seven of his remaining eight starts, including five stakes victories. His only loss during this period was in the Champagne Stakes, where he finished first but was disqualified to second for interference. 

He received the Eclipse Award for champion two-year-old colt, and also was the 1972 Horse of the Year, a rare honor for a horse so young. 

At age three, Secretariat not only won the Triple Crown, but he also set speed records in all three races. 

His time in the Kentucky Derby still stands as the Churchill Downs track record for 1+1⁄4 miles, and his time in the Belmont Stakes stands as the American record for 1+1⁄2 miles on the dirt. 

His controversial time in the Preakness Stakes was eventually recognized as a stakes record in 2012. 

Secretariat's win in the Gotham Stakes tied the track record for 1 mile, he set a world record in the Marlboro Cup at 1+1⁄8 miles and further proved his versatility by winning two major stakes races on turf. 

He lost three times that year: in the Wood Memorial, Whitney, and Woodward Stakes, but the brilliance of his nine wins made him an American icon. 

He won his second Horse of the Year title, plus Eclipse Awards for champion three-year-old colt and champion turf horse. 

Fast forward to yesterday. I caught the race but didn't blog about it. A reader sent me this note:

Did you watch the Kentucky Derby on NBC yesterday? Three  hours of horse racing at the track, then the derby race as the finale.

 

Fifty-thousand people were in the stands and in the infield. Most -- perhaps ninety percent -- were not wearing masks. The NBC camera crews and the reporters wore masks. The jockeys wore masks but only after the big event.

Everyone was scientifically-distanced, somewhere between two inches and twenty feet. Many had mint juleps as an internal body-washing fluid. Five-hundred-dollar dresses and  $300 hats.

God, I love America.

So, do I (love America). In Texas, it appears wearing one's mask around the neck is perceived as working as well as wearing it above the chin. Covering the nose? LOL. I still wear a mask upon entering any public building. It now feels second nature.

 

Covid-10: Speaking of social distancing and masks, I need to check the CDC data. Will do that shortly. Probably won't post. Later: I just checked the Sunday, May 2, 2021, data. Last Sunday, 3 million vaccinations given. This Sunday, today, 2.1 million vaccinations. Vaccine hesitancy. Ever since the "JNJ pause." Huge, huge mistake in  hindsight. The excuse for halting the vaccine is incredibly lame.

The roaring 20's: in The Great Gatsby there is a line,

“The buildings were higher, the parties were bigger, the morals were looser and the liquor was cheaper.” 

What a great line. One realizes what a great line it is when one hears it spoken in the movie. I happened to walk by a "garden party" this evening. It reminded me of that Gatsby line. My hunch is we're going to see something similar this summer in July, when NYC is "fully re-opened."