Done For The Day -- Will Be Back Later Tonight -- CNBC Is Re-Running Interviews From Yesterday -- May 8, 2024

Locator: 47095B. 

Good luck to all. 

But before I go, let's look at tech:

• NVDA: down 0.71%
• AMD: down 0.86%
• MU: down 0.45%
• INTC: down 2.99%
• QCOM: down 0.4%
• AVGO: up 1.53%

And then music, fashion, and health:

• AAPL: up 0.063%

Bill Baruch just bought more AAPL.  Also bought more AMGN. Whoo-hoo!

AMGN: up 0.98%.

SRE: Wow, I missed this. Climbing the wall of worry. Up 1.34% today. Trading at $75. Not long ago it was trading for $66 (April 16, 2024). Are you kidding me? $66 less than a month ago? Now trending to break through $75. I can take Sophia shopping tonight. LOL.

Reminder: I am inappropriately exuberant about the US economy and the US market, I am also inappropriately exuberant about all things Apple.

See disclaimer. This is not an investment site.

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. 

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. Reminder: I am inappropriately exuberant about the US economy and the US market, I am also inappropriately exuberant about all things Apple.

Economy on fire! GDPNow! Link here. 4.2! Was 3.3 on May 2, 2024.

I just don't get it. CNBC talking heads seem more interested in a rate cut (LOL) than a booming economy. Give me that binary choice, and it's a booming economy every time.

Longest, most spectacular bull market in history.

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The Book Page

From A History Of The Jews In America, Howard M. Sachar, 1993, pp. 336- 337.

Like Macy's, Sears Roebuck was not founded by Jews ... Richard Sears sold a $75,000 half-interest in his company to Aaron Nusbaum -- of ice-cream concession fame at the 1893 Chicago World's Columbian Exposition  -- to hedge his investment, Nusbaum in turn sold half his interest to a brother-in-law, Julius Rosenwald ... the son of a Westphalian immigrant who had graduated from peddler to clothing-store proprietor ... 

... when Richard Sears retired in 1908, Rosenwald, as company chairman, moved vigorously to open scores of retail outlets .. propelled Sears into first place among the nation's mass-merchandising operations .. financial integrity ... the name Sesars Roebuck had become perhaps the most respected in American retail business.

From Otto Kahn to Simon Guggenheim to Albert Lasker these financially successful Central European Jews turned almost instinctively to philanthropy as the appropriate expression of their gratitude to the American people.

Yet no Jewish millionaire quite matched the record of Julius Rosenwald, either in munificence or sheer breadth of social compassion.

Deeply moved by Booker T. Washington's autobiography, Up from Slavery, Rosenwald determined to contribute a major portion of his resources to black education.

In accordance with his "seed-corn" approach, he offered to donate half the cost of a new school for blacks to any southern community whose citizens would raise the other half. The inducement worked. Private citizens and 83 county governments in 15 southern states ultimately shared with Rosenwald the costs of constructing 5,347 black schools and colleges. 

Other projects of Rosenwald's included research and experimental medical programs for middle-class patients.

Form the clinics he established at the University of Chicago emerged the Blue Cross health-insurance program. 

Interspersed withRosenwald's social-welfare undrtakings were occasional bloc gifts to the city of Chicago, the Universitiy of Chicago, the Chicago Hebrew Institute, the Zionist agricultural experiment station in Athlit, Palestine, and fully $3.6 million contributed to the Joint Distribution Committee, including the JDC's Agro-Joint program in the Soviet Union. 

Not least of all, at Rosenwald's instructions, the entirety of this $70-mlllion charity foundation was expended within twenty-five years of his death. It was twic the amount he had left his own family.

And then, a few pages later, post WWII, "from Cold War to belle epoque" -- page 641 ...

The wealth of the German-Jewish veterans no longer shimmered in pristine inaccessibility.

Neither any longer did it dominate as wide a spectrum of the American-Jewish economy.

By the 1950s, German-Jewish leadership remained primus inter pares only in its traditional sectors of investment banking and department-store merchandising.

In the former, most notably, that influence continued pre-eminent at least for two decades.

Lehman Brothers had burgeoned out as a leading Wall Street power after it joined with Goldman, Sachs in its renowned public offering for the  Sears, Roebuck company (owned by Sachs' cousin-in-law Julius Rosenwald).

Afterward the two banking houses jointly underwrote a series of venture companies that became household words, including Woolworth, Continental Can, and Studebaker.

Althoug the formal relationship between Goldman, Sachs and Lehman Brothers ended in the late 1920s, each house continued to flourish on its own.

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Commentary

It should not escape the reader that overlaying the "Jewish American story" with the "longest, most spectacular bull market in history" morphs into the Warren Buffett playbook. Period. Dot.

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It's Already Begun