Lessons from Apple / Buffett and Munger comments and articles / TikTok Ban Signed in Montana / Before His Killing, Tech Executive Bob Lee Led an Underground Life of Sex and Drugs
1) Last week, I noted the 26th and 11th anniversaries of the IPOs of Amazon (AMZN) and Meta Platforms (META), respectively.
So in that spirit of looking back, I'd like to share this Twitter thread by a "semi-retired hedge fund founder" about how almost all investors missed Apple (AAPL) after it launched the iPhone:
Apple was my worst whiff ever – I owned it at $0.35 (split-adjusted) in 2000, and then sold it!
2) Here are some links from the Berkshire Hathaway annual meeting that I neglected to share earlier:
Charlie Munger on U.S-China tensions: Both sides are equally 'guilty of being stupid'
Warren Buffett on Paramount: It's never good when a company cuts dividend dramatically
And here are three articles of interest about Buffett:
Warren Buffett's Formula for Success: One Good Decision Every Five Years
Warren Buffett Has a History With Banks—as a Critic and Investor
3) This is great news – now let's hope the courts don't overturn it and the rest of the country soon follows suit! TikTok Ban Signed in Montana. Excerpt:
Montana's governor signed the country's first bill that outright bans TikTok, paving the way for a legal fight that could determine the fate of a nationwide prohibition that is under consideration in Washington.
Republican Gov. Greg Gianforte on Wednesday signed the bill into law after Montana's legislature passed it last month. The legislation drew criticism from Chinese-owned TikTok and free-speech advocates including the American Civil Liberties Union.
The Montana ban is set to go into effect on Jan. 1. Any legal challenge, though, could trigger an injunction to delay the ban's start date.
The law would bar TikTok from operating within the Treasure State, and would also forbid app stores, such as Google's and Apple's, from making TikTok available to download within Montana.
4) I didn't think anything could match the crazy story surrounding the tragic death of Zappos founder Tony Hsieh (see my December 30, 2020 and April 27 dailies), but this may well top it: Before His Killing, Tech Executive Bob Lee Led an Underground Life of Sex and Drugs. Excerpt:
In certain wealthy tech circles it is known as "The Lifestyle," an underground party scene featuring recreational drug use and casual sex.
A successful tech executive named Bob Lee liked to hang out with that crowd, according to people who also participated. So, too, did Khazar Momeni, the wife of a prominent plastic surgeon, these people said.
On the afternoon of April 3, a Monday, the partying took a dark turn. According to San Francisco prosecutors, Ms. Momeni's older brother confronted Mr. Lee about her. Was she taking drugs or doing anything inappropriate, he wanted to know. Hours later the brother, Nima Momeni, stabbed Mr. Lee with a kitchen knife and left him to bleed out in the street, prosecutors alleged. Mr. Momeni, who was arrested on suspicion of murder, is being held without bail. He plans to plead not guilty, his attorney said.
Mr. Lee's death has transfixed San Francisco. At first viewed by critics including Elon Musk as a symbol of the city's increasing street violence, the episode instead laid bare risk-taking behavior in the upper reaches of Bay Area society, fueled by cocaine and designer drugs.
Libertine though it might seem, the party scene is governed by an unwritten code of conduct, said Devon Meyers, a friend of Mr. Lee who saw him a few days before he died. "There is still an understanding of consent and boundaries," he said, adding that, if someone gets drunk and handsy, "they get excommunicated very quickly."
5) We just got Rosie (the Wonder Dog) groomed – doesn't she look beautiful?!
The front page of the Wall Street Journal last week had a story about the cost of getting doodles groomed, if you can even get an appointment: That Goldendoodle Has a More Expensive Haircut Than You Do. Excerpt:
As poodle mixes have exploded in popularity, so too have the headaches and bills for their owners. Beloved partly for their low-shedding, humanlike hair, dogs such as goldendoodles, Bernedoodles and cockapoos require a lot of maintenance. Owners say the pandemic dog boom has made appointments scarce as well as expensive.
"Owners tell us all the time that 'I don't even pay this much for my haircut,' but imagine if a person is washing you and doing your nails. It all adds up," says Joshua White, co-owner of Dogue Spa in West Hollywood, where Ms. Claire is a client. Grooming for "high-maintenance" doodles costs between $125 and $230, compared with $115 to $185 for all other breeds, he says.
We don't have trouble getting a grooming appointment for Rosie a few days in advance, but we paid $180 plus tip. I used to think that was an outrage, but after reading the article, maybe it's a bargain! Fortunately, she only needs it every few months, and Susan takes care of Phoebe (the Wonder Pup) by cutting her fur in our kitchen sink. Here she is giving our little Muppet a bath...
