Barry Ritholtz is Chairman and CIO of Ritholtz Wealth Management, which has over $5 billion under its umbrella. Ritholtz also hosts the Bloomberg podcast "Masters in Business," as well as appearing on Bloomberg, CNBC and Fox Business on a regular basis. Barry has a new book, "How Not to Invest: The Ideas, Numbers and Behavior That Destroy Wealth—and How to Avoid Them." We discuss investing and so much more!
https://podcasts.apple.com/us/podcast/barry-ritholtz/id1316200737?i=1000702035214
https://open.spotify.com/episode/6KnwYxqv2Mgx7ovUL2y4QO?si=FhpIxF-BRcuB9hw4Ouy4XA
https://www.iheart.com/podcast/1119-the-bob-lefsetz-podcast-30806836/episode/barry-ritholtz-271665897/
https://music.amazon.com/podcasts/9ff4fb19-54d4-41ae-ae7a-8a6f8d3dafa8/episodes/6dc0a650-0820-483f-a307-c2722f6d0891/the-bob-lefsetz-podcast-barry-ritholtz
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Thursday, 3 April 2025
Wednesday, 2 April 2025
Tariffs
Let me be a Republican here...
WHY DO I HAVE TO PAY?
I'm a law-abiding citizen, I pay my bills and my taxes, why should I support exactly who by paying more for my goods?
Yes, that's the Republican ethos. Screw the takers. I earn my salary, I should pay few taxes and the government should be shrunk.
Not that I'm not pissed at the Democrats here... If I hear one more dyed-in-the-wool left wing baby boomer tell me that we need to bring manufacturing back to America... Yeah, and are you willing to pay $1000 for a flat screen?
We're addicted to cheap goods made in developing countries oftentimes where workers are underpaid. Sure, there are sweat shops, sure there are abuses, but the bottom line is people want these jobs, to advance their economic status. Whereas...
Good luck finding an Anglo cleaner in Los Angeles. Or a citizen to pick grapes. Because Americans don't want to do those jobs. They don't want to do back-breaking work for almost no money.
Of course the minimum wage should be raised, of course people should be able to afford food and shelter if they're working forty hours a week.
But adding tariffs to all these products...
Mexico didn't pay for the wall and the suppliers are not paying the tariffs... WE ARE! WHY?
I don't want to get into all this trade balance crap. Which Trump has overstated anyway, but do you know how many of your everyday products were made overseas? And if you try to make them in America, the cost is prohibitive. So...
I won't buy an American car. Period. Forget personal experience just check out the ratings in the annual auto issue of "Consumer Reports." Toyota wins the race, with its sister brand Lexus right along side. This is not the sixties, when you purchased a new car every two years. Cars are nearly prohibitively expensive these days. I've never purchased a used car, but the next one I buy probably will be. I don't want to pay the outrageous price and immediately be hit with that depreciation. I'll leave that for the truly wealthy and the poor who lease because that's the only way they can afford a new car, even though they're getting screwed financially, like with their credit cards.
My ski boots are made in Italy. Actually, Lange is an American company that was sold to the Europeans. Thank god I bought them at the beginning of the season, otherwise I'd have to pay three digits more for...nothing more. So Trump can bring back manufacturing to America that isn't going to come back?
Yes, I'll pay extra for a foreign car, because I'll save money in the long run. I'll pay the premium, because I want the best. Does Trump really think I'll settle for less?
And protectionist countries always fall behind economically. Their industries stagnate and frequently they meet their demise. Or else the government forces citizens to buy substandard products.
We live in a world economy, period. We're not going back, because it makes no sense. Some products are best built outside the home country.
And the retaliation?
Mark Zuckerberg kissed Trump's butt and now he's definitely going to get f*cked by the Europeans.
How to win friends and influence people.
I won't even mention the lack of tariffs on the Russians. I don't even recognize my country. It's like something out of a history book. We're just going to take Greenland? Sovereign nations and borders don't mean anything? What, does Trump think he's Napoleon?
And history tells us that the residents of these taken over countries may not get over it for CENTURIES! Why upset the world order?
Do I think Trump knows what he's doing?
Absolutely not. The truth is the less fortunate spend their entire paychecks staying alive, they've got no extra money. And now they're going to have to pay MORE? Not every product can be made in America. And not every foreign company is going to move here to make stuff. Not to mention stuff made overseas is oftentimes so much better.
Now I read the tariff news today, with the third term baked into Trump's pronouncement, and you know what my first instinct was? I GIVE UP!
Really it's the law firms. Everybody's entitled to a defense. And now you're afraid of Trump and giving the government free services (and I'm stunned how large these numbers are, evidencing that these law firms are making TONS of money).
And the educational institutions.
Everybody's being practical, saying they want to save their enterprise.
Where did this ethos come from? That's not how I was brought up. I was brought up that you do what is RIGHT! That you sacrifice everything for what is right.
But now our entire nation is afraid of speaking up. Did you read about that Mexican act that can no longer tour America? This is the kind of stuff that we read about in foreign countries and shook our heads, now it's HERE!
And if you read the above and blow back with some MAGA B.S...
The joke is on you. Because you're going to pay the tariffs just like I am. The benefit, if there even is one, is never going to float down to you. But for you to question your belief...
This is not sports. Rooting for the Red Sox or the Yankees. Arguing in bars. This is real life, these tariffs are going to affect you and me and to what benefit?
No one is standing up.
As for Cory Booker... A lot of good that did. You've got to hit these people where it hurts, like the 13% decline for Tesla. Everything comes down to money, and we're the ones who have it. Consumer spending is the lion's share of the economy. Despite these tech doofuses, these billionaires thinking they earned their wealth. Oh yeah? If we didn't buy your products you'd be NOWHERE!
But the public is too dumb and too uninformed to wake up and smell the coffee.
It ain't morning in America, it's closing in on midnight. You're going to wake up one day and realize how much this country has already lost, with all this insane downsizing, and you'll be paying more for all your products and it will be too late to do anything about it. And if you speak up, no one will rally to your defense, like the law firms sitting on the sidelines and refusing to defend Perkins Coie.
But you'll compete with other influencers for the last buck, listening to mindless drivel and getting drunk, happy that you're still alive.
Life is more than that.
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
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WHY DO I HAVE TO PAY?
I'm a law-abiding citizen, I pay my bills and my taxes, why should I support exactly who by paying more for my goods?
Yes, that's the Republican ethos. Screw the takers. I earn my salary, I should pay few taxes and the government should be shrunk.
Not that I'm not pissed at the Democrats here... If I hear one more dyed-in-the-wool left wing baby boomer tell me that we need to bring manufacturing back to America... Yeah, and are you willing to pay $1000 for a flat screen?
We're addicted to cheap goods made in developing countries oftentimes where workers are underpaid. Sure, there are sweat shops, sure there are abuses, but the bottom line is people want these jobs, to advance their economic status. Whereas...
Good luck finding an Anglo cleaner in Los Angeles. Or a citizen to pick grapes. Because Americans don't want to do those jobs. They don't want to do back-breaking work for almost no money.
Of course the minimum wage should be raised, of course people should be able to afford food and shelter if they're working forty hours a week.
But adding tariffs to all these products...
Mexico didn't pay for the wall and the suppliers are not paying the tariffs... WE ARE! WHY?
I don't want to get into all this trade balance crap. Which Trump has overstated anyway, but do you know how many of your everyday products were made overseas? And if you try to make them in America, the cost is prohibitive. So...
I won't buy an American car. Period. Forget personal experience just check out the ratings in the annual auto issue of "Consumer Reports." Toyota wins the race, with its sister brand Lexus right along side. This is not the sixties, when you purchased a new car every two years. Cars are nearly prohibitively expensive these days. I've never purchased a used car, but the next one I buy probably will be. I don't want to pay the outrageous price and immediately be hit with that depreciation. I'll leave that for the truly wealthy and the poor who lease because that's the only way they can afford a new car, even though they're getting screwed financially, like with their credit cards.
My ski boots are made in Italy. Actually, Lange is an American company that was sold to the Europeans. Thank god I bought them at the beginning of the season, otherwise I'd have to pay three digits more for...nothing more. So Trump can bring back manufacturing to America that isn't going to come back?
Yes, I'll pay extra for a foreign car, because I'll save money in the long run. I'll pay the premium, because I want the best. Does Trump really think I'll settle for less?
And protectionist countries always fall behind economically. Their industries stagnate and frequently they meet their demise. Or else the government forces citizens to buy substandard products.
We live in a world economy, period. We're not going back, because it makes no sense. Some products are best built outside the home country.
And the retaliation?
Mark Zuckerberg kissed Trump's butt and now he's definitely going to get f*cked by the Europeans.
How to win friends and influence people.
I won't even mention the lack of tariffs on the Russians. I don't even recognize my country. It's like something out of a history book. We're just going to take Greenland? Sovereign nations and borders don't mean anything? What, does Trump think he's Napoleon?
And history tells us that the residents of these taken over countries may not get over it for CENTURIES! Why upset the world order?
Do I think Trump knows what he's doing?
Absolutely not. The truth is the less fortunate spend their entire paychecks staying alive, they've got no extra money. And now they're going to have to pay MORE? Not every product can be made in America. And not every foreign company is going to move here to make stuff. Not to mention stuff made overseas is oftentimes so much better.
Now I read the tariff news today, with the third term baked into Trump's pronouncement, and you know what my first instinct was? I GIVE UP!
Really it's the law firms. Everybody's entitled to a defense. And now you're afraid of Trump and giving the government free services (and I'm stunned how large these numbers are, evidencing that these law firms are making TONS of money).
And the educational institutions.
Everybody's being practical, saying they want to save their enterprise.
Where did this ethos come from? That's not how I was brought up. I was brought up that you do what is RIGHT! That you sacrifice everything for what is right.
But now our entire nation is afraid of speaking up. Did you read about that Mexican act that can no longer tour America? This is the kind of stuff that we read about in foreign countries and shook our heads, now it's HERE!
And if you read the above and blow back with some MAGA B.S...
The joke is on you. Because you're going to pay the tariffs just like I am. The benefit, if there even is one, is never going to float down to you. But for you to question your belief...
This is not sports. Rooting for the Red Sox or the Yankees. Arguing in bars. This is real life, these tariffs are going to affect you and me and to what benefit?
No one is standing up.
As for Cory Booker... A lot of good that did. You've got to hit these people where it hurts, like the 13% decline for Tesla. Everything comes down to money, and we're the ones who have it. Consumer spending is the lion's share of the economy. Despite these tech doofuses, these billionaires thinking they earned their wealth. Oh yeah? If we didn't buy your products you'd be NOWHERE!
But the public is too dumb and too uninformed to wake up and smell the coffee.
It ain't morning in America, it's closing in on midnight. You're going to wake up one day and realize how much this country has already lost, with all this insane downsizing, and you'll be paying more for all your products and it will be too late to do anything about it. And if you speak up, no one will rally to your defense, like the law firms sitting on the sidelines and refusing to defend Perkins Coie.
But you'll compete with other influencers for the last buck, listening to mindless drivel and getting drunk, happy that you're still alive.
Life is more than that.
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
--
http://www.twitter.com/lefsetz
--
If you would like to subscribe to the LefsetzLetter,
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Tuesday, 1 April 2025
Kat Abughazaleh
https://www.youtube.com/watch?v=Z7OhclGO3CY
WHO?
I saw the headline online, something about an influencer running for Congress. That's all I needed to know, I didn't have to peruse the article.
And then someone sent me the video.
What do they say about stardom? You know it when you see it?
Kat Abughazaleh is a star. Just watch. You'll get it.
First and foremost she's running against an 80 year old incumbent. Just by posting on YouTube she shows up the ancient Democrats still in control.
But it's the way she speaks, directly to the camera, the way she delineates the issues, the way she radiates INTELLIGENCE! And PASSION!
I don't care which side of the political fence you're on, you'll get it. She's going straight for the jugular, with no B.S. And she's not talking down to the audience, rather she does a good job of conveying she's on their side.
Now compare this to music videos...
First and foremost, most of the acts are nitwits. They didn't go to college, many have been trying to make it before puberty. And they'll do ANYTHING to make it.
Save me the backlash about education. But in truth most learning in college does not take place in the classroom. It's hanging with new people, working out ideas, developing your identity.
But somehow education has been seen to be elite.
In any event, is it a crime to be intelligent?
So in most music videos the acts are either begging or talking to you from a fantasy land. It's not really about their music, it's about their career...please listen to me, MAKE ME RICH!
And when they're not making videos, the acts are complaining that the game is rigged against them. Do they expect us to have sympathy for them? After all, there's neither a dearth of performers nor stars, it's not like we're all sitting at home upset that there's just not enough new music. In other words, these bitching acts who desire attention...their pleas are falling on deaf ears.
What we all want at home is something that benefits US! Something that we can resonate with. Something that not only gets our attention, but we want to tell others about.
And very little rings this bell.
Then again, it's not the 1960s, never mind the 1970s, when music was exploding and defining the culture. Today it's like the 1950s. There's a business, there's product, but the entire world is not focused on new acts and their output.
But the entire world seems to be paying attention to influencers. What are they selling, how are they projecting, what is it that draws viewers to them?
Of course, of course, there's much more dreck than quality. The hit to sh*t ratio in the influencer game is even worse than it is in the music world. But those at the top, they've got that je ne sais quoi, you can't take your eyes off them, not only are you drawn to them, you're drawn BACK TO THEM!
But in music we have songs written by committee, produced and mixed by the usual suspects, turned into flashy turds. Whereas the influencer world is all singular. That's part of Kat's pitch, it's her, no consultants, no focus groups... This is what the internet makes possible, the ability to go directly from creator to fan, but too many in the music world are still looking for a leg up...won't somebody sign me, won't somebody give me money?
Oh, now I've pissed you off. You're not like this, why do I keep raining on your parade?
First and foremost these are generalizations. Do you think I'm going to listen to all of the hundred thousand tracks uploaded to streaming services each day?
Maybe you're the exception.
Then again, everybody thinks they're the exception.
Now subsequent to watching Kat's video I read this story in the "Washington Post":
"Kat Abughazaleh, from YouTube to Congress? - At 26, she's challenging a House incumbent who's held the seat since before she was born. Is this the beginning of the Democrats' 'tea party' moment?"
Free link: https://wapo.st/42dwyvw
Now the devil is in the details. First and foremost, Kat's a carpetbagger, she's not a native of this district (not that that hurt Lauren Boebert!) Also, she's of Palestinian heritage and she's not a supporter of Israel's activities in Gaza and the West Bank, and this is a heavily Jewish district.
But this is not about Kat Abughazaleh, this is about a younger generation doing it a different way, employing the new tools to convey an honest message. Not waiting in line for anointment, but taking the reins. They're mad as hell and can't take it anymore.
Meanwhile, all the boomers and consultants will tell you young people don't vote and they don't have any money to donate and therefore they should be ignored.
What can I tell these ancient stuck in the mud know-it-alls?
Be afraid, be very afraid.
Change can happen in an instant. It's about channeling discontent.
Isn't that what Trump did?
Now we've got Kat Abughazaleh.
But she's not the only one.
(And it's interesting that it's a woman, not a man. Too many men believe they've gotten a raw deal in society and want to throw a spanner in the works. This is the essence of "Adolescence." In a world of online dating, what are the odds you're going to be picked if you're not good-looking? Almost zilch. That's what the 80/20 rule is all about. It's the women who are leading today, because they're more educated and unafraid, having a built-in support group online. Men put each other down, trying to climb a greased pole. Women stick together, soothe and support each other. Sure, there are mean girls, but if you dig a little deeper...)
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
--
http://www.twitter.com/lefsetz
--
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WHO?
I saw the headline online, something about an influencer running for Congress. That's all I needed to know, I didn't have to peruse the article.
And then someone sent me the video.
What do they say about stardom? You know it when you see it?
Kat Abughazaleh is a star. Just watch. You'll get it.
First and foremost she's running against an 80 year old incumbent. Just by posting on YouTube she shows up the ancient Democrats still in control.
But it's the way she speaks, directly to the camera, the way she delineates the issues, the way she radiates INTELLIGENCE! And PASSION!
I don't care which side of the political fence you're on, you'll get it. She's going straight for the jugular, with no B.S. And she's not talking down to the audience, rather she does a good job of conveying she's on their side.
Now compare this to music videos...
First and foremost, most of the acts are nitwits. They didn't go to college, many have been trying to make it before puberty. And they'll do ANYTHING to make it.
Save me the backlash about education. But in truth most learning in college does not take place in the classroom. It's hanging with new people, working out ideas, developing your identity.
But somehow education has been seen to be elite.
In any event, is it a crime to be intelligent?
So in most music videos the acts are either begging or talking to you from a fantasy land. It's not really about their music, it's about their career...please listen to me, MAKE ME RICH!
And when they're not making videos, the acts are complaining that the game is rigged against them. Do they expect us to have sympathy for them? After all, there's neither a dearth of performers nor stars, it's not like we're all sitting at home upset that there's just not enough new music. In other words, these bitching acts who desire attention...their pleas are falling on deaf ears.
What we all want at home is something that benefits US! Something that we can resonate with. Something that not only gets our attention, but we want to tell others about.
And very little rings this bell.
Then again, it's not the 1960s, never mind the 1970s, when music was exploding and defining the culture. Today it's like the 1950s. There's a business, there's product, but the entire world is not focused on new acts and their output.
But the entire world seems to be paying attention to influencers. What are they selling, how are they projecting, what is it that draws viewers to them?
Of course, of course, there's much more dreck than quality. The hit to sh*t ratio in the influencer game is even worse than it is in the music world. But those at the top, they've got that je ne sais quoi, you can't take your eyes off them, not only are you drawn to them, you're drawn BACK TO THEM!
But in music we have songs written by committee, produced and mixed by the usual suspects, turned into flashy turds. Whereas the influencer world is all singular. That's part of Kat's pitch, it's her, no consultants, no focus groups... This is what the internet makes possible, the ability to go directly from creator to fan, but too many in the music world are still looking for a leg up...won't somebody sign me, won't somebody give me money?
Oh, now I've pissed you off. You're not like this, why do I keep raining on your parade?
First and foremost these are generalizations. Do you think I'm going to listen to all of the hundred thousand tracks uploaded to streaming services each day?
Maybe you're the exception.
Then again, everybody thinks they're the exception.
Now subsequent to watching Kat's video I read this story in the "Washington Post":
"Kat Abughazaleh, from YouTube to Congress? - At 26, she's challenging a House incumbent who's held the seat since before she was born. Is this the beginning of the Democrats' 'tea party' moment?"
Free link: https://wapo.st/42dwyvw
Now the devil is in the details. First and foremost, Kat's a carpetbagger, she's not a native of this district (not that that hurt Lauren Boebert!) Also, she's of Palestinian heritage and she's not a supporter of Israel's activities in Gaza and the West Bank, and this is a heavily Jewish district.
But this is not about Kat Abughazaleh, this is about a younger generation doing it a different way, employing the new tools to convey an honest message. Not waiting in line for anointment, but taking the reins. They're mad as hell and can't take it anymore.
Meanwhile, all the boomers and consultants will tell you young people don't vote and they don't have any money to donate and therefore they should be ignored.
What can I tell these ancient stuck in the mud know-it-alls?
Be afraid, be very afraid.
Change can happen in an instant. It's about channeling discontent.
Isn't that what Trump did?
Now we've got Kat Abughazaleh.
But she's not the only one.
(And it's interesting that it's a woman, not a man. Too many men believe they've gotten a raw deal in society and want to throw a spanner in the works. This is the essence of "Adolescence." In a world of online dating, what are the odds you're going to be picked if you're not good-looking? Almost zilch. That's what the 80/20 rule is all about. It's the women who are leading today, because they're more educated and unafraid, having a built-in support group online. Men put each other down, trying to climb a greased pole. Women stick together, soothe and support each other. Sure, there are mean girls, but if you dig a little deeper...)
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
--
http://www.twitter.com/lefsetz
--
If you would like to subscribe to the LefsetzLetter,
http://www.lefsetz.com/lists/?p=subscribe&id=1
If you do not want to receive any more LefsetzLetters, http://lefsetz.com/lists/?p=unsubscribe&uid=0eecea7b60b461717065cbde887c8e25
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Monday, 31 March 2025
Superstar AI Album
I'm not sure AI is the bogeyman the major labels have gone on record it is. Don Was said AI will end up being a tool, just like the drum machine.
Then again, a lot of drummers are still pissed about that.
But Don told me he realized the possibilities when he heard Prince's "When Doves Cry." New technology enables creativity.
As for AI itself, did you read that opinion piece in yesterday's "New York Times"?
"The Tech Fantasy That Powers A.I. Is Running on Fumes"
Free link: https://www.nytimes.com/2025/03/29/opinion/ai-tech-innovation.html?unlocked_article_code=1.8U4.NJB6.z563A54Ac8q1&smid=url-share
Here's the money quote:
"A.I. may be a mid technology with limited use cases to justify its financial and environmental costs."
In other words, AI might not be the revolution everybody thinks it will be.
Anyway, what we do know is every technological breakthrough begins with music, it's the canary in the coal mine for digital disruption. Because the files are small and people want the product. So it's no surprise that the first entertainment industry AI project is one centered on music.
Now if you've been following this story, you give prompts to your software platform of choice, and then it renders almost instantly a product that seems very similar to the music of the act that was inputted. You get a new Beatles or Beach Boys song that may not be innovative, but it definitely sounds like the original act. And this scares everybody.
But now the acts are taking control of the technology. Which the labels refused to do in the era of Napster. Superstars are working with AI to create brand new tracks that everybody in the world will want to hear. I know, I've been privy to some of the recordings, they're AMAZING! Not like that lame McCartney supervised "Now and Then." This is not old recordings, these tracks are BRAND NEW!
Made with OpenAI's new product, MusicGPT.
I don't know if you've been following this, but Sam Altman and Elon Musk hate each other. Once Musk was invested in OpenAI, now he's a competitor. You might have seen that Elon merged X and xAI just a few days ago. Belief is AI is a zero sum game, there will be one winner and a bunch of also-rans.
You may have read this article in today's "Wall Street Journal":
"I Quit Google Search for AI—and I'm Not Going Back"
Free link: https://www.wsj.com/tech/personal-tech/google-search-chatgpt-perplexity-gemini-6ac749d9?st=YYC6Ur&reflink=desktopwebshare_permalink
Bottom line, Google may not survive, at least as a dominant company. It may be the new GE, or even Polaroid. I know that I rarely look beyond the AI generated answer, and this article says that Google's AI is inferior.
Anyway, Sam Altman has been working on this music product for a long time now. He just hasn't introduced it because of endless legal issues, fearful it will be shut down before it's even launched. But Altman has been encouraged by Anthropic's victory last week. Hell, I'll quote the AI generated headline from Google:
"Anthropic scored a win this week after a U.S. court denied an injunction that Universal Music Group and other record labels had sought to prevent the artificial-intelligence company from using copyrighted lyrics to train its AI models."
But really, that court decision is just the cherry on top. The real driver here is Trump. That's what this whole album is about, to raise money to stand up to Trump.
So Sam was at dinner with Lucian Grainge and Irving Azoff when this idea was hatched. Lucian controls the lion's share of the acts and Azoff and his family pulled off FireAid in nearly an instant, so...this has been happening at light speed.
Since the album needed a producer, and since Don Was has gone on record about AI as per above, it is Don Was. He didn't produce each and every track, but he's overseeing the project.
So it starts with the Eagles. The new song is going to feature Glenn Frey on lead vocals. It sounds kinda like "Take It Easy," but there's a reference to a private jet instead of a flatbed Ford.
And since Irving manages John Mayer, there's a new Dead track, with John duetting with Jerry. It's called "Futuristic Dead." It's a whopper.
And once you have two superstars involved, everybody else wants in. Scott Rodger told Irving that McCartney wanted to participate.
As for the new track... McCartney wanted to make it his own, but ultimately he decided to follow the model of "Every Little Thing," which he wrote and John sang. Yes, John is truly coming back from the dead. There's another track in the can, a protest number, entitled "Autocracy," but it's not going to be on the album. Yoko's planning to release it on what would have been John's 85th birthday on October 9th.
And everybody knows that you've got to have the youngsters too, so...
There's Billie Eilish and Lady Gaga and...
Morgan Wallen was in, but after he walked off the set last Saturday night on SNL his track was stricken. Yes, secretly Morgan is a Democrat, WHO KNEW?
Of course Jason Alden is a Trumper, so he's not included. But Eric Church is there, along with the Chicks, who I'm not sure are country or pop at this point.
And Jason Isbell, purely for credibility.
And negotiations were interminable, because she needed to own the master, but ultimately Taylor Swift caved and is included, she realized it was a bad look to be left out, and she notoriously endorses Democrats anyway.
But here's the true kicker...
BOB DYLAN!
But it gets better than that. AI has brought the Band back from the dead and Bob has written a new PROTEST song! Yes, it's been decades, but the moment is now. You'll love it.
As for the number of tracks, it hasn't been finalized.
At first the belief was there should be twelve, like on the albums of yore.
Then it was pointed out that the modern paradigm is to record an album of thirty or so tracks, which generate tons of money if the music is a hit. The Morgan Wallen model.
There will be more than twelve, since so many people wanted in, but...the final number has not been decided upon.
The album's release date is July 4th. And it will be celebrated with a live concert at the Sphere, beamed across the world. But to get the full effect, you've got to use an Apple Vision Pro. Go to your local Apple Store and register. They'll be giving away twenty at each location.
It's a win-win for Tim Apple. Who's pissed that Trump is cracking down on LGBTQ people.
So back to the money. It's being given to Bernie Sanders and AOC. Not the usual Democratic suspects. As a matter of fact, Schumer asked for Sphere tickets and he was turned down.
People are sick and tired of the usual suspect Democrats asking for money... To do WHAT? Bernie and AOC are in motion, better to fund their campaign.
But they're not getting all the money. A huge chunk will go to a legal defense fund. If you're a law firm threatened by Trump, if you're anybody threatened by Trump, this money will be available to support your case, so you don't have to cave to Trump.
Now these are not the kind of AI tracks I referenced above, pale imitations of what once was. No, each and every artist is working with AI to create something brand new that sounds like the past, but not exactly. Some acts went back to MusicGPT twenty times, refining their cuts. These are not retreads, no way.
Eno wanted to get in, do one of his atmospheric cuts, but the brass said no. They want every track to be a hit, like on an album of the seventies or eighties.
And since Eno said no, Bono was hesitant. But when he was told that U2 can open and close the Sphere show, he was in. And yes, Larry Mullen, Jr. will be a member of the band.
I don't want to give away any more highlights. But I will say that all these acts are pissed that no one is standing up to the Orange man. Everyone knows politics is show business for ugly people, that D.C. can't compete with Hollywood, it's entertainment that has eyes and ears.
Oh, I forgot to mention that the Sphere show will be streamed live on Netflix. And co-hosted by Chris Rock and Dave Chappell. They're going to introduce the video for the new Biggie Smalls track, that is also part of the project, the clip will be aired before the concert.
This superstar AI album, which at this point is untitled, and is referred to by insiders as SAIA, is a true breakthrough. Employing technology to go back to the future.
Yes, they're taking the best elements of the past and creating something that points to tomorrow.
Lucian already made a deal with Altman and MusicGPT, he's allowing all of Universal's catalog to be scraped and supposedly Sony and Warner are in too.
This is truly a great white wonder. Something inconceivable.
But it's real.
GET READY!
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Then again, a lot of drummers are still pissed about that.
But Don told me he realized the possibilities when he heard Prince's "When Doves Cry." New technology enables creativity.
As for AI itself, did you read that opinion piece in yesterday's "New York Times"?
"The Tech Fantasy That Powers A.I. Is Running on Fumes"
Free link: https://www.nytimes.com/2025/03/29/opinion/ai-tech-innovation.html?unlocked_article_code=1.8U4.NJB6.z563A54Ac8q1&smid=url-share
Here's the money quote:
"A.I. may be a mid technology with limited use cases to justify its financial and environmental costs."
In other words, AI might not be the revolution everybody thinks it will be.
Anyway, what we do know is every technological breakthrough begins with music, it's the canary in the coal mine for digital disruption. Because the files are small and people want the product. So it's no surprise that the first entertainment industry AI project is one centered on music.
Now if you've been following this story, you give prompts to your software platform of choice, and then it renders almost instantly a product that seems very similar to the music of the act that was inputted. You get a new Beatles or Beach Boys song that may not be innovative, but it definitely sounds like the original act. And this scares everybody.
But now the acts are taking control of the technology. Which the labels refused to do in the era of Napster. Superstars are working with AI to create brand new tracks that everybody in the world will want to hear. I know, I've been privy to some of the recordings, they're AMAZING! Not like that lame McCartney supervised "Now and Then." This is not old recordings, these tracks are BRAND NEW!
Made with OpenAI's new product, MusicGPT.
I don't know if you've been following this, but Sam Altman and Elon Musk hate each other. Once Musk was invested in OpenAI, now he's a competitor. You might have seen that Elon merged X and xAI just a few days ago. Belief is AI is a zero sum game, there will be one winner and a bunch of also-rans.
You may have read this article in today's "Wall Street Journal":
"I Quit Google Search for AI—and I'm Not Going Back"
Free link: https://www.wsj.com/tech/personal-tech/google-search-chatgpt-perplexity-gemini-6ac749d9?st=YYC6Ur&reflink=desktopwebshare_permalink
Bottom line, Google may not survive, at least as a dominant company. It may be the new GE, or even Polaroid. I know that I rarely look beyond the AI generated answer, and this article says that Google's AI is inferior.
Anyway, Sam Altman has been working on this music product for a long time now. He just hasn't introduced it because of endless legal issues, fearful it will be shut down before it's even launched. But Altman has been encouraged by Anthropic's victory last week. Hell, I'll quote the AI generated headline from Google:
"Anthropic scored a win this week after a U.S. court denied an injunction that Universal Music Group and other record labels had sought to prevent the artificial-intelligence company from using copyrighted lyrics to train its AI models."
But really, that court decision is just the cherry on top. The real driver here is Trump. That's what this whole album is about, to raise money to stand up to Trump.
So Sam was at dinner with Lucian Grainge and Irving Azoff when this idea was hatched. Lucian controls the lion's share of the acts and Azoff and his family pulled off FireAid in nearly an instant, so...this has been happening at light speed.
Since the album needed a producer, and since Don Was has gone on record about AI as per above, it is Don Was. He didn't produce each and every track, but he's overseeing the project.
So it starts with the Eagles. The new song is going to feature Glenn Frey on lead vocals. It sounds kinda like "Take It Easy," but there's a reference to a private jet instead of a flatbed Ford.
And since Irving manages John Mayer, there's a new Dead track, with John duetting with Jerry. It's called "Futuristic Dead." It's a whopper.
And once you have two superstars involved, everybody else wants in. Scott Rodger told Irving that McCartney wanted to participate.
As for the new track... McCartney wanted to make it his own, but ultimately he decided to follow the model of "Every Little Thing," which he wrote and John sang. Yes, John is truly coming back from the dead. There's another track in the can, a protest number, entitled "Autocracy," but it's not going to be on the album. Yoko's planning to release it on what would have been John's 85th birthday on October 9th.
And everybody knows that you've got to have the youngsters too, so...
There's Billie Eilish and Lady Gaga and...
Morgan Wallen was in, but after he walked off the set last Saturday night on SNL his track was stricken. Yes, secretly Morgan is a Democrat, WHO KNEW?
Of course Jason Alden is a Trumper, so he's not included. But Eric Church is there, along with the Chicks, who I'm not sure are country or pop at this point.
And Jason Isbell, purely for credibility.
And negotiations were interminable, because she needed to own the master, but ultimately Taylor Swift caved and is included, she realized it was a bad look to be left out, and she notoriously endorses Democrats anyway.
But here's the true kicker...
BOB DYLAN!
But it gets better than that. AI has brought the Band back from the dead and Bob has written a new PROTEST song! Yes, it's been decades, but the moment is now. You'll love it.
As for the number of tracks, it hasn't been finalized.
At first the belief was there should be twelve, like on the albums of yore.
Then it was pointed out that the modern paradigm is to record an album of thirty or so tracks, which generate tons of money if the music is a hit. The Morgan Wallen model.
There will be more than twelve, since so many people wanted in, but...the final number has not been decided upon.
The album's release date is July 4th. And it will be celebrated with a live concert at the Sphere, beamed across the world. But to get the full effect, you've got to use an Apple Vision Pro. Go to your local Apple Store and register. They'll be giving away twenty at each location.
It's a win-win for Tim Apple. Who's pissed that Trump is cracking down on LGBTQ people.
So back to the money. It's being given to Bernie Sanders and AOC. Not the usual Democratic suspects. As a matter of fact, Schumer asked for Sphere tickets and he was turned down.
People are sick and tired of the usual suspect Democrats asking for money... To do WHAT? Bernie and AOC are in motion, better to fund their campaign.
But they're not getting all the money. A huge chunk will go to a legal defense fund. If you're a law firm threatened by Trump, if you're anybody threatened by Trump, this money will be available to support your case, so you don't have to cave to Trump.
Now these are not the kind of AI tracks I referenced above, pale imitations of what once was. No, each and every artist is working with AI to create something brand new that sounds like the past, but not exactly. Some acts went back to MusicGPT twenty times, refining their cuts. These are not retreads, no way.
Eno wanted to get in, do one of his atmospheric cuts, but the brass said no. They want every track to be a hit, like on an album of the seventies or eighties.
And since Eno said no, Bono was hesitant. But when he was told that U2 can open and close the Sphere show, he was in. And yes, Larry Mullen, Jr. will be a member of the band.
I don't want to give away any more highlights. But I will say that all these acts are pissed that no one is standing up to the Orange man. Everyone knows politics is show business for ugly people, that D.C. can't compete with Hollywood, it's entertainment that has eyes and ears.
Oh, I forgot to mention that the Sphere show will be streamed live on Netflix. And co-hosted by Chris Rock and Dave Chappell. They're going to introduce the video for the new Biggie Smalls track, that is also part of the project, the clip will be aired before the concert.
This superstar AI album, which at this point is untitled, and is referred to by insiders as SAIA, is a true breakthrough. Employing technology to go back to the future.
Yes, they're taking the best elements of the past and creating something that points to tomorrow.
Lucian already made a deal with Altman and MusicGPT, he's allowing all of Universal's catalog to be scraped and supposedly Sony and Warner are in too.
This is truly a great white wonder. Something inconceivable.
But it's real.
GET READY!
--
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--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
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Trump's Ticketing Order
Much ado about nothing. Grandstanding. A joke.
In reality the order says nothing. Other than ticket scalpers make a lot of money and they must pay taxes on their revenue.
Oh yeah, DOGE just gutted the IRS...who's going to enforce that? Where are all the IRS engineers with time to dedicate to researching the receipts of brokers.
As for the BOTS act... It's been on the books for years, but it's been ineffective because there's been no money/assets delegated for ENFORCEMENT!
And in a government where Musk is cutting willy-nilly, where is the extra manpower to focus on...TICKET SCALPING?
Let's be clear, scalpers provide a service. If you can't get in line online and waste hours trying to purchase what oftentimes is a bad seat, you can pay a premium after the fact to the scalper to get the ticket you want. Hell, a lot of the great tickets are not available on the on sale to boot! There are pre-sales and holdbacks and... I'll admit the scalpers and their bots are a huge problem, but no one is forcing anybody to buy a concert ticket. And the dirty little secret is almost all of the people paying exorbitant prices for secondary market tickets were thrilled to be at the venue, THEY ENJOYED THE SHOW!
So, once again, where is the problem?
High prices for concert tickets? Well, if the acts themselves try to capture that revenue the public bitches that they're greedy. As for paperless/tying the ticket to the purchaser...the public is against that, because they want to be able to scalp their tickets themselves!
Concert ticket pricing and availability is a problem, but nothing in Trump's executive order is going to address this.
Price transparency? Big evil Live Nation has been arguing for this for years. It's a game, no different from buying anything in America today. There's the price of the car, and what you pay when you walk out the door. And there's no addressing the breakdown of these fees... So the acts can hide behind the "face value" of the ticket and accuse Ticketmaster, which gets little of the fees, for being greedy! Talk about not having clean hands.
The FTC proposing regulations? Isn't this what Trump and the Republicans want to get rid of? Don't they want to simplify all processes?
As for a report... That ain't never going to pass the DOGE smell test. Isn't this what they're getting rid of, soft costs? You're going to spend all that money creating a report? And it does cost money. And usually nothing happens thereafter. This is antithetical to the DOGE and Trump ethos!
But Trump owes Kid Rock a solid. And this was as much as he could deliver.
Rock has a long history of trying to rein in the abuses in the ticketing world. I applaud him for that. But this executive order is a joke.
Too many people are making too much money off of concert tickets for there to be any change. And the government doesn't have enough money and manpower to solve this problem, because how big of a problem is it? Very tiny.
We've got ignorant fans who believe they're entitled to sit in the front row for twenty bucks. Since they listened to the music, a seat should be guaranteed!
Forget the law of supply and demand. This is kind of like the inane advocates of a penny a stream at Spotify. Did they learn any math? Spotify doesn't take in enough revenue to pay every artist a penny per stream, nowhere even close, the company would be bankrupt nearly instantly.
But it feels good to beat up on Spotify. It feels good to beat up on Ticketmaster. People can't handle the truth.
And all this executive order does is obfuscate. It makes people believe something is being done when in reality...
It's the same as it ever was.
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In reality the order says nothing. Other than ticket scalpers make a lot of money and they must pay taxes on their revenue.
Oh yeah, DOGE just gutted the IRS...who's going to enforce that? Where are all the IRS engineers with time to dedicate to researching the receipts of brokers.
As for the BOTS act... It's been on the books for years, but it's been ineffective because there's been no money/assets delegated for ENFORCEMENT!
And in a government where Musk is cutting willy-nilly, where is the extra manpower to focus on...TICKET SCALPING?
Let's be clear, scalpers provide a service. If you can't get in line online and waste hours trying to purchase what oftentimes is a bad seat, you can pay a premium after the fact to the scalper to get the ticket you want. Hell, a lot of the great tickets are not available on the on sale to boot! There are pre-sales and holdbacks and... I'll admit the scalpers and their bots are a huge problem, but no one is forcing anybody to buy a concert ticket. And the dirty little secret is almost all of the people paying exorbitant prices for secondary market tickets were thrilled to be at the venue, THEY ENJOYED THE SHOW!
So, once again, where is the problem?
High prices for concert tickets? Well, if the acts themselves try to capture that revenue the public bitches that they're greedy. As for paperless/tying the ticket to the purchaser...the public is against that, because they want to be able to scalp their tickets themselves!
Concert ticket pricing and availability is a problem, but nothing in Trump's executive order is going to address this.
Price transparency? Big evil Live Nation has been arguing for this for years. It's a game, no different from buying anything in America today. There's the price of the car, and what you pay when you walk out the door. And there's no addressing the breakdown of these fees... So the acts can hide behind the "face value" of the ticket and accuse Ticketmaster, which gets little of the fees, for being greedy! Talk about not having clean hands.
The FTC proposing regulations? Isn't this what Trump and the Republicans want to get rid of? Don't they want to simplify all processes?
As for a report... That ain't never going to pass the DOGE smell test. Isn't this what they're getting rid of, soft costs? You're going to spend all that money creating a report? And it does cost money. And usually nothing happens thereafter. This is antithetical to the DOGE and Trump ethos!
But Trump owes Kid Rock a solid. And this was as much as he could deliver.
Rock has a long history of trying to rein in the abuses in the ticketing world. I applaud him for that. But this executive order is a joke.
Too many people are making too much money off of concert tickets for there to be any change. And the government doesn't have enough money and manpower to solve this problem, because how big of a problem is it? Very tiny.
We've got ignorant fans who believe they're entitled to sit in the front row for twenty bucks. Since they listened to the music, a seat should be guaranteed!
Forget the law of supply and demand. This is kind of like the inane advocates of a penny a stream at Spotify. Did they learn any math? Spotify doesn't take in enough revenue to pay every artist a penny per stream, nowhere even close, the company would be bankrupt nearly instantly.
But it feels good to beat up on Spotify. It feels good to beat up on Ticketmaster. People can't handle the truth.
And all this executive order does is obfuscate. It makes people believe something is being done when in reality...
It's the same as it ever was.
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Too Much Of Nothing
You need a direct relationship with your audience.
Let me give you an example. In the last century and the beginning of this one, if you were on terrestrial radio, if you were on MTV, you were part of a community.
That paradigm is kaput.
There's a conception that if you just get enough publicity, if you just break through into this world or that, you'll be golden.
But that is untrue.
I'll give you an example. Taylor Swift. She's in her own business, her own vertical, she competes with NO ONE! It's not buying a ticket for a Swift show or someone else, either you want to go see Swift or you don't.
That's at the top. But what I'm really concerned with here is the bottom.
People are looking for an express train. They want to get on it and journey to greatness. But that train does not exist. Nowhere. A late night TV appearance is meaningless unless it's on SNL. And the SNL brand has been fifty years in the making, acts come and go, but SNL remains, it's bigger than any act on the show. Used to be people tuned in SNL to see a specific act. Now they watch SNL and then view an act. Because this is not the only place you can see your favorites...they're everywhere, assuming you're looking!
Let's take the movie business as an example. Which is cratering, off 11% so far this year. Its problem is it is reinventing the wheel with every film. No one is a fan of the movie theatre itself. Sure, there are some exceptions, but the defining factor of whether you go to the flicks is whether you want to see that particular movie.
Used to be you found out about movies Thursday night, mostly on NBC, with a bombardment of advertising. Now, the target audience doesn't even watch network television. And everybody hates ads, they're easily avoidable.
People are fans of Netflix and the product comes and goes. Netflix gets you with its monthly fee.
How do you get your audience hooked?
Oh, you can try a moonshot. Getting a big story in the paper, on some TV news show, even ginning up a fakokta story for the gossip columns. But it's one and done, you need a continuous story.
When you have a direct relationship you cannot let it lie fallow. You must constantly feed it, or people will go elsewhere. Forget the brands of yore that made it in a prior era, the dinosaurs of rock and metal. They can get away without new music, announcing a big tour every year or two. But if you're a new act, having developed in the last couple of decades, you not only need new music, you need YouTube clips, you've got to burnish the relationship with your audience, which will probably grow slowly, if at all. You milk the audience you have, you don't fantasize about an audience you'd have had in the last century.
This is the fallacy of the bitching about streaming payments. Acts don't realize their status. They think since they're professional, everybody should be listening to them. But they're not. Only a very few are. At least there are many more ways to monetize than there were in the last century.
You must adjust. You must realize that the public is overloaded. The internet may have burgeoned, but people's brains have not. They can only handle so much. How do you penetrate them?
The tsunami of news is overwhelming. Just check out Apple News+, and everybody competing for attention has a clickbait headline.
If you're a student of the game you know more than the average person, but even you don't know everything. Used to be the music business was comprehensible, but if you know every act today you're lying.
So you need to change your focus. You must build upon what you have.
Hell, don't even bother to follow the top-line news. Does it really affect you if Spotify makes a new deal with Universal? It really doesn't affect you if Ticketmaster signs up a new account. But rather than focus on your own career, it's easier to follow the business, and too often people complain about it. YOU'RE IN YOUR OWN BUSINESS! Take care of your home and then everything will turn out all right.
But you want someone to make it easier. Everybody wants it easier. But the paradigm of today is harder, because there's so much in the pipeline. You're competing against TikTok, YouTube, video games...you must be more interesting to a certain sliver of the public than these outlets. You must be more interesting than the hits of the past, because they're easily accessible.
The lift is heavier than ever before. You can declare yourself a musician, but establishing a career is nearly impossible.
So, there are scapegoats. Spotify, Live Nation...
Those are just vessels. They are tools that you employ.
But you must have enough success to take advantage of them.
Have I discouraged you yet?
Good. I'm the antidote to all those websites taking your money and telling you they'll help you have success.
Making music for a living is harder and slower than it's ever been before. Even the major labels can't establish hit acts, and they're trying to do this 24/7.
You must be innovative. You must be focused.
And you must dedicate an incredible amount of time to the process.
Does this sound boring?
Then music is not for you. Go to college and follow a path. Music is the great unknown. Sure, people need it, but they don't need YOU!
How do they convince them they need YOU?
You must be unique. Maybe your music, maybe your stage show, maybe your online personality, MAYBE ALL OF THEM!
There are very few stars, everything is cottage industry these days.
But the upside is anybody and everybody can play.
But not everybody can succeed.
But the internet allows you to get your music out there and play by your rules.
But people would rather have a defined path.
There is no defined path. That was blown up years ago.
We are living in the wilderness.
But people are foraging. How do you hook them and keep them?
That's your job. Go micro, not macro. That's the route to success and survival.
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Let me give you an example. In the last century and the beginning of this one, if you were on terrestrial radio, if you were on MTV, you were part of a community.
That paradigm is kaput.
There's a conception that if you just get enough publicity, if you just break through into this world or that, you'll be golden.
But that is untrue.
I'll give you an example. Taylor Swift. She's in her own business, her own vertical, she competes with NO ONE! It's not buying a ticket for a Swift show or someone else, either you want to go see Swift or you don't.
That's at the top. But what I'm really concerned with here is the bottom.
People are looking for an express train. They want to get on it and journey to greatness. But that train does not exist. Nowhere. A late night TV appearance is meaningless unless it's on SNL. And the SNL brand has been fifty years in the making, acts come and go, but SNL remains, it's bigger than any act on the show. Used to be people tuned in SNL to see a specific act. Now they watch SNL and then view an act. Because this is not the only place you can see your favorites...they're everywhere, assuming you're looking!
Let's take the movie business as an example. Which is cratering, off 11% so far this year. Its problem is it is reinventing the wheel with every film. No one is a fan of the movie theatre itself. Sure, there are some exceptions, but the defining factor of whether you go to the flicks is whether you want to see that particular movie.
Used to be you found out about movies Thursday night, mostly on NBC, with a bombardment of advertising. Now, the target audience doesn't even watch network television. And everybody hates ads, they're easily avoidable.
People are fans of Netflix and the product comes and goes. Netflix gets you with its monthly fee.
How do you get your audience hooked?
Oh, you can try a moonshot. Getting a big story in the paper, on some TV news show, even ginning up a fakokta story for the gossip columns. But it's one and done, you need a continuous story.
When you have a direct relationship you cannot let it lie fallow. You must constantly feed it, or people will go elsewhere. Forget the brands of yore that made it in a prior era, the dinosaurs of rock and metal. They can get away without new music, announcing a big tour every year or two. But if you're a new act, having developed in the last couple of decades, you not only need new music, you need YouTube clips, you've got to burnish the relationship with your audience, which will probably grow slowly, if at all. You milk the audience you have, you don't fantasize about an audience you'd have had in the last century.
This is the fallacy of the bitching about streaming payments. Acts don't realize their status. They think since they're professional, everybody should be listening to them. But they're not. Only a very few are. At least there are many more ways to monetize than there were in the last century.
You must adjust. You must realize that the public is overloaded. The internet may have burgeoned, but people's brains have not. They can only handle so much. How do you penetrate them?
The tsunami of news is overwhelming. Just check out Apple News+, and everybody competing for attention has a clickbait headline.
If you're a student of the game you know more than the average person, but even you don't know everything. Used to be the music business was comprehensible, but if you know every act today you're lying.
So you need to change your focus. You must build upon what you have.
Hell, don't even bother to follow the top-line news. Does it really affect you if Spotify makes a new deal with Universal? It really doesn't affect you if Ticketmaster signs up a new account. But rather than focus on your own career, it's easier to follow the business, and too often people complain about it. YOU'RE IN YOUR OWN BUSINESS! Take care of your home and then everything will turn out all right.
But you want someone to make it easier. Everybody wants it easier. But the paradigm of today is harder, because there's so much in the pipeline. You're competing against TikTok, YouTube, video games...you must be more interesting to a certain sliver of the public than these outlets. You must be more interesting than the hits of the past, because they're easily accessible.
The lift is heavier than ever before. You can declare yourself a musician, but establishing a career is nearly impossible.
So, there are scapegoats. Spotify, Live Nation...
Those are just vessels. They are tools that you employ.
But you must have enough success to take advantage of them.
Have I discouraged you yet?
Good. I'm the antidote to all those websites taking your money and telling you they'll help you have success.
Making music for a living is harder and slower than it's ever been before. Even the major labels can't establish hit acts, and they're trying to do this 24/7.
You must be innovative. You must be focused.
And you must dedicate an incredible amount of time to the process.
Does this sound boring?
Then music is not for you. Go to college and follow a path. Music is the great unknown. Sure, people need it, but they don't need YOU!
How do they convince them they need YOU?
You must be unique. Maybe your music, maybe your stage show, maybe your online personality, MAYBE ALL OF THEM!
There are very few stars, everything is cottage industry these days.
But the upside is anybody and everybody can play.
But not everybody can succeed.
But the internet allows you to get your music out there and play by your rules.
But people would rather have a defined path.
There is no defined path. That was blown up years ago.
We are living in the wilderness.
But people are foraging. How do you hook them and keep them?
That's your job. Go micro, not macro. That's the route to success and survival.
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
--
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Sunday, 30 March 2025
Errol Morris's Finance Movie
"Tune Out the Noise": https://www.youtube.com/watch?v=T98825bzcKw
I'm intrigued by finance, but I'm not interested in it.
Meaning I want to know how it works, but I don't want to spend any mental energy in investing.
I don't want to become a day trader, which is a fool's errand. I don't want to buy and sell stocks because I'm not a professional, and it's a professional market. Furthermore, today everyone knows you should just put your money in index funds.
These are the guys who did the research proving this is the right way to invest.
Now I read about this documentary in the "Wall Street Journal."
"A Billionaire and an Oscar Winner Have Made a Hit Movie. It's About Investing - The new documentary from Errol Morris makes index funds and passive investing thrilling"
Free link: https://www.wsj.com/finance/investing/investing-david-booth-errol-morris-documentary-4dd7ff80?st=tuJdM1&reflink=desktopwebshare_permalink
Not that you have to read the article. But I do recommend you watch the first half of this movie.
Documentaries are all the rage, but too often they're about topics I experienced live, or nooks and crannies featuring crazy people. "Tune Out the Noise" is educational, without being didactic, without beating you over the head.
What we've got here is nobodies who find their way to the University of Chicago for disparate reasons. These are not today's finance bros, wearing tailored suits who are in it only for the money and the attendant lifestyle. No, what we have here are ACADEMICS!
Can you imagine being so intrigued by finance that you want to teach it? Mostly these are oddballs who don't fit in who find their way to this educational institution...
I know, I know, everybody's down on universities and college education today. However, at the bleeding edge of any enterprise is the intelligent, trying to figure out the unknown. And that's thrilling. We're all excited by the new. But most of us are playing it safe, never all-in, especially in enterprises that appear difficult and don't rain down money.
But David Booth decided to employ all this academic research to prove a point and make a ton of money. Which is why the University of Chicago's business school is now named "Booth" (well, he donated $300 million for the privilege).
It's exciting to see people driven by the data, the science, the theories, as opposed to the modern paradigm of working your way back from the money. How do I get rich? That's where most people start.
This is history. And that's where documentaries shine. Errol Morris makes finance come alive.
Until somewhere in the middle of this flick where the focus ends up being on small cap companies and multi-dimensions and conceptually you get it, but something is lost in the process.
But before that...
You'll be riveted. Because Morris is a professional documentarian, and he knows how to make a subject interesting.
Of course if you're a newbie, if you're wet behind the ears, if you truly think you can beat the market yourself...your eyes will be opened. The math says otherwise! That's the genius of these people... They collected the data and analyzed it, instead of just talking out of their rear ends.
And then there's the concept of the theory. The data is meaningless unless you're using it to prove or disprove... This is the kind of stuff you learned in junior high school that rarely comes up in your everyday life, but it's the essence of progress.
You should put your money in an index fund. Sure, round out your portfolio with bonds, maybe real estate, don't go all-in on the index. But if you're going to own equities, this is the way to go. This movie proves it.
As to which index fund you should own with which philosophy... This is where the film gets hazy.
But until that point, you'll be focused and edified. Even those in the industry may not know a lot of these historical details.
And did I mention that the movie is FREE?!
Yup, just click the YouTube link above.
You'll be intrigued.
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
--
http://www.twitter.com/lefsetz
--
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I'm intrigued by finance, but I'm not interested in it.
Meaning I want to know how it works, but I don't want to spend any mental energy in investing.
I don't want to become a day trader, which is a fool's errand. I don't want to buy and sell stocks because I'm not a professional, and it's a professional market. Furthermore, today everyone knows you should just put your money in index funds.
These are the guys who did the research proving this is the right way to invest.
Now I read about this documentary in the "Wall Street Journal."
"A Billionaire and an Oscar Winner Have Made a Hit Movie. It's About Investing - The new documentary from Errol Morris makes index funds and passive investing thrilling"
Free link: https://www.wsj.com/finance/investing/investing-david-booth-errol-morris-documentary-4dd7ff80?st=tuJdM1&reflink=desktopwebshare_permalink
Not that you have to read the article. But I do recommend you watch the first half of this movie.
Documentaries are all the rage, but too often they're about topics I experienced live, or nooks and crannies featuring crazy people. "Tune Out the Noise" is educational, without being didactic, without beating you over the head.
What we've got here is nobodies who find their way to the University of Chicago for disparate reasons. These are not today's finance bros, wearing tailored suits who are in it only for the money and the attendant lifestyle. No, what we have here are ACADEMICS!
Can you imagine being so intrigued by finance that you want to teach it? Mostly these are oddballs who don't fit in who find their way to this educational institution...
I know, I know, everybody's down on universities and college education today. However, at the bleeding edge of any enterprise is the intelligent, trying to figure out the unknown. And that's thrilling. We're all excited by the new. But most of us are playing it safe, never all-in, especially in enterprises that appear difficult and don't rain down money.
But David Booth decided to employ all this academic research to prove a point and make a ton of money. Which is why the University of Chicago's business school is now named "Booth" (well, he donated $300 million for the privilege).
It's exciting to see people driven by the data, the science, the theories, as opposed to the modern paradigm of working your way back from the money. How do I get rich? That's where most people start.
This is history. And that's where documentaries shine. Errol Morris makes finance come alive.
Until somewhere in the middle of this flick where the focus ends up being on small cap companies and multi-dimensions and conceptually you get it, but something is lost in the process.
But before that...
You'll be riveted. Because Morris is a professional documentarian, and he knows how to make a subject interesting.
Of course if you're a newbie, if you're wet behind the ears, if you truly think you can beat the market yourself...your eyes will be opened. The math says otherwise! That's the genius of these people... They collected the data and analyzed it, instead of just talking out of their rear ends.
And then there's the concept of the theory. The data is meaningless unless you're using it to prove or disprove... This is the kind of stuff you learned in junior high school that rarely comes up in your everyday life, but it's the essence of progress.
You should put your money in an index fund. Sure, round out your portfolio with bonds, maybe real estate, don't go all-in on the index. But if you're going to own equities, this is the way to go. This movie proves it.
As to which index fund you should own with which philosophy... This is where the film gets hazy.
But until that point, you'll be focused and edified. Even those in the industry may not know a lot of these historical details.
And did I mention that the movie is FREE?!
Yup, just click the YouTube link above.
You'll be intrigued.
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
--
http://www.twitter.com/lefsetz
--
If you would like to subscribe to the LefsetzLetter,
http://www.lefsetz.com/lists/?p=subscribe&id=1
If you do not want to receive any more LefsetzLetters, http://lefsetz.com/lists/?p=unsubscribe&uid=0eecea7b60b461717065cbde887c8e25
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This Is OUR Fight
I haven't been this focused since Napster. Every morning I turn on my phone and am...
Stunned, horrified.
Not that everybody agrees with me. Kind of like those days back in the beginning of 2000. The label execs told us they had it under control. After all, the law was on their side. You had acts and the industry telling its fans/customers to stop...and nothing did. We never did return to normal. And an outsider saved the recording industry. Yes, that's what Daniel Ek did, and the labels know this, but acts consider him a pariah because in the process he got rich and they did not.
Trump is the antidote to not only Biden, but the entire Democratic party. You probably saw the Jon Stewart clip wherein he talks about Schumer waiting for Trump's approval rating to go down to forty and then counters with the fact that the Democrats' is TWENTY SEVEN!
Then again, I don't think elected officials saw this. They're not on TikTok, where this clip exploded. That's the goal of late night TV, not to get you to tune in, but to create viral content that explodes online.
So...
Trump has stopped border crossings, they're down to a trickle. The Democrats could have done this, but somehow this was anti...exactly what? This reminds me of trans women in sports and pronouns... The Democrats lost touch with the will of the people and catered to a cabal that was often vicious. At the end of his term, Biden looked nothing so much as afraid. Never mind the entire fiasco of Joe running again.
Joe's home in the dementia ward. Kamala seems to realize no one likes her and has been licking her wounds off the radar screen. And who is leading the Democrats?
Maybe late night hosts and comedians. And there's Gavin Newsom with his excoriated podcast...doesn't he realize these people are the ENEMY!
And then there's Bernie and AOC...
But nobody in D.C. takes them seriously. They're cranks with little power. No, they're in touch with the heartbeat of the country! Dissatisfaction with not only the government, but life in these United States!
I loved that TikTok video I saw yesterday with the young female tax attorney who explained how the rich pay no taxes. They borrow against their assets. YOU HAVE NO ASSETS! Or if you do, you're probably one of those Democrats who keep telling the electorate how dumb it is. How did that work out? Not well.
So there's this level of agitation and discontent and other than Bernie and AOC, the Democrats are not tapping into it. All they're saying is their hands are tied. These doofuses have been in D.C. so long that they've lost touch with their jobs. They're elected by US! They work for US! How about coming down from their thrones and interacting with US!
I'm not talking about listening tours. F*ck that. No, I'm talking about stirring up the populace, eradicating our depression. Sure, the right may not have liked Black Lives Matter demonstrations after George Floyd, but boy did those gain the attention of the people and the press. At least some progress was made, before Trump came along and undercut it.
The Democrats should leave D.C., where they keep telling us they have no power, and return to their burgs and stir up the public. Have rallies. Otherwise, everybody's going to just go on with their own life until we're living in Hungary.
This is what I don't understand. How countries shifted into authoritarianism and life went on, the people accepted this. This couldn't happen in the United States, BUT NOW IT IS!
Tap into our anger. Show Elon and Trump that we're all not in agreement. Force the issue, either they have to stop the train or own the consequences of their actions. And right now they're doing neither.
Keep the fever up. Make us believers in change. If you think the only way to make change is at the ballot box, you've been in Washington too long.
This is the lesson of Napster. Outside forces can change the world. At first most people had no idea what Napster was. Then they were aware and didn't care. And then they got high speed connections and used the service and were convinced, smiling!
Who is going to lead the populace out of the wilderness? Who is going to disrupt the tsunami of destruction Elon and Trump have executed?
WE ARE!
That's right, you and me. We're the nation's only hope. I want to know who is on my side, who is not afraid, who is willing to stand up for this country as opposed to focusing on lifestyle.
This is the most important issue of YOUR LIFE!
This is the turning point.
Are you going to be somnambulant?
All we need is leaders. This is the opportunity for the Democrats. Don't forget, Trump stirred up his fans, gained constituents before he even ran for office! Trump spoke plain English. You learn the lessons of the enemy, you don't just throw them all away.
The press isn't going to save us.
As for the courts... They ruled against Napster and then we got KaZaA and then lockers. The will of the people could not be tamped down.
So far the courts haven't stopped Trump.
The only thing that can stop him are you and me.
This is like Vietnam, but with much greater consequences. As for all those Trumpers... They were for Vietnam until they too realized the war was fruitless.
Because you can't fight hearts and minds. Hearts and minds always win.
Dissatisfaction is rampant. Back in '68 it was Eugene McCarthy who tapped into this. Ultimately Hubert Humphrey, the Chuck Schumer of the era, was nominated AND HE LOST! Because he didn't have the fervor of the populace behind him.
Your entire way of life is being changed and you're forced to shrug your shoulders because your leaders have let you down.
Something is happening here, and it sure ain't exactly clear.
Either it will happen spontaneously or it will be led by the Democrats or...
It won't happen at all. That's what I'm most worried about. We don't know who each other is. We don't think we have enough people. We don't think we have enough power.
BUT WE DO!
For what it's worth.
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
--
http://www.twitter.com/lefsetz
--
If you would like to subscribe to the LefsetzLetter,
http://www.lefsetz.com/lists/?p=subscribe&id=1
If you do not want to receive any more LefsetzLetters, http://lefsetz.com/lists/?p=unsubscribe&uid=0eecea7b60b461717065cbde887c8e25
To change your email address http://lefsetz.com/lists/?p=preferences&uid=0eecea7b60b461717065cbde887c8e25
Stunned, horrified.
Not that everybody agrees with me. Kind of like those days back in the beginning of 2000. The label execs told us they had it under control. After all, the law was on their side. You had acts and the industry telling its fans/customers to stop...and nothing did. We never did return to normal. And an outsider saved the recording industry. Yes, that's what Daniel Ek did, and the labels know this, but acts consider him a pariah because in the process he got rich and they did not.
Trump is the antidote to not only Biden, but the entire Democratic party. You probably saw the Jon Stewart clip wherein he talks about Schumer waiting for Trump's approval rating to go down to forty and then counters with the fact that the Democrats' is TWENTY SEVEN!
Then again, I don't think elected officials saw this. They're not on TikTok, where this clip exploded. That's the goal of late night TV, not to get you to tune in, but to create viral content that explodes online.
So...
Trump has stopped border crossings, they're down to a trickle. The Democrats could have done this, but somehow this was anti...exactly what? This reminds me of trans women in sports and pronouns... The Democrats lost touch with the will of the people and catered to a cabal that was often vicious. At the end of his term, Biden looked nothing so much as afraid. Never mind the entire fiasco of Joe running again.
Joe's home in the dementia ward. Kamala seems to realize no one likes her and has been licking her wounds off the radar screen. And who is leading the Democrats?
Maybe late night hosts and comedians. And there's Gavin Newsom with his excoriated podcast...doesn't he realize these people are the ENEMY!
And then there's Bernie and AOC...
But nobody in D.C. takes them seriously. They're cranks with little power. No, they're in touch with the heartbeat of the country! Dissatisfaction with not only the government, but life in these United States!
I loved that TikTok video I saw yesterday with the young female tax attorney who explained how the rich pay no taxes. They borrow against their assets. YOU HAVE NO ASSETS! Or if you do, you're probably one of those Democrats who keep telling the electorate how dumb it is. How did that work out? Not well.
So there's this level of agitation and discontent and other than Bernie and AOC, the Democrats are not tapping into it. All they're saying is their hands are tied. These doofuses have been in D.C. so long that they've lost touch with their jobs. They're elected by US! They work for US! How about coming down from their thrones and interacting with US!
I'm not talking about listening tours. F*ck that. No, I'm talking about stirring up the populace, eradicating our depression. Sure, the right may not have liked Black Lives Matter demonstrations after George Floyd, but boy did those gain the attention of the people and the press. At least some progress was made, before Trump came along and undercut it.
The Democrats should leave D.C., where they keep telling us they have no power, and return to their burgs and stir up the public. Have rallies. Otherwise, everybody's going to just go on with their own life until we're living in Hungary.
This is what I don't understand. How countries shifted into authoritarianism and life went on, the people accepted this. This couldn't happen in the United States, BUT NOW IT IS!
Tap into our anger. Show Elon and Trump that we're all not in agreement. Force the issue, either they have to stop the train or own the consequences of their actions. And right now they're doing neither.
Keep the fever up. Make us believers in change. If you think the only way to make change is at the ballot box, you've been in Washington too long.
This is the lesson of Napster. Outside forces can change the world. At first most people had no idea what Napster was. Then they were aware and didn't care. And then they got high speed connections and used the service and were convinced, smiling!
Who is going to lead the populace out of the wilderness? Who is going to disrupt the tsunami of destruction Elon and Trump have executed?
WE ARE!
That's right, you and me. We're the nation's only hope. I want to know who is on my side, who is not afraid, who is willing to stand up for this country as opposed to focusing on lifestyle.
This is the most important issue of YOUR LIFE!
This is the turning point.
Are you going to be somnambulant?
All we need is leaders. This is the opportunity for the Democrats. Don't forget, Trump stirred up his fans, gained constituents before he even ran for office! Trump spoke plain English. You learn the lessons of the enemy, you don't just throw them all away.
The press isn't going to save us.
As for the courts... They ruled against Napster and then we got KaZaA and then lockers. The will of the people could not be tamped down.
So far the courts haven't stopped Trump.
The only thing that can stop him are you and me.
This is like Vietnam, but with much greater consequences. As for all those Trumpers... They were for Vietnam until they too realized the war was fruitless.
Because you can't fight hearts and minds. Hearts and minds always win.
Dissatisfaction is rampant. Back in '68 it was Eugene McCarthy who tapped into this. Ultimately Hubert Humphrey, the Chuck Schumer of the era, was nominated AND HE LOST! Because he didn't have the fervor of the populace behind him.
Your entire way of life is being changed and you're forced to shrug your shoulders because your leaders have let you down.
Something is happening here, and it sure ain't exactly clear.
Either it will happen spontaneously or it will be led by the Democrats or...
It won't happen at all. That's what I'm most worried about. We don't know who each other is. We don't think we have enough people. We don't think we have enough power.
BUT WE DO!
For what it's worth.
--
Visit the archive: http://lefsetz.com/wordpress/
--
Listen to the podcast:
-iHeart: https://ihr.fm/2Gi5PFj
-Apple: https://apple.co/2ndmpvp
--
http://www.twitter.com/lefsetz
--
If you would like to subscribe to the LefsetzLetter,
http://www.lefsetz.com/lists/?p=subscribe&id=1
If you do not want to receive any more LefsetzLetters, http://lefsetz.com/lists/?p=unsubscribe&uid=0eecea7b60b461717065cbde887c8e25
To change your email address http://lefsetz.com/lists/?p=preferences&uid=0eecea7b60b461717065cbde887c8e25
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