Why I Can’t Read The New York Times Anymore

First I read The New York Times because I believed it was the best newspaper in the world. Then, after my view of economics shifted, I read it for its cultural and literary articles. Now I can’t stand to read even those sections, as the NYT’s smart, independent critics have been replaced by very bad writers with very stupid ideas about – everything.

Take the paper’s coverage of the Academy Awards. The NYT’s film critics were upset because Green Book beat out Black Panther for Best Picture. The rationale: Black Panther was a huge box office hit. Green Book was Driving Miss Daisy II, simply another feel-good movie where two people, black and white, gradually discover their common humanity.

Never mind that Black Panther was a comic book movie with an immensely simplistic moral message, banal dialogue, a predictable plot, and nothing-special effects.

Another example: a review of a memoir about the author’s escape from poverty-stricken Appalachia. It wasn’t actually a book review at all. It was a compilation of complaints about the book’s depiction of and commentary on Appalachian culture.

According to the critic, the author had the audacity to suggest that one of the reasons Appalachians have remained ignorant and poor is because of bad habits like dropping out of school, drinking and doing drugs, teenage motherhood, and a preference for government handouts instead of working. Not only that, the author dared to suggest that the plight of these people is their own fault! (I don’t have the article in front of me, but those are nearly the critic’s exact words.)

Meanwhile, the critic has never set foot in Appalachia. But the author of the memoir lived there. Details like that, of course, don’t matter when it comes to politics. Any idea not coincidental with leftist ideology is bad art.

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Balladmonger (noun) – A balladmonger (BAL-uhd-mong-er) is an inferior poet. Shakespeare, the first known author to use the word, did it like this in King Henry IV, Part 1: “I had rather be a kitten, and cry mew, than one of these same metre ballad-mongers.”

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“Forgiving someone for his failures is an act of generosity. Excusing him from his responsibility for them is a malicious deceit.” – Mark Ford

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What You Should Ask Your Money Manager… Right Now

Money managers – just like your broker, banker, and insurance agent – make their money by selling you a service. If you don’t know what exactly they’re doing for you or how much they’re charging you, you’re vulnerable.

And yet, most investors, probably 8 out of 10, don’t know these things.

If you hire a plumber to fix a leaky faucet, you know exactly what they’re doing and how much you’re paying them. But when your money manager recommends something – some sort of amazing new investment that guarantees your principle while simultaneously giving you an upside equal to the market – you probably only vaguely understand the transaction. And you may have no idea that they’re being paid multiple times for selling you that deal.

The financial industry is very, very good at three things:

  1. Inventing financial products that are difficult to understand
  2. Hiding the fees they charge their clients
  3. Making sure they get paid even if their clients lose money

There are plenty of regulations in place that are supposed to make such costs transparent. But most of the disclosures are in small print and peppered with legal terms.

I’m not suggesting that all fees and charges are unfair. In fact, decades of consumer advocacy have reduced the number and types of tricks brokers, financial advisors, and money managers use to fleece their clients.

But there are still things to watch out for…

Some money managers and financial advisors don’t offer much to their clients. They’ll scratch the surface but, in the end, provide only a narrow range of financial services. Make sure what they offer fits your needs and includes diverse asset allocation, stock and bond recommendations, reporting, and so on.

Most of them will also charge you a fee for any financial advice. And some will collect commissions on any transactions. All of a sudden, it’ll start costing you to do anything with your managed money – including just talking about it.

Another problem is that they have a predisposition for mutual funds. They like mutual funds because they are easy. But as you know, mutual funds are very expensive.

And that’s not all…   READ MORE

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Velitation (noun) –A velitation (vel-ih-TAY-shun) is a minor dispute or contest. As used by Sir Walter Scott inSt. Ronan’s Well: “While the ladies in the tea-room of the Fox Hotel were engaged in the light snappish velitation, or skirmish, which we have described, the gentlemen who remained in the parlour were more than once like to have quarrelled more seriously.”

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