THEME: Wait, Wait, Don’t Tell Me🙊
May 30, 2022
Michael’s CIO (Check-It-Out) Report on the week just past — events, sarcasm, and global macro reflections
THEME: Wait, Wait, Don’t Tell Me🙊
Tragic: Police waited for over 45 minutes (a seeming eternity) before entering an elementary school classroom in Uvalde, Texas where a gunman held and shot hostage children — Ironically, Uvalde is known as the Honey Capital for production of mild and light-colored huajillo honey — Year-to-date there have been 27 school shootings and over 200 mass shootings in the U.S.
UnconSECtutional: The United States Court of Appeals for the Fifth Circuit held that Securities and Exchange Commission (SEC) administrative enforcement proceedings are unconstitutional when it brings civil securities fraud charges before its own Administrative Law Judges (ALJs) — this throws a wrench into SEC administrative actions😳
Slow burn: U.S. Forest Service claimed responsibility for New Mexico’s largest fire ever, started by a couple of controlled burns one of which survived multiple snowfalls as a holdover or sleeper fire and then crossed containment lines and another controlled burn that went rogue in April — 🔥the Calf Canyon-Hermits Peak Fire (over 315,000 acres) in the Santa Fe National Forest is only 50% contained
Dwell time: The latest hot metric in cybersecurity is dwell time; the time attackers spend inside an organization’s computer system before being detected and eradicated — the shorter the wait time, the better
One coconut custard pie with whipped cream coming up: A climate vandal disguised as an elderly lady in a wheelchair waited till nearly closing time to throw a custard pie at the glass protecting the Mona Lisa — Not amused🤦🏽♂️
65: A stinging billionaires’ divorce between Harry and Linda Macklowe led to Sotheby’s sale in November and May of their 65-piece art collection — that included works by Gerhard Richter, Mark Rothko, Pablo Picasso, Andy Warhol, Jackson Pollock, Cy Twombly, Agnes Martin, and Alberto Giacometti — netting $922MM; the most valuable collection ever sold at auction🖼 — Also this month, an Andy Warhol portrait of Marilyn Monroe sold for $195MM and a 1955 Mercedes-Benz SLR coupe sold for $142MM
Broadening: The technology conglomerate known as Broadcom will swell even larger with its $61B acquisition of VMware (7 months after it was spun out of Dell)at a +44% premium to its pre-announcement price — Analysts are warning that VMware customers won’t have to wait long for higher prices and less support for smaller businesses
SPEEDquel: After waiting 34 years and then an additional 2, Top Gun: Maverick, the sequel to 1986's Top Gun, grossed $156MM domestically over its initial 4-days and $357MM globally🌤🌫✈☁
No waiting allowed: Bentley promises that its first electric car will offer up to 1400 horsepower and accelerate from 0 to 60 miles per hour in a nauseating 1.5 seconds — need for speed
PERSONAL
Wine Education: Running Point is a sponsor of the sold out June 4, 2022, 28th Annual Manhattan Wine Auction — the largest charity wine🍷auction in Southern California — to support the🏫Manhattan Beach Education Foundation (MBEF)
Best wishes for the week ahead😊
Michael
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Michael Ashley Schulman, CFA
Partner / Chief Investment Officer
“We deliver custom investment solutions, innovations, and unique perspectives to you and your family.”
Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-22–28
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