What I Believe: About Tour Guides

In Greece, we had several very good tour guides, including a young Frenchman that had graduated from the Sorbonne in psychology. He went on to work as an art historian for the Louvre, spoke five languages, was conversant in American literature, could name the genus and species of any plant we asked about… and much more.

He showed us the obvious places and made them something more than obvious by telling us stories about them that were not in the standard guidebooks. And he brought us to a dozen places that were not even listed. One of them: a tiny, hidden Byzantine chapel outside of Athens that still had the old frescoes on the walls and was still used by locals for services. It had taken many years for them to feel comfortable with him… so much so that he was allowed to bring his clients to visit so long as they didn’t take photographs or tell anyone where they had been or what they had seen.

That’s what you want in a tour guide. That kind of knowledge. Broad and sometimes deep. With love for what he does and the respect of the community into which he brings tourists.

In Naxos, we had a completely different experience. This time, we had two guides. (And I’m being generous in calling them guides.) They took us first to what they called a vineyard, which was a random plot of land in the suburbs that held about 100 plants of a grape variety that they could not name. And then to here and there, the usual places, about which neither of them seemed to know a thing. It was a four-hour “tour” that felt like 40 hours. In speaking about it afterwards, we got to calling them Dumb and Dumber.

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The Numbers Are Pretty Clear

We are in a bear market. The questions, for investors and retirees on a fixed income: How bad is it? And how long will it last?

Three facts from Bonner Private Research:

* The average bear market on the S&P 500 lasts 13.7 months and ends with losses of around 38%. That’s based on data from the eight bear markets since 1973. (A bear market being defined as a decline of more than 20% from the high.)

* The 1973 bear market lasted 21 months and resulted in a peak-to-trough decline of 48%. It took 69 months to make new highs. The dot.com bear lasted 31 months, saw a 49% peak-to-trough decline, and took 31 months to make new highs. The 2007 crash lasted 17 months, resulted in a 57% decline, and took 40 months to recover from.

* This bear market, so far, has lasted six months and resulted in a decline of around 20%.

 

After enduring the pandemic, ride-share companies like Uber and Lyft are now facing high inflation, driver shortages, and dwindling passenger numbers. According to a new report, the average fare is at an all-time high. And collectively, the companies had 20% fewer riders and 35% fewer trips in Q1 compared to Q1 2019. Click here.

 

New data shows home prices jumped 20% year-over-year in March. The rise marks the highest jump in the S&P CoreLogic Case-Shiller Home Price Index in its 35 years of data collection. Click here.

 

The Biden administration’s proposed tax holiday for gas is dumb for so many reasons. First, because it could only, at best, make a 2% difference of 15 cents. But also because this type of tax – a use tax – is one of the few that actually helps keep prices low. Click here.

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“Go to Hell With Your Money” 

I’m not ideologically inclined to like Asger Jorn’s school of art. But I have a number of pieces by him in a collection of COBRA art that I inherited through my first failed attempt at the art business. And so I was delighted to read a telegram he wrote to the Guggenheim Foundation in 1964, rejecting the $2,500 award they had given him for his work.

    1. GUGGENHEIM. GUGGENHEIM FOUNDATION N.Y.

GO TO HELL WITH YOUR MONEY BASTARD. REFUSE PRICE. NEVER ASKED FOR IT. AGAINST ALL DECENSY MIX ARTIST AGAINST HIS WILL IN YOUR PUBLICITY. I WANT PUBLIC CONFIRMATION NOT TO HAVE PARTICIPATED IN YOUR RIDICULOUS GAME. JORN

(Source: Letters of Note)

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Lugubrious – from the Latin for “mourn” – means gloomy, full of sadness or sorrow. As used in a NYT article about this year’s Westminster Dog Show: “Trumpet [the bloodhound that won Best in Show] had little to say. But he looked every inch the champion, his lugubrious face and quizzical air for some reason adding to, rather than detracting from, his dignity.”

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Re my review of Ted Chiang’s book Exhalation: Stories

“Was really happy to see you’re enjoying Exhalation. Which story was your favorite?” – SC

My response: I can’t say I had a favorite. They were all great in the same way. I felt like I was reading a new kind of fiction. Not experimental, which I generally don’t like, but a style of writing stories that was fresh. That made me feel like I was looking at a familiar situation from a new perspective. It was clear that Ted Chiang is in full command of his craft.

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Motorcyclist who identifies as bicyclist sets cycling world record…

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