* More on this trip to France, this time focusing on the art that we’ve been lucky enough to see – especially a David Hockney retrospective that turned me from a mere admirer of his work to a superfan.

* Also, as usual, my take on significant (to me) news stories that you either missed or may have simply ignored.

* Plus a few items on the mechanics of building businesses and personal wealth – two subjects that, as I mentioned in the last issue, I’m getting back to in a big way.

* Not to mention some bits and pieces I’ve come across that I thought you would enjoy.

Favorite Places and Artists, Old and New 

After three pleasant and profitable days at Courtomer, I returned to Paris, where K and I spent another three days revisiting some of our favorite places and exploring a new neighborhood: the 5th arrondissement.

It was all tres bien passe. The highlights were several new-to-us gardens (Remember, Paris has more than 450 of them!), including the Palais Royal Gardens and Parc Monceau, as well as two important art exhibitions.

Corps et Ames (“Body and Soul”) at the Bourse de Commerce

According to the website, this exhibition was “an artistic journey exploring the power of the body in contemporary art.”

I was familiar with only four of the 20+ artists in the show (Rodin, Georg Baselitz, Marlene Dumas, and Duane Hanson). But I was very impressed with the sculptures, paintings, and installations that had been assembled.

The Bourse de Commerce is worth seeing on its own. It’s a remarkably beautiful building – even considering the dozens and dozens of beautiful buildings throughout Paris.

The exhibition features more than 100 works from the Pinault Collection.

François Pinault was a very rich man who, apparently had a very strong appetite for art. In fact, he acquired so many pieces (10,000+) that he had to purchase and refurbish three large historical buildings to house and display less than 25% of them.

Check out the museum here.

And in case you’re really interested but can’t get there, here’s a 40-minute documentary on the current exhibition.

The David Hockney Retrospective at the Fondation Louis Vuitton: 
Always an Admirer, Now in Awe 

This may have been the best exhibition of a single artist I’ve ever experienced. I’ve always liked David Hockney, but I would not have even thought of him as being a “favorite” artist. Now I do.

The exhibition, which runs until August, is the largest ever held of Hockney’s work, including more than 400 of his works – paintings from international, institutional, and private collections, as well as works from the artist’s own studio.

The retrospective spans his entire career to date (1955 to 2025), showing his entire range of media, including oil and acrylic paintings, ink, pencil, and charcoal drawings, and digital works.

It was so large, in fact, that it took up the entire building.

I have always liked Hockney’s work. And always considered him among the most important modern and contemporary artists. After seeing the enormous range, technical expertise, and sheer beauty of his lifetime’s work, I now think of him (along with Edward Hopper and Roy Lichtenstein and Jean-Michel Basquiat) among the greatest artists of the last 70 years.

I’ve had this experience before: being awed by a major retrospective of an artist whose work I’d only seen piecemeal or in small exhibitions.

I remember having it with Victor Vasarely, when K and I visited the museum dedicated to him when we were in Aix-en-Provence.

Seeing more than a hundred Vasarely works, including dozens of very large ones, improved my estimation of his talent and his importance immensely.

And as much as I appreciate Vasarely now, I think he’s a modern art footnote compared to Hockney. (Take a look at the picture essay I wrote about him in “Profiles,” below.)

And Now… on to Nice 

K and I will be training it to Nice tomorrow morning. That’s a 5.5-hour ride, which should give me some time to catch up on working and earning a freaking living.

Given how much time we’ve spent in France in the past 50 years, it’s surprising that this will be our first time on the French Riviera. I’m not sure what to expect – although if it’s like it looks in this photo, I’ll be happy:

James Clear on Productivity

“The essence of productivity requires two things:

* Simplicity, simplicity, simplicity. No wasted movement. No wasted effort.
* Compounding. Every project should have a long runway and feed the others.”

News You DIDN’T Hear Last Month, or…
Different Views on News You DID Hear 

CDC Finally Admits It: You Didn’t Need Those COVID Jabs

File under “Too Little, Three Shots Too Late.” In a dramatic about-face, the FDA just announced it will no longer recommend COVID boosters for healthy Americans under 65. Yes, that includes the kids and the kale-eating 40-somethings who masked alone in the car. Going forward, Pfizer and Moderna will have to prove – not just imply – that their vaccines actually prevent bad outcomes. Imagine that! For those keeping score: The virus is now officially just a flu, and the vaccine you were socially bullied into getting may have been more public performance than public health. Even Dr. Vinay Prasad, now running the FDA’s vaccine division, says the old one-size-fits-all approach “fatigued the country.” Maybe what really fatigued us was being forced to pretend this wasn’t all politically motivated theater from the beginning. But, sure… welcome to the party. Read more here.

Antarctica Is Gaining Ice. Please Update Your Apocalypse.

According to SciTechDaily, Antarctica gained trillions of tons of ice between 2021 and 2023, marking it the first net ice growth in decades. Yes, the same continent that was supposed to drown us all by 2020 is quietly swelling. Climate catastrophists are now backpedaling faster than Greta’s crew catching her carbon-fiber yacht (which, amusingly, required multiple commercial flights to retrieve). But before you trade your Prius for a Hummer, consider this: Antarctica still lost 1.8 trillion tons of ice over the prior two decades. The recent growth may be the result of natural variability, changes in snowfall, or temporary cooling trends – none of which were accounted for in the “settled” science. So is this the beginning of a long-term reversal or just a blip in the Antarctic narrative? No one knows. But it’s a timely reminder that when it comes to climate models and their prophets, we might want to keep the receipts. Read more here.

Trump’s Palace in the Sky… or Just a Qatari PR Disaster?

Apparently, Qatar wanted to gift Donald Trump a $400 million retrofitted 747-8 jumbo jet as a thank you for… something. Trump said it was for “official use,” maybe Air Force One, maybe a display piece for his presidential library. Legally, it could fly. Optically? It’s a crash landing waiting to happen. Even his supporters were muttering, “Really?” Part of me wanted him to take it, just to watch MSNBC combust. But someone in his inner circle needed to remind him: Just because you can accept a flying palace from a terror-financing state doesn’t mean you should. Read more here.

SCOTUS to Ex-Presidents: Immunity Yes, but Only for Official Mischief 

The Supreme Court ruled that ex-presidents can’t be prosecuted for “official acts” done while in office. Cue media hysteria, claiming Trump just got a lifetime “get out of jail free” card. Wrong. The ruling doesn’t protect business deals, sex crimes, or anything else outside the job. But, yes, it covers presidential decisions, even the ugly ones: pardoning scumbags, launching wars, drone-striking wedding parties. Like it or not, it’s necessary. Without it, every ex-president would face a decade of lawsuits from political enemies with law degrees. Not a Trump loophole – a constitutional shield. Read the ruling, not the headlines, here.

Ye Goes Full Mein Kampf: New Singles Drop, Decorum Doesn’t

Kanye West (a.k.a. “Ye,” a.k.a. “Inpatient #88”) marked the anniversary of Hitler’s defeat by releasing two Nazi-themed singles – because subtlety is for the weak. “Nigga Heil Hitler” and “WW3” feature lyrics defending himself from accusations of antisemitism by, naturally, invoking Hitler. Ye has long claimed Jewish execs control the music industry and that Black people are the “real Jews.” Now, apparently, he’s making mixtapes for the Third Reich. Predictably, the industry yanked the songs faster than you can say “career suicide.” Next up: “Hava Nigga-lah,” coming to a tinfoil hat near you. Read more here.

Kamala Blames Joe for Her Lack of Lift-Off

A Kamala Harris adviser is now blaming Joe Biden for torpedoing her presidential dreams. Apparently, if he had exited just a little earlier, Kamala would’ve “soared.” (Never mind that her popularity tanked faster than Biden’s approval ratings during the balloon fiasco.) A new book reveals that Team Biden worked hard to cover up his decline. (When pressed about his age on The View, Dr. Jill, ever the nurse-in-chief, insisted Joe still “puts in a full day”… as he stared blankly into the void.) Watch this. 

P. Diddy, a Meth-Addled Raccoon, and the End of the Music Industry

In Springfield, Ohio, cops found a raccoon named “Chewy” cradling a meth pipe like it was an Oscar. And somehow, that wasn’t the most disturbing celebrity crime story of the week. Sean “P. Diddy” Combs is under fire for allegedly orchestrating ketamine-fueled “freak offs” involving Cassie Ventura, a male escort nicknamed “The Punisher,” and enough baby oil to drown a dolphin. Diddy allegedly filmed the whole thing – blackmail, they say, is the new A&R strategy. As one wag put it, “Cassie must be thrilled she signed with a kind, homegrown mogul rather than a ‘Tin Pan Alley Jew’ like Kanye complains about.” Classy all around. Read more here.

Egg Prices Fall, Media Scrambles 

Lower egg prices are a crisis now – because under Trump, everything is. NBC News just launched a “Trump-flation” tracker, spotlighting the very grocery inflation they memory-holed during the Biden years. Meanwhile, a Chinese-linked company is dropping $300 million into $TRUMP coin (because nothing says clean governance like Beijing-backed crypto). JP Morgan has quietly canceled the recession, and Trump’s tariff dance with China seems to have worked – tariffs are down, trade’s back, and so is Trump’s approval rating. Which is why the media’s now treating stable grocery prices like a Category 5 scandal. Lord, give them strength… and maybe a dozen cage-free excuses.

Vader Burnout and Skull Goblets: Just Another Week in British HR

A UK NHS employee won nearly £30,000 after being compared to Darth Vader during a Star Wars-themed personality quiz. The comparison, allegedly made by a coworker while she was out force-choking a vending machine, was ruled workplace harassment. NHS brass tried to salvage things by noting that Vader at least acknowledged paternity – “a rare move for a black man,” they helpfully argued. Meanwhile, Oxford dons were accused of drinking wine from the skull of a Caribbean slave. They only stopped when it started to leak – then repurposed it as a chocolate dish. Diversity, equity, and demonic stemware. Read more here.

Senators Against Smut and the Curious Case of the Johnsons

Senator Mike Lee wants to rid America of pornography by redefining “obscenity” to include anything involving nudity, sex, or, rather poetically, “excretion.” Artistic or political value need not apply. This follows Speaker Mike Johnson’s admission that he and his teenage son monitor each other’s devices as “porn accountability partners” – a setup that sounds less like a moral crusade and more like the opening scene of a very regrettable family-themed adult film. With all this talk of “Punishers” and Johnson & Johnson baby oil, one wonders if the real problem isn’t porn… but the screenplay. Read more here.

The Wind Beneath Your Meals 

Meet the “Family Fart Walk,” America’s newest health fad – and quite possibly its most acoustically vibrant. According to New York internist Dr. Tim Tiutan (not a forgotten Mayan ruin), going outside to crop-dust the local foliage post-meal may lower blood sugar and prevent diabetes. Canadian cook Mairlyn Smith proudly partakes in this windy tradition with her husband, making for the deadliest crop-dusting scene since North by Northwest. It may sound like the niche-est genre of internet pornography imaginable, but trust the science: When it comes to health, breaking wind may be breaking ground.
Read more here.

Biden Meets the Bumping Men 

In London, a Japanese fitness trend called “butsukari otoko” – which roughly translates to “bumping man” – involves hulking men charging at unsuspecting pedestrians like linebacker sumo wrestlers. Meanwhile, stateside, Joe Biden was reportedly falling so frequently during the 2024 campaign that aides considered strapping him into a wheelchair. The solution? Send the President to Tokyo for an immersive leg-strengthening bump course. After enough mid-shuffle tackles from chunky Japanese strangers, he might finally learn to stay upright while rammed from all sides – just like he does in Congress. Read more here.

David Hockney 

David Hockney has one of the most distinguished and impressive careers of any still-living artist I know of. He was recognized as an up-and-coming master by the time he turned twenty (in 1957) and his reputation as an important modern artist has not diminished since then.

That’s nearly 70 years. And he’s still making art. And not just reproductions of what he did at his creative apex (like Picasso, for example) but art that, for me at least, rivals anything the younger artists, working with digital technology, are producing today.

He was born in Bradford, England in 1937, the fourth of five kids raised by a Methodist mother and a pacifist father who’d been a conscientious objector during World War II. Like so many great artists before him, Hockney’s talent for art was evident in his childhood. And like those same artists before him, he did his university-level studying at a great school of art – in his case, the Royal College of Art in London.

It’s not surprising, considering that he was at the Royal College during the late 40s and early 50s, that he became friends with a crowd of other young artists who were intent on taking art forward in some way. In their case, it was the British pop art movement.

Although Hockney respected and encouraged his friends and their ambitions, his own early work was very different – more experimental and expressionistic.

This one, titled We Two Boys Clinging, is said to reflect both the poetry of Walt Whitman and Hockney’s own “emerging homosexual identity.”

I don’t see that. I see the influence of Philip Guston:

In 1964, Hockney moved to Los Angeles, where he developed the first of many “signature” styles. The first one had a lot to do with swimming pools, clean, horizontal lines, and a spectrum of pastel reds and blues – e.g., A Bigger Splash and Portrait of an Artist (Pool with Two Figures):

(By the way, Portrait of an Artist became the most expensive work by a living artist when it sold for $90 million at Christie’s in 2018. But the record didn’t last long. In 2019, Jeff Koons reclaimed the title with Rabbit, which sold for $91 million.)

These works by Hockney remind me of some of Edward Hopper’s paintings – like this one, Room by the Sea:

Images of swimming pools and sun-soaked scenes kept Hockney’s interest for several years while he lived in LA. Soon, however he was moving on.

During the 1980s, Hockney had a new “signature” style. It retained the vibrancy of his early Expressionism, but with additional distinctive colors added to the palette he had been relying on for more than 20 years. Most noticeably, these paintings employed perspective and structure. I don’t see how you could not say that, in creating yet another “distinctive style,” Hockney was also creating his own distinct brand of Surrealism.

Again, I find these works to be – not derivative, by any means, but reminiscent of some of the great established modernists of the time.

Throughout his career, Hockney kept reinventing himself, moving from painting to printmaking, photography, and digital art.

Also in the 1980s, he began creating “joiners” – photo collages made from hundreds of Polaroids or 35mm prints, which he arranged to give a Cubist-like sense of time and movement.

It goes without saying that these pieces are reminiscent of some of the Cubist paintings by Picasso and Braque.

By the late 1990s, Hockney was spending more time in Yorkshire, his childhood home, where he began painting landscapes again. These works, like those of Garrowby Hill, below, were massive, made up of dozens of smaller canvases that combined to create sweeping panoramas.

These, too, remind me of another great modern artist – perhaps someone who was painting in the 1990s and early 2000s. But for the moment, I can’t remember the name.

So far, I’ve said nothing about Hockney as a portrait artist. In that regard he is second to none. His subjects included friends, family, and acquaintances, as well as people we might recognize.

As the new millennium opened, Hockney was not going to allow his art to be a thing of the past. He began experimenting with new technology, including fax machines, photocopiers, and eventually iPads.

These are not single canvases but assemblages of as many as 60 individual images he created. We saw this one at the Fondation Louis Vuitton exhibition. (See “My Journal,” above.) It was amazing!

And what artist does this work remind you of?

In 2018, he even designed a stained-glass window for Westminster Abbey using an iPad.

Hockney also produced some amazing theatrical pieces, huge, beautiful backdrops for well-known plays. We got to see several of these at the exhibition.

And finally, in very recent years he’s produced some amazing, animated art works, which we also saw.

Hockney’s personal life has been as colorful as his art. He’s been openly gay since his student days and had several long-term relationships with men who became the subjects of his work, including Peter Schlesinger and Gregory Evans. His current partner, JP, works as his chief assistant. Hockney still paints every day, often using digital tools, and despite some health challenges – including hearing loss – he remains as prolific and inventive as ever.

From classic Pop Art to iPad landscapes, from LA pools to Yorkshire fields, Hockney’s work is a kaleidoscope of color, humor, and the sense of wonder that keeps him painting well into his 80s.

You can read a review of the show at the Fondation Louis Vuitton here.

And you can watch a 5-minute video about it here.

A $100 Million Question: Are You Fish or Are You Fowl? 

One of the biggest advantages I had in my business education was the mentoring I received from JSN – first, as an editor of financial information, and then, eventually, as his partner.

In the late 1980s, after we had built our newsletter publishing business from a start-up to the second-largest in the industry, I could see he was getting itchy to expand the business horizontally, to get into magazines and TV advertising, but also to begin selling physical products.

I had just begun to read the popular books about business management, and one of the commandments all those gurus seemed to agree on was this“If you get too greedy and grow too quickly by taking on too many different products, or even product types, you will lose your hold on the market and risk a fast slide down to the bottom. The best way to have success and maintain it is to stick to selling the products and services you have always sold because you know those products and how to sell them. In other words, don’t be distracted by all the shiny objects.”

That made perfect sense to me. That was exactly the formula I had taken to bring our business from just a few million when I started to more than $30 million at the time.

And so, whenever JSN brought up the topic of selling anything other than financial newsletters, I’d remind him of this commandment. And because he, too, understood the sense of it, he allowed me to focus on the one thing we knew how to do and were doing.

But then one morning he came into my office, shut the door, and said:

“I’ve been thinking about our conversation about sticking to one product line. But I’ve been thinking about what we both do well and what we like to do, and I don’t think it’s publishing financial information.”

I asked him what he meant. He sat down, learned toward me, and asked what became a game-changing question.

“Mark,” he said. “We have to decide.”

“What?” I said.

“We have to decide whether we are fish or fowl.”

“Meaning?” I said.

“We have to decide whether we are financial publishers or marketers.”

“I thought we were both.”

“I don’t think so,” he said. And then he recounted for me the many conversations we’d had in the previous years – how excited we’d always get when we were figuring out how to position a new product to appeal to current market trends, and how much fun we had writing the advertising campaigns and structuring the offers.

“Yes, those were great conversations,” I admitted.

“Tell me when we ever had so much fun talking about the technical or fundamental aspects of the stock and bond strategies we were selling.”

I shrugged as if to say, “You have a point.”

“We have to decide. Fish or fowl?”

“As in,” I said, “financial publishers or…”

“Or direct-response marketers!”

In truth, I would have preferred to think of myself as a student of stocks and bonds and a publisher of information. “I’m in publishing” always felt good to say when I was asked what I did for a living. “Direct-response marketing” had a very different and much less prestigious ring to it.

But I was a junior partner. I held, at that time, about 20% of the equity and 20% of the voting power. JSN had always been kind (and smart) enough to never allow that to factor into his final decisions. He’d always told me that if I ever gave him a hard “no,” he would respect it, and he always did.

So I never indulged myself in saying no to any of his ideas unless I thought they were seriously dangerous to our business. In this case, I didn’t feel that way. On the contrary, I knew at a gut level that he was right. And so, I acquiesced.

Within twelve months of that conversation, we had sold off all our financial newsletters.

Meanwhile, we were very busy selling all sorts of other things: off-brand perfume and cosmetics; inexpensive watches and jewelry; radios, cassette players, and little, portable TV sets.

And within another year. we were selling betting systems, astrology and psychic counseling, and a magazine about playing the lottery.

We had grown our publishing business from nothing to $30 million in less than seven years. And we were proud of that. But four years later, as “fish” (or was it “fowl?”), our revenues exceeded $130 million!

The story doesn’t end there. I eventually went back into the publishing business – selling financial newsletters, but also selling travel books and magazines, academic books (in English and French), membership clubs, and eventually real estate and hotels. And that part of my career was a ride from a business with revenues of $8 million to $100 million in less than seven years and more than 10 times that much 10 years later.

So today, when people ask me what I do for a living, I say, “Publishing.” But I know in my heart what I really do – and that’s marketing.

Recognizing this has given me a secret power – the understanding that I have the ability to learn how to sell anything, even all sorts of things that seem at the surface to be completely unrelated. And I will always attribute that to that first fish vs. fowl conversation I had with JSN so many years earlier.

Next issue, I’m going to tell you about one of the marketing secrets I learned along the way that has been instrumental in taking and holding a dominant position in many markets. It’s something that I have been doing for so long that I was surprised to learn that one of my major clients – ironically, a financial publisher – was not aware of it.

Stay tuned.

Current Status 

National Debt 

The national debt clock is about to rise past the $36 trillion level. According to my back-of-the-hand calculations, that’s $106k per person or $272k per taxpayer. If it continues as is – and there is no reason to believe it won’t – it will hit $50 trillion in 2028. That’s $145k per person and $359k per taxpayer! (See the piece by Murray Sabrin, below.)

Think of it: federal debt is mounting at the rate of $8+ billion per day. And that means every day, our government must finance and refinance more debt.

There are only three ways this plays out: 1. A major recession. 2. An extended period of hyperinflation. Or 3. A quick and huge rise in our GDP.

3.11% 

This is one repercussion of the above. The yield on new “I” bonds is less than it has been, but higher than it was when inflation peaked in 2022. If you bought I-bonds at that peak, you have a decision to make, according to the WSJ: Hold them, redeem them, or exchange them for new ones. Click here.

What Are I-Bonds? 

People like I-Bonds – short for “Series I Savings Bonds” – because they’re low-risk, inflation-adjusted, and backed by the US Treasury.

Here’s how they work (from Nigel):

* Inflation Protection: I-Bonds have a variable interest rate that adjusts twice a year (May and November) based on inflation, as measured by the Consumer Price Index (CPI). So when inflation goes up, the yield goes up.

* Dual Interest Rate: The return on an I-Bond is a combination of:

1. A fixed rate (set when you buy the bond and never changes)
2. A variable rate (which changes every six months with inflation)

* Individual Purchase Limits: You can buy up to $10,000 in electronic I-Bonds per year through TreasuryDirect.gov, plus another $5,000 using your federal tax refund (in paper form).

* Holding Period: You must hold them for at least 1 year – and if you cash out before 5 years, you lost the last 3 months of interest.

* Tax Benefits: Interest is exempt from state and local income tax, and federal tax can be deferred until you cash them in or until they mature in 30 years, whichever comes first.

Employment 

The latest bureaucrat body count: 33,000 jobs gone, plus another 10,000 workers due to reach retirement status before 2025, whose positions will not be refilled… along with another 40,000 temporary contracts that are poised to end this year.

“Make Americans Financially Independent Again” 
By Murray Sabrin 

The inspiration for the letter, he says, came from three of the great free-market philosopher Murray Rothbard’s monographs (What Has Government Done to Our Money?The Case Against the Fed, and The Case for a 100% Gold Dollar). And he notes, “My letter is more relevant today than when it was published a half century ago. Since May 1976, the money supply has increased from $1.072 trillion to $21.76 trillion (March 2025). In short, the creation of trillions of new money has lifted consumer prices, real estate prices, asset prices and primarily and primarily benefited the one percenters at the expense of low- and middle-income families. Furthermore, by manipulating short-term interest rates, the Fed is responsible for the booms and busts since it was created.”

Read his 1976 letter to the editor of the NYT here.

Babies Acting Up in Public Places 

When I was a child, I hardly noticed them. In my self-centered teens, I found them to be weirdly amusing objects of ridicule.

In my aspirational and ambitious twenties, I saw them as extremely annoying and unnecessary distractions and saw their parents as inconsiderate and incompetent.

During my thirties, K and I had and raised three babies of our own, and all that disgruntlement and disdain vanished. I developed a blissful ability to tune out entirely to their crying and screaming and go about my work productively.

That superpower stayed with me until my mid-sixties, when I became a grandparent. Since then, I am once again aware of and even alert to the antics of toddlers and babies. And I find everything they do to be adorable – from smiling to giggling to banshee-level screaming.

Hint: This photo was taken in 1910 in Ripley, Ohio. The woman’s name is Rhoda Jones.

Answer: In May 1910, Rhoda Jones was photographed standing outside her cabin near Ripley, Ohio, accompanied by her loyal dog. At the time, she was the oldest surviving resident of Africa, a remarkable settlement of free African Americans founded on the hillside above Ripley. This small but determined community had long been known for its involvement in the Underground Railroad, and Rhoda herself played a critical role in aiding enslaved people seeking freedom. As they crossed the Ohio River from bondage in Kentucky, she and others like her offered shelter, guidance, and hope on their journey north.