Huge puffy white clouds everywhere but still a sunny warm day high maybe 85. Really beautiful. Green trees pumping out oxygen. Short days. Now we drop down to 70 or so but still sunny, supposedly.
Deflation continues: I bought Shell gas below $2 today. Then I bought an amazing amount of milk and vegetables at Aldi for $14. German billionaires inflated their wealth by deflating the price of food that people have to buy. I don’t mind billionaires who get rich by providing low prices on goods and services that people need. Walmart had the same strategy but Aldi prices are about 30% cheaper than Walmart. Very efficient, lots of people buying lots of stuff real fast, quick checkout. Reminds me of the Korean fruit stands in San Francisco.
Trump is right that hedge fund managers don’t earn their pay. It is easy work and they can’t even do it right. Many of the supposedly best (notorious?) hedge funds proved to be not hedged at all last week. During the crash they lost money. Supposedly hedge funds are supposed to make money whether the market goes up or down. That is why they are called hedge funds – they hedge their bets. It is not hard to do right by derivatives. Instead they proved themselves to be directional betters, gambling on a continued boom that everybody knew is not going to continue forever.
Karl Hans Albrecht (20 February 1920 – 16 July 2014) was a German entrepreneur who founded the discount supermarket chain Aldi with his brother Theo. He was for many years the richest person in Germany. As of February 2014, he was ranked as 21st-richest person in the world. Karl and Theo Albrecht were born and raised in modest circumstances in Essen, Germany. Their father, Karl Sr, was employed as a miner and later as a baker’s assistant. Their mother Anna, née Siepmann, had a small grocery store in the worker’s quarter of Schonnebeck (de), a suburb of Essen. Theo completed an apprenticeship in his mother’s store, while Karl worked in a delicatessen shop. Karl served in the Wehrmacht during World War II and was wounded on the Eastern Front. After the war, the brothers jointly took over their mother’s business and founded Albrecht KG