Saving the Xmas Wrapping Paper
Here’s a Christmas story about the frugality of the Greatest Generation.
When I was a child my siblings and I would race down the stairs to see if Santa brought gifts.
My parents would be waiting, my father with a red Swiss Army knife.
The point of the knife was to slowly and carefully slit the tape on gifts so the wrapping paper wouldn’t be damaged and could be reused.
We saved the used wrapping paper in the attic and it became a game to see how many years we could recycle the paper and gift boxes from department stores like Epsteins or Gimbels.
One result of opening packages so slowly was that it took several hours to open the presents.
When I asked Dad about it this year, he said he didn’t mind taking hours to open gifts. He said he liked to “stretch it out a bit.” Afterall, “Christmas only comes once a year.”
Last Time the Market Was This Expensive, Investors Waited 14 Years to Break Even
In 1999, the S&P 500 peaked. Then it took 14 years to gradually recover by 2013.
Today? Goldman Sachs sounds crazy forecasting 3% returns for 2024 to 2034.
But we’re currently seeing the highest price for the S&P 500 compared to earnings since the dot-com boom.
So, maybe that’s why they’re not alone; Vanguard projects about 5%.
In fact, now just about everything seems priced near all time highs. Equities, gold, crypto, etc.
But billionaires have long diversified a slice of their portfolios with one asset class that is poised to rebound.
It’s post war and contemporary art.
Sounds crazy, but over 70,000 investors have followed suit since 2019—with Masterworks.
You can invest in shares of artworks featuring Banksy, Basquiat, Picasso, and more.
24 exits later, results speak for themselves: net annualized returns like 14.6%, 17.6%, and 17.8%.*
My subscribers can skip the waitlist.
*Investing involves risk. Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.
BRIEF OBSERVATIONS
HOSTING GUESTS: I see more and more – people frustrated that they haven’t been invited to events or parties – start hosting their own. Because, why not?
HIGH AGENCY: George Mack argues that who you associate with matters a tremendous amount and the most important people to meet are high agency people – people who are inclined toward action.
TRAIN AND TRACKS: Good perspective in the age of AI – that the speed of the train depends on the tracks as much as the engine.
WHERE ARE YOU HEADED?: For me, Tokyo was the surprise in this list of most booked international trips on United Airlines in 2025.
ADVICE FOR THE 18 YEAR OLDS: Good advice from Paul Graham. No. 2 is the one that particularly resonates with me – particuilarly in the era where people seem to celebrate the destination and underestimate the journey.
Please reach out if you have any thoughts about today’s newsletter. I enjoy hearing from readers. Send me a message if you want to talk or meet up if you are in NYC.
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