From the NYT:
Renters Face Fiercest Competition in Florida and the Northeast
Demand for apartments in Florida has intensified, followed by markets in Pennsylvania and New Jersey, as Americans embrace remote work.
As pandemic restrictions ease and remote work becomes a permanent fixture, Americans continue to seek homes in communities with more relaxed lifestyles — particularly in Florida and the Northeast, home to the country’s most competitive markets for renters, according to a new analysis of real estate data.
The analysis, released in June by RentCafe, a division of the real estate software firm Yardi Systems, showed that Miami-Dade County, home to more than 20 miles of beaches, was the most competitive area for renters during the first four months of 2022. Also among the Top 10: Harrisburg, Pa.; Orlando, Fla.; North and Central Jersey, Southwest Florida, Grand Rapids, Mich.; Rochester, N.Y., and Milwaukee.
The rental trend has been fueled in part by stubbornly high house prices and rising mortgage rates, which are pushing would-be buyers into an already overheated rental market, the report said. To determine the hottest markets so far this year, researchers considered five metrics: average vacant days, occupancy levels, prospective renters competing for listings, lease renewal rates, and the volume of new apartments built in the first four months of the year.
First
Seck Ond
Have not reached peak inflation yet, with out of control rent increases; Fed will keep on raising rates.
On Left/Chi/3b and the greater economy,
Though there is a lot a of data to point to the lack of a real recession (mainly little job loss), it’s likely only the difficulty in hiring that is keeping companies from hiring and perhaps not buying back shares.
I have seen this horizontal market action before. This happens every Summer when the bankers are on Fire Island. Too make matters more cloudy, usually when a market corrects, there is initially a steep up period to start the recovery. I’m not seeing that. As a matter of fact, we were further above the downward trend line during the last two dead cat bounces. I am guessing more of a flattish market through the 2nd week of August and then game on for the Fall as the bankers get back to work.
In other news, I slaved all weekend on the multi (again). Painted the mudroom. Powerwashed the driveway. Deep cleaned the entire place top to bottom. Did some finishing touches on the landscaping. I can barely walk. It looks better now than when I bought it 18 years ago. It goes on the market this week. Probably will open house this weekend if not next. Got an offer in February with the oil tank in place and me not lifting a finger to prep the place for sale for $890K. Higher/lower this time without the oil tank and partial new sewer to street? I am targeting 10,000 slices of blue cheese. We’ll see what the market bares. Or is that bears? Quite frankly, I’m so sick of dealing with that place and Montclair’s fucked up politics that I’m more happy to be rid of it rather than the potential windfall.
Off to Shoprite to pickup the groceries they shopped for me. Found three codes which turned their $4.99 charge into a $20 discount for letting them shop for me. :P This order is going to be over 50% off! Food inflation? Sure. Quality of online shopping programming? In a recession.
New listing in the neighborhood is at $775K, last sold in 2011 for $450k. Corner lot, pool, needs some work, nearest comps are $867,500 sold in May and $815,000 sold in Sept, so let’s see if there is a bidding war.
Was speaking to the neighbor who watches Zillow like a Hawk, told me my place has a Zestimate just north of $1 million now. I told him he can have it for $950k to save me the realtor fee…LoL…
I went back to review.
Chicago says:
December 31, 2021 at 9:41 pm
2022 Predictions:
Clot franchises The Falls Wine Room concept, and trademarks the tag line “No Snooki”.
Stu makes a weekly reference to being morbidly obese, and decides that he will never sell the multi, because he can’t bear a life without being able to kvetch about it.
Eddie is attacked by Antifa and falls into a several weeks coma. When he awakens, he is altered and now believes that he is Hillary. He spends his remaining days waddling as if he has cankles, and keeps asking VP Harris out on dates.
Bystander is RIF’ed and spends his days buying expensive blocks of Swiss cheese and implanting explosives in them. He then detonates and mutters under his breath something about contract work.
Phoenix has a three way with a female cop and a female family court judge. The place him in handcuffs and beat him until he yelps “take my money. Take my life”. The judge then forces him into emergency surgery to remove foreign object from her anus with his teeth.
No One finds the crassest snippet from South Park and posts it.
Hold My Beer is arrested for public indecency when he walks into Texas’ foremost Asian market, whips out his schlong and says “hold my duck”. Phoenix posts footage from Reddit.
“If you want a job, stay remote all the time,” Jefferies CEO Jeff Handler says. “If you want a career, engage with the rest of us in the office.”
That’s according to Rich Handler, CEO of investment bank Jefferies and the latest exec to weigh in on the return to office battle. In the comments section of a @WallStreetConfessions Instagram post that asserted showing up to the office would help investment bankers demonstrate their value come layoff time, he writes that there is no one-size-fits-all approach to working from home. Instead, he says, how an employee chooses to divide their time between the office and home depends on whether they want a job or career.
If it’s the latter, he suggests coming into the office when it’s important to do so.
“If you want a job, stay remote all the time and be efficient in a very limited way,” Handler writes. “If you want a career, engage with the rest of us in the office and use wfh only when smart, flexibility is essential, mental health calls, and life balance needs help.”
Handler explains to Fortune that he views a job as working for a paycheck and focusing on short-term goals. He says a career prioritizes long-term goals, including personal development, forging relationships, caring about the organization, and building long-term wealth.
https://fortune.com/2022/06/27/office-work-determines-job-career-path-jefferies-ceo
Lol…you know what comes next. He’s not selling because he didn’t get the price he wanted.
“Stu makes a weekly reference to being morbidly obese, and decides that he will never sell the multi, because he can’t bear a life without being able to kvetch about it.”
In his comments, he writes that hybrid work will stick around—but that workers should be wary of dismissing the value of collaborating in person, which he says helps fuel growth, education, and relationship building. “The reality is, if you are in the office, you get pulled into a lot of interesting ‘real time’ situations because physical presence matters,” he tells Fortune.
In May, Handler and Jefferies president Brian Friedman sent a staff memo regarding a return to the office. While it didn’t issue an in-office mandate, it preached that “the magic of being together in person” outweighs the negatives of commuting and anxiety surrounding a lack of comfort. Stating that mental health has improved as the office has filled, the executives wrote that mid-level and junior employees “are justifiably feeling abandoned” without senior mentors in office.
Handler says the future of work can be seen in Jefferies’s model, which has workers primarily in the office with no penalty for time working from home when it’s needed. He emphasizes giving people choice.
“We want our people to have optimal balance in their lives while being able to build meaningful careers,” he says. “We want them to be able to raise families, spend quality time with their loved ones, add a degree of flexibility when needed, and build their futures at our firm for the long term.”
Handler’s views are similar to those of Google’s Sundar Pichai and Apple’s Tim Cook, who have both implemented hybrid models. He may not be rejecting hybrid work the way several CEOs like Goldman Sachs’ David Solomon and Tesla’s Elon Musk have, but he’s among many executives who are eager to see their employees back in the office.
While implementation of these plans can be difficult for CEOs as employees put up a fight against in-office mandates, Handler believes that the ones being affected by this choice the most are the workers themselves.
As he writes in the Instagram post, “It is your decision whether you want a job or a career. No judgement on which you pick, but don’t be surprised or disappointed by certain outcomes. #okboomer.”
“outweighs the negatives of commuting ”
I spent 1.5 hrs going 2o miles on the 95/Merritt at 3PM. No it does not. F-this guy.
Bystander: Wall st will be dragged kicking and screaming to WFH/ hybrid, but that’s where it’s going, and even JP Morgan is coming around to it. Producers produce, no matter where they are. Some say it’s a trend, and yet we are almost 2 years and 8 months into WFH, and it’s not going away.
I guess if your lifestyle is threatened if you work in commercial real estate, then that would explain any negative hostility to WFH/ hybrid, otherwise no other reason.
Funny chi. I would welcome it though. Did I tell you my former BA who was RIF’d in April 2021, got 9 months paid garden leave then she found a job internally in March. What a huge score. I am quite certain that the “she” had something to do with it. Our D&I numbers in tech are horrific. I’ve actually pushed stuff away recently so not as bad as 3 months ago plus we stopped building out team and just letting people leave. I expect fall will be return to insanity once everyone wakes up that we failed to deliver yet again.
Lib: Strange economy right now, no major layoffs yet in corporate with the exception of tech and mortgage industry. I know some job offers are being pulled, but right now seems like status quo. Service industry still desperate for workers, but that could dry up if corporate sector sheds jobs.
Fridays jobs report means another hefty rate increase coming, and again in September, with rent prices being out of control.
Good luck with the rental, we are still trying to get my mother in law’s place on the market, but we missed the peak. Stalling by my wife’s siblings. The level of stupidity is astounding.
The billionaire, collecting over 22 million dollars a year who lives in a >$50 million penthouse at 1 York Street and claims his mansion in Westchester is owned by Handler Farm Foundation Trust. That home features a basketball court, tennis court, multiple ponds, and a baseball field. The property consists of 50.61 acres of land and has annual property taxes of $198,343, according to records from 2010. This home is one of the largest most expensive homes in South Salem, as well as the county of Westchester, NY.
I don’t begrudge a man for being filthy rich. But I do have an issue when he tells you he knows what it’s like to commute when his daily commute to work is a 15 minute limo ride from a penthouse with more bathrooms than your house has light switches.
Chicago,
Lol. A great read always.
You didn’t even pay attention to what he said. You want a job or a career? Do you want to grow, create new opportunities, and learn new things…well you won’t do that “doing a job at home.”
He didn’t say you can’t work remotely, he just pointing out it is only a job and will not allow you to develop your career overtime.
Over time, you are going to see a hit on growth with companies that only use remote workers. It’s going to be very difficult to squeeze growth out of employees who are not growing, just completing their current job. Just stagnant with their growth as they prioritize their personal life over career growth. It is what it is, but you are blind to it…why do you think elon wants them in person? He wants growth in his company. Same with tim cook…they know they can’t achieve that growth with remote workers.
3b says:
July 11, 2022 at 9:50 am
Bystander: Wall st will be dragged kicking and screaming to WFH/ hybrid, but that’s where it’s going, and even JP Morgan is coming around to it. Producers produce, no matter where they are. Some say it’s a trend, and yet we are almost 2 years and 8 months into WFH, and it’s not going away.
I guess if your lifestyle is threatened if you work in commercial real estate, then that would explain any negative hostility to WFH/ hybrid, otherwise no other reason.
Stealth job cuts are open positions that get eliminated.
Can’t just look at unemployment rate; also workforce participation, lots of boomers just quit. I am hopeful that the next 5 years will see a good number of financial advisors leave. I can hopefully buy some books. As always, the boomers make out. I am in the fast eddie camp. Imagine a book of business that smell like cabbage, Chesterfields and Rheingold……
Also, employment is a lagging indicator.
3b says:
July 11, 2022 at 9:55 am
Lib: Strange economy right now, no major layoffs yet in corporate with the exception of tech and mortgage industry. I know some job offers are being pulled, but right now seems like status quo. Service industry still desperate for workers, but that could dry up if corporate sector sheds jobs.
Fridays jobs report means another hefty rate increase coming, and again in September, with rent prices being out of control.
Good luck with the rental, we are still trying to get my mother in law’s place on the market, but we missed the peak. Stalling by my wife’s siblings. The level of stupidity is astounding.
I’ll bet a beer that Stu’s place sells relatively quickly.
Two fam is a compelling prop for Montclair, it’s hard to poo poo the potential rent roll, Montclair rental market is always strong.
I’m still kicking myself for not buying the building on Glenridge Ave when I had the opportunity to – 4 apartments over 2 commercial rentals.
It would have required a huge loan from the bank of mom and dad to do it at the time though.
You just did..
“I don’t begrudge a man for being filthy rich.”
Clot’s gonna open for Chesterfields & Rheingold. His band is named Napalm S’mores.
So elon and tim cook care about commercial real estate. How do you come up with this chit?
“I guess if your lifestyle is threatened if you work in commercial real estate, then that would explain any negative hostility to WFH/ hybrid, otherwise no other reason.”
I appreciate your faith Grim. I’m an open book. I’ll share all after it sells. I haven’t discussed list price yet with June. She’s going to stage it. I wonder where she wants to price it?
Chgo: I know jobs are a lagging indicator, just does and does not feel like a recession at the same time. The average person sees strong jobs number and thinks things are good.
I think the Fed has plenty of cover to raise rates next two meetings, after that I don’t know. But I don’t think they reverse course and start lowering; in my view that potentially starts the whole madness over again, and hurts Fed credibility, not that is not already severely hurt. Then of course there could be something lurking out there somewhere that blows up!
Lib – Can you live stream the open house on youtube?
Lib,
Again, I think you are making a mistake. Rent is going up right now. Price will eventually follow. Expecting 2024 to be the start of the millennial “mania stage” that should last into 2026/27.
You just fixed all the mistakes and now sell? Passive income is king.
That would be hilarious. One of the stranger things about my multi is that it’s wired for Ethernet. I had a great tenant about 3 years ago that was a WFH IT nut. He set up a rack in my basement and wired the first two floors with Cat6 (I think) females. Pretty unique for a 100-year old home.
Doom and gloomer, but does have a point about earnings. Again, I expect earnings for q2 to slam stocks for what might be the final fall.
“The world is literally on the verge of total chaos, food shortages, bank runs in China and WWIII, and guys are like “17x earnings relatively cheap compared to 6 months ago”.”
Libturd,
Did Suzanne research the multi?
Click the link for market commentary
“June home builder sentiment and survey results are in. Top themes: 1) A lot more new home buyers cancelling. 2) Price cuts becoming fairly common. 3) Drop in demand finally cooling construction cost pressures (builder layoffs also happening). Market commentary to follow…”
https://twitter.com/rickpalaciosjr/status/1546500966349819905?s=21&t=YJXS8b7g5I_dMzjcwB6T2w
Pumps. Gotta pay for college soon. Between D’s medical bills, legal bills and his 70K year in schooling which does not include our $500 month cost of driving him there twelve months a year, the rainy day fund (taxable) portion of my net worth is below zero. I’m not paying interest on it (love those 0% credit card deals), but I WILL have to pay it off by the end of the year. The retirement accounts are as juicy as ever as is my net worth. But I don’t get to touch them for another decade.
Plus, I think you are wrong.
I’m sure Ms. Adler will take a stroll through.
Lib,
Logic based decision. Understandable. Hope you get a great price.
And always listen to yourself…
How big is the accessory rental?
Or rather, what’s the unit breakdown? Main and Accessory?
2/1 going rate in Montclair right now is what, $2.5-3k?
You don’t know how your Ethernet plugs identify.
Libturd says:
July 11, 2022 at 10:25 am
I had a great tenant about 3 years ago that was a WFH IT nut. He set up a rack in my basement and wired the first two floors with Cat6 (I think) females. Pretty unique for a 100-year old home.
Musk..out tweeting again about twitter.
“Early Monday, Musk tweeted four images of him laughing next to captions that read: “They said I couldn’t buy Twitter. Then they wouldn’t disclose bot information. Now they want to force me to buy Twitter in court. Now they have to disclose bot information in court.”
That was soon followed by a picture of actor Chuck Norris playing chess with only a single pawn on his side of the board, and a complete set of pieces on the other side, with Musk tweeting, “Chuckmate.”
Montclair only had 2 open houses this weekend under 1.2m – this is the slowest I have seen it this year
Units are now vacant, but after the last two years + of rent freeze, I was at $2600 for the lower and $2200 for the upper. The upper rent was set in 2017. And the lower in 2019. Realistically, you should be able to get $3200 and $2600 easily. Tenants paid gas and electric. Owner pays sewer and water. Taxes are currently $16,122 thanks to Gator! They should easily be >$20k.
New furnace, hot water heater. Rubber roofs were just sealed, driveway is in perfect condition and the place doesn’t flood. Washer and dryer in both units. Both units are 1.5 baths. Great gazebo in back and fenced in yard. Make your offers now.
Mike S.
Me likey.
Category 6 has been the standard for a long time now. I doubt it is anything less, you can tell it’s printed on the side of the cable and google the router model it will tell you what it supports.
Monthly payment too much for some….
“The share of sale agreements on existing homes canceled in June was just under 15% of all homes that went under contract, according to a new report from Redfin.”
“Homebuilders are also seeing higher cancelation rates.”
“Americans are canceling deals to buy homes at the highest rate since the start of the Covid pandemic.
“The share of sale agreements on existing homes canceled in June was just under 15% of all homes that went under contract, according to a new report from Redfin. That is the highest share since the early 2020, when homebuying paused immediately, albeit briefly. Cancelations were at about 11% one year ago.
Higher mortgage rates and surging inflation are causing many potential homebuyers to reconsider their purchases.”
Neighbors house that listed last we didn’t have any traffic, there are now 5 house for sale in the neighbor hood. A month ago they would have all been pending, not now.
Lib, I think you will kill it, people want rental properties.
We’ll see. I am relatively confident I’ll do well. I even put a case of beer in the fridge to entice a quick closing.
Lib: Are you going to ask for a 2 page essay on way you should sell your multi to a potential buyer?
Nah. It’s obvious.
Libturd,
In the contract, state that the seller must feed the squirrels and picture proof is required.
“Amazon is quietly developing cancer vaccines in partnership with Fred Hutchinson and recruiting patients for a new clinical trial”
Remember what I said this morning about the direction of the market? Well it looks like we have now formed a pretty clear BEARISH PENNANT.
https://photos.app.goo.gl/HwXnQfGBEyd93UDt7
The term bearish pennant is made up of two parts. Bearish refers to when the price of an asset is moving downwards. It is simply the opposite of being bullish. On the other hand, the term pennant refers to a flag or banner that is longer than the hoist.
In trading, when the price of an asset drops sharply, there are usually two things in play: It usually means that sellers are prevailing while buyers are losing.
However, in most times, a bearish trend is usually interrupted by a few periods of bullishness. This happens when buyers start coming in as some sellers start taking profit. As this happens, it tends to form a pattern, which is known as a bearish pennant.
A bearish pennant is part of the so-called continuation patterns. A continuation pattern is usually a sign that a currency pair, stock, or any asset will continue moving in the original trend.
The stochastic is looking bearish as well. So if you want to go by the charts, we are heading lower soon.
By the way, there will be no charge for my TA lessons. Nor will I accept criticism if TA fails. At the end of the day, the only time TA seems to work effectively is in orderly markets, which is pretty rare.
Yea, I said it on this blog….q2 earnings are going to take this down. Looks like it’s going to happen. Love the fools telling me it was already priced in…sure.
“I think the Fed has plenty of cover to raise rates next two meetings, after that I don’t know. But I don’t think they reverse course and start lowering…”
Agree, doubt lowering any time soon even in 2023….July is priced in at 75bps, Sept is the time I look for a surprise (less aggressive).
The term ‘transitory’ literally needed to be beaten out of JPow…long term, he’s likely right…he was basically running a race of where two lines intersect to bring ‘normalcy’, natural supply chain/commodity correction and rate rises…he obviously favored the former but lost as that line had a flatter slope and he ran out runway (time). He still believes in transitory (with the longer runway) but like a Red State Republican there’s some stuff he just can’t say out loud anymore. 75bps next week then he gets a two month look-and-see…Real economy continues to deteriorate (which seems to be consensus) then the surprise is 0 or 25bps (but not easing). That is a face ripper up for the market…throw in some resolution in Ukraine or such and we’re off…markets will be well on their way up before the eight egghead boomers at NBER even declare a recession. As is customary. Which is why whether we are or aren’t in a recession (or headed there) really doesn’t matter because by that time market is already projecting out 6-18 months.
Re: banking, remote work, and the Jeffries CEO he is just re-iterating the way it is and always has been…at all levels in banking – including the first year analysts where ‘everyone is comped the same’ – there is wide latitude on bonuses which range from 1x to many, many times base…and they are discretionary. Personally, I wouldn’t take offense or see his comments as a challenge, but as a PSA to actually lay out career and therefore comp expectations for those who may not be well informed enough to see it on their own.
He doesn’t say “no”, he just makes eminently clear there will be two classes of citizens. Quite frankly from a senior banker’s perspective one would welcome quality work from juniors at a discount as it leaves more money in the bonus pool for me…The majority of junior staff in banking are basically fixed costs, they get fed less but with surety and the senior bankers get the bounty…
Plus from a senior banker’s perspective there is the relief from training and career development…more toiling for senior bankers than the actual position workload was the non-revenue producing time one was expected to put in (ie, and junior career development is a not insignificant component of your discretionary bonus). You tell me that junior staff have self selected in a manner where I don’t have to pay career attention to 50% of them and that half has also (implicitly) agreed to a 25-33% haircut on comp leaving more money in the bonus pool and I’m all-in on WFH…
BREAKING: White House spokeswoman Jean-Pierre: I expect new CPI data to be highly elevated.
Highly elevated? Gas is coming down and it’s the single biggest driver. Only a matter of time….
Well said, Lefty. People are their own worst enemy and of course they will cry about it later…like a baby after spilt milk.
THINK LONG-TERM…don’t fall for the low hanging fruit. If you choose the low hanging fruit, don’t cry about it later when your company treats like a disposable pos to be used and abused.
“By the way, there will be no charge for my TA lessons. Nor will I accept criticism if TA fails.”
Fair enough, since even my untrained eye can detect cuts and pastes… ;)
“At the end of the day, the only time TA seems to work effectively is in orderly markets, which is pretty rare.”
I would disagree here. IME technical analysis is at its best and most predictable when markets break down…orderly markets leave all kinds of room for debate about industry outlook, company earnings expectations, valuation multiples, yield v. dividend rates, etc, etc….
When the ability to make ‘hard’ analyses go out the window TA is really the only thing that can fill the void and is used even by those who consider it voodoo…some of the easiest money I have literally ever made was day trading SPX futures mid-2020 for nine months or so….the outcome of questions so basic that even asking them was considered unfathomable were unknown…so absent any information, let alone actionable information that could be analyzed, intra-day the indices bounced off technicals…I had five TA data points…hit on the uptrend – sell, same five on the downtrend – buy. Wash, rinse, repeat. Near 80% success rate.
Nothing else for the market to hang its hat on….
Left; I would argue, that there was and always will be two classes of employees. Those that work hard and do well, but don’t want to sacrifice everything else in their life to obtain senior management level, and those who will sacrifice everything for that chance. Then there is the other factor, although perhaps not as common as it was on the “ street” for those who get promoted and move up because they have connections. I have got some real stories there.
I just read a NYT article entitled The Business Lunch is dying. The culprit of course is WFH/ hybrid; deals being closed on line now as opposed to the old power lunch. Personally, I think the business lunch has been dying for some time as noted in the article. Also, the business dinner too is becoming less common, especially on the public finance side. As per the article lunches when they do have them are more meet and greet, relationship strengthen process. Personally, since the Post House closed for me, who cares!!
CPI is June…… gas/oil backed off this month…..
The Great Pumpkin says:
July 11, 2022 at 5:07 pm
Highly elevated? Gas is coming down and it’s the single biggest driver. Only a matter of time….
Ruh-roh….
High mortgage rates are pushing some home buyers to choose adjustable-rate mortgages over fixed-rate loans, to keep monthly costs down.
Adjustable-rate mortgages, called ARMs, typically carry a lower rate than a 30-year-fixed mortgage in the loan’s early years, and then adjust at regular intervals based on one of several indexes. The potential for significantly higher rates and payments in the future makes ARMs riskier than fixed-rate mortgages. ARMs helped fuel the 2008-09 financial crisis, when lenders made loans with ultralow teaser rates to subprime borrowers.
These loans are making a comeback of sorts as high mortgage rates and home prices have made buyers look at options that don’t cost them as much as fixed-rate loans do right now. The average rate on a 30-year fixed-rate mortgage was 5.3% as of July 7, according to Freddie Mac. Average rates on adjustable mortgages the week of July 4 ranged from 4.25% to 5.46%, depending on the loan terms, according to Bankrate.com’s national survey of large lenders.
Choosing an ARM can make sense for home buyers in certain situations, and could pay off for others if rates drop or stabilize in coming years, financial advisers say. Advisers generally don’t recommend these loans due to their variable nature. But there are risks to consider.
The Jeffries CEO’s quotes and the article overall clearly outlines a hybrid work schedule, which is not what was done pre-pandemic at that firm or in that industry as a whole. As I’ve said before, you both have already claimed victory in being correct and no matter what happens in the future you’ll continue to say look I’m right.
Chgo: The gas price drop I suspect will be temporary.
Face,
I was told in person was being replaced by remote. Hybrid is not remote. I might be right or i might be wrong, it’s too early to say. I still think wfh is a short term trend that might last 5 years…i just don’t see it lasting 10 years from now…it’s too hard to train people and when the people carrying the load now start to retire, there will be pain for businesses that ignored the mentorship aspect of running a business.
I know the IB type. I have a friend who is one of them. Of course WFH wouldn’t work for him. Who would he be able to brag to every time he closed a deal? I actually meant to point out that there are a few fields where in person collaboration is beneficial. But, for the most part, it’s pretty rare.
Speaking of improving your compensation at the cost of your work/life balance. I think I share this here a very long time ago. Back in the day, when I was single, working 60-80 hours nearly every week and saving every penny. I was being groomed for an executive role. Six-Sigma, Lean, TQM, etc. I was certified in all of them. Whenever the company would consider an acquisition or divesture, I would be brought along for the dog & pony show. This was around 2003. Well, we just made our largest acquisition ever and I was adamantly against it. There were multiple reasons, but three really stood out. First, this large New England commercial printer was too artisan for us. We are all about quality and speed. They were all about quality. Second, in our tour of their plant, I witnessed a lot of really poor decisions being made by workers who all thought their sh1t didn’t stink. Little did they know, we would end up saving many of their jobs. Third and most importantly, this company grew tremendously through their contract with AOL. Yup, these were the guys who printed those cardboard mailers with the CD-ROMs in them. What a cash cow that was. But it also showed a complete lack of diversification and really, what have they done for anyone lately? Well, against this rookies opinion (and that of my counterpart and near doppelganger that I knew in St. Paul), they bought the plant.
With the purchase, we acquired a few of their executives. Basically, their second in command was a real Six Sigma nut and we put him in charge of bringing PMI to our company, though we were historically known for making very few errors. It’s just in our culture. Well, I got to work an integration project with him and besides having told me that he thought highly of me, he also advised against pursuing the executive track. I asked why? He said it’s not worth it. He said he owns a sailboat and it’s in been in the water twice. Dumbest purchase he ever made. He thought it would get him to stop working so much. He said he didn’t raise his children. He only paid for them. In the end, it simply isn’t worth it. He said, go watch your kid in the school play. Go to their graduations. These are things you can’t buy and no amount of money will buy their approval of your lack of involvement.
Out of all of those acquired from that printer, he is the ONLY one who still works with us. The acquisition was a huge failure. In the end, it actually turned out to not be that damaging as the land the plant was located on was located right next to a huge fuel terminal. Well they wanted the space badly and we made up for our losses in the end.
Leftwing,
At tonight’s investment club meeting, we considered the purchase of the following 3 companies. Paypal, Skyworks Solutions and Medifast. Since we already own MKSI (they make equipment for the chip industry, we knocked them off the list. Medifast looks good and relatively recession proof. But PayPal is simply impossibly cheap here.
I am still a fan of WRK, but the paper shortage (mills are having supply line issues still) is crimping their style.
A Florida man has been arrested for locking his daughter’s three dogs in a stifling car for three days without food or water, authorities said.
Felton Henderson’s daughter had been preparing to leave town for several days and left the dogs in his care, Escambia County Sheriff Chip Simmons said Friday.
She provided food, water and all other items necessary before leaving.
When she returned home, Simmons said, her father led her to his Toyota Camry and pulled out the lifeless dogs.
“It is apparent that all he did was put these dogs — lock these dogs — in today’s heat, yesterday’s heat, the day before yesterday’s heat, he put these dogs in his blue Toyota Camry knowing full well that they would not survive,” Simmons said.
Temperatures approached 90 degrees for each of the three days the animals were locked inside the vehicle.
“You can imagine the suffering they probably went through,” Simmons said.
Henderson was soon taken into custody and is facing animal cruelty charges.
“This is no way to treat an animal,” Simmons said. “They rely on you to give them the care and the concern and you did none of that. So you will go to jail.”
Such scumbags in Florida…for every good person in Florida, you get 5 of these.
Lib,
Just picture yourself in your 20s in a 100% wfh environment. You never come in physical contact with anyone while working. You are old, so you value family time bevause you already built your career. Think about the consequences of a 20 something locked in their house all day only talking through a screen. There is a huge price to pay for that with your emotional well being. It’s not healthy. Now apply this to an entire generation…talk about future health problems. From mental health, to physical health from lack of movement. It’s bad news..,but no one gives a f’k till our society becomes filled with these overweight unhappy people.
And you know your boy expat (rip) despised this…he hated screen swipers for a reason.
He had no issue with remote work. It’s what he did almost entirely. He hated smart phones.
ExPat was rarely client-facing. People who say it like it is rarely get to meet the clients.