Here is a picture I took on flight UA878 from PVG to LAX:

This was taken during the flight. It’s a Boeing 777, and there were a total of 10 people in the economy cabin. I actually felt a little bit guilty about my carbon footprint.

By the way, the flight was delayed for 19 hours. If you’re looking for someone to bet against these days, here you go: UAL.

This might be the most important investing advice I’ve ever read. From Craigslist NY:

Advice for woman seeking $500k+ earning man

What am I doing wrong?

Okay, I’m tired of beating around the bush. I’m a beautiful (spectacularly beautiful) 25 year old girl. I’m articulate and classy. I’m not from New York. I’m looking to get married to a guy who makes at least half a million a year. I know how that sounds, but keep in mind that a million a year is middle class in New York City, so I don’t think I’m overreaching at all.

Are there any guys who make 500K or more on this board? Any wives? Could you send me some tips? I dated a business man who makes average around 200 – 250. But that’s where I seem to hit a roadblock. 250,000 won’t get me to central park west. I know a woman in my yoga class who was married to an investment banker and lives in Tribeca, and she’s not as pretty as I am, nor is she a great genius. So what is she doing right? How do I get to her level?

Here are my questions specifically:

– Where do you single rich men hang out? Give me specifics- bars, restaurants, gyms
-What are you looking for in a mate? Be honest guys, you won’t hurt my feelings

-Is there an age range I should be targeting (I’m 25)?

– Why are some of the women living lavish lifestyles on the upper east side so plain? I’ve seen really ‘plain jane’ boring types who have nothing to offer married to incredibly wealthy guys. I’ve seen drop dead gorgeous girls in singles bars in the east village. What’s the story there?

– Jobs I should look out for? Everyone knows – lawyer, investment banker, doctor. How much do those guys really make? And where do they hang out? Where do the hedge fund guys hang out?

– How you decide marriage vs. just a girlfriend? I am looking for MARRIAGE ONLY

Please hold your insults – I’m putting myself out there in an honest way. Most beautiful women are superficial; at least I’m being up front about it. I wouldn’t be searching for these kind of guys if I wasn’t able to match them – in looks, culture, sophistication, and keeping a nice home and hearth.

The reply:

I read your posting with great interest and have thought meaningfully about your dilemma. I offer the following analysis of your predicament. Firstly, I’m not wasting your time, I qualify as a guy who fits your bill; that is I make more than $500K per year. That said here’s how I see it.

Your offer, from the prospective of a guy like me, is plain and simple a crappy business deal. Here’s why. Cutting through all the B.S., what you suggest is a simple trade: you bring your looks to the party and I bring my money. Fine, simple. But here’s the rub, your looks will fade and my money will likely continue into perpetuity – in fact, it is very likely that my income increases but it is an absolute certainty that you won’t be getting any more beautiful!

So, in economic terms you are a depreciating asset and I am an earning asset. Not only are you a depreciating asset, your depreciation accelerates! Let me explain, you’re 25 now and will likely stay pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 stick a fork in you!

So in Wall Street terms, we would call you a trading position, not a buy and hold – hence the rub – marriage. It doesn’t make good business sense to “buy you” (which is what you’re asking) so I’d rather lease. In case you think I’m being cruel, I would say the following. If my money were to go away, so would you, so when your beauty fades I need an out. It’s as simple as that. So a deal that makes sense is dating, not marriage.

Separately, I was taught early in my career about efficient markets. So, I wonder why a girl as “articulate, classy and spectacularly beautiful” as you has been unable to find your sugar daddy. I find it hard to believe that if you are as gorgeous as you say you are that the $500K hasn’t found you, if not only for a tryout.

By the way, you could always find a way to make your own money and then we wouldn’t need to have this difficult conversation.

With all that said, I must say you’re going about it the right way. Classic “pump and dump.” I hope this is helpful, and if you want to enter into some sort of lease, let me know.

Treating Marriage as a Business Relationship –My Money Blog

Today I read an article by William Sharpe, titled “The Arithmetic of Active Management” [1]. It presents an intuitive concept that for some reason is frequently overlooked: The average invested dollar must equal the market return.

Then, after fees and commissions, the average invested dollar must underperform the market. That’s why the majority of mutual funds do worse than a random portfolio of stocks.

Tools such as derivatives and short-selling add overhead cost and also, on average, don’t beat the market. While you think you are hedging your investments by buying options contracts, another investor is thinking the same thing when he sells you those contracts.

So, unless you have compelling stock information that others don’t have, active trading will rarely help you beat the market. Mutual funds will rarely help you beat the market. Diversification, long-term investing, and choosing companies with strong fundamentals, are what beat the market.

The market has fallen over 50% since October 2007, so if you still have more than half your portfolio value from back then, Congratulations – you beat the market.

1. The Financial Analysts’ Journal Vol. 47, No. 1, January/February 1991. pp. 7-9

William Sharpe was awarded the 1990 Nobel Prize Laureate in Economics. I don’t think this is what he won it for, though.

From The Motley Fool:

Men trade 45% more women, and earn a net annual return of 1.4% less. Ha ha ha.

The authors cite increased trading costs, taxes, and a greater tendency to speculate as reasons for this underperformance.

http://www.fool.com/investing/general/2009/03/07/attention-single-men-stop-trading-so-much.aspx