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A defendant can only appeal on questions of legal application, not on the facts. You don't get to try the facts a second time.
"The appellate courts do not retry cases or hear new evidence. They do not hear witnesses testify. There is no jury. Appellate courts review the procedures and the decisions in the trial court to make sure that the proceedings were fair and that the proper law was applied correctly."
https://www.uscourts.gov/about-federal-courts/court-role-and-structure/about-us-courts-appeals#:~:text=The%20appellate%20courts%20do%20not,proper%20law%20was%20applied%20correctly.
No Hollywood showbiz lawyer is going to tell Larry David to forget crypto and stick with reliable blue chips and index funds, even if Buffett and other billionaires might tell him that. Stars get terrible financial advice. Thinking of the last days of Ed McMahon and others like that. You don't want to be 85 and hawking brain vitamins on late night TV.
I've known plenty of lawyers who were idiot investors." Almost no one is truly "well versed" in crypto.
"You know, I asked people, friends of mine who were well-versed in this stuff, 'Should I do this ad? Is there anything wrong with this, me doing this? Is this okay?'" David told The Associated Press on Tuesday at the Los Angeles premiere of the final season of "Curb Your Enthusiasm," which David created and stars in.
"And they said 'Yeah, this is totally on the up and up. Yeah. It's fine. Do it.' So, like an idiot, I did it," he said."
On the class action suit Larry David referred to:
https://www.cbsnews.com/news/larry-david-ftx-super-bowl-commercial-curb-your-enthusiasm/
We need more like this: "Larry David Calls Himself an 'Idiot' for Doing Infamous FTX Super Bowl Ad"
I see her Australian boyfriend/partner is long gone. Whereabouts unknown, maybe in Dubai.
"I think it's possible she didn't realize it was illegal." Yep.
So many Bitcoin ponzis now have an "ethnic" component. Many use a MLM format:
https://behindmlm.com/
Brenda Indah Chunga, a/k/a “Bitcoin Beautee,”
"The Securities and Exchange Commission today charged Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) for their involvement in a fraudulent crypto asset pyramid scheme known as HyperFund that raised more than $1.7 billion from investors worldwide.
"According to the SEC’s complaint, from June 2020 through early 2022, Lee and Chunga promoted HyperFund “membership” packages, which they claimed guaranteed investors high returns, including from HyperFund’s supposed crypto asset mining operations and associations with a Fortune 500 company. As the complaint alleges, however, Lee and Chunga knew or were reckless in not knowing that HyperFund was a pyramid scheme and had no real source of revenue other than funds received from investors. In 2022, the HyperFund scheme collapsed and investors were no longer able to make withdrawals."
https://www.sec.gov/litigation/litreleases/lr-25933
I doubt anyone behind ARYC has two nickels at this late point.
Any investor who has a few $ million to hire for investigators and lawyers might consider that extreme longshot option. Or maybe Mark will feel guilty and pay everyone back with his earnings after his release. Do you think Mark and Rene feel guilty?
But the time to consider who is behind the corp is likely long over. Personally every stock I own is a blue chip, usually a S&P 500 member and ALWAYS audited by a Big 4 CPA (like my son). Perhaps wifey Rena is working on repayment now. You can figure the odds of that.
How have EV charging network stocks performed? I looked at BLNK, CHPT, NVEI, WBX CRGE and NUVUE, some of the larger stocks. Three are on the NYSE. All have plummeted in the last 12 months.
"Don't count on worldwide EV arbitrage." I remember when cabbage patch dolls came out around 1981 and briefly commanded huge scarcity premiums. There was story in the papers about how some mom took a plane to France to grab one of the briefly-rare dolls for her kid.
Isn't that $25,000 drop nearly typical of most new vehicles? My guess is most EVs will depreciate faster than that, with dying or orphaned cars falling faster as experienced repair people and exact replacement parts become almost unobtainable..
I'd also expect premiums for faddish vehicles such as cybertrucks to vanish quickly. Don't count on worldwide EV arbitrage
There was another even bigger cost for people who bought into this fairly obvious scam, gains that were missed by being in ARYC rather than in legitimate stocks during perhaps the greatest bull market in US history.
Consider the S&P's Total Return from the most recent severe drawdown in 2009 until today (an all-time high). Consider the fabulous price appreciation of the broad market, gains from ever-rising dividends and corp stock buybacks. Wikipedia places the S&P's recent 5-year annualized total return at 14%, and its 10-year annualized total return at 13%.
Anyone could have ridden along with that bull market simply by owning an S&P500 index fund. Many blue chip investors surely did even better.
Compounding of interest has been described as being one of the Wonders of the World. You totally missed that by being in this rubbish unaudited, unlisted junk stock. Skim the below article to learn more about what you've missed.
https://en.wikipedia.org/wiki/S%26P_500
..
$7 billion market cap Even Now??? "Lucid Motors sold just 6,001 cars in 2023"
"And while Saudi Arabia has pledged to buy up to 100,000 of the startup’s EVs over the next 10 years, the factory Lucid currently operates there only has a maximum capacity of assembling just 5,000 vehicles per year until it gets expanded to a full production facility later this decade."
https://techcrunch.com/2024/01/11/lucid-motors-2023-sales-deliveries-pure-gravity/
"The West’s humiliating electric car climbdown has begun" [free trial}
https://www.telegraph.co.uk/business/2024/02/02/west-humiliating-electric-car-climbdown-begun/
That "Big Market Delusion" paper is damn interesting. I'm proud that I "Laughed Off" all three of those "Piling On" periods mentioned by the UCLA author: The Tech/Dot Com Fad of the late 90s; the ludicrous MJ Mania of a few years ago; and, currently, EVs.
Actually, I was deep into Dot Com tech since about 1995 by way of the business I owned. Our website started as my hobby and my company prospered because I did almost everything online myself. I immediately learned that launching a basic web business was easy, with few moats or barriers to entry. I never bought any of the Dot Com junk stocks (and certainly not the pennies), so I 100% dodged the devastating Tech Crash of 2000-2002. Plus I had fallen head-over-heels in love with John Bogle's S&P 500 Index Funds before then.
Regarding MJ stocks, I could tell that 98% of the "players" were scammy operations, run by toothless old hippies who couldn't be counted on to toil fields to make investors rich.
----
BTW I see that "Big Market Delusion" has been a hot topic in academic investment circles since 2019. It was new to me. Thanks.
"So how is BA doing today?" You haven't asked me about BRK lately.
The Big Market Delusion. "What's incorrect is the notion that it will happen fast and that the dominant players of today will be dominant in five or ten years."
Daviddson10: Thanks for that link. Certainly I'll read it again, probably several more times.
https://www.morningstar.com/news/marketwatch/20240202170/ai-fever-fuels-big-market-delusion-that-could-leave-investors-holding-the-bag
Lazarus, don't know about TSLA, but my very-long-held Cintas broke another ATH yesterday. For one long period years ago, it was the 2nd best performer in the S&P behind Microsoft. Still is outstanding.
"It's a multi-millionaire maker." Sadly, millionaire is nothing these days. "Multi doesn't add much." Both my kids are millionaires thanks to working hard, INFLATION and accelerating gifts from ME.
No reputable brokerage wants daytraders, especially the small-time IHUBer stock gambler type.
Of course not.
LOL, I almost drove head-on into a Rivian an hour ago, right after posting that. My backyard is the Midwest,
I've never seen a UPS EV, but haven't looked for one.
Good FD. NB always looked like "perpetual startup"_rubbish. Come back in a year, or five years, or ten... and "Success Is Just Around The Corner" according hordes of camped out often-foreign pumpers, while insiders are drawing immense salaries.
It's gratifying to me how small cap and microcap stocks are wildly underperforming the broad market Suggests investors are actually getting smarter.
NB's market cap is about $100 million. Way too tiny. My minimum cap size for investment is about $10 BILLION. I also have a number of other pretty inflexible requirements.
FD, do you own this stock?
Well, that drop was certainly painful.
"Why Investing In Auto Makers Is So Damn Risky"
"Summary
* Auto manufacturing is one of the most difficult businesses in the world.
* The combination of huge capital requirements and economically sensitive sales cycles leads to high financial risk.
* Investors can do better by avoiding the industry altogether.
- A Long History Of Failures
- Enormous Capital Requirements
- Volatile Sales Cycles
- No Durable Competitive Advantages
- Unattractive Revenue Model
https://seekingalpha.com/instablog/149011-magicdiligence/5179648-why-investing-in-auto-makers-is-damn-risky
I don't even see EVs on the road anymore aside from a few Teslas. My theory is the cool factor is gone. It's like owning an Edsel five years after the brand shut down. EV drivers risk looking really stupid in cars with dreadful resale value and little repairability.
"Announcement sent Volvo's stock up more than 30% at market open."
"The heavy involvement by Swedish-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticised by analysts who see the stake as a drag on Volvo's resources."
"Like other new EV brands and startups, Polestar has struggled to make headway, particularly since Tesla (TSLA.O), opens new tab started a price war last year.
The automaker said earlier this month that it had missed its already-reduced delivery targets for 2023.
Polestar's shares are down just over 83% since it went public in June 2022 via a merger with a special purpose acquisition company, or SPAC.
Volvo Cars said it has considered handing Polestar shares over to Volvo's shareholders, which would make Geely a big direct owner in the brand."
https://www.reuters.com/business/autos-transportation/automaker-volvo-cars-stop-funding-polestar-quarterly-earnings-above-estimates-2024-02-01/
Best caps, worst caps so far in Jan 2024:
Invesco QQQ up 3.85%
S&P500 ETF up 3.30%
iShares Core S&P Small-Cap ETF -1.42%
iShares Micro-Cap ETF -1.02%
That is interesting. Just read that again.
I read it. Many thanks.
Don't remember whether I posted that, but it contains some damn sensible advice.
"Advice from an investor who's vastly older, more experienced and far wealthier than you... You're doing it all wrong.
Fact: It's almost impossible to make a living trading stocks. Perhaps you could do it if you had ten times as much money. I've known several very smart people who tried and all gave up quickly (or when they encountered their first bear market).
The good news: Plenty of real jobs are currently available. Find one."
But again, a big chunk of it was spun off.
But again, a big chunk of it was spun off.
Do you remember when the Chicago Sun-Times in 1977 set up a real decoy tavern on Wells Street called "The Mirage?"
What journalism! Led to a 25-part series that documented the many abuses and crimes committed at the tavern, which was shaken down repeatedly by state and local officials. The series was initially nominated for the Pulitzer Prize for general reporting, BUT the Pulitzer board decided not to award the Sun-Times/BGA collaboration after editor Ben Bradlee of the Washington Post led an attack on the grounds the reporters used undercover reporting, a form of deception, to report the story.[3]"
The Mirage gave rise to major reforms including city code revisions, new procedures in city inspections and investigations at federal, state and city levels. The IRS sent in 20 agents to take a closer look at tax fraud by cash businesses. The Illinois Department of Revenue formed a new investigative unit: the Mirage Audit Unit. An ongoing federal investigation, spurred by the Mirage findings, managed indictments of a third of the city’s electrical inspectors in 1978, with more indictments to come later.
Also reported were illegal kickbacks from pinball operators and jukebox operators (A.A. Swingtime Music Company), as well as tax skimming.[9] Philip J. Barasch, a local accountant, gave the new owners of the bar extensive lessons on how to keep two sets of account books to skim profits without paying tax and advised them exactly what time of day inspectors showed up and how much their shakedowns would typically cost. He also suggested including his business card with any payoffs to help smooth the shakedown process."
"The tavern, which has had more than one owner since the Sun-Times investigation, is now known, after a number of improvements, as the Brehon Pub."
https://en.wikipedia.org/wiki/Mirage_Tavern