Sol Price, a retail magnate who three decades ago altered both the American landscape and the American way of shopping by founding Price Club, the first nationwide members-only discount warehouse, died on Monday at his home in La Jolla, Calif. He was 93.
With Robert, Mr. Price started the first Price Club in 1976 in a cavernous former airplane parts factory in an unfashionable part of San Diego. The business, which offered consumer goods as varied as tires, books and household appliances at extremely low prices, proved to be the leading edge in the multibillion-dollar influx of discount big-box stores, among them Costco, BJ’s Wholesale Club and Sam’s Club.
I am a couple of days late on this story, as I was busy swooping fly girls in the Caribe, getting mad shoulder rubs, while puffing on Marlboro Gold’s.
I was deeply saddened by the news of Mr. Price’s passing, as I have some ties to the family. My heart goes out to them.
A True G, top tier biz cat, Democratic powerhouse and always gave back. And did it with Style. People’s Champ if the ever was one.
The main lesson from him: Keep overhead to an absolute minimum.
You know your G when Sam Walton bites your steez:
One of the chief beneficiaries of Mr. Price’s legacy, Sam Walton, acknowledged the debt in his 1992 memoir, “Made in America” (Doubleday, 1992; with John Huey). Mr. Walton, the founder of Wal-Mart and Sam’s Club, wrote, “I guess I’ve stolen — I actually prefer the word ‘borrowed’ — as many ideas from Sol Price as from anybody else in the business.”
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Last night I took a trip down to Miami to visit with Jim Rogers at a book signing for his most recent book entitled: “A Gift to My Children: A Father’s Lessons for Life and Investing.” After speaking briefly about his 3 year tour around the globe he spoke a little about the aforementioned book and took questions from the audience.
These are the general themes I took away in no particular order:
Jim said numerous times he is a terrible market timer, he went as far to say he’s not the worst in the room but the worst in the world…very humble.
While Jim’s primary residence is in Singapore he also has a dwelling here in Florida, what I found interesting is that he rents and does not own his home here in Florida. The fact that he sold a lavish residence in New York before the real estate crash and rents here in Florida may be that his timing is better in real estate.
Though he waited later than most, he stated one of his proudest accomplishments was having children. For one of the most successful investors in our time that speaks volumes about the father he most likely is.
Not only did he move his family to Singapore but his two daughters will be fluent in Mandarin and Spanish.
He did not go into specifics about his bank accounts but his two daughters have Swiss bank accounts, not accounts denominated in US dollars. What does that say about his feeling on the US dollar?
He has no short exposure in US Treasuries, currently he thinks the multi-decade long bull market in this complex is over and he believed he would be taking a hefty short position at some time in the future.
Jim Rogers: Audit the Fed, Then Abolish It
One of the questions from the audience pertained to getting an MBA. Jim’s response in so many words was that it would be a complete waste of money and time. He suggested traveling around the world would be a more valuable experience. He went as far to say that sitting in a hot tub in Boston one could learn more than going to some of the prestigious universities there.
Jim had little good to say about the current choices Central banks are making and implied serious inflation is all but inevitable. He expects rates to be much higher but gave little time frame. He said jokingly we may run out of trees if the printing presses continue to run at their current pace.
The only real estate advice I recall him saying is buying a farm in the Mid-west to take advantage of the boom he expects in Commodity prices.
Bull cycles in commodities in the past have lasted between 18 and 20 years. In his view we have another decade or so in the current cycle.
As a commodity trader, what I found most interesting was that in his jacket pocket he had a gold and silver coin and a sugar packet. This was probably to prove a point but it really hit home with me and other audience members.
Globe “Overdue For a Currency Crisis”; Why Jim Rogers Is Buying Dollars
Perhaps one of the most staggering things to me was how little of the general population was in that room, the US and around the globe that are investing in commodities. It will change and I believe those that exercise discipline in the next 5-10 years stand to deeply benefit.
Find attached some historical pricing on several commodities to put things in perspective on how low and how high prices have been in the past and where we sit today. These figures are not adjusted for inflation. Being Rogers is a terrible market timer he suggested looking at buying when prices are depressed and selling when prices are elevated.
Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.
What Recovery? America’s Problems “Getting Worse, Not Better,” Jim Rogers Says
If you are not familiar with Gary Vaynerchuck, he is a cat that took a family liquor store from $5 million in sales to $50 million in sales using the Internet and social media. He also got a 7 sticks book deal. Not bad in a Down Economy.
His book is basically about using your passion in life to make money. The book gives some great advice on exactly how to do that and build your personal brand using social media.
This is a pretty remarkable time we live in. Younger G’s should appreciate it. You really can become anything you want to these days. Manifesto Destiny.
Why you should by this book:
1. If you are unhappy with your job and you would like to do something that you love doing.
2. If you want to learn how to turn your passion into a money maker.
3. You want to learn whats going down in the world today.
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
http://www.thegmanifesto.com
I went to the Playboy Mansion back in 2001. Legit.
Alas, all good things must come to an end.
I don’t know if I have spent too much time in Southern California and Las Vegas or what, but the “completely fake body, vapid, idiotic, pseudo-p0rn star” girl is holding less and less appeal for me, beyond a night.
Especially when at a civilian gig. Gentleman’s clubs still hold their appeal.
Better off picking up a girl out of the Venetian Ocular Bar or the Rhino.
Same result, less headache.
But the amazing thing is that Hef’s gig looked to have B and C grade “completely fake body, vapid, idiotic, pseudo-p0rn star” girls.
Let’s give the cat credit where credit is due. He has had an amazing career. A living Legend.
It’s not my style to disrespect our elders in The Game. And it certainly isn’t my style to take shots at an aging icon.
Even though I didn’t consciously bite his stilo, I do find myself in a smoking jacket while rolling around my own crib. So I do have to give him mad props.
For the record, I do have a “technical” win over Hefner. I know a guy who defeated him. And I went like 22-0 (22 KO’s) VS that guy.
And that is all I am going to say about that. I don’t want to get “blackballed”.
(Hef, if you want some help re-jump starting the brand, put word on the Street. I will get back to you.)
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Morrissey – Last of the Famous International Playboys
I try not to give these guys much thought, but being an active participant in Nightworld, I have these guys constantly messing up my visuals while I am swooping fly girls.
I just cannot comprehend how the American male has slid so far. Think about it. Guys actually wear glitter on their shirts (Douchebags). And Guys actually wear super tight jeans (Hipsters).
If you are keeping score, it is certainly a sign that The Apocalypse is coming.
Anyways, I finally figured out (kind of) what it is all about.
Hipsters and Douchebags are a Modern Day Mods and Rockers. (Keep in mind, the Mods and Rockers were way doper than the Hipsters and Douchebags)
Back in the day, “The Rockers considered Mods to be weedy, effeminate snobs, and Mods saw Rockers as out of touch, oafish and grubby.” Source
The great part about the Mods VS Rockers was that the constantly brawled each other. Hipsters and Douchebags don’t really seem to cross paths.
Somehow we need to get Hipsters and Douchebags going head to head (so to speak) and eliminate each other.
Come to think of it, Ill get to work on that.
(Once it breaks out, the smart money is on The Douchebags.)
In The Beatles’ 1964 film A Hard Day’s Night, a reporter asks Ringo Starr, “Are you a mod or a rocker?”, to which he replies, “No, I’m a mocker.”
The Rest is Up to You…
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Since I have no idea what Hipsters and Douchebags listen to:
