Archive for August, 2024

• Morning News: August 20, 2024
  Eddy Elfenbein, August 20th, 2024 at 7:04 am

  Global Trade Needs a China Alternative. India Needs Better Ports.

  A Criminals’ Paradise Is Emerging in the Heart of Southeast Asia

  China Unleashes Rapid Drop in New-Home Prices With Relaxed Curbs

  Turkey Extends Rate Pause, Shifts Emphasis to Price Expectations

  PwC Loses Major Client Bank of China Amid Regulatory Probe

  Central Banks Sound Uncertain Ahead of Jackson Hole

  Fed Confronts Up to a Million US Jobs Vanishing in Revision

  Recession Guesswork Is Just as Reliable as It Sounds

  Markets Rebound Like They’re on a Mission From…

  Icahn’s Margin Loan Deal With SEC Caps $19 Billion Wealth Plunge

  Citadel Nabs Goldman Tech Chief in Latest Poach From Wall Street

  Kamala Harris Wants to Ban Price Gouging. What Do Economists Say?

  It Hasn’t Been the Summer Oil Bulls Were Hoping For

  EU Plans 9% Tariff on Tesla Cars as China EV Probe Advances

  The Next Challenge for the US Charging Network: Congestion

  XPeng Narrows Quarterly Loss as Revenue, Margins Grow

  Malaysia’s Heritage Island Goes Big on Chips

  A Nation of Workaholics Has a New Fixation: Working Less

  Lowe’s Cuts Guidance on Soft DIY Spending, Housing Market

  Alaska Airlines’ Acquisition of Hawaiian Clears Key Antitrust Review

  Mpox Surge Raises Fear of Spread Before Patients Show Symptoms

  Lilly’s Zepbound Cut Risk of Diabetes by 94% in Obese People

  Here’s Why This Jar of Weed Costs $60 at a Legal N.Y.C. Dispensary

  Bronfman Makes $4.3 Billion Bid for Control of Paramount Global

  Hit Chinese Video Game Seeks to Curb ‘Negative Discourse’

  ‘The Demand Is Unstoppable’: Can Barcelona Survive Mass Tourism?

  Families Are Going Into Debt for Disney Vacations

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• Morning News: August 19, 2024
  Eddy Elfenbein, August 19th, 2024 at 7:10 am

  Europe Faces Diesel Deluge as Giant Supertankers Bring Fuel

  Coal Power Defined This Minnesota Town. Can Solar Win It Over?

  U.K. Rate Cut Invigorates Property Market

  Imports Are Surging Again at US Ports, But Without the Logjams

  Lula Is Running Huge Budget Deficits and Scaring Off Investors

  Businesses Are Already Girding for Next Phase of the U.S.-China Trade War

  Asia Central Banks in Focus as Stage Set for More Rate Cuts

  Specter of Trump Tariffs Hangs Over Markets

  The Stakes Are High for Powell at Jackson Hole

  Traders Need Fed’s Rate-Cut Signal to Keep Stocks Rallying

  Big Banks Watched as Con Men Wiped Out a Widow’s Life Savings

  US Regional Bank Deals Rise as Lenders Aim to Bolster Balance Sheets

  Hedge Funds Sell Planes, Trains, Automobiles; Buy Energy Stocks, Says Goldman

  Warren Buffett’s Friendship with Bill Gates Has Soured. What That Means for the $77 Billion Gates Foundation

  How Buyers and Sellers Are Navigating Real Estate’s Seismic Shakeup

  First-Ever Tokenized Church? Colorado Group Turns $2.5M Chapel into Digital Asset

  Tech’s Infatuation With AI Spending Comes at Cost of People’s Jobs

  AMD to Make $4.9 Billion AI Acquisition as It Steps Up Race Against Nvidia

  Tesla Trails Rivals in Offering Driver-Assistance Features in China

  Couche-Tard Seeks to Buy $31 Billion Owner of 7-Eleven Stores

  How the World Sleepwalked Into the Global Mpox Emergency

  Starbucks’s New Boss Gets an Unusual Perk: Remote Work

  Starbucks’ New CEO Faces ‘Achilles Heel’ of Mobile Ordering

  The Hotelification of Offices, With Signature Scents and Saltwater Spas

  Estée Lauder Sees Annual Sales Below Estimates on China Weakness

  Estée Lauder’s Longtime CEO Fabrizio Freda to Retire

  What NFL Players Really Think About Sports Gambling

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• Morning News: August 16, 2024
  Eddy Elfenbein, August 16th, 2024 at 7:02 am

  “The Chainsaw Never Stops.” Milei’s Support Survives His Economic Experiment

  China’s Steel Titans Are Finally Bending to Reality

  China Manages to Halt Bond Bulls In Their Tracks, for Now

  The War on Prices Hits the Campaign Trail

  Must-Win Michigan’s Angst Over Inflation, EVs Shapes 2024 Election

  Ultra-Luxury Home Sales in US Are On Pace to Set a New Record

  The End of Fabulous Money Market Rates Is Near

  Five Big Questions for the Fed at Jackson Hole

  With US Economy Humming, a Quarter Point Will Do

  Carry Trade That Blew Up Markets Is Attracting Hedge Funds Again

  Man Group Quants Are Riding Private Boom for Public Stock Trades

  BlackRock Says Blended Finance at ‘Turning Point’ as Deals Grow

  Cash Sweep Scrutiny Threatens Wealth Managers’ Credit Ratings, Moody’s Says

  The Hottest Club in Town Is… Run by Your Credit-Card Company?

  Can You Solve This Insider-Trading Puzzle in Seven Clues or Less?

  Buying or Selling a Home? The Rules Are Changing.

  Revenues Down and Stock Battered as Data Firm Faces Scrutiny

  Sports Betting Is Legal, and Sportswriting Might Never Recover

  Hey Google, Time to Add China ‘Koreafication’ to Your Search Engine

  U.S. Awards $1.6 Billion to Texas Instruments to Build Semiconductor Plants

  How Booming Electricity Demand Is Stalling Efforts to Retire Coal and Gas, in Charts

  Cheniere Energy, Enriched By a Recent Spike in Gas Prices, Boosts Spending on Buybacks

  Carbon-Removal Firms Have One Very Big Backer. That’s a Problem.

  JetBlue’s Third-Largest Shareholder Has One Ask: A Status Upgrade

  Rivian Pauses Output of Amazon’s Electric Delivery Van Due to Parts Shortage

  No Joke: The Onion Thinks Print Is the Future of Media

  Olipop Breaks Into the Exclusive World of Stadium Soda

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• Morning News: August 15, 2024
  Eddy Elfenbein, August 15th, 2024 at 7:04 am

  Migrant Workers Lured to Canada Are Being Scammed Out of Their Life Savings

  Nigeria Is Turning Itself Into an Oil Market Juggernaut

  America’s Promised Hydrogen-Fueled Future Is Stalled Over Tax Credits

  China’s Economy Fails to Pick Up After Worst Stretch in Five Quarters

  U.K. Economy Buoyed by Reports on Growth, Inflation and Jobs

  Why Ethiopia Ended Half a Century of Currency Control

  Philippines Central Bank Cuts Rates First Time in Nearly Four Years to Support Economy

  Trump and Harris Should Focus on the Minimum Wage, Not Tips

  Why Inflation Might Not Win the Election for Trump

  Why Falling Mortgage Rates Aren’t a Quick Fix for Frustrated Homebuyers

  What’s a Minsky Moment and Why Are There Worries About One?

  Jamie Dimon Wants to Hit Millionaires With the ‘Buffett Rule’ to Tackle National Debt

  Alphabet Shares Face Months of Uncertainty on New Breakup Risk

  Buffett’s Apple Sale Brings Value Back to Quality Investing

  Apple Pushes Ahead With Tabletop Robot in Search of New Revenue

  Coming to ‘iPhone City’: An Electric Car Factory From Foxconn

  Cisco Systems to Cut About 7% of Staff in Second Round of Layoffs

  A Chinese Self-Driving Start-Up Is About to Go Public in the U.S.

  Alibaba’s Profit, Revenue Miss Expectations Despite Growth Drive

  JD.com’s Second-Quarter Profit Nearly Doubled as Revenue Edged Higher

  Walmart Lifts Full-Year Outlook on Bargain-Hunting Shoppers

  What is Mpox, How Does It Spread and Is There a Vaccine? All You Need to Know

  U.S. Announces Prices for First Drugs Picked for Medicare Negotiations

  J&J Eyes Texas as Venue for Next Round of Baby Powder Fight

  Starbucks’ $113 Million Payday Makes Niccol Among Most-Paid CEOs

  Brian Niccol’s Journey From Doritos Locos Tacos to Running Starbucks

  Record Heat Is Testing Kraft Heinz’s Efforts to Climate-Proof Its Ketchup

  The British Have Finally Learned to Love Peanut Butter

  Tapestry Gains as Quarterly Profit Beats Wall Street’s View

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• Morning News: August 14, 2024
  Eddy Elfenbein, August 14th, 2024 at 7:02 am

  To Save the Panama Canal From Drought, a Disruptive Fix

  Rooftop Solar Has a Fraud Problem. The Industry Is Working to Build Back Trust

  No Respite for Chinese Officials as Economy Shows New Signs of Weakness

  Kishida’s Resignation Opens the Door to a Chaotic Era

  Global Immigration Crackdown Ensnares Students Abroad

  ECB Calls Probe of Riskiest Bank Loans of ‘Fundamental’ Import

  U.K. Services Inflation Eases, Keeping Door Open for More Rate Cuts

  US Inflation Data to Show Another Modest Increase, Cementing Fed Cut

  The Fed Is Setting the Mood, Not Trump or Selloff

  Inflation Data Is the Next Hurdle for Investors Weary From Volatility

  What Is Momentum Trading and What Just Went Wrong?

  US Junk Debt Investors Cautious of Leveraged Loans as Economy Slows

  There’s Something Fishy About Insiders’ ‘Other’ Trades

  Secretive Dynasty Missed Out on Billions While Advisers Got Rich

  UBS to Sell Credit Suisse’s U.S. Mortgage Servicing Business

  There’s a Gender Split in How US College Grads Are Tackling a More Difficult Job Market

  Global Trade Shows Resilience Amid Recession Talk

  US Considers a Rare Antitrust Move: Breaking Up Google

  Google’s Stock Falls as the Government Weighs Breaking Up the Company

  The Little Streamer That Could

  Tencent Profit Surges as Domestic Games Revenue Resumes Growth

  Texas Sues G.M. Over Collection and Selling of Driver Data

  Elliott to Launch Proxy Fight at Southwest Airlines

  Mars to Purchase Snack Maker Kellanova in $36 Billion Deal

  ‘Stress on Shelves’—the Battle for Space in Store Aisles

  Narasimhan’s Ouster at Starbucks Adds Fuel to Record Firing Pace

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• CWS Market Review – August 13, 2024
  Eddy Elfenbein, August 13th, 2024 at 5:14 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  The Stock Market Continues to Rebound

  Last week, the stock market fell for the fourth week in a row. Over the course of 14 trading days (July 16 to August 5), the S&P 500 lost 8.5%.

  While that’s certainly unpleasant to live through, drops like that are pretty routine for the market. In fact, it’s probably on the light side. Investors should expect to see a 10% drawdown once every two years, give or take.

  

  The shrewd investor keeps his or her head during a market downturn. After all, that’s where the bargains are. Two years ago, at the height of the inflation scare, shares of Moody’s (MCO), one of our Buy List favorites, were trading for $230 per share. Since then, inflation has faded, and shares of Moody’s have doubled.

  Thanks to today’s rally, the market has now closed higher for four days in a row. The S&P 500 is currently 4.8% above its closing low from last week. We’re not at a new high yet, but we’ve gained back just over half of what we lost.

  Is our summer selloff over? I can’t say, but I wouldn’t mind seeing more of my favorite stocks go for a discount. There are still a lot of threats out there. The Federal Reserve looks ready to cut rates by 0.25% in five weeks. More than a few observers think the Fed will go for a 0.5% cut.

  The next test for the market will come tomorrow morning when the government releases the CPI report for July. The consensus on Wall Street is to expect a 0.2% increase for both the headline rate and the core rate. Today’s PPI report increased by 0.1%, which was less than expected.

  The last CPI report showed that prices actually fell by 0.1% during June. That had not happened in four years. The drop was largely due to a big slide in energy prices.

  The core rate of inflation, which excludes food and energy, increased by only 0.1%. in June. Wall Street had been expecting an increase of 0.2%. The annual increase for the core rate is at its slowest since April 2021.

  

  I should add that one of the key inputs in the CPI is shelter costs, and those tend to lag other costs. As a result, shelter costs are probably helping to weigh down the overall CPI. We’ll get more details tomorrow.

  One of the problems of this recent bout with inflation is that more visible prices are increasing. For example, since 2022, electricity costs are up more than 10%. Car insurance is up significantly. As the WSJ points out, shoppers can easily trade down with some items like food, but you really can’t do that with your water bill. Inflation is up 6% since the rate of inflation peaked.

  While these numbers are moving in the right direction, the job is not quite done. If tomorrow’s numbers come in hot, that could throw a wet blanket on the Fed’s rate-cutting plans, and traders would not be pleased.

  Older investors will recall just how devastating inflation can be to the stock market. Yesterday was the 42nd anniversary of the 1982 low. The Dow closed at 776.92 which is lower than it had been 18 years before; meanwhile, inflation tripled. The 10-year Treasury was going for 13.5%. For context, “Fast Times at Ridgemont High” opened the next day.

  With the help of some time passing, we can see that last Monday’s panic was extreme. The carry trade fizzled, Japanese stocks plunged, and the Volatility Index soared to some of its highest levels ever recorded. Still, the hectic times didn’t last very long.

  We can also see that the big drop happened a few weeks after the stock market’s peak. That’s also fairly common. Stocks don’t often crash at the peak. Instead, a gradual drop slowly turns into a mad dash for the exits. I call this the “Wile E. Coyote Effect” where the market dashes off the cliff and will hang in mid-air before realizing it’s too late.

  When the Bank of Japan decided to raise rates, it was by a puny amount, but that was enough to spook investors. A positive loop can easily become a negative one. No one wants to be last, so they sell, and that causes more folks to sell.

  This also raises an uncomfortable question which is, how much money is tied up in the carry trade? The answer is, we don’t know. There are estimates. Some say it’s over $1 trillion, but that’s just a guess. JPMorgan Chase said that three-fourths of the carry trades have already been busted.

  The yen carry trade still lives, but it’s not quite the layup it used to be. Last year, being short the yen and long the peso was easy money. The yen will probably continue to rally from here.

  Starbucks Jumps 25%

  Shares of Starbucks (SBUX) soared 25% in today’s trading. I wish I could say the reason for the move is that the coffee giant is selling lots more coffee. Instead, it’s that they fired their CEO.

  I have to admit that if I were CEO of a company and it gained $21 billion on the news of my firing, I’d take it personally. This looks to be SBUX’s best day since its IPO in 1992.

  Starbucks has appointed Brian Niccol, the current top banana at Chipotle (CMG) to take over the reins at Starbucks. He will replace Laxman Narasimhan who’s been in charge for the last 16 months. Niccol officially takes over on September 9. Shares of CMG closed lower by 7.5% today.

  

  This is a bold move. To be honest, things were not going well at Starbucks. In April, the coffee people cut their guidance for the second time this year. The problem Starbucks faces is tougher competition in China.

  Howard Schultz, the founder and guiding light of Starbucks, was publicly critical of Narasimhan. According to the WSJ, since Narasimhan took over, shares of SBUX are down 22% while the S&P 500 is up more than 36%.

  Not surprisingly, activist investors had been pushing Starbucks to make some big changes. These are firms that take a position in a struggling business and urge it to change course. In its last report, Starbucks said that same-store sales are down 3%.

  Niccol has been at Chipotle since 2018 and, going by the share price, he’s done a very good job. In March 2018, the stock was going for about $6.50 per share. Yesterday, Chipotle closed at $55.87 per share.

  While a lot of restaurants have been feeling the squeeze, Chipotle has prospered. About Niccol, Howard Schultz said, “I believe he is the leader Starbucks needs at a pivotal moment in its history. He has my respect and full support.”

  One of the mistakes of investment analysis is to give a CEO too much credit. It’s not that there aren’t better and worse CEOs – there certainly are. However, what you often see is a successful CEO at the right place and right time. Perhaps the business climate turned in their favor or a competitor has made some major mistake. It’s only natural that investors will see that as the magic of the CEO.

  The great baseball manager Casey Stengel won seven World Series with the Yankees and had some of the worst records in the modern era with the Mets. Why? Well, the Yankees were a lot better than the Mets. Stengel wasn’t responsible for all of that.

  In fact, the successful CEO is often the one who realizes that a big opportunity has come along. I’d love to own Starbucks – it’s a great business – but I want to see proof of a turnaround before I see it as a buy.

  That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: August 13, 2024
  Eddy Elfenbein, August 13th, 2024 at 7:08 am

  China Goes to New Extreme in Crackdown on Bond-Market Frenzy

  China’s Outbound Investing Quota Crunch Spurs Foreign Asset Managers to Get Creative

  Middle East Trillions Force New Concessions From Wall Street

  German Economic Expectations Nosedive as Global Slowdown Fears Bite

  Can This Country Show Europe How to Compete Again?

  Fed Becomes Campaign Issue as Trump, Vance Seek Political Input

  Interest-Rate Cuts Rely on Inconvenient Truths About Inflation

  Reminder: Inflation Still Matters More Than Anything

  Stock Dump Sparked by Yen Spike Will Drag On, Says Goldman Sachs Strategist

  The Unraveling of a Crypto Dream

  Thousands of Bankers Are Quitting Their Jobs in India

  Goldman Investment Arm Joins Firms Quitting Major Climate Club

  China’s Oil-Demand Growth Slowdown Weighs on Global Outlook, IEA Says

  China Puts Canada’s Mining M&A Restrictions to the Test

  GM Cuts China Jobs as It Resets in World’s Biggest Car Market

  Austria Sees ‘Massive Risk’ From Halt to Russian Gas Flows

  Semiconductor Factory Reshapes Czech Region’s Industrial Past

  US Manufacturers Hit by Soaring Property Insurance Costs

  Boeing Is in Crisis. Airbus Is Struggling to Power Ahead.

  It Was a Hot Real Estate Trade. Now Investors Are Worried.

  NYC’s Aging Midtown Buildings Lure Property Mogul Larry Silverstein

  Home Depot Cuts Outlook as Consumers Stuck in ‘Deferral Mindset’

  Baxter International to Sell Kidney Care Business to Carlyle for $3.8 Billion

  Hot Summer Threatens Efficacy of Mail-Order Medications

  Starbucks Replaces CEO as Activist Investors Push for Changes

  Federer-Backed On Sees 28% Sales Increase on Footwear Demand

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• Morning News: August 12, 2024
  Eddy Elfenbein, August 12th, 2024 at 7:05 am

  China Touts Olympic Gold Medal Tie With US as New Sign of Power

  China Regulators Tell Some Rural Banks to Renege on Bond Trades

  U.S. Officials to Visit China for Economic Talks as Trade Tensions Rise

  Inflation Hurts Most for the Things We Can’t Skimp On

  Americans’ Refusal to Keep Paying Higher Prices May Be Dealing a Final Blow to US Inflation Spike

  Tim Walz’s Investment Strategy Makes Him an Outlier

  Bonds Are Back as a Hedge After Failing Investors for Years

  Private Credit Enters Risky Terrain With Huge Bets on Consumers

  Hedge Funds Smell Blood as Lenders Turn on Each Other

  ‘There Could Be Social Unrest’: Finance Veterans on the Next Big Risk

  Drahi’s BT Exit Follows $1.3 Billion Drop in Stake’s Value

  Adani Stocks Drop as Hindenburg Row With India Regulator Worsens

  Apple and Alphabet’s Freakish Earnings Broke This Market Barometer

  Sea Raises Seller Fees to Above TikTok, Temu to Lift Margins

  OPEC Slightly Trims Oil Demand Forecast, Citing Softness in China

  Gold Fields to Buy Osisko Mining for $1.6 Billion

  Coffee Jumps Most in Five Weeks as Market Eyes Brazil Frost Risk

  Why Naming Heat Waves Is So Controversial: Green Daily

  AI Is About to Boost Power Bills—Who’ll Take Heat for That?

  Labor Talks at US East and Gulf Coast Ports Reach an Impasse

  McDonald’s Goes to Washington. And Sacramento. And Albany.

  Inside Worldcoin’s Orb Factory, Audacious and Absurd Defender of Humanity

  Brands Love Influencers (Until Politics Get Involved)

  Bari Weiss Knows Exactly What She’s Doing

  Why Schools Are Racing to Ban Student Phones

  Los Angeles, Next Up for Summer Olympics, Hopes to Turn a Profit

  Disney Details Vast Theme Park Expansion Projects

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• Morning News: August 9, 2024
  Eddy Elfenbein, August 9th, 2024 at 7:01 am

  How Japan’s Central Bank Threw Out Its Playbook for Normalizing

  Fed Seen Rejecting Calls for Jumbo Rate Cut in Economist Survey

  Wall Street on Edge After a Week of Wild Swings

  How to Cope When the Markets Panic

  Finance Chiefs Lean on Commercial Paper to Trim Costs, Prepare for Rate Cuts

  Trump Restates His Desire for More Say Over the Fed

  Has the U.S. Economy Reached a Tipping Point?

  Mortgage Rates Drop to 15-Month Low

  The Swing-State Economic Realities Shaping the US Election

  Who Won Big in the Supreme Court’s Latest Term? The ‘Regulated Community.’

  What the History-Making Elections of 2024 Could Mean for Energy

  Shale Oil Output Growth Poses Headache for OPEC+

  A Lot Was Riding on This Wind Farm. Then Giant Shards Washed Up in Nantucket

  The UK Energy Boss Taking (Some) Inspiration From Musk and Bezos

  Musk’s Riot Tweets Spur UK to Seek Tougher Online Rules

  How China Built Tech Prowess: Chemistry Classes and Research Labs

  Temu’s Billionaire Founder Becomes China’s Richest Person

  Goldman Partner and M&A Banker David Kamo Exits to Join Evercore

  Ponzi Scheme Restitution Deserves Better Math

  With US Chips Act Money Mostly Divvied Up, the Real Test Begins

  Indian EV Maker Ola Electric Jumps in Trading Debut

  Cellnex Sells Unit For €803 Million, Signals Share Buyback

  Americans Are Skipping Theme Parks This Summer

  Is a Disney Theme Park Vacation Still Worth the Price?

  How the Paris Olympics Mascot Went From Bizarre to Beloved

  LA Olympics Poised to Be Flag Football’s NFL Dream Team Moment

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• Morning News: August 8, 2024
  Eddy Elfenbein, August 8th, 2024 at 7:09 am

  Central Banks Get Sand Kicked in Their Face Again

  India Central Bank Holds Policy Rate Steady, as Expected

  Glynn’s Take: Hawkish RBA Governor Should Brace for Storms to Come

  The Fed Has Cut Rates Amid Stock Swoons Before. Not This Time

  Consider Yourself Warned on Market Risks

  What’s Driving the Topsy-Turvy Markets

  JPMorgan Says Three Quarters of Global Carry Trades Now Unwound

  As Markets Rock, a Reporter Stays Steady

  Cathie Wood Goes on Dip-Buying on Tech Spree as ARKK Hits 2024 Lows

  Balyasny Goes on New Hiring Spree With $200 Million in Payouts

  A Walzonomics Primer

  $800 Billion Gulf-Wealth Fund Can Face UK Suits After Court Loss

  As AI Costs Surge, Investors Embrace Less-Is-More Data Strategy

  What Works in Taiwan Doesn’t Always in Arizona, a Chipmaking Giant Learns

  Social Media Platforms Show Little Interest in Stopping Spread of Misinformation

  Texas Energy So Bountiful, They Pay You to Take It Away

  Startups Are Racing to Make Water Out of Thin Air

  China’s Sales of EVs, Hybrids Surpass Conventional Cars in July

  Indeed and Glassdoor Owner Posts Profit Rise

  Eli Lilly Lifts 2024 Sales Outlook as Zepbound Demand Drives Quarter

  What Happens When Ozempic Takes Over Your Town

  Warner Bros. Discovery Takes $9 Billion Write-Down on Cable Networks

  Boeing’s New CEO Is Hands On. He’s Being Handed a Company in Crisis.

  Air Canada Says Paris Olympics Are Hurting Sales This Summer

  Simone Biles’ Leotards Ignite Sales of Made-in-America Brand

  Supplying Saks Was a Soapmaker’s Dream Until He Got a $74 Check

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