We were invited to a cocktail party at the New York Stock Exchange. It was a kind of a muckity-muck event with a very odd array of attendees ...
â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â April 14, 2023  |  [View Online]( |  [Sign Up]( An Evening at the Exchange âThe propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals.â â Adam Smith Dear , We were invited to a cocktail party at the New York Stock Exchange. The party we went to last night was hosted on the floor of the NYSE by Vince Molinari, an industry colleague who is also the founder of FinTech.TV. Vince is buddies with our friend John Newtson, who founded The Financial Marketing Summit. It was a kind of a muckity-muck event with a very odd array of attendees. POWERED BY WEALTH365 CONTINUED... Vinceâs crowd are all Brooks Brothers, gold money clip finance bros. Thousand dollar haircuts (just guessing), polished leather shoes, and a helicopter waiting at the W30th Street Heliport. Theyâre like cliche Hollywood mobsters who figured out how to go legit two or three generations ago. The crypto guys are very different⦠untucked button downs, tight jeans and white sneakers, backwards ball caps. Scruffy-beard kind of guys. Geeks, and the guys who are on the make in the digital world. FinTech.TV films their sessions from a booth on the floor of the exchange across from where Jim Cramer shouts his opinions on CNBCâs Mad Money.
The New York Stock Exchange, its innards, me and John Newtson. To see the graphs and hundreds of computer screensâ âthe pitsâ they call themâ put the NYSE in perspective. Gone are the days of flagging down your pit boss, using hand signals and getting all fired up about fast moving trades. Everything is digitized now. Maybe thatâs a good thing. I do like the Gangs of New York aspect of the old days, though. Inside the pit, a lone A1 steak sauce suggested a lunch had been had amid all the din. It sat in front of a screen that flashed the closing prices of whatever picks that âbroâ had been instructed to trade. We saw the companies that we write about to you crawling across 8-bit news tickersâ Charles Schwab, TJX, Citadel Securities, EF Hutton â some in red, some in green. There was no air of a banking crisis or the looming specter of inflation. But then again, we were at a cocktail party after hours with a bunch of new era NFT enthusiasts. 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My son Henry made these comments by email this morning: The soirée had open wine mini-bars posted up on the exchange floor and servers offering small or d'oeuvres on platters to chattering guests. People respectfully took their photo opps in front of the Closing Bell and Jim Cramerâs notorious Mad Money station. Overall, the ambience was enlivening and yes, we were geeking out. This is our medium, after all. We did, however, have to remember to keep up the cool disposition of good business. Everything you would expect from an institution that prides itself on exclusivity, maybe. The Party at the End of the World! Or rather, it was our job to uphold some sense of reverence and poshness⦠There is something there, something fragile, some idea of civilization that, albeit driven by corporate greed and the ever-lasting, ever-swindling promise of wealth, exists for some reason. For exchange, or the movement of goods, perhaps. A place where an influx of ideas meets and then disperses to all other parts of the globe, maybe. Itâs nice in theory. The practice, however, is a whole nother story, and one which we are constantly trying to decipher the truth. Swilling a glass of red around and reading the room we asked, âIs Wall Street mostly a charade?â Before the event, weâd gone to a low lit pub on Beaver Street known as Harryâs. The pub is famous enough among the Brooks Brothers crowd that, last week, when Harryâs turned 50, they had Harry himself ring the NYSE closing bell. On the wall a picture showed four young menâ traders, presumablyâ gussied up in suits with ties pulled out from their necks in tired exasperation, half the frame covered by a Wall Street Journal paper emblazoned âMarket Bloodbath.â But they didnât want to hide their faces. In fact, the photo gave the impression that losing money was actually something to be proud of, getting in trouble for some perverted spectacle.  The mythology of stock market frenzy, the frustration and anger of constant hustle and bustle⦠The art of the deal, the deeply psychological science of exchange⦠Wall Street traders love the drama of it all. They thrive on the image of throwing papers and crumpling to their knees as billions of dollars evaporate, justifying their risk. Itâs a game, really. The stakes are high. The dollar, as the reserve currency of the world, hides a lot of the failed skills of those playing. We like to say we write for the common man. And on our travels we try to find the pockets of the American spirit that so conjure up the idealism that brought us to where we are now. That being said, Wall Street is a world of its own. It does not represent regular folks. We do not want to lose money. We are outsiders to this way of thinking, this frivolity and wealth and irresponsibility. And the egos. Oh my. In a place where stakes seem to be so up front, the game always comes first. Consequences are something for the lawyers, who, too, dance the charade and take part in libations. So goes the game, eh? Addison Wiggin, The Wiggin Sessions P.S. We took the Amtrak Acela up and back from Baltimore to New York. The train ride got me home at 3:30 am. Iâm not sure I was in solidarity with the conductor who was trying to get some socialist reaction from the crowd or the other Amtrak employees. What a far cry Wall Street is from the families just trying to catch a train back to Weehawken, Cherry Hill, New Carrollton⦠or wherever. And, geographically, only miles apart. P.P.S. Be sure to register for my live event at Wealth 365 right [here](. Itâs Monday, April 17 at 3pm EST. (As you must have already surmised, there is some mutual consideration between The Wiggin Sessions and Wealth 365, but itâs also how we keep the lights on around here.) POWERED BY GOLD GATE CAPITAL Stock Market's 13-Year Bull Run Is About To End In A Spectacular Crash⦠Take billionaire investor Michael Burry who was made famous in The Big Short. He saw the 2008 housing crash and financial crisis coming in advance! What's Burry saying today? Among other things, he calls the stock market the "greatest speculative bubble of all things in all times" and says we're heading for "the mother of all crashes." With forecasts like that coming from some of the savviest, most successful investors in the world, it only seems prudent to take steps now to protect your money. Don't think your retirement savings are safe? 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