It sounds like a spoof, but a New Jersey company that says it values “your privacy” is suing to thwart an effort to end a costly and invasive practice: calls from strangers using faked numbers made to appear familiar or even official.
Earlier this year, North Dakota made it a crime to “transmit misleading or inaccurate caller identification information with the intent to defraud or cause harm.” The company, called SpoofCall, argues the law is unconstitutional according to a report by The Bismarck Tribune.
Ironically, SpoofCard was until last year part of a company that also offered a service to “find out who’s calling from blocked numbers.” IAC bought the parent last year but says SpoofCard wasn’t part of the deal.
Chief Executive Officer Amanda Pietrocola says the company only objects to provisions punishing callers for “defrauding people of their time.” “Our goal is to find a happy medium here.” She says SpoofCard doesn’t do business with robocallers but won’t disclose how many calls it enables daily.
Tracking down the company’s attorney was straightforward, but contacting Ms. Pietrocola through her company’s own public website took more effort: It doesn’t list a phone number.
Warren Buffett ’s 89th birthday is a good occasion to revisit a question that has been weighing on financial minds lately—what price to put on Greenland. As far as we know, President Trump hasn’t contacted the Oracle of Omaha on the question of valuation, much less negotiating tips. But one of Mr. Buffett’s earliest letters to investors has an interesting way to think about such outlays. He quipped that Queen Isabella of Spain, who gave Christopher Columbus the equivalent of $30,000 to find the New World, could have instead invested it at 4% interest and had $2 trillion by 1963—nearly $18 trillion today. Denmark spurned an offer from President Harry Truman of $100 million in 1946 to sell Greenland. It is unlikely that a then-17-year-old Buffett, already a budding value investor, would have made the offer. The same sum invested in the S&P 500 would have compounded since then, with dividends reinvested, to a whopping $163 billion.
Denmark may have missed a huge opportunity, but don’t judge too harshly—the future author of “The Art of the Deal” was only born that year.
No, it isn’t by installing a credit card reader in the lavatory or making us stand (but let’s not give them any ideas). Airlines already have charged extra for “preferred seating” as in I would prefer not to sit way in the back of the plane next to a screaming baby. Apparently, though, those seats (which I often seem to get) make it far more likely that you’ll survive. I wrote about this at work.
“Ladies and gentlemen, we are now ready for general boarding. Our diamond preferred ‘more likely to survive a crash’ passengers are welcome to come to the gate.”
You won’t be hearing an announcement like this at the airport any time soon, but it is a fact that some of the most and especially the least expensive seats on an aircraft give you better odds of living should tragedy strike. KLM India came under fire for spelling this out in a since-deleted tweet.
Discussing air travel fatalities isn’t only in bad taste but is believed to be bad for business. Or is it? U.S. airlines have found an additional source of income in recent years in charging for preferred seating—generally those that might have some extra legroom or let you deplane more quickly.
Seats at the back of the plane are therefore less likely to command a premium above the advertised fare, but perhaps they should according to KLM India’s tweet. Already-expensive ones near the front are slightly safer, but the fatality rate “is least for seats at the rear third of a plane.”
I wrote about the phenomenon of tech stock doppelgängers showering riches on people who can act quickly, but mostly parting fools from their money.
Zoom Technologies is carrying on a long American tradition: making people rich by accident.
Not to be confused with Zoom Video Communications, a unicorn that went public in April, making its backers truly wealthy, the similarly named penny stock appears to have benefited from mistaken identity. A $1,000 investment in late March would have been worth over half a million dollars by mid-April. Even now, assuming one were able to find a buyer, it would be worth $175,000.
Zoom joins the likes of doppelgangers Tweeter and Snap Interactive. Similarly confusing episodes happened in the last tech bull market. For example, penny stock Appian Technology surged by nearly 19,000% because it shared a ticker with a hot initial public offering on Nasdaq, AppNet, in 1999.
Of course all of these scenarios enriched people already owning the shares of the “wrong” company, and only if they acted quickly. Buyers fooled by similar names or tickers usually regret it. Not always, though. Mistaken buyers of food company Sysco back in March 2000—when red-hot Cisco Systems briefly the world’s most valuable company—have made 571% since then compared with a loss of 12% by owning the “correct” stock.
I’ll admit that when I heard U.S. official call natural gas exports ‘molecules of freedom,” I thought it was pretty stupid. But a little research shows that the fuel has inspired people for millennia.
There is something in the air these days in Washington: methane with a smattering of higher alkanes and perhaps a little hydrogen sulfide. Booming U.S. natural-gas production has put a swagger in the step of government officials now that the fuel is being exported around the world in liquefied form. Some see it as a political lever for democracy as much as an economic boon. The U.S. undersecretary of energy sparked much hilarity this week when he referred to the fuel as “freedom gas”—a moniker that reminded many of Iraq war era “freedom fries.”
But natural gas, once called “fossil gas,” was inspiring people way before the fracking boom. Historians surmise that a lightning strike on Mount Parnassus, where it may have seeped from the ground, created the flame that inspired the Oracle of Delphi. Some attribute the burning bush that Moses encountered in the wilderness to a similar phenomenon and also pillars of fire that played a role in Persia’s ancient religion.
Millennia later, then, why shouldn’t the miraculous boom in U.S. gas output, with all its ramifications, inspire some flowery language?
The column I edit, Heard on the Street, has to find one mildly ridiculous business story for each issue of the paper, in addition to all the serious, analytical stuff. This usually isn’t a challenge, though there are occasional droughts when we have to dig deep.
Thank goodness for people like Patrick Byrne, CEO of Overstock.com. He is a gift to seekers of corporate hilarity and I was a bit mean to him today.
Patrick Byrne felt a great disturbance among his shareholders, as if millions of voices suddenly cried out for an explanation. This compelled the chief executive officer of Overstock.com to write one of the more bizarre news releases in recent memory about his reasons for selling 900,000 “founder’s shares” of the retailer. “Frankly, I had no idea that shareholders would demand explanations of why and how I might want to use my cash derived from my labor and my property to pursue my ends in life,” he wrote. Mr. Byrne detailed a number of personal projects, including charitable causes, for which he needed the cash. Even after all these years, he is most famous for a different rant about an alleged conspiracy to damage Overstock’s share price involving a “Sith Lord.” Mr. Byrne backed efforts to expose and punish allegedly manipulative short sellers.
Despite some spikes in the share price, the short sellers were basically right. Since the 2005 “Sith Lord” speech, the stock has dropped by 77% compared with a 133% gain for the S&P 500. Perhaps Mr. Byrne should have directed more energy to running the company. Do or do not. There is no try.
So we decided a year ago to poke some fun at the masters of the universe who unveil their stock picks each year at the Sohn Investment Conference . My team and I decided to throw darts at stock listings and see how things panned out. It was a blowout.
No animals were harmed in this financial experiment, but some human egos were bruised. Burton Malkiel famously wrote in “A Random Walk Down Wall Street” that “a blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by the experts.” A year ago the journalists at Heard on the Street decided to see if they could beat the crème de la crème—fund managers presenting their stock picks at the annual Sohn Conference in New York. The results were brutal. Heard columnists, not monkeys, threw the darts at newspaper stock listings, but Mr. Malkiel would still approve. The columnists’ eight long and two short picks beat the pros’ selections by a stinging 27 percentage points in the year through April 22. Only 3 of 12 of the Sohn picks even outperformed the S&P 500.
If nothing else, General Electric Chief Executive Officer Larry Culp has a keen grasp of investor psychology. A little more than a week after he let slip at a conference that industrial free cash flow at the troubled conglomerate would be negative this year, he attached specific, ugly numbers to that expectation in a Thursday morning investor update. GE shares rose sharply anyway as the glimmers of hope and specific action Mr. Culp outlined lifted spirits.