Dummies never learn

❝ In the 1640’s the Dutch inhabitants of New Amsterdam built a 12′ wall to keep the bad hombres out. In 1664 the British ignored the wall and took New Amsterdam by sea. It’s now called New York. They took down the wall and built a street. It’s called Wall Street.

Same as it ever was…

Thanks, Ian Bremmer

A Marijuana CEO who doesn’t smoke!

❝ …Morning is a sacred time for the 46-year-old CEO, who has two rules for starting the day: Always eat breakfast. Don’t eat with anybody but your kids. Though abiding by rule No. 2 means eating alone, if he’s on the road—which is a lot these days, particularly since Kennedy’s company, Tilray, went public in July. In a couple of hours he’ll board his 135th flight of the year—a stat he can tell you because his assistant, knowing how he relishes data, sends him monthly analytics on his own travel (in 2018, he flew 23% more miles than he did the year before). At the moment, though, his 4-year-old daughter, in a pink tutu, is stirring the batter skeptically from her perch atop the kitchen island. “Papa, I think you forgot the flour,” she chides. Kennedy’s family moved into the new house a few weeks after Tilray went public, and he still struggles to find things in his own kitchen. He shrugs as he begins scrambling eggs and frying bacon in another pan: “My kids say pancakes are the only thing I’m good at.”

❝ Of course, his children are too young to know that what their dad is really good at is—at least for the moment—illegal in much of the U.S. and the world. Tilray sells cannabis, a.k.a. pot, weed, and more than 1,000 other colorful nicknames, for the medical-marijuana market and, more recently, the recreational one. It wears the crown as the hottest IPO of 2018, returning 315% for the year and valuing the Canada-based but American-run company at $9 billion today. The kids don’t know that the IPO—his daughter got to help ring the bell at the Nasdaq—made Kennedy not only a billionaire but the richest man in the legal marijuana business, and maybe the face of its future. Or that after pancakes today, he’ll shake hands with officials at Anheuser-Busch InBev, the behemoth behind Budweiser, to form a $100 million partnership aimed at creating a cannabis-infused substitute for beer.

RTFA. Enjoyable, worthwhile. I have a tiny portion of my retirement account invested in Canadian cannabis. Not Tilray; but, as you’ll learn from this article, they’re one of the best. And, sooner or later, the United States will be pressed into joining the 21st Century and the more advanced capitalist democracies.