TKF

One of my dad’s clients half a century ago was Bonomo’s Turkish Taffee.  This has nothing to do with the closed-end Turkish Fund suggested in April at $5.47, and neither does the Firesign Theater’s iconic, “Welcome to side six, as we learn three new words in Turkish: towel, bath, border.”*  But with TKF closing last night at $9.11, up 66%, I am am feeling Istanbullish and can’t resist the associations.  In April, the fund was selling at a tempting 17% discount to its net asset value; today, at about half that.  I still like it, but 66% three-month gains make me nervous.  I’d sell half and either buy it back a few dollars lower on the next downdraft or – if there are no downdrafts and it doubles from here – be happy I didn’t sell it all.

* “ ‘May I see your passport, please?’ ‘Why yes, I have it right here.’ [Sound Effect: RRRRRRIP]  ‘What are you doing?!  That was my passport!’ . . . ”  

USA

Happy birthday, America.  To a first grader, you’re ancient – yet you go back just 10 generations.  Heck, my stepdad is more than 40% as old as you.  You’re a wonderful young experiment we must not allow to fail.

What nicer way to kick off the July 4th weekend than with this 18-minute Presidential nod to life, liberty, and the pursuit of happiness . . . to the proposition that all of us – even our transgender friends who were invited to the East Room – are created equal under the law?

Have a wonderful long weekend!