Voting in Person on Tuesday

2020 election: plenty of space

Foster City tore down its Recreational Center in the month before today's election. The timing was unfortunate, in that the spacious Rec Center was Foster City's sole in-person voting location. (The City began planning the $66 million construction project in 2017.)

Signs directed us to a room in City Hall, next to the fire station. The room was packed with voting booths; about half were occupied.

A volunteer asked me to "register"--she quickly corrected the phrase to "check in"--and I filled out a form with my name, residential address, and date of birth.

Another lady checked the information against her computer (no identification was requested), and directed me to an empty station.

I made my selections on the touchscreen, printed out the ballot, and dropped it into the box. The whole process took half an hour.

To be perfectly honest, I wouldn't have minded taking another minute to show a picture ID, but California is unlikely to reinstate that requirement in my lifetime.

I'll Have Some News With Those Jokes

Tyrus gesticulates

On the eve of an election which is again the-most-important-election-in-my-lifetime I'm tuning out all the reporting on the polls. Predictions range from a late break toward Harris to a clear-cut Trump victory. The most common poll result seems to be a statistical tie.

This week I've been watching Gutfield, Fox's late-night humor show. Tonight there was this nugget.

George "Tyrus" Murdoch: You are from the mean streets of Northern California.

Greg Gutfield: San Mateo.

Tyrus: You didn't play.

Gutfield: I cut my teeth at the Hillsdale Mall.

Tonight I learned that Greg Gutfield, like Tom Brady, Kris Kristofferson, and Merv Griffin, is another San Mateo kid who moved away and hit it big.

It's a pleasant surprise when you go to be entertained and pick up some knowledge in the process.

Happy Birthday, Again

On my birthday I knocked over the dietary guardrails and ate a week's supply of beef, dairy (clam chowder and ice cream), and sugar.

The penalty will be short-term only (I hope), but the memory of this outing with the family will linger for months.

When I was a child, I liked opening presents and being the center of attention. After I grew up, birthdays came and went for 40 years with little recognition. Now I'm beginning to appreciate them more...

Warren Buffett Thinks Taxes are Going Up, and So Should You

The Berkshire Hathaway shareholders' meeting in Omaha last May.

Continuing its liquidation of Apple stock, Berkshire Hathaway sold a lot more in the third quarter: [bold added]

The Omaha, Neb., company ended September with $69.9 billion of the iPhone maker’s shares, according to a quarterly report released Saturday. That means Berkshire sold about 25% of the 400 million Apple shares it brought into the third quarter. Berkshire held slightly more than 900 million Apple shares at the end of last year.

Even after the sales, Apple was Berkshire’s largest stockholding at the end of September. Apple has been a major bet for Berkshire, and one that paid off big time as tech-hungry investors drove the stock ever higher in recent years.

This year, Berkshire has slashed the position, though Buffett has continued to praise the company. He told an arena of shareholders at Berkshire’s annual meeting in May that Apple was “an even better business” than American Express and Coca-Cola, two other big holdings, and hinted that tax considerations might have played a role in the decision to sell some shares.

Apple shares are up 16% this year and trading near records.

Market commentators generally have explained Berkshire's actions to be the result of portfolio-risk reduction (overconcentration in one stock) and the perceived over-valuation of Apple stock according to several metrics. However, the impact of higher corporate income tax rates after 2025 should not be underestimated in Warren Buffett's decision-making. Higher tax rates have a direct, immediate negative impact on cash flow, while portfolio diversification increases portfolio returns probabilistically but are not guaranteed.

Unless the Republicans make a clean sweep of the Presidency and Congress, tax rates are likely to go up. And even if the Republicans do win, the Grand Old Party still has traditionalists who are fiscally conservative. Higher-income taxpayers would be foolish not to take into consideration the likelihood of higher tax rates after 2025, and some are taking action now.

Among the moves investors might want to make if they are convinced taxes are headed higher is to sell stocks. Selling now would lock in capital gains at the current 20% top rate.

Kamala Harris proposes a new top capital-gains rate of 28% for high earners. She is also proposing to increase the investment income surtax. Although Donald Trump has campaigned on extending the 2017 law, taxpayers are also worried taxes could move higher if he wins, because of the nation’s finances and economy...

Potential changes to capital-gains taxes, more likely with a Democratic sweep, are prompting some taxpayers to sell stock or shares in a business. In addition to the higher capital-gains rate for those earning $1 million or more, Harris proposes increasing the 3.8% investment income surtax to 5% for taxpayers with income above $400,000.

Your humble taxpaying blogger may make some income-accelerating moves, such as converting traditional IRA moneys to a Roth IRA before year-end, but will wait till next year to take action after the election smoke clears.

Crouching Lion

I always had a hard time envisioning the lion (Peebles/SFGate)

My father liked to load the kids in the family car and "drive around the island" on weekends. We would head to the North Shore and return via the single-lane highway on the Windward (eastern) side.

The 2-3 hour trip seemed interminable to this Island kid, and the Crouching Lion rock formation signalled that we were 30 minutes from Kaneohe, which was 30 minutes from central Honolulu.

60 years later I no longer rush through the route, choosing to stop and savor the moment:

Because we don't know when we will die,
we get to think of life as an inexhaustible well.
Yet everything happens only
a certain number of times,
and a very small number really.
How many more times will you remember a certain afternoon of your childhood,
some afternoon that's so deeply a part of your being that you can't even conceive
of your life without it.
Perhaps four or five times more, perhaps not even that.
How many more times will you watch the full moon rise?
Perhaps twenty. And yet it all seems limitless.
--Paul Bowles, The Sheltering Sky

(Krause/SFGate photo)

Now there's another reason to go to the Windward side. The Crouching Lion Restaurant has re-opened.

Perched above the ocean, the restaurant remains one of the few dining establishments available in the windward neighborhood. It has changed hands throughout the years because of financial challenges. Eventually, it closed down. It was a daunting prospect for potential investors because of its remote location. It also required a significant amount of investment to restore.

But it was a challenge that new owner Eddie Kim was willing to take on, and he purchased the property in 2022 for $3.7 million. “I wanted to try something new,” he says. “After years of being an educator, it was time for a new adventure.” The restaurant officially reopened this past May. While Kim is new to the restaurant business, his goals are simple: “I wanted to create a restaurant where I would want to eat at and bring family and friends.”

For decades I've noticed the cars parked outside but never stopped. It's time I did.