The Rest Of The World Looking Good? and Wells Fargo Must Die.
Two dudes outside a Wells Fargo swapping Bitcoin - thanks Midjourney
Good morning everyone…
It was a really busy day in Miami. It is ‘crypto’ week here so everyone I talk to is asking to store my money in exchange for some tokens.
I was not born yesterday, so keep my extra money at Wells Fargo.
Here is the thing about Wells Fargo though…they suck. Bigly. And I have known this forever.
I know they suck, but I have been lazy moving my last few dollars out of there because maybe one day I will need a bank to do an emergency ‘notary’ for me. Wait, a few weeks ago I needed Rachel’s lease notarized in NYC and I walked into a Wells Fargo in SOHO asking for that help and they literally LOL’d.
So, basically, I have this red Wells Fargo debit card with a chip that at least works when I need it.
Nope! Yesterday at dinner I used it with some friends to pick up the tab and it was declined. So, Gary had to buy dinner. Here is the thing though, I sent Gary the money from my Venmo account - which is attached to the same account they just denied my debit card - and of course it worked.
Is it any wonder they were just fined ANOTHER $1 billion for screwing with their customers.
The lesson…carry cash and cigarettes if you want to do anything fun.
Also the reason I created an ETF that mimics the S&P 500 less Wells Fargo and Goldman. It is up 10 percent this year by the way beating the S&P.
This could also be why for the first time since 2006, it might pay to look at stocks outside the USA. Take a look at this chart:
I have always said that if you can’t find investments to make in the USA, you are not working hard enough.
The charts might be saying I have to ease up on people looking elsewhere.
Have a great day.