Tremendous

An angel investor's take on life and business

  • A Notorious Mob Informant’s Hoboken Headquarters

    A slight, bespectacled man with white hair sits behind a table, going over today’s bets. At his side: a beeper. You might not even notice it.

    Inside the beeper is a tiny microphone. This unassuming bookie in a nondescript storefront is about to take down the most powerful organized crime family in this country.

    Peter “Petey” Caporino, a Hoboken native, got into running numbers while working for a trucking company, taking bets from the drivers. He later expanded into a growing numbers racket. It got so big that he needed protection, and the Genovese crime family came to his aid. For a price.

    Peter “Petey” Caporino

    Petey operated his business out of the Character Club and Resolute Club 404 in Hoboken, NJ. Business was good…perhaps a little too good. Caporino’s operation caught the attention of the FBI, who threatened him and his wife with prison unless he cooperated. Caporino didn’t want to see his wife go to jail and worried over who would care for his disabled daughter. So he agreed to cooperate. Caporino fed the FBI information for 18 years, severely weakening the Genovese family.

    This week, I went in search of the remains of this shadowy world. My first stop was the Resolute Club 404, at 404 Madison Street. The building seems to have changed little over the years, although 404 is now a private residence. Next door is an appropriately clandestine-looking members only club:

    I imagined Petey there, quietly recording everything and probably terrified that these gangsters would discover his secret and kill him. Next, I stopped at what was the Character Club at 111 Monroe St:

    Like so much of Hoboken, it has become high end condominiums. All the more reason to search out this history before it disappears completely.

    Here’s how it looked in Petey’s day:

    Caporino’s testimony led to the conviction of 16 high level mafia members. His tapes provided evidence on bookmaking, loan sharking, and even murder.

    Despite this reprieve from punishment, Caporino couldn’t seem to leave the life. Just a few years later he was arrested for bookmaking yet again. In a sign of the mafia’s dwindling power, he had been able to simply continue his business much as before, despite testifying against top mobsters.

    Caporino wound up in prison after all, and after his sentence, his trail runs cold. But if you stand outside the Resolute Club, you can almost imagine him coming and going, beeper always at his side.

    Have a great weekend everyone!

    More interesting spots in NJ:

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

    My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $10 on your first order. I’ll also get $10.

  • This Hoboken-Based Rocket Company Could Revolutionize Space

    In the shadow of New York City, I walked down a quiet street beneath an overpass. I came across a squat brick building with no windows. On the door, a small sign was the only indication of what’s inside: Hudson Space Systems.

    Founded by graduates of the Stevens Institute of Technology, Hudson Space Systems (HSS) is working to make cheap, reusable rockets available to everyone. The microgravity (weightlessness) that being high above the earth provides is critical to research in medicine, physics and materials science. Cell cultures grow faster, physics experiments are simplified, and materials are tested like nowhere else.

    But this invaluable scientific platform has a problem: waiting lists for launches are long and costs are high. HSS’s 3D printed, resuable rocket aims to bring the cost down by 40% and increase capacity until booking space on a rocket launch is as easy as booking a dinner reservation on OpenTable.

    SpaceX proved rockets can be reused. What SpaceX did for launching satellites, HSS hopes to do for launching science experiments.

    Hoboken, New Jersey, with its density and proximity to New York City, might seem like the last place where you’d find a rocket company. But it’s one of the most educated cities in the country, with over 80% of the population holding bachelor’s degrees or higher, and has a technical university right in town. Tech companies often grow out of universities, as this one did.

    Will HSS be able to realize its vision? That’s anyone’s guess, but they have already raised $100,000 in 2020 and are $162,000 into a $250,000 raise that closes in a few days. Since they are currently working on protypes and don’t yet have a product in market, this company is earlier on than the startups I invest in. But if you like getting in on the ground floor, and especially if you have expertise in this area, it could be a great opportunity.

    Best of luck to these hardworking men and women on their exciting new business right here in the Garden State!

    More on startups:

    Photo: “Antares Rocket Launch (NHQ201610170114)” by NASA HQ PHOTO is licensed under CC BY-NC-ND 2.0

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

    My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $10 on your first order. I’ll also get $10.

  • Why Austin is #1 in Attracting Tech Workers

    Austin, already a significant tech center, is the biggest beneficiary of tech workers being able to live anywhere and work remotely:

    Austin is the top beneficiary of tech-related migration in the past 12 months, according to data from Microsoft Corp.’s LinkedIn profiles. Nashville and Charlotte also saw noteworthy migration rates.

    Why is Austin #1? Tech workers are finally able to live where they want, and it turns out they have similar preferences to other Americans. The southwest has seen a huge influx of people in recent years, regardless of their occupation. Sun, warmth and cheap housing are powerful draws.

    The typical house in San Francisco is nearly 3 times the price of the average Austin house. If you moved to SF for a job and the job no longer requires that you be there, you may leave and pocket the difference.

    But there are lots of cheap sunbelt cities. Austin wins due in large part to the presence of a major university. This is something all major tech centers have, whether it’s San Francisco, Boston, New York, or Beijing. Companies often grow out of these universities, and college towns tend to have amenities that attract educated workers. Miami lacks a first rate university, hampering its prospects of competing with the likes of Austin.

    Even before COVID, I noticed a strong trend to remote work in the tech sector. I worked in medical software for nearly 15 years. At the beginning, working from home was never allowed. By the end, I was remote 75% of the time.

    The tech sector has reconfigured itself during COVID to operate remotely and is unlikely to go back. As an investor in startups today, I’ve seen venture capital firms start to hire anyone regardless of where they live. Will they fire these employees or force them to move once COVID is over? Not likely. Also, investors are finding they can meet with a lot more companies over Zoom than if they had to travel between offices. These efficiency improvements aren’t going away.

    What venture firms do affects the whole tech sector. Many often required startups they invested in to move to SF. But that’s a thing of the past.

    I’ve actually never been to Austin, but I hope to soon! I took a class at UT-Austin online this spring, and it was superb. Austin has clearly invested in education, and now it’s reaping the rewards.

    Dig into these posts for more on tech and startups:

    Photo: “Austin Texas” by adactio is licensed under CC BY 2.0

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

    My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $10 on your first order. I’ll also get $10.

  • The Real Barone Sanitation from The Sopranos

    A German Shepherd barks viciously and strains at his chain. A red Tahoe pulls up to a a large industrial building. The sky is grey. A hulking man steps out.

    This is Barone Sanitation, which featured prominently in The Sopranos as a front for Tony’s illicit interests. In one my favorite episodes from season 2, facing increasing police scrutiny, Tony decamps from Bada Bing to Barone to appear to be a legitimate businessman.

    I love this episode because it shows this larger than life character suddenly thrust into the world most of the viewers inhabit: the bland corporate office. Tony struggles in this world as we would struggle in his, bored and spending his time drawing fish and making basketball pools.

    I went in search of this iconic spot yesterday. Beginning down a remote dead end street in Jersey City, NJ, I encountered a large German Shepherd barking at me behind a fence. Reality and fiction seemed to meld for a moment.

    Near the end of this street is the spot a great Sopranos locations website claims was the real Barone Sanitation, but looking at the building, it doesn’t seem to match. Here is Barone in season 2:

    And here is Cinelli Scrap Metal, the location the website points to:

    I think a more likely candidate is actually the building across the street. Surrounded by dumpsters, it does appear to be a garbage company, and the building looks similar, down to the large bays on the right side:

    However, the windows appear to be gone. It’s possible they were removed in the 21 years since the episode aired. Or perhaps the real Barone Sanitation is yet to be found?

    In any event, the bleak industrial landscape seemed a dead ringer for Barone’s depiction in the series. I could almost imagine Tony driving down the street.

    On the way back, I came across a much more famous sight, which is visible in the opening credits: the Wilson Carpet man! Like many New Jerseyans, I had seen it before, but only from the road. This time, I got an opportunity to walk up and take a picture with this New Jersey celebrity!

    An interesting tidbit: I noticed a stone at the base of the statue says “America #1, love it or leave it.” I don’t know what that has to do with carpets, but it did seem somehow appropriate on Memorial Day.

    Dig into these posts for more on The Sopranos:

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

    My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $10 on your first order. I’ll also get $10.

  • Short Sellers Lose $1 Billion on AMC

    AMC stock has doubled in just ten days, extending a 13-fold rally this year:

    Investors shorting the meme stock AMC Entertainment are estimated to have lost $1.23 billion over the last week as the shares rallied more than 116% since Monday, according to data from S3 Partners.

    AMC was the most active stock on the New York Stock Exchange by far on Friday as more than 650 million shares changed hands. Its 30-day trading volume average is just above 100 million shares, according to FactSet.

    With 450 million shares outstanding, the entire company changed hands nearly 1.5 times during Friday’s trading.

    More here.

    Some of the interest in AMC may be coming from traders rotating out of cryptocurrencies as those markets have fallen:

    Pierantoni observed that just as selling of bitcoin and ethereum picked up, retail purchases of AMC jumped — as did the number of people buying risky but bullish call options popular among Robinhood investors.

    The rally isn’t tied to fundamentals: AMC’s business is still struggling, with a net loss of over $400 million in the first quarter of 2021 and rent nearly three times as high as ticket revenue. But in a market where armies of retail traders suddenly band together to push up heavily shorted stocks, shorting anything is a fool’s errand. If a trader wanted to express a negative view, put options, where the downside is limited, are likely to be a safer bet.

    I do wonder how long it will take the hedge funds to absorb this lesson. Numerous funds got torched on GameStop, with some losing a majority of their capital. And yet others seem to be lining up to get punched in the face on AMC stock. They would do well to remember the (perhaps apocryphal) words of John Maynard Keynes:

    The markets can stay irrational longer than you can stay solvent.

    Happy Memorial Day to my US readers, and a thanks to our brave veterans!

    Dig into these posts for more on AMC:

    Photo: “Police Stationed outside AMC Theater showing Joker film 4573” by Brechtbug is licensed under CC BY-NC-ND 2.0

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

    My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $10 on your first order. I’ll also get $10.

  • One of the Hottest Tech Startups in the World Calls Hoboken Home

    In the birthplace of baseball and Frank Sinatra, on a quiet street near the waterfront, lie the offices of one of the hottest tech companies in the world: Attentive.

    We’re used to thinking of the tech startup scene as confined to the Bay Area. Maybe a few in New York City proper, maybe. But one of the most significant new tech companies of today is right here in the Garden State.

    A tech startup is a big deal when it becomes a “unicorn,” or reaches a valuation of $1 billion. Of all US companies that have reached that holy grail in 2020 and 2021, Attentive is the 4th largest. Its current valuation is $6.97 billion, a staggering sum for a company that’s only existed for 5 years.

    Attentive is a messaging platform that helps companies communicate with their customers. It allows businesses to send personalized text messages that help drive sales. E-mail inboxes are overflowing and promotional e-mails tend to get lost in the shuffle, but customers are a lot more likely to notice a text message. After all, that’s how they communicate with family and friends every day.

    Attentive is not the first unicorn this single square mile has produced. Hoboken-based e-commerce site Jet.com was sold to Walmart for $3.3 billion in 2016.

    Why has this tiny town of only 50,000 people produced two giant software companies in just a few years? I think the reason is that over 80% of residents have at least a bachelor’s degree. Indeed, Hoboken is the 35th most educated city in the country. If you look at the other cities on that list, you see quite a few tech hubs, such as Menlo Park, Palo Alto, and Cupertino in California.

    The more we can promote higher education, particularly in STEM fields, the more of this type of success we will see. It makes me prouder than ever to be a New Jerseyan. I only wish I had been an investor in this one!

    Have a great holiday weekend everyone!

    Dig into these posts for more on startups:

    Photo: “New Jersey – Hoboken: Washington Street Brownstones” by wallyg is licensed under CC BY-NC-ND 2.0

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

    My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $10 on your first order. I’ll also get $10.

  • India Is Soaking Up Venture Capital Like a Sponge

    It’s not just about the Bay Area anymore. Indian startups have raised venture funding at a record pace this year, on track to double from 2020:

    Startups raised total investments of $7.8 billion in the first four months of this calendar year, which is almost 70% of the overall corpus of $12.1 billion raised in entire 2020 and more than 50% of $14.2 billion raised in 2019, data from US-based research firm PitchBook shows.

    More here.

    The average deal size is also near record highs, at $25 million. The most valuable venture-backed startup in India is Paytm, a payments and e-commerce company, at $16.7 billion.

    India has seen 13 companies reach unicorn status this year ($1 billion valuation and up), an impressive figure. The US remains far and away the leader, with 288 total unicorns as of last month. China has 133, and India is third at 32.

    As a US-based investor, I see a lot of companies pitch, but not those from India. The American and Indian VC markets don’t seem well connected. I’m not sure how to fix that, but I’m eager to have access to this big crop of quality companies. The most active VC firms in India are a mix of American and Indian organizations. With numerous people from India staffing (and starting) US tech companies, I hope to see more connections between our markets in the future!

    Dig into these posts for more on startups and venture capital:

    Photo: “Agra – Taj Mahal” by micbaun is licensed under CC BY-NC 2.0

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

    My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $10 on your first order. I’ll also get $10.

  • How the Mormon Church Made Millions on GameStop

    There have been a lot of winners in GameStop’s dizzying, over tenfold rise in the last year. An unlikely one is the Mormon Church, which made over $8 million on GameStop shares through its investment arm:

    The Church of Jesus Christ of Latter-day Saints’ play for stock in GameStop paid off big-time as the Utah-based faith saw its shares in the video game retailer swell in value from $867,000 to $8.7 million in a matter of months.

    Overall, the church’s largest investment fund, managed by Ensign Peak Advisors in Salt Lake City, grew by $2.4 billion in early 2021, continuing a dramatic rebound from pandemic-induced losses last spring and catapulting its total value to $46.5 billion.

    More here.

    Their timing was superb: Ensign bought 46,000 shares at the end of 2020, just before a short squeeze briefly pushed the stock to prices over $300. The church also scored huge gains on Tesla shares. Ensign Peak Advisors is wholly owned by the Church of Jesus Christ of Latter-day Saints, making it perhaps the only church in the world with its own hedge fund.

    The fund’s assets total over $100 billion, greater than the GDP of Ethiopia. The church has banked up over $6,000 for each member, a staggering rainy day fund. This money comes primarily from all members being required to donate 10% of their income to the church, a practice called tithing.

    I’ve always found the Mormon church fascinating and have read several books about it. I was intrigued to find out they played a part in something as far removed from religion as the GameStop saga!

    Dig into these posts for more on GameStop:

    Photo: “Salt Lake City Temple” by SheldonPhotography is licensed under CC BY-NC 2.0

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

    My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $10 on your first order. I’ll also get $10.

  • GameStop Pays Off $216 Million in Debt

    It’s no secret that GameStop shares have gone vertical, up more than ten fold this year. Besides making millionaires of a lot of Redditors, this also lets GameStop sell more shares at high prices, enabling them to raise capital with ease.

    And raise they did, to the tune of $550 million in April. They recently used that money to completely pay off their long term debt:

    The company said it completed its voluntary early redemption of $216.4 million of its 10.0% senior notes due 2023. The voluntary redemption covered all of the outstanding 10.0% notes, which represented all of its long-term debt.

    More here.

    At 10%, this debt was costing GameStop over $20 million a year. Getting rid of it should give them more room to fund their planned transformation into an e-commerce business, which is being led by Chewy co-founder and soon-to-be GameStop board chairman Ryan Cohen. On the other hand, this share raise dilutes existing GameStop shareholders, making their stake worth less.

    GameStop still has $146 million in short term debt and a revolving line of credit, per their most recent annual report, but that is likely under lower interest rates than those long term bonds. I wouldn’t be surprised to see the short term debt paid off early as well.

    In all, GameStop seems to be seizing the opportunity to use its high stock price to fund its transformation. Whether they can actually pull that transformation off remains to be seen.

    Dig into these posts for more on GameStop:

    Photo: “Retail GameStop” by ccPixs.com is licensed under CC BY 2.0

    If you found this post interesting, please share it on Twitter/Reddit/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account. I will also get a fee waiver for 90-365 days, depending on what type of account you open.

    iHerb

    The only place I buy vitamins and supplements. I recently placed an order and received it in less than 48 hours with free shipping! I compared the prices and they were lower than Amazon. I also love how they test a lot of the vitamins so that you know you’re getting what the label says. This isn’t always the case with supplements.

    Use this link to save 5%! I’ll also get 5% of however much you spend, at no cost to you.

    Misfits Market

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  • Visiting Uncle Junior’s Headquarters from The Sopranos

    This is overdue.

    Tony Soprano

    At the driver’s seat of a long black Lincoln, a well dressed man peruses a magazine. Behind him pulls a red SUV. A large figure emerges, walking purposefully in shiny brown wingtips.

    This is how one of my favorite scenes from The Sopranos begins, as Tony makes small talk with Mikey Palmice before delivering him a beating he won’t soon forget. Mikey and his boss, Corrado “Junior” Soprano, recently attacked Tony’s nephew Chris and killed Chris’s friend over their penchant for hijacking Uncle Junior’s trucks. After dispensing with Mikey, Tony walks into Junior’s headquarters, the Sit Tite Loungenette, to try to reason with him.

    I always thought the Sit Tite Loungenette looked perfect, a true piece of the 1960’s for a man like Junior, a man of that time. Yesterday, I went in search of this piece of TV history.

    How it looked in The Sopranos
    How it looked yesterday

    This location used for the Uncle Jun’s headquarters is in Jersey City, NJ, and today the building is a Chinese restaurant called Asian Kitchen. Aside from the signage, the exterior looks exactly the same as in the series. It was thrilling to be on the same sidewalk as Tony and Mikey’s fight, gazing at the exact building I had seen so many times in one of my favorite shows.

    Where Tony gave Mikey the beating of his life

    The interior of the building appears to have been heavily remodeled, with a different layout and flooring. Most of the building is a kitchen and only the very front is accessible to place orders. Still, getting a chance to see it was awesome.

    Inside

    You see the Sit Tite a second time in the series, when Tony comes to tell Uncle Junior he wants him to be the boss of the family after Jackie Aprile’s death. With a determined look, Tony loads his pistol as he enters, unsure of the reception he’ll get from Uncle Jun.

    If you’re in the area, check this great spot out!

    Exterior, down the street

    Dig into these posts for more on The Sopranos:

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