Thursday

These short weeks always get away from me.  Not to mention that May is history.

Facebook shares are down to $27 and change this AM.  For the folks who bought that first day a couple of weeks ago at the inter-day price of $45, you're talking about a 40% decline in value.  Ouch!  Talk about hype and buying on speculation.  It will take some time, but I do think that some heads will roll on this one.

One of the side-bar stories from the sports pages this week has been the commentary on the two-stroke penalty situation that Iowan Zach Johnson incurred on the 18th hole Sunday in the PGA tournament in Texas.  He failed to return his ball-marking coin to the original spot before he putted-out, after having just previously moved his coin out of the path of his fellow competitor (as is a common practice in putting). 

The fortunate thing is that a tournament official asked him about the coin move before Zach got to the scoring room to sign his card.  While not moving it back was a two-stroke penalty, signing an incorrect scorecard is disqualification.  Disqualification would have meant a forfeiture of the $1.1 million winner's prize money.  That would have left a mark!  The fact that he had a three-stroke lead going into the 18th hole made the two-stroke penalty a moot point as he was able to par the hole with an up-and-down out of the green-side bunker.

Anyway, my observation was/is on a sportsman's position vis-a-vis a fellow competitor who has overlooked moving a coin.  I know that when I'm on a green and have putted-out, I'll usually say something to the other player as I move away from the action, to not forget to replace his marker.  In big time competition, a true sportsman would not want to win on a rules violation of this nature.  It has happened though...can you say Roberto DiVencenzo?

This is the Member-Guest golf tournament week down at Geneva.  I have my friend Rick as my partner.  He and I play about the same brand of bogey+ golf.  Our goal is to finish second in our flight so that we don't have to participate in a play-off for the flight winners.  Normally, we would play nine holes this evening  and grab a few adult beverages at the opening party.  But we have rain now and forecasted for the rest of the day, so I think that we'll just keep our powder dry until the official matches start in the AM.

I take on the IRS again today on a new case.  As I look at my work these days, me and the IR of S are just seeing way too much of one another.  There was a time when I actually took some professional pride in dealing with the Service.  Today, given my evaluation of the Service's "our rules are the rules" approach, I find these events to be almost always adversarial.  Where there is a difference of opinion on a specific issue, the field auditors almost never relent from their initial position.  They are so concerned about the security of their own jobs that they toe the line and take no risks away from the SOP.  As an advisor, you need to do your work and documentation on the preparation end, in anticipation of a future audit.  There's little wiggle-room once an audit has been initiated.

I'm not sure if 1.02 was officially given status as Grandson of the Day last week.  So here it is, Kiddo.  You are a star!!  (Pic to follow.)

I'm off to see the IRS.  I'll try to jump back on here later today.

BCOT