Those who follow this stock will be familiar with the accounting scandal that has arisen in connection with Lugano Diamonds, a luxury jeweler in which Compass acquired a controlling stake back in 2021. I don't own the stock; never have. Some analysts that I follow have recommended their preferred stock for years, so I know the name. The link below is a very entertaining Forbes article from April, 2025, featuring an interview with the founder of Lugano, a guy named Moti Ferder. Spoiler: Ferder is not Italian. The company isn't Italian, either [LOL]. He named the firm after a resort town in Switzerland. The guy is from Israel, now lives in the USA. His father worked in the diamond business in Tel Aviv. For those that don't know, diamonds are big business in Israel. Ferder resigned under pressure less than a month after this article was published. [LOL] https://www.forbes.com/sites/christ...inside-lugano-diamonds-moti-ferder-interview/ This scandal is eerily similar to what happened to B. Riley. I'm sure the details are very different. But at both Riley and Compass, a major scandal inside one of their major acquisitions may take down the entire firm. PDF of the article is attached if you can't get past the paywall at Forbes.
I've always wanted to own a single large diamond. Just to hold, stare at, and think about. Admire. That's my one guilty pleasure in life. I don't care about paintings, exotic cars, property, a young trophy girlfriend, fame, etc.
Back in 2008, there was an app available on the iPhone called "I am rich." The app didn't do anything except display an image of red gemstone, and some text. The app's price was $999.00. https://en.wikipedia.org/wiki/I_Am_Rich