A Little Around the Sides

News reached us last week of the passing of Anthony Mancinelli. According to Guinness World Records, Mr. Mancinelli at 108 was the oldest working barber.

Cutting hair since Warren Harding occupied the White House, the barber from Naples emigrated to the US in 1919 and opened his first shop in Newburgh, NY. He kept snipping and scissoring for 96 years until weeks before his death.

When asked for his secret to longevity, Mr. Mancinelli replied, “I eat thin spaghetti.”

We ourselves have not frequented hair-cutting establishments since the Reagan Administration. Nevertheless, we know a close shave when we see one.

Take the process of replacing LIBOR. The current inter-bank reference rate is scheduled to disappear by December 31, 2021. The leading candidate to take over as a leveraged loan benchmark is the Secured Overnight Financing Rate, or SOFR.