Art and Story by Michael Hooper
About 20 years ago, I saw this blind man walking up and down my street. Finally, one day I said hello to him and we became friends, sharing a love of music, The Wizard of Oz, and dogs.
Art and Story by Michael Hooper
About 20 years ago, I saw this blind man walking up and down my street. Finally, one day I said hello to him and we became friends, sharing a love of music, The Wizard of Oz, and dogs.
Art and story by Michael Hooper
I was with a group of friends, when we were talking about our favorite places in the world, like Paris, Rome, New Orleans, and Vieques, Puerto Rico. Chris Wright said, "why not Topeka, I like it here."
By Michael Hooper
Ken Daniel, a Topeka businessman who founded Midway Wholesale and The Topeka Independent Business Association, died March 25, 2026, at the age of 80, according to his obituary.
In 1971, Ken Daniel founded Midway Sales and Distributing in Topeka (later called Midway Wholesale) which went on to be his life's work until his retirement in 2019. Midway is a supplier of building and roofing supplies.
Beacon Roofing Supplies bought Midway Wholesale for $67.2 million in November 2021, according to a SEC filing dated May 6, 2022. Beacon said the deal to purchase Midway Wholesale valued the company at $28.7 million in goodwill, and $38.5 million in tangible assets, for a total of $67.2 million, said David Tangeman, Houston accountant.
At the time of the sale, Midway Wholesale had 170 employees and $130 million annual sales in 10 stores in Kansas, Missouri and Nebraska. Founded by Kenneth Daniel in 1970, Midway Wholesale was incorporated in 1974 at 218 SE Branner, Topeka.
Ken was a personable man who excelled at sales and management. He hired the right people and promoted them.
But in the beginning, it was just Ken Daniel in a tiny office at 218 SE Branner. He told me he started in 1970 as a manufacturer's representative in Topeka, a position that grew into forming his own company.
One time, Ken actually took me inside the tiny room, where he got started. It was a dusty old room with gray walls, more of a storage area when I saw it. He said as business got bigger, he took over more and more space inside the old building, eventually acquiring the entire building. Midway Wholesale's Topeka operation is next to the BNSF Railway tracks. To expand operations, Midway Wholesale purchased some land from BNSF.
In 2008, Kenneth Daniel, chairman, retired as chief executive officer at the company's annual stockholders meeting. Bruce H. Myers, president since 1999, was elected chief executive officer and president. John D. Ossello has been vice president since 1999.
Midway Wholesale originally started out as a roof coating business for the elevator industry. The business transitioned into a commercial roofing distributor. And later expanding into construction materials. Now the company sells products for both residential and commercial properties. "Buildings can now have Midway Wholesale materials all the way from their foundations to their rooftops," the company says.
Midway Wholesale's other locations are in Lawrence, Manhattan, Garden City, Overland Park, Salina, Wichita, St. Joseph, Mo., Joplin, Mo., and Grand Island, Neb.
Ken Daniel was a great leader, businessman and mentor. A Celebration of Life will be held at Countryside United Methodist Church in Topeka on Saturday, April 25th at 2:00pm with a reception immediately following.
By Michael Hooper
Vieques, Puerto Rico -- Days before the Super Bowl, there was a lot of excitement for the Bad Bunny halftime show.
On the day of the big event, my wife and I walked down to Lazy Jack's bar, where big screen TVs were carrying the Super Bowl. The place, located along the ocean in Esperanza, Vieques, was so crowded, people were watching from the street.
The halftime show was incredible. Bad Bunny showed us the strength of his people, from the struggles making sugarcane to the power outages, and the people playing dominoes. Bad Bunny did good. He made me proud to be a Puerto Rican (mi Madre es de Guayama, PR). There are so many cultural icons in this video, including sugar cane fields, coco frio, bananas, Jibaros (PR hillbillies), Ford F150 pick up, boxing, the electric poles, the little casita. Bad Bunny named off multiple countries like Venezuela, Cuba and Columbia, near the end of his performance, celebrating Latin culture everywhere. People from those countries went wild with excitement when they heard their country's name.
Puerto Ricans are proud that one of their own celebrated their culture on the biggest stage in the world. Hundreds of people worked on his show. There were some people like President Trump who disapproved of the NFL's choice, but a record 135 million viewers watched Bad Bunny's halftime performance.
I see a lot of pride in Puerto Rico, a pride in its history, its music, food, culture and its exemplary Caribbean lifestyle, with some of the finest beaches in the world. The Puerto Rican islands, Vieques and nearby Culebra, are well known for their great beaches, good for swimming and snorkeling.
Last summer, Bad Bunny's 30 concerts in San Juan generated about $300 million in economic activity. People from all over the world descended on PR to attend the concerts.
Now I see continued resurgence in Puerto Rican culture. I've met several people with Puerto Rican blood who grew up in the states but found their way back here, like me. One Puerto Rican author of children's books told me Puerto Ricans sold their soul for money, they left the island to pursue higher paying jobs in the United States. But some of these Puerto Ricans are coming back here, and they are buying houses and fixing them up. That is why we can relate to Bad Bunny's lyrics, "No Me Quiero Ir de AquĆ" (I don't want to go from here).
There is also a large expat community of Americans who fell in love with the island and purchased property here. The number of Airbnbs have exploded in Vieques and mainland PR. I recently picked up a hitchhiker, a native of Puerto Rico, who said Airbnb people are taking away valuable housing opportunities on the island. Rents have gone up, housing prices have gone up, squeezing out low-income and middle-income earners.
One of reasons the cost of living is relatively high here is The Jones Act; a law from 1920 that requires international goods to be unloaded at a US Port and then reloaded onto a US boat with a US crew to Puerto Rico. Congress should abandoned the Jones Act so goods could move here freely without a stop in a US port.
Some critics of Bad Bunny didn't like the fact that he sang in Spanish. I'm glad he did sing in Spanish because that is part of his culture. Puerto Rico is a US territory. People born here are US citizens. Several countries get along fine with more than one language, in Switzerland, they speak German, French and Italian; and they haven't had a civil war since 1847.
Bad Bunny captured the heart of Latinos everywhere. I praise the NFL for having the courage to make him the halftime show of the Super Bowl. The Who was once the halftime show and they are not even US citizens, they are from the United Kingdom. Bad Bunny is Puerto Rican American. One of our own. Let's be grateful we are a country with diversity.
That is why I'm against President Trump's crackdown on immigrants, using ICE as a bully, yanking people off the streets and killing at least two innocent American protestors in Minnesota. Congress should stand up against this unconstitutional fascism. Those who remain silent or favor this unconstitutional behavior are complicit in Trump's crimes against humanity.
Trump is a hateful man who is trying to starve out Cuba with an oil blockade. What did Cuba ever do to him? The island nation has a different political government, but so what? If Trump is the face of Democracy, I want nothing to do with it. I favor the kind of Democracy that was championed by the founders of the United States, followed by many presidents, including Ronald Reagan and Barack Obama.
Bad Bunny didn't go into the politics of immigration, he kept his message simple, "The only thing more powerful than hate is love."
VIEQUES, PR -- In the investment world, smart investors always pay attention to what they see in the real world, on the street, in the store, at the bank, in the coffee shop. They also look hard at financial statements. I've looked at both with Banco Popular and I'm impressed, I recently bought stock in the company (BPOP).
When I go to the Banco Popular branch office in Isabel, Vieques, PR., where I opened an account in October 2025, I often see lines of people inside the office waiting to see customer service agents. I also see customers using the ATM outside the office.
A real estate investor told me Banco Popular could use some competition in Vieques, because it's the only game in town and it's customer service is slow. One could say that's the pace of the island, contractors are in demand, so they cannot show up for a job at a moment's notice. "Manana."
Yet banking services here are in demand. I think the busy Vieques branch is a microcosm of the entire Banco Popular business in Puerto Rico. The recent financial statements for the fourth quarter and the year show the company's profitability is growing.
Banco Popular's fourth quarter net income of $233.9 million was up 10% compared to net income of $211.3 million in third quarter 2025. Earnings per share of $3.53 in fourth quarter 2025 was up 12% over $3.15 in third quarter 2025.
The company's net income for 2025 was $833.2 million, up 35% over net income of $614.2 million in 2024.
Banco Popular, founded in 1893, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. and British Virgin Islands, as well as auto and equipment leasing and financing in Puerto Rico.
Banco Popular also offers broker-dealer and insurance services in Puerto Rico through specialized subsidiaries. In the mainland United States, Banco Popular provides retail and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.
Banco Popular has 9,200 employees with 153 branch offices in Puerto Rico, 39 offices in the United States and nine in the Virgin Islands.
I've been coming to Puerto Rico since I was a little boy. My mother grew up in Guayama, PR. For many years I didn't come back (during college and early married life in Nebraska and Kansas) but I returned with my parents and my wife and children in 2006, reuniting with cousins, aunts and uncles. Since then my wife and I have come here many times, finding a great deal of happiness on the island of Vieques, which is about six miles east of mainland PR.
I see a lot of pride in Puerto Rico, a pride in its history, its music, food, culture and its exemplary Caribbean lifestyle, with some of the finest beaches in the world.
Bad Bunny's 30 concerts in San Juan in summer 2025 generated about $300 million in economic activity. People from all over the world descended on PR to attend the concerts.
When Bad Bunny performed the 2026 half-time show in the Super Bowl, there was a lot of excitement. Puerto Ricans are proud that one of their own celebrated their culture on the biggest stage in the world. Bad Bunny showed us the strength of his people, from the struggles making sugarcane to the power outages, and the people playing dominoes. There were so many cultural icons in his show, including sugar cane fields, coco frio, bananas, jibaros (PR hillbillies), Ford F150 pickup, boxing, the electric poles, the little casita. Hundreds of people worked on his show. There were some people like President Trump who disapproved of the NFL's choice, but a record 135 million viewers watched Bad Bunny's halftime performance.
Now I see continued resurgence in Puerto Rican culture. I've met several people with Puerto Rican blood who grew up in the states but found their way back here, like me. One Puerto Rican author of children's books told me Puerto Ricans sold their soul for money, they left the island to pursue higher paying jobs in the United States. But some of these Puerto Ricans are coming back here, and they are buying houses and fixing them up. That is why we can relate to Bad Bunny's lyrics, "No Me Quiero Ir de AquĆ" (I don't want to go from here).
There is also a large expat community of Americans who fell in love with the island and purchased property here. The number of Airbnbs have exploded in Vieques and mainland PR. I recently picked up a hitchhiker, a native of Puerto Rico, who said Airbnb people are taking away valuable housing opportunities on the island. Rents have gone up, housing prices have gone up, squeezing out low-income and middle-income earners.
Housing needs create opportunities for investors. Banco Popular makes money on loans to homeowners.
I recently spoke with David Tangeman, a Houston accountant and banking expert, who reviewed the financial statements of Banco Popular. He was impressed with the bank's 35% increase in earnings in 2025 over 2024.
Stock in Banco Popular is up 133% over the past five years, up 34% in 2025 and up 17% already this year. One of the reasons the stock is up is the company has been aggressively buying its stock back in the open market. Last year the company made $833.2 million in earnings but spent about $500 million buying back stock. Such aggressive buying by the company reduces the risk of a downturn in the stock.
Banks, in general, have benefited from a higher risk-free rate of return on US government bonds. By paying a lower return for savings accounts, banks generate a healthy net interest margin between what they earn on their bonds and what they pay on savings accounts. This could change when the Fed lowers interest rates. Banks will have to lower their interest rates on savings accounts in order to accommodate lower earnings on bonds.
The stock in Banco Popular is trading at 1.55 times book value, which is a low valuation considering a lot of major banks, like JP Morgan Chase (JPM) are trading at over 2 times book value.
Banco Popular's price/earnings ratio is 11.98, which is below its peer group.
"The stock is high but obviously they are performing very well," said Tangeman.
Most US banks don't have operations in Puerto Rico.
"I don't think they have much competition," he said.
One disturbing trend at Banco Popular is that while the bank has grown to $75 billion in assets, the bank's nonperforming loans have also grown to $498 million. The bank has more than enough reserves -- $808 million -- to cover problem loans.
"It's a fairly well run bank. They have a nice franchise, they dominate the local market," Tangeman said.
Conclusion
I believe Banco Popular is still trading below the metrics of its banking peers in the United States, representing some value here. Banco Popular has been growing its earnings, but does not have much competition. Risks include a possible downturn in the economy such as through a hurricane. Another risk is the possibility that the company stops buying back stock, reducing demand for the stock, that could lead to a pullback in the stock.
Because this stock has run up quite a bit recently, I would recommend buying a few shares to start a position, and then waiting for dips to add to your position. The stock market is near all-time highs; a correction would bring down all stocks, including bank stocks. Yet I have watched this stock for years, I remember when it was $65 per share in 2023, I thought about buying a few shares then, but stupidly sat on my thumbs and waited. I saw it go to $75, $100, $145. I think a position with an average price of $129-$135 is possible if there is a downturn in the stock.
Editor's note: Michael Hooper owns shares in Banco Popular (BPOP).
By Michael Hooper
Whatever happened to David Wittig?
David Wittig is the former president and CEO of Westar Energy, 1998-2002. He served four years in prison for an illegal loan with a bank president in the early 2000s.
Wittig also was charged with "looting" Westar Energy, but after several years of trials and appeals, the charges against him were eventually dropped in 2010. In July 2011, Wittig settled a dispute with Westar Energy for back compensation; he received $36 million in cash, $3.1 million for legal fees, and $2.7 million in stock compensation.
In Topeka, Wittig purchased and renovated the Landon Mansion, 521 SW Westchester Road. In 2017, he sold the property for $2.3 million to Michael and Kathryn Franklin.
Around 2014, Wittig became interested in Greece with encouragement from a New York priest, according to an article published in October 2024 in Greece Is. After a visit to Greece, Wittig invested in Euroconsultants.
Wittig, now living in Athens, acquired 20% of Euroconsultants, which is a publicly-traded company on the Athens Stock Exchange. The company recently changed its name to European Innovation Solutions. He also owns Symposium Sellers.
Wittig's son Davis encouraged his father to invest in the wine business. This led to the creation of Neoma Winery, located in the lake region of Amyntaio, Greece.
According to Noema's web site, Noema started operations in March 2021, with some first, experimental efforts. As a result, the winery has now placed two wine labels on the market; Eruption, a 100% Xinomavro rose, and Invicta, a red wine with eight months maturation in the barrel.
When I was a reporter at The Topeka Capital-Journal, Jim McLean and I covered David Wittig and Westar Energy. Wittig was so incensed with our coverage that he hired a big shot law firm to write a letter to us that was intended to frighten us and keep us from doing our reporting. We never backed down.
I found Wittig to be pompous and egotistical; he liked to spend money, sometimes at the expense of the balance sheet. For example, he spent a fortune creating an opulent office in the Westar Energy headquarters that was unnecessary and never used by his successor. He also used the corporate jet quite frequently, often flying to Europe, sometimes his reason for going there seemed more personal than professional.
Wittig was trying to run a publicly-traded utility like a hedge fund buying and selling securities in various industries, including the home security business. He made money, he lost money, but he should not have been selected by the board of directors to run a highly regulated utility. He was almost always in conflict with the Kansas Corporation Commission.
Wittig had come to Topeka after working on Wall Street. I think he saw in Westar an opportunity to enrich himself with millions. He worked out compensation agreements with the board that were outrageously excessive.
For him to walk away with over $36 million in compensation was egregious and unfair to the shareholders, employees and customers of this utility. Greedy corporate raider wins again.
Would I want his life? Absolutely not. Wittig spent four years in jail and millions of dollars with attorneys to clear his name with Westar Energy, but his name is not clear. The Greece Is article about the winery said nothing about Wittig growing up in Prairie Village, Kansas, nor about his time in Topeka. But you can't hide your roots; his name is all over the internet.
Do I begrudge him for starting a winery in Greece? No; good luck with that. It takes many years to get a winery going. The website for the winery suggests the land and climate for growing grapes there is excellent.
Greece is a beautiful country. I lived there in 1990, I worked at a hotel for a while. I remember Athens as a catch-all for all kinds of people from all walks of life, some of them running away from something.
Wittig may be running from his past, but Kansans have not forgotten how much he sucked out of the state's largest utility.
Westar Energy later merged in 2018 with Kansas City Power & Light, now called Evergy. It's interesting, around 1999, Wittig, while at Westar actually tried to take over KCPL in some hostile takeover but the deal never went anywhere.
His corporate raider personality was too brash, bold and inappropriate for people in Kansas. Maybe Greece is a better fit for him.
I’ve long been fascinated by the works of Dr. Karl Menninger. His books about mental illness are still relevant today. He is a clever writer about illness, treatment and recovery. He writes with authority, often using real life examples from his practice.