You gotta love low prices. Look at what Amazon has done to retail with my Bezos Law. Look at what Vanguard has done to lower investment fees, a revolution known as the “Vanguard effect.” The Vanguard Effect drove down prices on index funds, making them much more affordable than actively managed funds. With interest rates set by the Federal Reserve so low, and stock prices climbing with seemingly no end, index funds have been racing higher in price. The high valuations on index funds could leave investors and their families in trouble after a bear market correction. Low fee … [Read more...]
Want to Live in a Free Market Island Paradise?
Given the political acrimony in America today, anyone can be forgiven if they fantasize about fleeing to an island paradise where their preferred philosophical version of government is in place. Increasingly, for free market advocates, New Zealand is looking like that paradise. Dan Mitchell writes that New Zealand's free market reforms deserve praise, and that its reforms are the unsung success story of the world. Dan continues: But just in case you don’t have a spare hour to watch the full video, I can tell you that it explains how New Zealand made a radical shift to free markets in … [Read more...]
Are We Measuring the Economy Wrong?
On his great blog, International Liberty, Dan Mitchell, a senior fellow at the Cato Institute, makes a great case for using Gross Domestic Income (GDI) as a measure of economic growth, rather than Gross Domestic Product, which is the mostly widely used measure today. Dan makes the point that in the long term, the two numbers should be identical, but in light of their short term divergences, using GDI would support better policy making. In simple terms, GDI measures how our national income is generated and GDP measures how it is allocated. As the Bureau of Economic Analysis explains, the … [Read more...]
What Investors Tell Me in 17 Seconds Without Saying a Word
You may be surprised by this, but one of the most common things I hear from prospective clients of Richard C. Young’s investment firm is this: “I’ve been reading him for years and I have no debt.” I have no debt. And with that I know I’ve found someone I can work with. Over the past 19 years of talking with thousands of prospective clients, it often takes me about 17 seconds to know if we’re going to have a happy relationship. It’s simply something I’ve figured out over the years. It’s not scientific. It’s not an algorithm. It’s more a feeling. I guess it’s more about one’s … [Read more...]
Former New England Patriot Retires
Former New England Patriots defensive tackle Vince Wilfork, in announcing his retirement, will be hanging up his cleats. What's next? His options are open. Check it out. … [Read more...]
RAGE Gauge: Is This the Calm Before the Storm?
Is this the calm before the storm? Why bother getting into the prediction business when you can safely navigate these waters with a well crafted plan? It begins with you. Are you protecting your money as well as you can? Now is the time to look out into the ocean and think long and hard about what you're doing. Remember, when the storm warnings come you need to have the discipline and conviction to ride it out. Having spent many an hour sailing the local sea of Newport, Buzzards Bay, and Vineyard Sound, storms turn seconds into minutes and minutes into hours. You hope it will end … [Read more...]
What You Missed Friday Night at the Newport Jazz Festival
The Newport Jazz Festival got the party started Friday night with Trombone Shorty and Orleans Avenue. Shorty, aka Troy Andrews, is the grandson of Jessie Hill who is known for the classic song "Ooh Poo Pah Doo.” Shorty closed his Newport show with a get up and dance version of his funk and soul sound with “Do To Me” heard throughout the colonial streets of downtown Newport. It was awesome. Here it is along with his take on his grandfather’s classic. Do To Me Ooh Poo Pah Doo … [Read more...]
Should the GOP Refuse to Work With Democrats on Tax Reform?
There has been some rumbling in Washington D.C. that the best way forward for tax reform would be a bipartisan bill that would implement a permanent reform to the tax code. Chris Edwards, the Cato Institute's director of tax policy studies and a friend of mine from our meetings at Cato events, says Republicans should go it alone on tax reform. He writes: [T]his year, with these two parties, bipartisanship on taxes is not going to happen. The GOP can and should go it alone on major reforms. Back in the 1980s, numerous Democratic leaders pushed for tax reform, including Rep. Richard Gephardt … [Read more...]
Greenspan: Bond Bubble on the Brink of Bursting
Former Federal Reserve chairman Alan Greenspan issued a warning to investors on CNBC this morning, that the bond market, and along with it the stock market, are in danger of collapse. Greenspan blamed the abnormally low interests rates being set by the Federal Reserve for the danger in markets today. Greenspan predicts the change in the market will be "rather rapid." … [Read more...]
America’s Doctor Shortage and Aging Population Are About to Collide
Around 75 million Baby Boomers have recently retired or will soon at a rate of about 3 million per year. As these people reach their golden years, they will inevitably require more medical care. There are so many Baby Boomers they will change the balance of young and old people in America. By 2029, the number of 18 to 65 year-olds will drop from 63% of the population to 57%. Alongside the rapidly aging population, which creates new demand for doctor services, is the rapidly aging population of doctors, many of whom are Baby Boomers and will themselves soon retire. That creates a supply … [Read more...]
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