You could almost see the trouble coming at Double Line Capital’s largest bond fund Total Return. Actually I did as I wrote to you back in 2014. Turns out chasing performance has a shelf life. Investors are taking on more risk—and are doing it in a major way. Bond funds, which should be your anchor-to-windward money, are loading up on junk. The below investment grade waste piling up in the 10 largest bonds funds is shocking. We’re not talking small potatoes here. These are the big dogs. “Who wants an index fund that yields 2%?” said Jeffrey Gundlach, manager of the Total Return … [Read more...]
How an Introvert and DARPA Revolutionized Autonomous Vehicles
David Hall, CEO of Velodyne, created what is probably the most important piece of technology in the self-driving vehicle business, LiDAR. Short for "light distance and ranging," LiDAR is found on all the automated vehicles you have seen. The sensor tells the vehicles' brains about their surroundings, giving them the data they need to react. In a Forbes profile, written by Alan Ohnsman, the story of how a DARPA contest drove Hall to build LiDAR is explained. At one end there's a barn-size industrial shed where Hall and a team of engineers are perfecting one of his latest obsessions: a … [Read more...]
Targeting the Rich with Taxes Tends to Hurt the Poor
Whenever Becky and our kids and I head down to the boatyard to take our 30 foot power boat out on the water for the day, we're typically surrounded by the mega yachts inhabiting Newport's docks during the season. Recently visitors to Newport could view Le Grand Bleu, one of the world's largest private yachts out in the bay. The mega yachts and the other summer traffic keep thousands of people employed and Newport's waterfront thriving each summer. At his blog, International Liberty, Dan Mitchell, a senior fellow at the Cato Institute explains what happens when tax policy drives the … [Read more...]
Are State-Run Savings Plans a Good Idea?
Oregon is moving toward a new rule that could require small business owners to participate in a state run savings plan. The plan would offer employees without access to a 401(k) the opportunity to save tax free. Of course this sounds like a great idea, because saving early and often is the best way to secure a comfortable retirement. However, there are some drawbacks to a savings system with the government so closely involved. Anne Tergesen writes at The Wall Street Journal: Opponents—including some company owners, a trade group for small businesses and the main mutual-fund trade … [Read more...]
iHollywood: Are You Ready for Apple Shows?
Apple is gearing up to produce or acquire its own video content. The company is looking for around ten TV shows to finance. The $1 billion effort might seem small compared to the scale of Apple's market cap of over $830 billion, but the effort could have a big effect on competitors like Netflix, Amazon and HBO. The market for internet delivered original video content is still young, and a big new entrant like Apple could upend its balance. Tripp Mickle explains the effort by Apple, writing: The budget will be in the hands of Hollywood veterans Jamie Erlicht and Zack Van Amburg,poached … [Read more...]
What Trump Could Do With the Debt Limit
Rather than politely allowing Congress to raise the debt limit with no caveats, as they have so many times before, President Trump could use the debt limit increase as a way to force Congress to pass some reforms. Cato Institute senior fellow Dan Mitchell suggests a spending cap or entitlement reform as possible places Trump might pressure Congress. He writes: Let’s close by indulging one of my fantasies. If Donald Trump wanted to force good policy from Congress, he could threaten to veto any debt limit that wasn’t accompanied by something desirable such as a spending cap or entitlement … [Read more...]
Are Apple and Facebook Stock Finally Losing Their Luster?
For years now hedge funds, institutions, and retail investors have been loading up the shares of a very small sliver of the stock market. The shares I'm referring to are the so-called FAANG stocks, and others like them. FAANG stands for Facebook, Apple, Amazon, Netflix and Google (now known as Alphabet). As the valuations of these stocks have pushed their company market shares ever higher, they have become a disproportionately large slice of the various indices they are included in. (Read more here and here). But now it appears that some hedge funds have tired of buying the FAANGs and … [Read more...]
Here’s Why Politicians Are Terrible at Running the Economy
At his always insightful blog, International Liberty, Dan Mitchell, a senior fellow at the Cato Institute, explains why the private sector will always be better at allocating resources and running the economy than the government. He writes: When I give speeches about the economic case for small government, one of my main points is that people in the private sector (workers, investors, managers, entrepreneurs, etc) are motivated by self interest to allocate labor and capital efficiently. To be more specific, the pursuit of higher pay and greater profit will lead people to allocate resources … [Read more...]
Can a Constitutional Convention Save America from Itself?
Follow politics long enough and you'll see that every problem comes down to a different view or interpretation of the Constitution. Gun rights, abortion, NSA spying, treaties, entitlements, education,....even the mail. The reason so many Americans listed Supreme Court picks as the main reason they voted for Donald Trump is that the interpretation of the constitution is so important to the outcomes of any political effort. It's plain to see to both sides too that the interpretation of the constitution used by Congress and presidents of every party is one of expansive federal government … [Read more...]
Amazon is Killing Malls, Here’s How They’re Fighting Back
America's malls are dying. Malls built around antiquated big box retailers are fighting for their lives. The big retail stores are having their lunch eaten by Amazon.com. For malls looking to reinvent themselves, experiences matter. Malls offering movie theaters, gyms, arcades, and better dining options are finding more success. AFP reports: Yet mall developers dismiss talk of their demise despite today's retail industry travails. "I will tell you, it's not a very fun environment," David Simon, chief executive of the real estate investment trust Simon Property Group, said recently … [Read more...]
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