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...]
My Concerns with the Vanguard Effect on Your Family’s Survival
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...]
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