You may have noticed the food and beverage industry needs workers. Like, right now. You can expand that out to most businesses in the service industry. Your Survival Guy will place the blame on big government unemployment checks and on the lockdowns freaking people out. Case in point, we escaped to the city this weekend to meet friends, and when the sun went down, it turned into a ghost town. No taxis, no Uber, which is basically operating with on-and-off strikes. Why? Because the governor isn’t allowing them to charge higher prices when demand surges. According to him, the city’s still in a … [Read more...]
Charlie Munger: Stupid States Drive Out the Rich
When he was asked at Berkshire Hathaway's recent shareholder meeting what he thinks about people leaving California because of taxes and a high cost of living, Charlie Munger, Berkshire's Vice Chairman told the audience that it was a mistake for state governments to lose residents to competition from other states. He continued “I do think it is stupid for states to drive out their wealthiest citizens. The old people don’t commit any crimes, they donate to the local charity. Who in the hell in their right mind would drive out the rich people? Florida and places like that are very shrewd, and … [Read more...]
WARNING: Near Record Confidence Among America’s Retirees
Confidence among workers about retirement is nearing record highs, with 72% confident they will be able to retire comfortably. That's close to the record set in 1993 when 74% of the workforce was confident in retirement. Anne Tergesen writes in The Wall Street Journal: About three-quarters of U.S. workers and retirees believe they will have enough money for retirement, an increase from a year ago, according to a survey released Thursday. The survey from the Employee Benefit Research Institute provides a snapshot of how Americans feel about their retirement prospects. Among workers, … [Read more...]
Sell in May?/911 Emergencies/Fidelity #1/Cryptos/Stocks
Who's got your back in the world of finance when the going gets tough? And some other thoughts. When Georgia changed its voting laws, and over 100 CEOs and business leaders signed a letter in protest, did they even read the law? File this under my "You Invest, They Win." Are you surprised to see BlackRock CEO Larry Fink or Vanguard? You can check out the list below. Sell in May go away? Has there been a better time to be a seller of real estate? 2006 comes to mind. If you're a buyer, stay off the beaten path. Here's Your Survival Guy's tip of the day. Keep a chunk of your stock … [Read more...]
Junk Bond King Predicted This About Real Estate
The rise and fall of junk bond king Michael Milken was well documented in the book, Den of Thieves. Years later, I remember him saying in an interview that the next “big thing” would be the securitization of residential real estate. In other words, you could look up the price of your neighbor’s house and trade it much like a stock. Today, that’s pretty close to reality. You can buy stocks that own thousands of single-family homes or visit Zillow to see your neighbor’s “Zestimate.” As I wrote to you here, when we were in Key West in March, we took a random house tour simply out of curiosity. … [Read more...]
What Does It Take to Be A Successful Investor/Survivor?
What does it take to be a successful investor? Good question. How about this—what does it take to be a successful survivor? Do you really need the word “successful?” You either are, or you’re not. Right? Being an investor shouldn’t be confused with being a speculator—someone who hopes prices go up. An investor thinks about the work that goes into creating generational wealth. The best way I know how you do that is by being an investor in yourself. I learned a great lesson about being an investor when delivering newspapers as a kid. One of my customers tipped me four nickels for every … [Read more...]
World’s Largest Asset Manager Is Using Your Money for Everything But Profit
BlackRock, the world's largest asset manager, is run by Chairman and CEO Larry Fink. Fink has decided that with the power of his position, he's going to force companies to support his political goals. Is this really who you want running your money? He's acting like it's his money, not yours. Pay attention to what's going on here. Bloomberg's Erik Schatzker and Annie Massa report: If BlackRock Inc.’s Larry Fink ever had second thoughts about injecting his voice into such weighty issues as climate change and voting rights, he doesn’t anymore. “I’ve been very loud at what I’m saying and … [Read more...]
The Fallout from Archegos Capital Management and More
What risks do certain "family" offices pose to outside investors, considering most, if not all, of the money is the "family’s?” Well, as it turns out, quite a bit. The most recent one making headlines is Archegos, where the family office of Bill Hwang burned banks to the tune of $10 billion. The WSJ reports, the losses are felt far and wide, not just at his dinner table. The battering to Wall Street banks from Archegos Capital Management topped $10 billion after UBS Group AG and Nomura Holdings, Inc. reported fresh hits caused by the fund’s collapse. Archegos, the family office of Bill … [Read more...]
Timeless Wisdom from Vanguard Founder Jack Bogle
With few guarantees in the investment world, here’s one: Avoid companies growing their client base through acquisitions. It’s happening all the time, thanks to consolidation within the industry. But bigger isn’t better, especially when it comes to knowing your customers. Legendary investor and Vanguard founder Jack Bogle spoke about this when he was alive, and I’ve never forgotten it. What Bogle was referring to was the relationship between an investor and an advisor. But that sacred bond was muddled when a bigger company acquired a smaller one simply by writing a big check. Bogle understood … [Read more...]
You Are Why Serious Investors Join Me
Here’s some thoughts as you dive into your weekend. TGIF. The seasonally high traffic on a recent sunny Saturday in Newport, RI suggests it’s going to be a busy summer. Selling ice-cold bottled water from a cooler at Newport’s famed Cliff Walk works as well as selling binoculars at a National Park gift shop. I asked a prospective client how his spouse would handle their portfolio if he got hit by a truck. He said, “Huh, I never thought about that.” Don’t stand too close to the road, I thought. For all you boaters, you know the challenge of leaving or approaching the dock. … [Read more...]
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