You’d never guess by the soaring stock market that we’re in a government-induced depression and that there’s rioting in the streets. My latest RAGE Gauge shows a nation on edge, savers penalized with a risk-free rate of no return, and government creating a Grand Canyon size gap between the haves and the have nots. Anyone see how this could turn ugly? If you were uncomfortable with your stocks in March and hung in there, it’s in times like these where you need to think about self-reliance and self-preservation. Fortunes are being lost in a matter of weeks. Is this the calm … [Read more...]
Another Reason I don’t Like Municipal Bonds
The Federal Reserve has now become the lender of last resort to the nation's most mismanaged states and cities. This is just one more reason I don't like municipal bonds. Heather Gillers and Nick Timiraos report in The Wall Street Journal: The Federal Reserve said it would again broaden the number of local governments eligible for a new lending program as Illinois announced it would be the first borrower to access the facility. The central bank said Wednesday it would allow all 50 states to designate two cities or counties to sell debts directly to the central bank’s program, creating an … [Read more...]
Your Retirement Life: Bankrupt in Two Weeks
When an investment sounds "too good to be true” we immediately know the refrain. Why then do investors get stuck in this trap time after time? Because it’s those who can’t afford to lose money who take the biggest hits. Which reminds me, by the way, who can afford to lose money? No one. When investors look for the market to do something for them, they are immediately placed on a slippery slope. When investors sell out of the market they now need Mr. Market to help them make up for their losses. Then, along comes an investment product with a fancy gimmick that appears to be fail-proof. And … [Read more...]
You Need to Seek Some Shelter for When Things Get Ugly
Coronavirus Infects Stock Market: Part LVI “Requests for driving directions on Apple Inc.’s Maps app are back around mid January levels, while data from Dutch location technology firm TomTom International BV show traffic congestion gradually climbing in some late U.S. cities, though it is still down substantially from March levels in many,” reports the WSJ. But after this weekend’s riots, who is in a rush to visit a city? The future of the city is on the rocks. Blue state governors and mayors have gone wild. They’re a fiscal mess. Consider the self-inflicted wreckage of mismanaged … [Read more...]
Get Ready: Your Survival Guy’s Guide to the Second Wave
Coronavirus Infects Stock Market: Part LIV You read the news: “Coronavirus reaches 100,000 deaths,” streaming across all forms of media yesterday and yet, not a peep just a couple of years ago when the flu killed 80,000. It’s like the media is taking a victory lap, cheering the virus numbers higher. A group of restaurants and bars in Rhode Island want government money to stay closed, claiming it’s stressful being open. Imagine all the pushy parents wringing their hands because little Jonny can’t play travel sports this summer. Talk about an aggressive group. They along with the … [Read more...]
American Businesses Show the Way Forward Where Blue-State Politicians Fail
Coronavirus Infects Stock Market: Part LII During the coronavirus outbreak, the difference between heavy-handed local government, and private enterprises has been plain. Businesses are incentivized to protect their most important assets, their employees. Government officials are protecting their own reputations. In the early days of the virus, Leupold, an American business serving police departments and America's military elite took smart steps to protect employees. At The Federalist, Madeline Osburn reports on Leupold's response in an interview with company CEO Bruce Pettet. … [Read more...]
“The Losses are Taking a Toll on Their Health”
Coronavirus Infects Stock Market: Part LI “You know what’s crazy,” a client told me yesterday, “is that investors spend more time buying a grill than picking a financial planner.” Friends of his are in deep financial trouble. The virus has made it even worse, and the losses are taking a toll on their health. Another client, who’s in my business, brings bond deals to market. He said every deal is oversubscribed with demand through the roof. We talked about how the retail investor has no chance to get in on these deals. When it comes to your bonds, you don’t want to be a retail buyer like … [Read more...]
Update! Why Vanguard is Too Big for YOU
Coronavirus Infects Stock Market: Part XLIX A new client of mine is consolidating his eight-figure fortune with Fidelity. What’s shocking is how easily he decided to leave Vanguard. “Why?” I asked him. “E.J., I haven’t heard from anyone at Vanguard in over a year,” he said. “They’re letting a quarter of a hundred million dollars walk out the door,” I thought to myself. “The front door.” That is shocking. “I’ve read your father-in-law Dick Young for over 30-years,” he said. “I miss him.” “Welcome home,” I said. When the late Vanguard founder Jack Bogle released Bogle on … [Read more...]
Where to Live in Retirement? I Got You Covered Baby!
Coronavirus Infects Stock Market: Part XLVII You worry about where you live in retirement. I get it. You hate the idea of leaving your kids behind. I’m here to tell you: Don’t despair, they’ll visit! But if social distancing is your concern, consider snowy Maine or New Hampshire in January. You might see a bear or two, but they’ll be back asleep before you know it. You’re going to love your new-found freedom. Thumbing through my 2020 copy of the Traveler’s Guide to the Firearm Laws of the Fifty States, Maine stands up strong. Want to drive a gun to your home? Fine. Just be sure to leave … [Read more...]
You Owe it to Yourself to Continue Doing What You’re Good At
Coronavirus Infects Stock Market: Part XLVI Clients of mine on the West Coast, we’ll call them Rock and Tess, sold their business a number of years ago. They were in their early 50s. Rock could care less about money. Tess handles that. Rock fixes things. Rock can fix just about anything mechanical. Rock is still working. He doesn’t need to. But Rock loves his work. He continues to do what he loves to do. In speaking with Tess this week, I remind her that a j-o-b is one of the most valuable assets in the world today. If “retirement” can wait, why not let it? I tell her … [Read more...]
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