Some investors "could take Apple’s warning on Monday that it won’t meet revenue expectations for the current quarter as a sign that the growth stock run is over," notes Gunjan Banerji in The Wall Street Journal. Over the long-term, he continues, value stocks have outperformed growth stocks. He writes: As they grapple with a murky outlook, investors will turn their attention this week to the Fed’s latest meeting minutes and fresh reads on manufacturing. Meanwhile, results from Walmart Inc. on Tuesday will offer new insight into the health of the consumer. The run in value stocks “was short … [Read more...]
Happy Presidents’ Day!
Senate Pushes Back Against Sound Monetary Policy
President Trump has nominated Judy Shelton for a position on the Federal Reserve Board of Governors. The White House described Shelton's experience: Dr. Judy Shelton most recently served as United States Executive Director of the European Bank for Reconstruction and Development. The United States Senate confirmed her by voice vote in 2018. Dr. Shelton previously served as Chairman of the National Endowment for Democracy in 2017, having served as Vice Chairman from 2010 to 2014 and on the board from 2005 to 2014. She was also a founding member of Empower America and a staff economist for the … [Read more...]
“Mr. Smart Guy’s” Bullish Signal for Stocks
This is the time of year when you start figuring out how much you support Uncle Sam, literally. As you tally up the numbers, it’s hard not to wonder if you’re paying too much in taxes. Be careful, though, because going down this road leads to thoughts like: “Well, if I just invest in stocks, I’ll avoid taxes, and, if I need to sell, I’ll pay the more palatable capital gains rate.” Don’t get distracted and let “tax planning” ruin your portfolio. Take a deep breath. Look around you and consider your environment and how it relates to your situation. Don’t Let the Wise “Guys” Get in Your … [Read more...]
The Big Winners When You Faithfully Give to a Cause (Retirement)
If you didn’t read about the massive fund controlled by the Mormon Church, you will. With 16,000 plus members tithing 10% of their earnings, the fund has amassed a $100 billion fortune—a cash-generating behemoth that would make Warren Buffett blush. Roger Clarke, the head of the investment fund Ensign Peak that controls the church’s money, used to be a professor at Brigham Young University, reports Ian Lovett and Rachael Levy for the WSJ. He was running an investment firm in Los Angeles when he got the call. “It certainly wasn’t the most attractive financial office,” Mr. Clarke said. “But … [Read more...]
RAGE Gauge: Booming Gun Sales Are A Sign of Trump’s Strong Economy
You know I have clients in the gun business. They tell me the last couple of months were record-breakers for their business. Typically booming gun sales are a sign gun control supporters are making another push to ban Americans’ firearms. This time though, it’s a sign that more Americans have jobs and have more money in their pockets to spend on hobbies. The quality of jobs is getting better as well. U6 unemployment, the measure of unemployment that includes temporary and part-time workers, is near all-time lows at 6.9%. If Americans want full-time work, they are having a much easier … [Read more...]
When the Rules Apply to You but Not to Them
Justin Baer reports at The Wall Street Journal that the giant bond investing firm, Pacific Investment Management Co. (Pimco), "was aware employees had used the services of the firm founded by the figure at the center of a sweeping college-admissions scandal but it had “no information” suggesting these workers acted improperly." He writes: Douglas Hodge, a longtime Pimco executive who served as its CEO until 2016, was one of 33 wealthy parents accused this week of paying for bogus entrance-exam scores or fake athletic achievements to get their children admitted into competitive … [Read more...]
A Lesson from Legends: “Don’t Confuse Activity with Achievement”
The Boston Celtics reached yesterday’s NBA trade deadline without making a trade. “Celtics president of basketball operations Danny Ainge keeps a John Wooden book on his desk,” explains the Boston Globe’s Adam Himmelsbach, “and he likes to think back to one of the legendary UCLA coach’s famous quotes when the NBA trade deadline arrives.” Himmelsbach writes: Don’t confuse activity with achievement,’’ Ainge said. “It might be that the best thing you ever did was stand pat. Red [Auerbach] told me in my first year doing the job, ‘The best trades I ever made were the ones I didn’t make. I held … [Read more...]
You Probably Know Exactly Why People Want to Abandon Big Cities
You probably know exactly why people want to abandon the big cities of America. They look at rural states and towns with low taxes and low cost of living, and they see the freedom they expect America to provide. But in the big cities of America, when the government tries to solve problems of high rents and lack of housing, it actually makes them worse. The Wall Street Journal's editors explain how big-city governments are actually hurting their residents with overregulation of the housing market, writing: In a December 2019 working paper, Harvard and University of Pennsylvania researchers … [Read more...]
Don’t Let Tax-Free Wag Your Fixed Income Investments
When you read about crap muni bonds issued by Chicago, you see why they do not belong in your portfolio. The Editors at The Wall Street Journal write (abridged): In January Chicago shaved $310 million off this year’s deficit by issuing another $1 billion in sales-tax bonds to refinance outstanding GO bonds. Investors didn’t seem to care that the new bonds are subordinate to the previous tranche. Tax-exempt bonds maturing in 2040 yielded 2.4%, which is on par with the 30-year Treasury. We know investors are hungry for yield, but are they famished? Chicago’s budget woes are mounting, and … [Read more...]
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