My early October readings are in, and clearly Americans are back to work thanks to the Trump Economic Revolution. And as interest rates rise, retired and soon to be retired investors can rejoice in the long-awaited Interest Rate Revolution. CNBC explained the good news for America's economy here: The number of Americans filing for unemployment benefits fell to a near 49-year low last week, pointing to sustained labor market strength, which should continue to underpin economic growth. The labor market, which is viewed as being near or at full employment, is steadily boosting wage … [Read more...]
Southern Migration
If you’re a politician the easiest way to grow “revenue” is to treat your successful residents with respect—respect for their money that is. And yet time and time again politicians do the exact opposite. Is it any wonder the most successful New Yorkers spend at least half the year in Florida? The Wall Street Journal editorial board chides Governor Andrew Cuomo for his tone deaf assessment of why people are fleeing the Empire State. They write: Andrew Cuomo is on a roll. After a deft rebuttal of President Trump last month—America “was never that great”—the New York Governor has now finessed an … [Read more...]
California Pensions Continue to Make Headlines
Is there a more Machiavellian story than this? We’re talking about a fiduciary responsibility in the many billions of dollars. Is anyone paying attention? The Wall Street Journal's Heather Gillers reports: In what was otherwise a lighthearted question-and-answer session at a staff meeting this month, Marcie Frost turned serious. After rising from a clerical position in Washington state government to head the largest pension fund in the country, the California Public Employees’ Retirement System, Ms. Frost had been the subject of reports questioning how she had presented her educational … [Read more...]
Your Retirement Life: On the Road Again
If you like the idea of seeing the country with your spouse, paid leave, matching 401(k) contributions and a joint income of $100,000 per year, then you might like this story about team driving gigs. Simply put, freight companies love team drivers because they deliver loads twice as fast. There’s a lot to like about living part-time on the road. I remember as a kid when we drove across the country in our Winnebago, how cool it was to talk to the truck drivers using our CB radio and also just listening to the chatter. It was Waze before there was Waze, and it was like a game, especially when … [Read more...]
Nothing Wrong with a Hershey’s Kiss Now and Then
I like this take from James Freeman of The Wall Street Journal, who highlights CEO Michele Buck, for noticing that Americans still like tasty snacks. Freeman writes: This column doesn’t make stock calls. This column is not irrationally exuberant about the market for sweet packaged snacks given the frequency at which Americans are told to stop eating sugar and to stop eating processed food and to stop snacking. Still, it’s worth remembering that not every consumer is craving locally grown, organic quinoa. And there seems to be at least one CEO in the food industry who understands that … [Read more...]
Is Your State a Tax Hell?
Are you moving in retirement? If so, look back at this piece I wrote on January 22 of 2016. Don't move to one of America's "Tax Hells." Is your state a tax hell? Some states pile on the tax burden, adding double digit percentage demands on top of their residents' federal tax loads. New York, unsurprisingly, takes the cake with a 12.7% tax burden. Some of the other leading states may surprise you with their heavy toll. The Tax Foundation writes: Tax burdens go beyond tax collections. Taxpayers pay state and local taxes to their own state of residence, but also pay taxes to other … [Read more...]
RAGE Gage September: Imagine Interest Rate Levels in a Year
September's RAGE Gauge was little changed from the previous month. Fast forward for a moment and imagine where interest rates will be one year from today. Because yesterday, the Federal Reserve increased rates for the third time this year and the eighth since late 2015 and has basically said expect much more to come. There is a Titanic like shift underway with bonds. Wait until corporate bond yields are at a level where finally you won’t need as much of the fois gras stock market, which has been force fed by the likes of Ben Bernanke et al. Imagine the competition stocks will face then, and … [Read more...]
Marijuana: Wall Street’s Next Bitcoin?
When thinking about Wall Street’s marijuana madness, margin of safety doesn’t exactly roll off the tongue. “I believe there’s a great opportunity for our insolvency lawyers in this industry,” said Patricia Olasker, a partner at Toronto-based Davies Ward Phillips & Vineberg LLP. “There are going to be lots and lots of failures.” Jacquie McNish and Vipal Monga report at The Wall Street Journal: Shannon Soqui just quit his Wall Street job to go after what he thinks is a bigger business: selling marijuana the way Mary Kay Inc. sells cosmetics. The 51-year-old banker wants to focus on Qind, … [Read more...]
Will You Outlive Your Money?
Yes, when you ask yourself the question “Will I outlive my money?” it’s true, it doesn’t exactly elicit a warm and fuzzy feeling. Sweaty palms is more like it. But it’s a question we all wonder about, especially after booking Business Class to Paris. Sorry kids! In my first conversation with prospective clients, I can usually tell within about 17-seconds whether or not we’re a good fit. It mainly has to do with a grasp of reality. The cold reality of our recommended draw rate of three to four percent per year can set an early tone. And hearing “the lower the better” most definitely … [Read more...]
Voter Migration and What it Means to Your Family
With November approaching fast, it would pay to reread this piece I wrote on June 5, 2018 highlighting some knowledge shared by Joel Kotkin and Wendell Cox on voter migration. Who needs to redraw state lines when states can be gutted from the inside out? That’s exactly what’s happening across the country to blue states that have abused their power of taxation for far too long. As the story goes, it’s true that demographics favor Democrats but dig a little deeper and you see that it’s geography that favors Republicans. Look at the mass exodus from blue states such as California and the … [Read more...]
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