In the summer of 1984, we traveled across the country in our 21 foot Winnebago Brave (yes we were) and can relate to this article as a new swath of RV drivers hit the roads to dodge COVID restrictions. Joe Barrett writes in The Wall Street Journal: Brad Swenson, who lives in his RV, was at a stoplight in the Black Hills of South Dakota last month when he saw a rental RV trying to use a fast-food drive-through—a typical rookie mistake. “It was like I was about to see a dog get hit by a car. I wanted to help, but there was nothing I could do,” said Mr. Swenson, 50, a Seattle property … [Read more...]
Archives for July 2020
What Will it Take for the Fed to Pull Back?
The Federal Reserve has been operating an emergency monetary policy filled with new programs, some of which operate on the fringes of its statutory limitations. Bloomberg's Christopher Condon reports on when the Fed might consider pulling back on some of these stimulus programs. He writes: Jerome Powell isn’t “even thinking about thinking about” raising interest rates, but investors still wonder what it would take for the Federal Reserve chair to start taking his foot off the gas. U.S. central bankers dropped some strong hints on the answer to that question this past … [Read more...]
American’s Don’t Have Any Money for Retirement, Now This…
You don’t have to look too hard to realize the fix is in to put toxic annuities into retirement plans. First, the Secure Act passes at the eleventh hour last year to allow annuities in 401(k)s (a terrible idea to begin with). Now, states want to require savings plans and you know the next step will be the annuity adoption. What a racket. Bailey McCann reports for The Wall Street Journal: According to data from the National Institute on Retirement Security, 59% of working-age people in America don’t have any money in a retirement account—whether an employer-sponsored 401(k) or an … [Read more...]
Is This Where Some Managers are Going Wrong on Tesla?
In the last five days, Tesla's market cap has increased as much as the entire Detroit-three auto manufacturers' combined. Here's the most likely theory of where the fund managers who are chasing retail investors into Tesla shares are going wrong. Esha Dey reports for Bloomberg: Still, a lot of big institutional investors now also want a piece of Tesla and the electric vehicle market, he said. “In a Covid-19 pandemic and a dark macro environment, the company just put up a 90,000 delivery number, especially when other automakers are seeing herculean challenges.” Tesla said July 2 it … [Read more...]
Avoid the Pelosi Plan, Do Phase 4 the Right Way, Here’s How
In the Wall Street Journal, Casey Mulligan, an economics professor at the University of Chicago, and Stephen Moore, a member of President Trump's Economic Recovery Task Force, put forward a positive plan for reopening America. Their plan would stimulate the economy, and avoid the terrible side effects of the plan offered by House Speaker Nancy Pelosi. They write: The White House will soon begin negotiating with congressional Democrats on a “Phase 4” economic revival plan. President Trump has repeatedly expressed his support for suspending the payroll tax through the end of the year as a … [Read more...]
Ray Dalio Makes a Scary Prediction for the Economy
Speaking at the Bloomberg Global Asset Owners Forum recently, Ray Dalio sounded the alarm on central bank intervention in economies. Bloomberg reports: “Today the economy and the markets are driven by the central banks and the coordination with the central government,” said Dalio, speaking at the Bloomberg Global Asset Owners Forum on Thursday. As a result, “capital markets are not free markets allocating resources in traditional ways.” The Covid-19 pandemic brought economic activity to a standstill and sent markets spiraling downward in March. The Federal Reserve’s … [Read more...]
Every Stock You Own Deserves a Decision
There’s never been a better time to get your financial house in order. Don’t let inertia beat you down. It’s time to get up, put pen to paper, and make sure everything you own deserves a place in your portfolio or decide if it has served its time. Treat your portfolio with the love and care you have for your home and garden and, believe me, good things will happen for you and your family. Make it a good day. Life is Good: You’re Ready to Protect Your Turf Your Retirement Life: Investment Planning in One Chart Your Retirement Life: Parents, do You have an Investment … [Read more...]
My Biggest Investing Quarter Ever
Due to a convergence in timing, I was able to make by far the biggest commitment to the stock market in my life during late March and into the second quarter of 2020. On 31 March 2020, I posted My Three Week-Long Investing Program. It led off, “I am ramping it up over the month of April and into May." As reported 30 June in the WSJ, U.S stocks finished their best quarter in 20 years. I also posted the exact areas I was investing in and why. No way I could have expected such quick and massive returns. Given that Joe Biden is apparently attempting to put a quick end to it all by … [Read more...]
What’s Coming in the Next Stimulus Package?
Even though the budget deficit is projected to reach nearly $4 trillion this year, there will be another stimulus package. Balanced budgets and fiscal conservatism fly out the window in an election year. Barron’s reports on what may be in the next package: The U.S. fiscal and monetary response to the coronavirus crisis was extraordinary by historical standards, Ernie Tedeschi, managing director and policy economist for Evercore ISI, told Barron’s readers Tuesday. But the considerable measure was not without its gaps. Historically, “I don’t think we’ve done anything close to the … [Read more...]
Your Retirement Life: Life is Good: You’re Ready to Protect Your Turf
You’re telling me your life is good and, in times like these, it is so great to hear. You’re telling me, especially if you’re retired, that your life hasn’t changed all that much. No, you don’t see family as much (you’re looking forward to the 4th when you might), but you’re keeping busy. Here are a few items we spoke about this week: You’re golfing a lot. But not as well as you’d like to. At your recent doctor’s appointment, you asked for a prescription to get you straighter off the tee. You’re building a deck. That is, if you can find pressure-treated wood. I spoke with two … [Read more...]
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