“I’m a plodder,” a prospective client told me yesterday. “I like what you wrote last week, I read your stuff.” “Thank you,” I said. “Plodders are especially welcome in times like these.” In case you missed it, I wrote: Why You Should Listen to These Wise Men in Times Like These OCTOBER 30, 2020 BY E.J. SMITH - YOUR SURVIVAL GUY I recently received this message from a client: EJ, it was great talking to you yesterday. While doing a little reading last night I came across a quote I thought you might like. The Old Testament book of Proverbs was compiled by King Solomon who many … [Read more...]
Archives for November 2020
EU Turns the Screws on Amazon
The European Union is getting tough on Amazon's big data collection practices. Valentina Pop and Sam Schechner report for The Wall Street Journal: Amazon.com Inc. AMZN -3.41% faces fresh legal battles with the European Union after the bloc charged the online retailer with violating competition law in a new salvo in its scrutiny of U.S. tech corporations. The European Commission—the bloc’s top antitrust enforcer—issued a charge sheet against Amazon alleging that the company uses nonpublic data it gathers from third-party sellers to unfairly compete against them. In addition, the EU is … [Read more...]
Detroit Fights Back Against Auto Tech Upstarts
GM is hiring thousands of new tech employees to fight back against Silicon Valley upstarts who are trying to erode Detroit's dominance of the auto industry. Christina Rogers reports for The Wall Street Journal: General Motors Co. GM 5.36% plans to hire 3,000 new workers to bolster its engineering and software-development expertise, the latest auto maker to bulk up on tech talent as competition with Silicon Valley intensifies for the future automobile. GM said Monday the hiring will start now and continue through the first quarter of next year, focusing mostly on filling positions in … [Read more...]
At Age 90, He’s Compounding Some Big Numbers
In speaking with a prospective client over the last couple of weeks, I’m here to tell you, the key to his success is TIME. At 90 years old, he’s compounding big numbers. He’s been doing it for years. He credits my father-in-law’s Richard C. Young's Intelligence Report for his success. “It kept me on course,” he said. The reason we’re talking now (we also spoke five years ago) is that he lost his wife. He feels it’s time to make sure the portfolio is in good hands for his kids. “They don’t have a lot of interest in this stuff,” he said. “But they understand the Richard C. Young's Intelligence … [Read more...]
CVS Gets a New CEO
Current CVS CEO, Larry Merlo is retiring, and the company's board has picked a new chief executive, Karen Lynch. Supermarket News reports: Plans call for Lynch to take the CEO reins on Feb. 1, 2021, and join the CVS board of directors. At that time, Merlo will shift to a strategic adviser role to help in the leadership transition, CVS said. He also will continue to serve on the board until the next CVS annual shareholders meeting in May 2021. Merlo is slated to officially retire on May 31, 2021. “Karen is a seasoned health care expert who knows our business. She brings a relentless focus … [Read more...]
Major Upgrade to the Port of Virginia
DC Velocity reports: The Port of Virginia welcomed a pair of massive container cranes to its Norfolk International Terminals (NIT) this week, the final pieces of equipment needed to complete a $450 million, two- a-half-year-long renovation of the terminal’s South Berth, port officials said Thursday. The cranes increase the port’s ability to handle larger volume ships—now and down the road, officials said. The cranes will be able to accommodate so-called ultra-large container vessels (ULCVs) that make regular stops in Virginia, as well as higher-volume “ships of the future,” according to … [Read more...]
Don’t Sweat It When She Asks, “Do We Have Anything to Watch Tonight?”
OK, we all know the real battle in your day begins when one of you asks, “Do we have anything to watch tonight?” Your palms sweat as dinner’s ready, and you have no idea what “you’re” going to watch. The last place you want to be is on the couch, dinner in front of you, toggling around tiles on your TV with not a clue what you’re looking for. I feel your pain. You can only watch the Crown so many times (I’m on our third loop around the empire). Unfortunately, investors get that exact sweaty palm feeling when they start punching in the ETF and mutual fund quotes on their computer to do a … [Read more...]
The Big Reward for Delaying Social Security
In The Wall Street Journal, David Blanchett explains the rewards retirees will reap by delaying their Social Security payments. He writes: Many people worry about the long-term viability of the Social Security retirement system these days. Pre-pandemic estimates put the trust fund going to empty around 2034, but given everything going on with our economy that estimate seems a tad optimistic. When the trust fund goes to zero, though, it doesn’t mean benefits go to zero. At that point benefits would be based on taxes collected. Assuming nothing changes policy wise, that would reduce benefits … [Read more...]
What if You Don’t Have to Cut the Cord to Pay Less?
When you look at your monthly statement, do you feel like you have a good handle on what’s going on? You punch in an ETF or mutual fund symbol, but it doesn’t tell you much. It’s like trying to pick a show on Netflix—let’s see what this is about—only to realize five episodes in that it was a waste of time. Your time is valuable. You deserve to know what’s going on from day one. Today you have advisors selling you blueprints that sound good, but then you realize they’re stuffing your portfolio with ETFs and mutual funds that charge you a fee on top of what you’re paying the advisor. A lot of … [Read more...]
Volvo Beats Tesla to Fully-Electric Heavy-Duty Truck Market
On Thursday, Volvo became the first manufacturer to offer a fully-electric heavy-duty truck. Richard Milne reports for Financial Times: Volvo Group is set to become the first manufacturer to offer a fully-electric heavy-duty truck for sale as the Swedish group aims to show battery power is possible for the biggest commercial vehicles. The world’s second-largest truckmaker announced on Thursday that electric heavy-duty trucks with a range of up to 300km would go on sale next year and enter production in 2022 as Volvo pushes for half its truck sales in Europe to be battery powered by the end … [Read more...]