Last week, Vanguard announced it was pulling back from the woke agenda targeting companies for their lack of dogmatic ESG adherence. Now, HSBC has announced it's going in the opposite direction. The bank has announced that it will stop funding any new oil and gas field developments. Charles Kennedy reports for OilPrice.com: In an update on its energy policy, the bank said, “We will no longer provide new lending or capital markets finance for the specific purpose of projects pertaining to new oil and gas fields and related infrastructure when the primary use is in conjunction with new … [Read more...]
Archives for December 2022
Uncertainty as Lithium Supplies Stretched Dangerously Thin
Lithium supplies are stretched, and customers are feeling the pressure. Andy Home reports in Reuters: The world has been running short of lithium this year, a surge of new supply failing to catch up with a still faster demand wave as the electric vehicle (EV) revolution accelerates. Lithium's price narrative is fiercely contested territory, but the clearest signal of market shortfall is price. From spodumene ore through lithium carbonate to lithium hydroxide, prices have more than doubled again this year after an explosive rally in 2021. Last month's average spot Asian price for … [Read more...]
GRID TERRORISM: It Can Happen to Anyone
You have read the disturbing reports about terrorists who targeted power stations in North Carolina, Washington, and Oregon recently. The alarming part of this story, according to Mayor Carol Haney of South Pines, NC, is that it could happen to anyone. Frank Morris reports for NPR: "This beautiful part of the world gets sabotaged," said Haney. "So, it could happen to anyone. And that's probably the most frightening for everyone– that this could happen to anyone." It could. Across the United States some 55,000 electrical substations are humming right now, mostly transforming high voltage … [Read more...]
Meme Stock Gurus Indicted in Pump-and-Dump Scheme
Bloomberg's Bob Van Voris reports that meme stock gurus Edward Constantinescu and Perry Matlock have been indicted, along with six others involved in what prosecutors call a pump-and-dump scheme. Van Voris writes: Social media influencer @MrZackMorris and several others active in last year’s meme-stock frenzy were charged by federal prosecutors with engaging in a $144 million “pump and dump” scheme. Edward Constantinescu, known on Twitter as “@MrZackMorris,” and Perry Matlock, whose Twitter handle is “@PJ_Matlock,” were among the defendants charged in an indictment unsealed … [Read more...]
How Your Survival Guy Feels About Digital Dollars
My client told me yesterday that years ago, he and his wife traveled from Alaska back to his childhood home to accept an award for excellence in dentistry. Home for him was LA—not that LA—Shreveport. The ceremony was in New Orleans. The plan was to borrow one of his sister’s cars in Shreveport and drive to New Orleans. Before they drove off, he asked his buddy if he needed anything. “Would you mind picking up some alligator meat?” he asked. “No problem.” Driving home from New Orleans, they took a left into the swamp, walked into the store, and said he was there to pick up alligator … [Read more...]
Your Survival Guy’s Great Year Picking Some Lessons Learned
Let’s get this out of the way. If you’ve been with me, it’s been a great year. As I’ve said before, slow and steady wins the race and, just as important, finishes it too. For those tangled up in crypto, FTX, et al. the game is over—there’s no more time on the clock. And the finish line comes up quick. For a number of my valued customers and readers like you, this year was the end of the road for your careers. It wasn’t a surprise because it's what we have spent years talking about regarding your savings and investments. And creating a comfortable exit plan is what we’ve focused on. Take … [Read more...]
Apple Prepares to Lose App Store Monopoly
In response to pending European laws, Apple is preparing to allow alternative app stores on its devices. Bloomberg's Mark Gurman reports: Apple Inc. is preparing to allow alternative app stores on its iPhones and iPads, part of a sweeping overhaul aimed at complying with strict European Union requirements coming in 2024. Software engineering and services employees are engaged in a major push to open up key elements of Apple’s platforms, according to people familiar with the efforts. As part of the changes, customers could ultimately download third-party software to their iPhones and iPads … [Read more...]
Turkey Reopens Straits to Oil Shipments
After sanctions on Russian oil created confusion in the insurance markets for oil shipping, Turkey closed its shipping straits leading to and from the Black Sea, the Dardanelles, and the Bosphorus. Now, it has once again reopened those straits to oil shipping after sorting out the insurance issues. Alex Longley and Julian Lee report for Bloomberg: A backlog of tankers waiting to haul oil through Turkey’s vital shipping straits is clearing, offering evidence that authorities in Ankara have resolved a spat with the insurance industry that arose following sanctions on Russia. Tankers able to … [Read more...]
Your Survival Guy Stacking Wood and Compounding Money
With Your Survival Guy’s kids home for the weekend, it was the perfect opportunity to stack another cord of wood. Living in New England, you never know when the next natural gas outage will come. I don’t like the chances it will be smooth sailing, and the thought of being without a source of heat while it’s snowing outside (got a dusting of snow last night) isn’t my idea of fun. “Mornin’,” I said to my son. “I got a cord of wood delivered. Do you want to help stack it after breakfast?” If you recall, after a summer of work a couple years ago, I helped him set up a Roth IRA, and I’ve been … [Read more...]
A Year-End Surprise Your Portfolio Could Do Without
A year-end surprise you don’t want to receive is a tax bill from your mutual fund. Over the years, I’ve soured on mutual funds. One reason is the lack of control. You don’t control when the fund manager buys and sells positions. It can be particularly painful when you get a year-end capital gains tax bill after a year the mutual fund in question lost money. I prefer to do tax planning on my own schedule, thank you. Laura Saunders writes in The Wall Street Journal: After years of strong markets, many managers had few losses this year to offset gains on sales of winners. So when … [Read more...]