You know how I feel about technology or algorithms taking over your portfolio. I’m sticking with the four-year-olds. Keep it simple. Sure, Your Survival Guy likes technology, but if I have to get stuff done fast, I write it down on some good ‘ole fashion paper. It’s mobile, it doesn’t need to be charged, and it doesn’t chirp at me when I’m trying to concentrate. Now then, Your Survival Guy has some experience with technological disasters. Take, for example, my most recent one, where there was black smoke rising from my boat. Turns out, a lightning strike hit the VHF antenna that ended up … [Read more...]
UK Authorizes Use of COVID Treatment Drug Molnupiravir
The United Kingdom has authorized doctors to prescribe antiviral drug molnupiravir to patients with COVID-19. Bloomberg's Frank Connelly reports: Britain’s regulator became the first in the world to approve Merck & Co.’s Covid-19 antiviral pill, describing the treatment as safe and effective following a swift review. The drug, molnupiravir, was authorized for use in people with mild to moderate Covid and at least one risk factor for developing severe illness, the U.K.’s Medicines and Healthcare Products Regulatory Agency said Thursday. Merck shares rose 2% in premarket U.S. … [Read more...]
BUILD BACK BETTER? Democrats’ Plan Would Reduce GDP, Wages and Jobs
A new analysis of the latest version of Democrats' "Build Back Better," money transfer scheme by the Tax Foundation, finds that the plan will reduce GDP, wages, and jobs. The Tax Foundation's analysts write: Democratic lawmakers in the House of Representatives have advanced updated legislation containing the tax elements of President Biden’s Build Back Better agenda. The draft legislation may be modified before moving to the House floor and differ from the Senate’s version of the legislation. This analysis contains estimates of the budgetary, economic, and distributional impacts of the House … [Read more...]
America Needs More Truckers
The critical link in America's supply-chain struggles is a lack of truckers to move freight. Jennifer Smith reports at The Wall Street Journal: A critical, often-overlooked link in the supply chain is emerging as a stubborn choke point in the freight-backlog mess: trucking. Trucks haul more than 70% of domestic cargo shipments. Yet many fleets say they can’t hire enough drivers to meet booming consumer demand as the U.S. economy emerges from the pandemic. The freight backup has intensified longstanding strains in the industry over hours, pay, working conditions and retention. The … [Read more...]
ZILLOW EXPOSED: You Invest, They Win But Not Always…
"Too risky, too volatile, too narrow..." Is that how you want your investment prospect described? That's what Zillow has called its own home-buying scheme, driven by algorithms. You know that Zillow is looking to flip nearly 7,000 homes it has purchased to exit a business that it probably never should have been in. Laura Forman reports for The Wall Street Journal: Sometimes a ruler gets too ambitious and has to fall on his own sword. So it goes for online real-estate king Zillow ZG -18.12% which, in conjunction with its earnings announcement Tuesday, said it was quitting the automated … [Read more...]
How Many Trillion Dollar Electric Car Companies Can Investors Produce?
Electric vehicle manufacturer, Rivian, is planning an IPO. Despite producing nearly a billion dollars in losses in the first half of 2021, the company, which has few customers, may be valued at nearly $53 billion when shares go public. That's more than many established, profitable, automotive manufacturers. How big is the appetite of investors for electric vehicle manufacturers that don't make a lot of (or any) money? Dave Lee and Miles Kruppa report in the Financial Times: Rivian, the electric automotive company backed by Amazon, is targeting a valuation as high as $53bn when it makes its … [Read more...]
FLIPPING OUT: Zillow Wants to Offload Its Hoarded Homes
You know Your Survival Guy wants you to own your home, not Zillow. I also don’t like the idea of flipping houses, because at some point the music might stop. The virtue of owning your home is you have created shelter for your family and you own it. That’s enough for me. No need to be the next Zillow. Zillow has loaded up on homes, buying 7,000. Now they want to dump them all. Bloomberg reports: Zillow Group Inc. is looking to sell about 7,000 homes as it seeks to recover from a fumble in its high-tech home-flipping business. The company is seeking roughly $2.8 billion for the houses, which … [Read more...]
Even DEBUNKED Rumors Add Billions to Tesla Market Cap
Tesla gained "an Exxon," or about $260 billion in market capitalization even after rumors of an agreement with Hertz were debunked by CEO Elon Musk. Bloomberg's Liam Denning writes: For automakers, fleet sales used to be like the free newspapers lying around hotel lobbies. You shifted product, yes, but not in a way any half-sentient investor would value. As with so much else, Elon Musk has apparently changed all that. Shares of car rental giants Hertz Global Holdings Inc. and, especially, Avis Budget Group Inc. have soared this past week or so on news that they are buying a lot of … [Read more...]
Your Retirement Life: Living in Vacation Destinations
Here’s a problem that’s not going away—the cost of living in certain vacation destinations is prohibitively expensive. I see this in Newport as well as Key West. When there’s no place for workers to live, what happens to the service industry? When the Fed pumps too much money into the system inflation is the natural result. And when million-dollar houses and then some, are selling sight unseen, there’s too much money in the system. How is that good for places you like to visit or live? It’s not. Read about Newport's housing problems here from Bethany Brunelle of The Newport Daily … [Read more...]
GAS PRICE UP 40% SINCE BIDEN: Energy Secretary Blames OPEC
U.S. Energy Secretary, Jennifer Granholm, is blaming OPEC for increases in the price for gasoline Americans are facing since Joe Biden moved into the White House. Prices are up around 40%. Derek Brower reports in the Financial Times: The Biden administration’s senior energy official on Sunday blamed the Opec oil “cartel” for soaring petrol prices in the US, putting more pressure on the group to increase crude output ahead of a meeting later this week. “Gas prices of course are based on a global oil market. That oil market is controlled by a cartel. That cartel is Opec,” said Jennifer … [Read more...]
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