In the proposed $3.5 trillion bill Democrats want to pass is a provision to force companies to automatically enroll workers into IRAs. The Wall Street Journal reports: Democrats have included a provision in their $3.5 trillion healthcare, education and climate bill that would require companies without retirement plans to automatically enroll workers in individual retirement accounts. The House Ways and Means Committee on Thursday voted 22-20 to approve the measure, which committee chairman Richard Neal, (D., Mass.) has supported for years. Should the package pass, the move could … [Read more...]
AMERICA DOESN’T RUN ON TOFU: Unhinged Biden Advisor Deflects Inflation Failure
It's hard to imagine how the Biden administration, with a straight face, can blame the meatpacking industry for inflation, while at the same time handing out checks like candy, and supporting the Federal Reserve's policy of nearly unlimited liquidity. But it's happening. Rather than take responsibility for driving up the prices on Americans' favored forms of protein, Biden & Co. are instead choosing to blame businesses. In what may have been one of the most tone-deaf speeches ever, Biden's Director of the National Economic Council Brian Deese told Americans that if you remove beef, … [Read more...]
September 2021 Update: Fidelity Still Number One
In my conversations with you, you ask me why we use Fidelity Investments as our custodian for client accounts. As you know, we have a long history with Fidelity going back to when Dick Young called on the firm during his Boston days, well before he started Richard C. Young’s Intelligence Report. As Dick tells the story, Fidelity was always the high-water mark, along with Wellington Management, especially for the institutional business, and clearly was moving strongly into retail. Fidelity simply never looked back and continues its dominance today. So, if you’re going to trust your lifetime … [Read more...]
Billions Pour Into Amazon Seller Roll-Up Funds
Investors can't get enough of roll-up funds that buy Amazon sellers. John Thornhill reports for the Financial Times: Any sober seller might think twice about doing business with a company whose founder was wedded to the idea that “your margin is my opportunity.” But many merchants, desperate to stay afloat as retail sales shifted online during the pandemic, have had little choice but to sell on Amazon’s vast marketplace. At last count, some 56 per cent of the units sold on Amazon’s platform were made by 1.9m third-party sellers. Jeff Bezos may have blasted out of the chief executive’s seat … [Read more...]
BOOMTOWNS: Americans Flee Mandates for Freedom
As you and I discussed recently, big blue cities are exporting jobs to places like Florida, where their money is treated with respect. Today, let’s talk about Main Street America that’s been forgotten by big businesses that have moved America’s manufacturing base to China. How can this be a good long-term trend? I remember like it was yesterday, studying globalization—“the next big thing.” Now, look at where we are. But attitudes are changing. One thing I noticed from a trip to our log cabin in New Hampshire this summer was, the area in and around the beautiful White Mountains were packed … [Read more...]
Bair: Payment for Order Flow Is a Problem That Needs to Be Fixed
Former chair of the FDIC, Sheila Bair, calls out a murky practice in markets today, payment for order flow (PFOF), which she defines as "brokers selling their retail orders to makers of markets outside of regulated, public exchanges." PFOF had mostly flown under the radar until it was highlighted in January during the GameStop share crisis faced by commission-free investing tool Robinhood Markets. Bair writes in the Financial Times about new scrutiny being placed on PFOF by the SEC's Gary Gensler: Securities and Exchange Commission chair Gary Gensler has cast a long-needed spotlight on the … [Read more...]
Sleepy Joe Pulls 7 Million Americans Off the Couch
As Sleepy Joe reluctantly attempts to pull more than seven million unemployed Americans off the couch, he may want to take a look down his party line to seek out the rot. Because when he drills down into the deep Blue States, especially big blue blob cities, he’ll see years of political largesse finally coming home to roost. Take a look at Newport, RI, for example, where the streets are lined with cars from New York. Woke workers who could afford to work remotely are already here as local restaurants struggle to staff up. For years, politicians treated Newport properties as an endless piggy … [Read more...]
BATTERY BATTLE BEGINS: Toyota Takes on Tesla
Toyota, a pioneer in electric vehicle technology, has announced it will invest $13.6 billion in battery development over the next decade to remain on the cutting edge. Kana Inagaki reports in The Financial Times: Toyota will invest ¥1.5tn ($13.6bn) in battery development and supply over the next decade as the world’s largest carmaker aims to stay ahead in the race for cheaper and longer-lasting electric and hybrid vehicles. The Japanese group outlined its plans as it attempted to quell criticism it had been slow to shift to electric cars because of its dominance in hybrid vehicles that use … [Read more...]
FLIP THEN FLOP? Banks Fund Eerily Familiar House Flipping Boom
Big banks and investors are putting a lot of money into a house flipping boom that is eerily familiar to anyone who survived the carnage of the financial crisis. Ryan Dezember reports in The Wall Street Journal: Wall Street has made a mountain of money available to house flippers, and selling move-in-ready rehabs has rarely been easier. The challenge is finding beat-up and out-of-date properties that can be renovated and resold for a profit. “Investors like me, we’re like ants on a sugar hill all fighting for the same projects,” said Ed Stock, who started fixing and flipping houses on New … [Read more...]
Four Letter Word I’m Celebrating this Labor Day
Your Survival Guy wants to share a personal story with you. It’s from a client who’s finally calling it quits. Dr. Lee Payne and I have been working together for close to 20-years but when you consider his affiliation with Richard C. Young’s Intelligence Report, we’re talking more like 40-years, and many more to come. Dr. Payne remembers reading Dick’s investment letters, believing in Dick’s philosophy and putting it to work. Dick’s letter was a monthly reminder that helped Lee beat inertia. Lee invested in himself (my favorite investment) and his business, and what was left over he invested … [Read more...]
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