If Mr. Biden takes office with a Republican-controlled Senate, the most damage he can do will come via the regulatory channel. Regulatory overreach has a big impact on economic growth. Obama proved that. But the biggest threat to your personal wealth is from the legislative side. A Democrat-controlled house, Senate, and White House would give Biden a much better chance of passing his growth-smothering tax program plan. The Democrats will control both the House and White House (assuming Biden wins). The Senate is still undecided pending two runoffs in Georgia that take place early next year. If … [Read more...]
Short Seller Unmasks the Danger of SPACs
Ortenca Aliaj reports on Carson Block's harsh assessment of SPACs in the Financial Times, writing: Muddy Waters, the US short seller run by Carson Block, has launched a scathing attack on 2020’s hottest investment phenomenon, the special purpose acquisition company, and revealed it is betting against a company brought to market by former Citigroup dealmaker Michael Klein. In a report published on Wednesday, Muddy Waters said it had taken a short position in MultiPlan, a healthcare company that went public in an $11bn deal with one of Mr Klein’s acquisition vehicles earlier this year. Mr … [Read more...]
Is Your “Wealth” Manager Lending out Your Cash and Charging You 2%?
Is your broker making money lending out your cash? Because in times like these, banks are making money any which way they can. Thankfully Fidelity is not a bank. You can rest assure they’re not loaning out your cash. What are you sure about today? I’ll tell you what I know. First and foremost, we need to come to grips with low interest rates. This is more troubling than you think. When interest rates are this low, the average investor (not you, I hope) can’t sit still and just earn a couple percent. The average investor needs more. The average investor will think nothing of lending it … [Read more...]
Biden’s Energy Policy Would Make America’s Roads and Railways More Dangerous
The Biden campaign has promised to shut down the Keystone Pipeline that would bring Canadian oil into the U.S. Biden’s allies in the climate lobby also want to shut down the Dakota Access Pipeline that has been in operation since 2007. These are all part of "Blue Collar" Joe’s plan to phase out oil. Sounds like he’s a real friend to the roughnecks and construction workers who build America’s pipelines. Sadly for Mr. Biden, shutting down pipelines is largely symbolic. Canadian oil is still going to make it to market, but getting it there will be more expensive and more dangerous to boot. Oil … [Read more...]
McDonald’s Is Cooking Up a Veggie-Burger War With Beyond Meat
Barron's reports that McDonald's announcement of an initiative to create a plant-based "alternative-meat" burger has crippled Beyond Meat's stock price. Beyond Meat Stock Tumbles 20% Over Past Two Days The stock first dropped after McDonald’s (MCD) announced that it was getting into the alternative-meat game. The McPlant line of meat alternatives will launch next year, starting with a plant-based burger. Next came Beyond Meat’s third-quarter results on Monday evening. The company missed Wall Street estimates by a mile. Sales were almost a third below consensus, and Beyond Meat lost … [Read more...]
“I’m a Plodder,” A Prospective Client Told Me Yesterday
“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...]
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...]
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