Michael D. Smith, a professor at Carnegie Mellon University, shares in The Atlantic, why he is both afraid and invigorated by America's recent experiment with online learning. He writes: I need no convincing of the value of campus life and in-classroom education. I recognize that online platforms can’t perfectly replace what we deliver on campus. But they can fulfill key pieces of our core mission and reach many more students, of all ages and economic backgrounds, at a far lower cost. What online services lack in quality, they make up for in convenience—and as they get more popular, they’re … [Read more...]
Qualcomm Sets the Standards in Wireless Tech
Rich Karlgaard interviews Qualcomm president, Cristiano Amon at Forbes. Here is a small part of their exchange: Rich Karlgaard: Joining me today for Talking With Tech Leaders, is Cristiano Amon, the president of Qualcomm. Now when I think of Qualcomm (QCOM), I think of it as a semiconductor company (with approx. $25 billion in sales and a $100 billion market cap). In fact, today’s guest runs the semiconductor operations for Qualcomm among his many roles. Others think of Qualcomm as a communications company, and more recently, as a 5G global leader. Cristiano, what is Qualcomm? Cristiano … [Read more...]
Blue State Governors Punish Working Class with Severe Lockdowns
Coronavirus Infects Stock Market: Part LIX Severe lockdowns in blue states are driving unemployment to Depression Era levels, and devastating the finances of working-class residents. Before their governors went wild with lockdowns, these same workers had been enjoying their best economy in decades. The Journal reports on the skyrocketing unemployment in blue states: The Labor Department on Friday reported jobless rates in May for the 50 states, and the news is the greater than usual variation. Some state economies are recovering much faster than others, and the worst performing tend to be … [Read more...]
Free Trading Comes at a Cost
Retail investors flocked to markets during coronavirus volatility. Many were lured to trading by platforms like Robinhood, offering "free" trades. It turns out that trading still comes at a cost. Richard Henderson reports for the Financial Times: Citadel Securities and its majority owner Ken Griffin are among the big winners from a boom in retail investing, cashing in on the zero-fee trading that has lured huge numbers of first-time investors to the US stock market. Chicago-based Citadel Securities accounts for 40 of every 100 shares traded by individual investors in the US, making it the … [Read more...]
How to Invest Today
It’s time for a change in pace. Since the end of March, the Dow has exploded from about 18,500 to over 25,000 as June nears an end. During this period, I steadily added to my equities position as well as to my individual bond positions. I also added to three fund positions (nearly 50% fixed) that I have owned for decades (not index funds) as well as to smaller positions in gold and the Swiss Franc. In the coming quarter, I plan to increase my focus on fixed income. My four biggest concerns today are (1) the Fed’s balance sheet and (2) the historically low level of U.S. government … [Read more...]
Your Retirement Life: A Grizzly Yellowstone Trip
You can still have the retirement life you deserve, it just takes a little more time and patience. I think you'll like these pics from a client who writes: "Hi EJ- thought you might like to see a few shots from Grand Teton/Yellowstone. When we got home, we ran across an article about that specific bear. Google Grizzly Bear 399 and look for the recent article about her and her cubs." Here's the story about Grizzly Bear 399, from Mike Koshmrl at Jackson Hole News & Guide: Steve Franklin’s lifetime bucket list included both being in Grand Teton National Park on opening day and … [Read more...]
Trading App Throws Jet Fuel on the Speculative Fire
The trading app, Robinhood, which has become a sensation among young (and some old) retail investors, is "throwing jet fuel on the speculative fires of coronavirus-era equity markets." That's according to Annie Mass and Sophie Alexander who write in Bloomberg: Rich hedge fund managers are talking about it. So are not-so-rich millennials. And fast-twitch gamers, and bored sports fans and -- in all likelihood -- some 15-year-olds you know. The “it” is Robinhood Financial’s trading app, which is throwing jet fuel on the speculative fires of coronavirus-era equity markets. Not since the … [Read more...]
California Pensions are Dreamin’
You really can’t make this up. Rather than admitting that they've spent years making the wrong assumptions, and underfunding the pensions of California public workers, CalPERS pension fund managers seem hell-bent on driving the fund off a cliff to save their jobs. In the Wall Street Journal, Ben Meng, chief investment officer of Calpers, does his best to explain why the fund is taking on a load of leverage to fund its overpromised goals. He writes: Yet even before the pandemic, we knew that our goal of achieving a risk-adjusted return of 7% would require addressing the market’s triple … [Read more...]
Is World’s Biggest Stock Set for a Bust?
For all practical purposes, Apple is the world’s biggest stock. (Saudi Aramco is technically larger, but the float is small). Since year-end 2015, Apple’s sales have increased at a compounded annual rate of about 3.5%. Net income has increased at a compounded annual rate of about 1.5%. Massive stock buybacks have inflated the annual growth rate in per-share earnings to 7.9%. How has Apple’s share price performed since year-end 2015? The shares have risen at an unimaginable compounded annual rate of 31% per year. Unimaginable for a large company whose sales and earnings have grown at … [Read more...]
Why Would China Have a Problem with This?
How are you doing? Surviving? In my conversations with you, you’re telling me you’re ok, or you email that you’re ready to get your life back. It is such a strange time with so much chatter in our heads. We need a break from ourselves. You’re telling me about your life and I’m hearing the differences depending on where you are—you’re ok in the heartland, but the coasts are another story. A valued reader writes from the tranquility of the Sierras explaining how different it feels from downtown San Fran. Another was just at Yellowstone and another, in New York, explains how this has been … [Read more...]
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