When most investors are simply scurrying for some peace of mind, that's the time for you to think long-term. What’s your cash situation like? Can you make it through the next few years? Are there areas where you see opportunities? I know some of you with second homes are thinking about cashing in, for example. The next question is, where do you put the proceeds? It’s not a simple answer. I want you to think about how long it took you to save your money. Think about how many hours, days, weeks, months, and years you worked to get to where you are. This is not a trivial exercise. For most, … [Read more...]
Massive Home Equity Becoming More Expensive to Tap as Rates Rise
Americans have watched with happiness as the market values of their homes have skyrocketed, leaving them more equity in their homes than ever before. But as the Federal Reserve raises rates, borrowing against that equity is becoming more expensive, lessening its value to homeowners. Orla McCaffrey reports in The Wall Street Journal: Americans have more equity in their homes than ever before. Total U.S. home equity increased almost 20% in the first quarter to $27.8 trillion, a record high, according to the Federal Reserve. The increase is another consequence of a red-hot housing … [Read more...]
June RAGE Gauge: Hunker Down, Avoid Stupid Mistakes
Good morning from Your Survival Guy. Are we having fun yet? Listen, markets are brutal. It’s why I’ve cautioned you from the beginning to focus on keeping what you make and not hoping for markets to do something for you. Now is a perfect time to be reminded of the words of wisdom of the late great Jack Bogle, founder of Vanguard: "Don’t just do something, stand there.” And yet, the pressure to do something continues to grind away at participants, forcing them to sell so they can sleep or to stop the question: “How much are we down now?” When will it stop? When the selling stops. When … [Read more...]
Schwab Fined for Failing to Disclose Conflicts of Interest
Charles Schwab was fined for failure to disclose certain conflicts of interest. Investment News reports: The SEC is paying close attention to advisers’ disclosures and potential conflicts of interest, and Schwab isn’t the only firm that has faced recent changes. San Diego-based Madison Avenue Securities was fined $800,000 earlier in June for failing to disclose or not adequately conflicts associated with compensation the firm received from certain advisory client investments. “This certainly won’t be the last enforcement action for the year involving disclosures and conflicts,” said Max … [Read more...]
The Fed Needs Aggressive Rate Increases Now
The Fed has simply been talking its book, making bold statements about its intentions to raise rates, but guess what? Talk is cheap. Actually, this kind of talk is quite expensive. Investors are worried the Fed might not be capable of—putting it kindly—cleaning up the mess in aisle two. They need to be aggressive with the rate increases and they need to do it now. Nick Timraos reports for The Wall Street Journal: Federal Reserve officials have spent the past two months getting investors acclimatized to their plans to slow economic growth and combat inflation by raising interest rates … [Read more...]
BLOOMBERG: Big Business’s Bitcoin Bet Backfires
MicroStrategy, a company founded to sell data mining services and software, has watched its stock price stumble as bitcoin prices collapse. The problem for MicroStrategy is that its management essentially turned the company into a bitcoin fund with shareholder money. The latest drop in bitcoin prices has cost the company nearly $1 billion. Matt Turner reports for Bloomberg: MicroStrategy Inc. founder and Chief Executive Officer Michael Saylor’s big bet on Bitcoin has backfired in a major way as the paper loss for his firm’s holdings of the largest digital asset has reached roughly $1 … [Read more...]
California’s Unions Are Trying to Strangle Ronald McDonald
You won't find a state any better at discouraging business than California. Unions are pushing the state's legislature to craft new laws that will force parent companies to take responsibility for more of what franchisees do, leaving them less likely to build new franchises. It doesn't take too much thought to see how this will hurt job creation. The Wall Street Journal reports: Democrats claim fast-food restaurants pay “poverty wages,” and the legislation directs the council to “supply the necessary cost of proper living to fast food restaurant employees.” According to MIT, the “living wage” … [Read more...]
Grid Operators Reconsider Retirements of Fossil Fuel Power Plants
The addition of new renewable energy supplies is not keeping up with the retirements of fossil fuel power generation plants. In Missouri, grid operators have resolved to keep the Rush Island coal-fired power plant operational, despite a previous plan to retire the plant. But the problem is creeping up all over America. The Wall Street Journal's Katherine Blunt reports: Grid operators across the U.S. are leaning more heavily on old coal- and gas-fired power plants as electricity demand threatens to exceed supply during periods of extreme heat and other severe weather, events exacerbated by … [Read more...]
Get Out the Map, Make a Plan, and MAKE IT HAPPEN
OK, it’s a busy summer. What can I say? Deal with it? OK, fine. Here’s what I’m doing. You know I’ve enjoyed my training at Sig Sauer Academy in Epping, New Hampshire. It’s about a two-hour drive. Nothing major. I’m up and out by 5:30 am and back by 7:30 pm. No big deal. It’s a staycation for me. No planes, trains, and rental automobiles. Take a look at a map of your neck of the woods. Where could you go within a four-hour radius? Action Line: The hard part about going to Sig Sauer, deep-sea fishing, skiing, hiking, or any other trip that requires a little planning is getting out the … [Read more...]
Europe Is Ready to Raise Interest Rates
The European Central Bank is preparing a series of rate increases set to begin with a quarter-point bump in July. Martin Arnold reports for the Financial Times: The European Central Bank has paved the way for a series of rate rises, starting with a quarter-percentage point move in July and raising the prospect of a bigger half-point shift in September. The ECB said in a statement on Thursday that its governing council “intends to raise the key ECB interest rates by 25 basis points at its July monetary policy meeting”. It added that, if the inflation outlook persists or deteriorates, “a … [Read more...]
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