Bloomberg's Oshrat Carmiel reports: Manhattan apartments are piling up on the market -- and it’s getting harder to fill them. Rental listings jumped to a record 15,025 at the end of August, more then double the inventory from a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The borough’s vacancy rate reached a new high of 5.1%. Last August, it was under 2%. Renters are finding few reasons to sign new leases in Manhattan, with Midtown offices still largely empty and public school reopenings an unresolved question. … [Read more...]
The “Dumbest Thing” He Ever Did Cost him $1.5 Million
At The Wall Street Journal, Michael Wursthorn and Geoffrey Rogow tell the story of Swedish investor, Kristjan Kullamägi, who found out the hard way that shorting stock can be a dangerous endeavor. They write: “Lately, shorting has been a little more stressful,” said Kristjan Kullamägi, a 32-year-old trader who lives in Stockholm. “Some of these tech stocks have doubled and tripled.” Mr. Kullamägi, who has been trading full time for himself for nearly a decade, was keeping an eye on smaller, more-volatile stocks for a potential opening to short. He found one in late July in shares … [Read more...]
Tesla Speculators Suffering Volatility
Those investors who purchased Tesla shares earlier this year and rode a massive wave of enthusiasm for the stock are now suffering the fallout as its price crumbles. Over the last five days, the shares have fallen 34%. Matthew Rocco and Richard Waters report for the Financial Times: Tesla’s stock on Tuesday fell by the most on record, in a sell-off sparked by news that the electric car pioneer was passed over for inclusion in the S&P 500. The shares were down 21 per cent, closing at $330.21, in their biggest slide since Tesla made its trading debut in 2010. The retreat pushed the … [Read more...]
Keep Working, if You Can
The best way to improve your retirement's financial picture is to keep on working if you can. Reshma Kapadla writes at Barron's: RESIST RETIRING PREMATURELY Given the health risks created by the pandemic and uncertain outlook for certain industries, early retirement may seem like an attractive option. But advisors recommend that those who are five to 10 years away from retirement should stay in the workforce, if possible. “The best way to improve retirement financial outcomes is to work longer,” says Jamie Hopkins, director of retirement research at Carson Group. “A year or two before … [Read more...]
Your Retirement Life: Albies on the Fly
From On the Water: "Photographer Sergio Diaz shot and edited this beautiful video about false albacore fishing at the end of Long Island. The waters of Montauk host some of the best albie fishing in the Northeast in September and October, and fishermen from around the world travel there to experience it." Originally posted on Your Survival Guy. … [Read more...]
Insiders Are Selling a lot of Stocks
Richard Henderson reports in the Financial Times that company executives are selling stock in the largest amounts in almost five years. He writes: US executives sold $6.7bn of stock in their own companies last month, cashing in on a record-breaking market rally with the biggest burst of selling in five years. The dollar value of sales by 1,042 chief executives, chief financial officers and company directors in August topped any month since November 2015, according to figures compiled for the Financial Times by Smart Insider, a data provider. The number of executives selling was the highest … [Read more...]
Can Strong Retail Numbers Be Maintained?
Teresa Rivas explores the possibility of sustained retail sales in Barron's, writing: After the close of regular trading Wednesday, Costco Wholesale (ticker: COST) reported another month of double-digit comparable-sales growth. Comps climbed 14.5% in August, excluding fluctuations in gasoline and foreign exchange, while e-commerce sales soared more than 100%. That is par for the course for the discount retailer, which put up similarly strong same-store sales in June and again in July. While the company got a boost from panic-buying in March, flat April sales had some investors worried that … [Read more...]
UK Cities Completely Berserk! “Everyone just Wants to Escape”
You know that in America people are racing to escape the city. But the USA isn't alone. Residents of London and other UK cities are looking to escape as well. Many are heading to Wales, where property is relatively inexpensive. Carol Peett, managing director of West Wales Property Finders told the Wall Street Journal's Ruth Bloomfield that “It has gone completely berserk here. Everyone just wants to escape.” Sound familiar? Bloomfield writes: With 870 miles of coastline and more than 1,500 square miles of national parkland, Wales, a country smaller than New Jersey, punches far above … [Read more...]
Vanguard Pulls the Plug on Prime Money Market Fund
Vanguard is pulling the plug on its $125 billion Prime Money Market Fund. Prime money funds required a bailout during the COVID collapse just as they did during the financial crisis. Regulations had been put in place to prevent such an occurrence, but with interest rates in the tank, the paltry yield prime money market funds offer isn’t worth the risk. When the reward for sticking around is at best a percentage point of interest, investors in these funds will always bail at the first signs of trouble. That creates a problem for money funds and the commercial paper market as prime money … [Read more...]
Is a Shale Rebound Coming?
Liberty Oilfield Services has purchased the shale fracking business of Schlumberger, in a bet on a resurgence in shale's prospects. Reuters' Liz Hampton reports: Liberty Oilfield Services’ acquisition of Schlumberger’s shale fracking business will make it the third-largest oilfield services firm by North American revenue, nudging out Baker Hughes Co (BKR.N) in a bet on a shale rebound. Denver-based Liberty Oilfield (LBRT.N) on Tuesday agreed to swap a 37% stake in the company in exchange for Schlumberger’s North American hydraulic fracturing fleet, two Texas sand mines and other … [Read more...]
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