You may want to pay attention to what public pensions are buying and, more often than not, do the exact opposite. Case in point, a few years ago this group loaded up on “alt-investments” and hedge funds. Don’t look now, but hedge funds, which charge an exorbitant 2-and-20 (2% per year on your assets under management and 20% of your investment gains), are going out of business left and right. And then, as reported yesterday in The WSJ, the California Public Employees Retirement System (CALPERS) spent more than $2 billion on Southern timberland and harvested the trees at depressed prices to … [Read more...]
The Internet: The Perfectly Competitive Market We’ve Been Waiting For
Jacob Passy, writing at MarketWatch, explains that the Internet is taking what was once difficult—finding the best price—and making it easy. Because e-retailers can't have the physical advantages a location can generate, they are forced to compete on price. In economics, perfect competition is sometimes just a theory, but the Internet is bringing that theory closer to reality for retail consumers. Passy writes: As more shoppers move online, the competition they are fueling between e-retailers like Amazon AMZN, -0.50% and traditional retailers like WalmartWMT, -0.08% and … [Read more...]
The Trump Administration Continues to Pile Up Economic Records
With businesses confident in the strong economy, and urged on by the Trump administration, record levels of investment are going into infrastructure. Miriam Gottfried reports in The Wall Street Journal: Private-equity firms are on track to raise a record amount for infrastructure investing in 2018, as money managers bet on the growing need to upgrade and expand the world’s railroads, natural-gas pipelines and data centers. The firms collectively raised $68.2 billion in the first three quarters of the year, up 18% over the same period in 2017 and already surpassing the $66.2 billion they … [Read more...]
Your Retirement Life: Columbus Day in Newport, RI
Early October is a wonderful time to visit Newport, Rhode Island especially Columbus Day weekend. Discover Newport is a great place to find out what's happening each week. Here's what Brittany Lauro wrote about Columbus Day weekend: Columbus Day weekend on the Classic Coast brings with it all the fall feels as festival season kicks into full gear with seven (yup, seven!) fairs, festivals and major events taking over. Stroll cobblestone byways and enjoy special deals at the annual Columbus Day sidewalk sale on Bowen's Wharf where you'll find great deals on unique items from area shops; … [Read more...]
Can Bonds Restore Health to the Market?
James Mackintosh, writing in The Wall Street Journal, explains that as the term premium rises on bonds, hardest hit could be the so-called "acronym stocks," also known as the FAANGs. With rates on Treasuries rising, the discounted future profits of these tech giants look less attractive to investors. Mackintosh gives investors in the FAANGs three reasons to worry, writing: There are three reasons to worry. The first is that the acronym stocks— Facebook, Amazon, Apple, Google parent Alphabet, Netflix, Microsoft and others arranged into the FANGs, FAAMGs and so on—flew too high, and will now … [Read more...]
American Workers Ecstatic as the Good News Piles Up
"The best job market in a generation or more." That's how Andrew Chamberlain, chief economist at Glassdoor, a recruiting site, describes the current environment. The American worker is ecstatic at the good news piling up. Wages are rising and jobs are plentiful. Eric Morath and Harriet Torry write in The Wall Street Journal: Unemployment in September hit the lowest level since the Vietnam War, with little indication it is going to shoot back up in the near term. The jobless rate fell to 3.7%, the lowest since December 1969, the Labor Department said Friday. Employers added 134,000 jobs to … [Read more...]
Is Your Broker a Used-Car Salesman?
Charles Schwab tells Financial Advisor IQ that many investors believe their brokers are used-car salesmen. He says brokers should keep their eye on the big ball, the millions of investors with 401(k)s who need help. He warns against reinforcing negative industry stereotypes and encourages advisors to act as fiduciaries for their clients. Rita Raagas De Ramos writes for Financial Advisor IQ: The “advice portion” of what the investing public needs worries Schwab, he says, referring to the quality of advice investors are getting – especially elderly and so-called mom and pop investors. “The … [Read more...]
Is Mercedes Getting its Own Giga-Factory?
In the heart of Bibb-County, Alabama, Mercedes-Benz is expanding its production facilities to include a battery factory. Mercedes' plan is to offer fully-electric versions of all its models by 2022, and the Alabama battery plant will be one of eight globally tasked with supplying the batteries for the effort. William Thornton reports at AL.com: Markus Schafer, member of the divisional board of Mercedes-Benz cars, production and supply chain, quoted the lyrics of "Sweet Home Alabama" today, as the German automaker broke ground on its latest addition to the company's growing Bibb County … [Read more...]
Here’s the Investing Advice I’d Give a Professional Athlete
This is the advice I gave professional athletes and my readers twelve years ago about how to make your retirement dollars last a lifetime. I wrote: I advise you regularly to invest only for dividends or interest. I want you to insist on getting paid, as I do. If you want to speculate with a portion of your capital, that's fine, but do not mess with your primary stash of cash. When you retire, your earning years are over. Kaput. You earn no more. Therefore, every dollar you have the day you retire must be treated with the deepest reverence. Treat each dollar as you would a family member. Would … [Read more...]
Rage Gage October: Interest Rates and Employment Up, Up, and Away
My early October readings are in, and clearly Americans are back to work thanks to the Trump Economic Revolution. And as interest rates rise, retired and soon to be retired investors can rejoice in the long-awaited Interest Rate Revolution. CNBC explained the good news for America's economy here: The number of Americans filing for unemployment benefits fell to a near 49-year low last week, pointing to sustained labor market strength, which should continue to underpin economic growth. The labor market, which is viewed as being near or at full employment, is steadily … [Read more...]
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