Ben Foldy tells readers of the Financial Times that in the Hamptons, an area of Long Island that serves as a vacation community for New York City's ultra-wealthy, property sales have slowed down. He writes: Second-quarter sales fell 12.8 per cent from 2017 levels, according to data prepared for Douglas Elliman by Miller Samuel Real Estate. The median price dropped 5.3 per cent to a $975,000, compared with $1.03m a year earlier. The spring selling season is usually the high point of the year in the Hamptons, so the drop is stoking concerns that the resort areas of Long Island’s south shore … [Read more...]
Are Americans Finally Ready to Buy Groceries Online?
Since the early days of the dotcom era, companies have been attempting to crack the code on a way to sell groceries online for home delivery. Many companies have tried and failed, but a new breed of startup, along with a new internet savvy group of young shoppers may be ready to break the cycle. FreshDirect, along with Amazon, Kroger, Walmart, and other companies are using new technologies to make groceries ordered online work for American consumers. Jennifer Smith at The Wall Street Journal reports on FreshDirect: FreshDirect launched its online-only service in 2002 in New York. Its green … [Read more...]
It’s Simple: Retirees Go Where They are Treated Best
For years retirees have flocked to Florida for its warm weather, and more importantly to many, its low taxation. But with the flood of people have come high home prices and subsequently, high property taxes. Now, many retirees are looking deeper into the American South for low cost places to live. A group of them, known as "halfbacks," are putting down stakes in Appalachia, where land and property taxes are cheap, and they can be surrounded by the beauty of the mountains. Cameron McWhirter explains this accelerating phenomenon in The Wall Street Journal, writing: The halfback phenomenon—so … [Read more...]
CEO of World’s Biggest Bank Warns of 5% Treasury Yields
Jamie Dimon, the CEO of JP Morgan recently warned that the prospect of 5% 10-year Treasury yields is a higher probability than most people think. And may it happen. A 5% 10-year Treasury yield would be a welcome development for income investors, savers, and retired investors who have suffered through a decade of ultra-low yields. “I think rates should be 4 percent today,” Dimon said Saturday at the Aspen Institute’s 25th Annual Summer Celebration Gala. “You better be prepared to deal with rates 5 percent or higher - it’s a higher probability than most people think.” The 3 percent level is … [Read more...]
Will Metals Tariffs Change Anything?
According to Kim Mackrael of The Wall Street Journal, tight trade links make it unlikely that tariffs will change business behavior in metal-intensive industries. She writes: Lakeshore, ONTARIO—Across the border from the U.S. auto capital of Detroit, a Canadian company here buys aluminum made at smelters in Quebec using bauxite from Africa or Brazil that Ford Motor Co. puts in America’s best-selling pickup, the F-150. The tightly woven production chain illustrates the U.S. dependence on aluminum from Canada that many say is unlikely to change despite recent metals tariffs the Trump … [Read more...]
These 7 States have the Highest Concentrations of Millionaires
A million bucks doesn’t go as far as it used to, but it is still a lot of money. Nationally, only 5.8% of households have $1 million or more in investable assets. But the wealth isn’t evenly distributed across the states. According to Kiplinger the states with the highest concentration of millionaires are as follow: Maryland (7.87%) New Jersey (7.86%) Connecticut (7.75%) Hawaii (7.57%) Alaska (7.50%) Massachusetts (7.41%) New Hampshire (7.36%) You can check out Kiplinger’s entire ranking of Millionaires by state here. … [Read more...]
Big Jet Producers Struggle to Keep Up
As the number of passengers on flights increases each year, airlines are desperate to acquire more planes. Boeing and Airbus have thick order backlogs, but are having trouble delivering their jets to customers because of an engine shortage, and production delays. Robert Wall and Doug Cameron report for The Wall Street Journal: Boeing Co. BA 1.49% and Airbus SE, swamped with orders for new jets, are struggling to deliver them all on time—in some cases angering customers and delaying payments. Airbus has missed a number of delivery deadlines, forcing airline customers to find alternatives, … [Read more...]
America’s Best State for Business
I'm always on the lookout for information to pass along to you about where in America you can go to maximize your opportunity and standard of living. I write to the small business owners and savers of America who are trying to find a place where their money will be treated best by their government. States are always competing to attract the best businesses, but one state consistently rises to the top. Texas has been ranked by CNBC as the Top State for Business in America this year. Scott Cohn remarks that this is normal for the Lone Star State. This is familiar territory for the Lone … [Read more...]
Marry Compound Interest, Divorce Market Timing
This week a long-time reader contacted me looking for some insight he could pass along to his children about the dangers of market timing. I’ve written on the topic many times over the years and wanted to share something he might find compelling. In April of 1996, I wrote about how three of Wall Street’s bright minds had completely failed while attempting to make market timing predictions about the future of the Dow Jones Industrial Index. Back then my advice was—as it is now—marry compound interest, divorce market timing. I wrote: Market timing is a bankrupt strategy whose time has never … [Read more...]
Has Amazon Officially Jumped the Shark?
Would you buy your tires from Amazon? According to Fortune, Amazon is getting into the tire business. Yup, the tire business. An e-commerce tire business? Apparently we are going to try that. As Fortune reports here, Amazon is partnering with car maintenance firm Monro to sell tires. Monro will initially offer tire-installation services to Amazon customers in the Baltimore area before expanding to more than 1,170 stores across 27 eastern states, the Rochester, New York-based company said in a statement Thursday. The company, which offers similar services to customers of online sellers … [Read more...]
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