What do you do when after years of insisting that bigger stimulus and more government intervention for more time are the exact recipe for economic success, only to discover that your cherished theories have come up short? Cue the esteemed former Treasury Secretary (and possibly future Fed Chair) Mr. Lawrence Summers. This is the same Mr. Summers who contends that the disappointing rate of economic growth for the last number of years is a problem of secular stagnation and not a problem of poor policy and burdensome regulation. Seems a little convenient coming from one of President Obama’s … [Read more...]
America’s Annual Trade Surplus from 1870 to 1970
What kind of government structure would allow our country to outsource its future? Exactly what has happened to turn America into a world trade banana republic? Pat Buchanan offers gory details: America’s allies are cheating and robbing her blind on trade. According to the WTO, Britain, France, Spain, Germany, and the EU pumped $22 billion in illegal subsidies into Airbus to swindle Boeing out of the sale of 375 commercial jets. Subsidies to the A320 caused lost sales of 271 Boeing 737s, writes journalist Alan Boyle. Yet even as Europeans collude and cheat to capture America’s … [Read more...]
Are You Taking Advantage of Your RMD?
You know that if you’re over 70 1/2, and have a tax deferred account, this is the time of year that the IRS required minimum distribution (RMD) can sneak up on you. I’ve already had a number of conversations over the last few weeks with clients of our money management business. (Even if you're not a client, you can sign up here for our free monthly client letter). You don’t want to wait until the last minute to discuss your RMD. This piece should help you as you ponder your options. You saved for years to get to retirement—contributing to a traditional 401(k) or IRA. Now it’s time to dip … [Read more...]
The Future of the Car is Here: It is Electric
MIT Technology Review offers the exciting view from Paris. As the doors open at the Paris Motor Show, one thing is being made abundantly clear about the future of the automobile: it’s electric. It’s been widely reported that many automakers are starting to skip big car shows. Ford, Volvo, Rolls-Royce, Aston Martin, and Lamborghini are among the manufacturers who, Bloomberg claims, would rather skip the French spectacle and spread word of new cars on social media or at more exclusive events. But for those that are in Paris, it’s clearly tres chic to be showing off an electric … [Read more...]
Your Retirement Life: My Latest Advice on Amazon Stock
Lately, I've been obsessed with everything Jeff Bezos, CEO of Amazon. I'd love to own his stock, but not at these prices. Does that mean the stock is going down? Hardly! I just don't see the margin of safety—a term coined by the late, great Benjamin Graham who taught Warren Buffett a thing or two about investing. You won't be surprised by this, but Mr. Graham paid particularly close attention to one word: Dividends. Bezos' Amazon doesn't pay a dividend. But it does deliver. Sometimes the foyer at my house feels like a fulfillment center with all the boxes. Everything Bezos touches, like an … [Read more...]
International Corporations Remain Committed to the U.K.
The Wall Street Journal breaks the news on a big Apple move in London. Silicon Valley giant Apple Inc. said Wednesday that it planned to relocate 1,400 employees to a new London campus in 2021, in a sign that international corporations remain committed to the U.K. after June’s Brexit vote. Its new offices will be in Battersea Power Station, an iconic former coal-fired plant featured on the cover of Pink Floyd’s 1977 album “Animals” and in the 2008 Batman film “The Dark Knight.” U.K. Treasury chief Philip Hammond said Apple’s new campus reaffirmed both Britain’s business environment and … [Read more...]
Deutsche Bank: This is How a Death Spiral Starts
Monday we wrote about the sharp sell-off in Germany’s largest bank, Deutsche Bank. We posed the question, is one of the world’s largest banks in a death spiral? While the verdict may still be out, things aren’t looking good for Deutsche Bank. Yesterday, Bloomberg reported that a number of funds that clear derivatives trades with the bank withdrew their excess cash and positions. This is how a death spiral starts for a big bank. A few counterparties start walking away and then a few more do the same and then the loss of business pressures results, and then a few more banks walk away and if … [Read more...]
Big Data Creates Big Opportunities for Investors
HP Matter lays out the exciting story of how Dig Bata is opening up a whole new world for sports investors. Making big plays as a sports investor used to mean buying and selling teams, locking in top talent and securing a killer sponsorship. Today, Big Data is getting into the mix and making technology the star. Sure, an analytics platform might not sound that sexy or make for high drama on social media, but savvy investors don’t mind—especially when they’re spinning data into gold. Whether the technology is in the boardroom, on the field or in the home, Big Data is rewriting the … [Read more...]
Should the Colossal Dodd-Frank Law be Repealed this Minute?
Viewers watching yesterday's Congressional hearings featuring Janet Yellen were met with fireworks as Congressman Sean Duffy excoriated the Federal Reserve Chairwoman for failing to end "too big to fail." Duffy's implication was that, despite the massive costs and burdens the Dodd-Frank legislation mandating the end of "too big to fail," America is still burdened by the bad policy. Mark Calabria, who I have met with and listened to at the Cato Institute, suggests that the failed Dodd-Frank be repealed altogether. After the bank bailouts of 2008, the public was promised “never again.” … [Read more...]
The Marvel of American Energy Productivity
Two years ago, the shale oil industry was knocked down. The house of Saud cooked up a scheme to put the U.S. shale oil industry out of business. Instead of limiting production, the Saudi’s decided to make a play for market share. Oil prices plunged as a result, reaching lows not seen since the height of the financial crisis. Some U.S. firms went bust, others slashed expenses, and many were forced to scale back their investment plans. But two years later, the U.S. shale oil industry is getting back up. Firms have adjusted to the lower price of oil by cutting costs and getting more … [Read more...]
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