What is the key to achieving the financial success you and your family deserve? Well, for one it’s about keeping it simple—Simple is Sophisticated. Another key is to stop spinning your wheels. In portfolio management terms, spinning wheels or, how long a position is held over the course of a year is called the turnover rate. In other words, if your holdings at the beginning of the year were sold and replaced by new positions, then the turnover rate would be 100%. Here’s a wonderful example, one of my favorite, that Dick Young explains to his readers: Mr. 3.5% Turnover In 1992, Forbes … [Read more...]
Simple is Sophisticated: My Grandchildren’s “Rich as Croesus” Strategy Part II
Scene from Greek history: The deaf-mute son of King Croesus prevents the Persians from killing his father, by Salvator Rosa, c.1663-64. Lucky you! You don’t have to wait for my next installment on Simple is Sophisticated. Going back ten years now, in May 2006, my father-in-law Dick Young wrote to his treasured readers about a simple strategy: Simple is Sophisticated. Easy to understand, but hard to do. For long-time readers this is nothing new to you. The only difference for you is you have a much larger pile of cash from following the advice in Richard C. Young’s Intelligence Report. Why … [Read more...]
Simple is Sophisticated: My Grandchildren’s “Rich as Croesus” Strategy
My father-in law Dick Young wrote this timeless issue in May 2006 in his monthly strategy report: Richard C. Young’s Intelligence Report. Check back in a week or so for more on one of my favorite investing lessons. As you can see I have a somewhat vested interest in the results. Read more of Dick Young's investment strategy here. Simple Is Sophisticated Debbie and I recently made the pilgrimage to Vermont’s Authentic Designs (www.authentic-designs.com) to order much of the inside and outside lighting for a New England home we are renovating. At a most bucolic setting, skilled craftsmen … [Read more...]
Gimme Shelter: Gold vs. Apple
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Dan Mitchell: Lessons from State Tax Policy
Here Dan Mitchell of the Cato Institute discusses why some states deserve kudos for their tax policies, and some states deserve mockery. Just like with nations, there are many factors that determine whether a state is hindering or enabling economic growth. But I’m very drawn to one variable, which is whether there’s a state income tax. If the answer is no, then it’s quite likely that it will enjoy better-than-average economic performance (and if a state makes the mistake of having an income tax, then a flat tax will be considerably less destructive than a so-called progressive … [Read more...]
The Monday Melee: Home Sales Sputter
New Home Sales Slide Again For the third month in a row sales of new homes have fallen. The AP reports: "New-home sales slipped 1.5 percent last month to a seasonally adjusted annual rate of 511,000, the Commerce Department said Monday. That rate has steadily dropped from 519,000 in February and 521,000 in January. Sales plummeted 23.6 percent in the West, which has been prone to volatile swings in sales as one of the nation's priciest housing markets." Slump in Home Buying Hits the West Hardest U.S. and Canada have Some of the Costliest Housing in the World MAP: Seriously … [Read more...]
What’s Working in the Stock Market this Year?
The table below ranks the 24 Industry Groups in S&P 500 by their YTD performance. What is the best performing industry group YTD? Energy, the same industry group that was last year’s worst performer. I also see utilities, materials, and transportation stocks among this year’s big winners. All three were big losers last year. How are last year’s big winners doing this year? Last year’s best performing industry groups included the retailing, software and services, and consumer services groups. All three are down YTD while the S&P 500 as a whole is in the green. This reversal of … [Read more...]
How to Become a Millionaire, Part II
The two most important words in investing, as I have been writing in Richard C. Young's Intelligence Report for decades, are compound interest. Albert Einstein described compound interest as the greatest mathematical discovery of all time. Ben Franklin wrote on compound interest, “Tis the stone that will turn your lead into gold.” Charles Munger, longtime partner to Warren Buffett has often said, “Understanding the power of compound return and the difficulty getting it is the heart and soul of understanding a lot of things.” Richardcyoung.com contributor, and my longest friend in the … [Read more...]
Rogers: U.S. Recession Within a Year
Billionaire investor Sam Zell is predicting global economic turmoil will push the U.S. into recession. Janet Morissey writes at The Wall Street Journal: Billionaire investor Sam Zell, who correctly called the top of the last commercial real-estate cycle, is predicting global problems will likely push the U.S. into a recession in the next year. While the U.S. is humming along fine at the moment, Mr. Zell warned that it isn’t immune to problems in the world economy. Those problems include low oil prices, falling import demand from emerging economies, volatile financial markets, deflation, … [Read more...]
Worthy Reads: Billionaire Investor Forecasts Recession
Billionaire Investor Forecasts Recession (WSJ) Google's Socialists (Quartz) Most Americans in 15 Years say Taxes Too High (Gallup) Big Insurers Dropping Obamacare Exchanges like a Hot Rock (Politico) Monetary Reform or Trade War (WSJ) What Oil Glut? (WSJ) Kuroda Readies the Torpedoes (WSJ) … [Read more...]
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