You get a real clear picture looking at this map (from the Tax Foundation) on corporate income tax rates by state as to why so many businesses are moving, for example, from California to Austin, Texas. Businesses go to where they’re well-treated. For start-ups, meaning entrepreneurs, that means moving from state to state. For global players it’s moving from country to country. The latest hit to American business comes from Johnson Controls’ merger with Tyco International, headquartered in Ireland. The other real kicker here is it that JC had plenty of your (taxpayer) help to … [Read more...]
Johnson Controls, Latest Corporate Inversion Refugee
It doesn’t take a brain surgeon to realize our treasonous corporate tax rate is bad for business. The latest hit comes from Johnson Controls’ merger with Tyco International, with headquarters in Ireland. The other real kicker here is it that JC had plenty of your (taxpayer) help to stick around. Johnson Controls Inc. was as patriotic as they come back in 2008, when the U.S. auto industry was teetering on bankruptcy and the Glendale-based maker of car parts knew it desperately needed help from U.S. taxpayers. The company's president at the time, Keith Wandell, didn't hesitate to ask … [Read more...]
Japan Jumps on the Monetary Crazy Train
Last week the Bank of Japan decided to go negative with interest rates. The BOJ cut rate on new reserve deposits held at the bank to -0.10% from +0.10% and hinted that it could reduce rates further into negative territory. Why did the BOJ decide that it needed to punish banks with negative rates to stimulate its economy? Apparently after years of running the printing presses at full tilt to buy up everything from government bonds to Japanese stocks (the BOJ owns half of the ETF market in Japan), in what has turned out to be a futile attempt to hit a 2% inflation target, the BOJ has decided … [Read more...]
What Not to Do in 2016
In the February 2016 issue of Richard C. Young's Intelligence Report Dick Young wrote: This month, I have a master list of things you do not want to do in the New Year. In this regard, I asked our management company's E.J. Smith to put together a list of the no-no's that he, Matt, and I had been discussing in recent months. I have reduced the master list to a "baker's dozen." Enjoy and benefit. Do not use stop-losses. Why? Because you get taken out at the market's price (not your price), and then it's a guess when to get back in. Instead, focus on wise words from Vanguard founder Jack … [Read more...]
An American Treasure: Richard Feynman
If you're a fan of the late physicist Richard Feynman then you're in luck. Over the weekend I visited Bill Gates' website: gatesnotes.com and found an absolute treasure: Thirty years ago I went on vacation and fell for Richard Feynman. A friend and I were planning a trip together and wanted to mix a little learning in with our relaxation. We looked at a local university’s film collection, saw that they had one of his lectures on physics, and checked it out. We loved it so much that we ended up watching it twice. Feynman had this amazing knack for making physics clear and fun at the same … [Read more...]
The Monday Melee: Is American Manufacturing Over?
American Manufacturing Shrinks for the Fourth Straight Month ISM Survey Points to Worse Environment for Manufacturing than 2012 Exports Perform Worst in ISM Report Source: January 2016 Manufacturing ISM Report on Business … [Read more...]
Is Now the Time to Buy Apple Shares?
Last year around this time, Apple was viewed by the market as a company that could do no wrong. Coming off of the successful launch of the iPhone 6 and 6 Plus, Apple reported what was then the largest quarterly profit of a public company in history—a whopping $18 billion. That was up over 37% from the same quarter a year ago. Impressive numbers to be sure. In the first two months of 2015, Apple shares catapulted higher by over 20%. During those two months Apple’s market value increased by over $150 billion dollars—that’s about equal to the total market value of Walt Disney or IBM or Visa or … [Read more...]
US$ Print til’ You Die
You would never believe it today, but there was a time when The New York Times' editorial board supported sound money. And the person writing sound money editorials against a proposed Bretton Woods agreement was Henry Hazlitt. Today the first name that comes to my mind when thinking about The New York Times and monetary policy is the “print til’ you die" economist Paul Krugman. Contrary to the Keynesian crowd, Hazlitt believed it was irresponsible to make the dollar a reserve currency, as good as “gold”, knowing full well there would never be enough gold to satiate government spending … [Read more...]
Expect an Easy Money Message from the Fed
Just last month, the Fed hiked interest rates for the first time in almost a decade and told the public that it would gradually raise rates—four hikes were supposedly in the cards for 2016. Today, the Fed meets again and many are hoping Yellen & Co., will deliver a dovish message. Some are even agitating for more bond buying. Could the Fed really change its mind on the outlook for the economy after just six weeks? You betcha. I give you exhibit A and exhibit B below. The Fed claims that its monetary policy is data dependent, but by data they really mean the level of stock prices, … [Read more...]
Why Rollover Your 401(k)
You wouldn't be the first person to wonder who in the world comes up with these phrases: "Rolling over your 401k." As if investing isn't confusing enough, the wording is so bad you can't help but think about a dog trick. This is supposed to be serious stuff. Most of you corporate warriors that have a 401k, and are in or near retirement, have figured out what a rollover is by now. It's when you transfer your 401k contributions into an IRA. 401k Contributions Are Free Money I love the 401k as a savings vehicle. It's a great way to get free money from your employer. But it is lacking … [Read more...]
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