Quotable: “The United States is one of only four markets among the 27 covered by Morningstar that taxes realized internal gains in a fund annually, rather than when the investor actually sells the fund. This short-sighted policy imposes unneeded complexity and costs on investors, lessens retirement security, and tilts the marketplace in unanticipated ways. At the same time, it provides little to no long-term benefit to the tax coffers. It simply exchanges richer future sums for more immediate, but smaller gains today. This inability to grasp the benefits of deferred gratification has, sadly, become a hallmark of American politicians.” ~Don Phillips Morningstar
Misguided Tax Policy Puts US Mutual Funds at Disadvantage (Morningstar)
Bond Market Says Stock Rally is all about Fed (WSJ)
Cost Cuts the Path to Prosperity for Big Banks (WSJ)
IEA Predicts Oil Market Balance (Bloomberg)
Regulatory Pendulum Starting to Swing the Other Way (WSJ)
More Fed Members Getting Scared of Rates Hikes (Bloomberg)