Quarter-end and Year-end report December 31, 2019
It was all smiles for investors in 2019, but despite the good news, we did not detect from our clients the emotional tenor that accompanies an over-valued bull market that is nearing a top. Roaring back from a fast but frightening fourth-quarter 2018 correction, both stock and bond markets had one of their best years of the past decade. Driving the market were growth stocks, especially Apple. Other technology favorites like Microsoft, Amazon and Google also shined. Our favorite cell phone tower companies, American Tower and Crown Castle did... READ MORE
The IRA Bait and Switch by WSJ
The IRA Bait and Switch Congress changes the rules—unless you die before New Year’s Day. The IRA Bait and Switch by By The Editorial Board of the Wall Street Journal The trouble for retirement accounts begins on page 643 of Congress’s behemoth spending bill, under the always ominous heading: “Title IV—Revenue Provisions.” That’s where lawmakers upended the meticulous estate planning [...]
TFA report to clients for quarter ending 9-30-19
Report to clients for the quarter ending September 30, 2019 To date in 2019 equities have turned in their best performance for U.S. stock markets since 1997, quite an amazing result given a drumbeat of market-threatening news: tariff wars, major damage to Saudi oil production and likely impeachment hearings in the House of Representatives. As this is written during the [...]
From Economist Yardeni-The Great Inflation Delusion
I rarely insert work of another economist here, but the article below, from a source I’ve respected and followed for decades is profound. It attempts to elucidate our current global financial dilemma and the ominous inability of leading monetary authorities to deal with the situation. This moment does not yet appear to be a time for retreating into the unappealing [...]
Chilling article by economist Edward Yardeni
This commentary by Edward Yardeni, a talented economist is chilling. I've followed Yardeni for over 30 years and my clients have benefited thereby. He, like me, is uncomfortable with the likelihood of an inappropriate Federal funds cut later this month. Totally unnecessary and will hurt the dollar and may ignite a bubble in credit, stocks and other assets. READ THE [...]
Trusted Financial: Quarter end report: 6-30-19
Hooray for the Wall !! No, we’re not talking about the controversial wall along the southern US border proposed by the Trump administration. We’re talking about the legendary “Wall of Worry“ that is said to give the most traction to a bull market. With nearly all economists in a recent Wall Street Journal survey (some 50 people) predicting a slowing [...]