“Stuff over experience” – in this month’s edition of Markets in 2 Minutes, Dmitriy Katsnelson of our investment team provides context around the recent spikes in inflation driven by consumer appetite for goods.
On October 1, 1999, in the midst of the tech stock mania of that era, James K. Glassman and Kevin Hassett published their notorious book, Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market. When the tech bubble burst the next March, Glassman and Hassett became the butt of many jokes for the audacity and timing of the book. In full disclosure, I know and like Jim Glassman and he has been very kind to me in my career; but Jim and Kevin forgot a seminal piece of old Wall Street wisdom – it’s…
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On November 3, the House Rules Committee updated the October 28 revised reconciliation bill for the Build Back Better Act – H.R. 5376, which differed from the original draft released on September 13. Below is a summary of the changes: Income and Investments The top individual tax bracket remains 37% (versus an increase to 39.6%). Enacts a 5% surtax on modified adjusted gross income over $10,000,000, and an additional 3% surtax on modified adjusted gross income over $25,000,000 (versus a 3% surtax on incomes above $5,000,000). Trusts and estates will be subject to lower thresholds at $200,000 and $500,000 of MAGI (newly added). The top capital…
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Small cap performance has been pretty quiet in the last several quarters. In this month’s edition of Markets in 2 Minutes, Chris Maxey of our investment team explains why.
In this letter: We take a break from the U.S. to focus on markets overseas by looking at a dated jigsaw puzzle. A discussion of how some rules of thumb need to adjust with changing market composition. China, and how it may not fit several emerging market prerequisites (growth and demographics). Europe and Japan are changing, just very slowly. A few notes on the debt ceiling and inflation. In my experience, kids love a geography puzzle. Give them a jigsaw of the U.S. and it will not take long for them to point to Florida, where the alligators live, Arizona,…
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Last week, President Biden announced an executive order aimed at accelerating the country’s path out of the pandemic. There are three elements in the “Protecting Our Economic Recovery” portion of the plan, each of which is expected to be fleshed out more in the future. The most notable change is an increase in the maximum amount of funding small businesses can borrow through the COVID Economic Injury Disaster Loan (EIDL) program, from $500,000 to $2 million. This program provides long-term loans from the Small Business Administration at low interest rates – 3.75% fixed for businesses; 2.75% for private nonprofits –…
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“Don’t fear rising rates.” In this month’s edition of Markets in 2 Minutes, Dmitriy Katsnelson of our investment team provides insights around the manageability of $30 trillion in debt and the impact of rising interest rates on equity markets.
What’s going on in China right now? In this month’s edition of Markets in 2 Minutes, Chris Maxey of our investment team explores some recent headlines and what they mean for current markets trends.
