Archive for March, 2018

The History Of US Trade Policy In One Annotated Chart

Courtesy of ZeroHedge. View original post here.

As narrative-ending as it may be to nattering naybobs, President Trump is not the first, and will not be the last, to enforce major trade policies. As Goldman Sachs points out in this fully annotated chart, the US has a long history of trade interventionism, and – as the WSJ recently pointed out  - what Trump has done is merely respond to China’s own protectionist policies.

Source: Goldman Sachs

Incidentally, while it is far less discussed, we showed at the start of March  that there have been extensive tariffs levied against China under both Obama’s administration, and those prior, they just didn’t get nearly as much air time. As BofAML details in the table below, Presidents Obama, Bush, and Reagan have all imposed sizable tariffs on steel in the past:

In this context, some have accused Trump of being all bark and no bite, and of being a flip-flopper on this – and other – issues. For those who remain unsure of where President Trump stands on trade, here are thirty years of his quotes on the topic:

Source: Goldman Sachs

On the heels of Wilbur Ross’ comments imploring investors to “act rationally, not hysterically,” Goldman notes that, all told, their strategists expect asset implications to be modest and largely contained to specific sectors/companies with exposure to targeted products.

But as GS global economists Jari Stehn and Nicholas Fawcett explain, “the global macro costs become significant only when a trade war really heats up, with retaliation from all sides.”

With that in mind, the key questions are:

What is the risk that the situation escalates further, and what might retaliation look like? So far, numerous temporary exemptions from US metals tariffs have substantially diminished the prospect of retaliation and escalation from some of the US’ largest trading partners. And China’s response has been measured, with Washington and Beijing reportedly in the midst of talks to defuse the situation.

For now, the questions remain: the US has yet to publish its official product list for Section 301-related tariffs on Chinese goods, and is still likely to announce restrictions on Chinese investment in the US—both of which the Chinese have yet to address, and detail just how they will retaliate.





What If All The Cheap Stuff Goes Away?

Courtesy of Charles Hugh Smith, Of Two Minds

One of the books I just finished reading is The Fate of Rome: Climate, Disease, and the End of an Empire. The thesis of the book is fascinating to those of us interested in the rise and fall of empires: Rome expanded for many reasons, but one that is overlooked was the good fortune of an era of moderate weather from around 200 BC to 150 AD: rain was relatively plentiful/ regular and temperatures were relatively warm.

Then one of Earth's numerous periods of cooling--a mini ice age--replaced the moderate weather, pressuring agricultural production.

Roman technology and security greatly expanded trade, opening routes to China, India and Africa that supplied much of Roman Europe with luxury goods. The Mediterranean acted as a cost-effective inland sea for transporting enormous quantities of grain, wine, etc. around the empire.

These trade routes acted as vectors for diseases from afar that swept through the Roman world, decimating the empire's hundreds of densely populated cities whose residents had little resistance to the unfamiliar microbes.

Rome collapsed not just from civil strife and mismanagement, but from environmental and infectious disease pressures that did not exist in its heyday.

Colder, drier weather stresses the populace by reducing their food intake, which leaves them more vulnerable to infectious diseases. This dynamic was also present in the 15th century during another mini ice age, when the bubonic plague (Black Death) killed approximately 40% of Europe's population.

Which brings us to the present: global weather has been conducive to record harvests of grains and other foodstuffs, and I wonder what will happen when this run of good fortune ends, something history tells us is inevitable. Despite the slow erosion of inflation, food is remarkably cheap in the developed world.

What happens should immoderate weather strike major grain-growing regions of the world?

Then there's infectious diseases.  Global air travel and trade has expanded the spectrum of disease vectors to levels that give experts pause.  The potential for an infectious disease that can't be mitigated to spread globally is another seriously under-appreciated threat to trade, tourism and cheap stuff in general.

There are other factors that could spell the end of cheap stuff, not…
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“Unprecedented” $8 Billion Verdict Against JPMorgan Cut Drastically

Courtesy of ZeroHedge. View original post here.

JP Morgan just won an important victory in its quest to have an unprecedented $8 billion jury verdict thrown out without its hordes of lawyers having to do one single thing.

Back in September, Jamie Dimon’s bank was hit with an $8 billion jury verdict for, a judgment large enough to negatively impact the bank’s EPS and dent its Tier 1 ratio.  On the surface, that judgment might seem excessive. But the bank’s treatment of the Hopper family was so absurdly outrageous, getting stuck with the largest jury award of 2017 appeared justifiable to many in retrospect.

JPM

However, in what appears to be an attempt to stave off a laborious appeals process and exit quickly with their cash, the family of a former airline executive asked the judge to lower the punitive damages portion of the fine – what amounts to $6 billion of the $8 billion – to roughly $100 million.

Lawyers for Stephen Hopper and Laura Wassmer asked a Dallas probate court to limit punitive damages to them and their father’s estate to about $70 million, down from a total of $6 billion awarded by the jury. Hopper and Wassmer also asked for $3.9 million for losses and attorneys’ fees.

The widow, Jo Hopper, asked the court to lower her award to $14.4 million, according to a filing from her lawyers disclosed Friday.

The final award could go even lower. JPMorgan is seeking to reverse the entire judgment.

The legal saga started when Max Hopper, a former American Airlines executive, died suddenly in 2010. Hopper had no will when he passed, so his family hired JP Morgan to administer the estate.

And so began an unbelievably infuriating process for Hopper’s family, as the bank repeatedly refused to release Hopper’s assets, taking years to perform basic due diligence that should’ve been completed in weeks. Because of the bank’s negligence, stock options belonging to the Hopper’s were allowed to expire worthless.

JPMorgan was hired to administer the estate and the bank should have divided the assets and released them to Jo Hopper and her stepchildren, according to the lawsuit. Instead, her lawyers said in a statement, “the bank took years to release basic interests in art, home furnishings, jewelry, and notably, Mr. Hopper’s collection of 6,700 golf putters


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Warren Buffett Is Now America’s No. 2 Real-Estate Broker

Courtesy of ZeroHedge. View original post here.

Warren Buffett’s Berkshire Hathaway is swallowing up market share in a business that Buffett said he “hardly noticed” when the company first acquired it in 2000.

In light of the paucity of deals Berkshire struck last year, Buffett devoted ample space in this year’s annual report to touting the success of Berkshire’s HomeServices of America, which Buffett lauded for its rapid, if long overlooked, expansion over the past decade…

I have told you several times about HomeServices, our growing real estate brokerage operation. Berkshire backed into this business in 2000 when we acquired a majority interest in MidAmerican Energy (now named BerkshireHathaway Energy). MidAmerican’s activities were then largely in the electric utility field, and I originally paid littleattention to HomeServices.

But, year-by-year, the company added brokers and, by the end of 2016, HomeServices was the second-largest brokerage operation in the country – still ranking, though, far behind the leader, Realogy. In 2017, however, HomeServices’ growth exploded.

We acquired the industry’s third-largest operator, Long and Foster; number 12, Houlihan Lawrence; and Gloria Nilson. With those purchases we added 12,300 agents, raising our total to 40,950. HomeServices is now close toleading the country in home sales, having participated (including our three acquisitions pro-forma) in $127 billion of “sides” during 2017.

To explain that term, there are two “sides” to every transaction; if we represent both buyer and seller, the dollar value of the transaction is counted twice.

Despite its recent acquisitions, HomeServices is on track to do only about 3% of the country’s home- brokerage business in 2018. That leaves 97% to go. Given sensible prices, we will keep adding brokers in this mostfundamental of businesses.

Unfortunately for Buffett, limited supply and inflated valuations are beginning to weigh on purchases, with pending sales down more than 4% year-over-year.

Pending

And mortgage applications tumbling as rates rise.

One factor contributing to this trend could be the lackluster growth in wages when compared with home valuations.

Wage

The broker buyouts were some of the only deals he touted in his letter to shareholders. The deals increased HomeServices transaction volume by 34%.

And given the $100 billion cash pile burning a hole in Buffett’s pocket, we wouldn’t be surprised to see HomeServices continue absorbing its competitors – the only reliable growth strategy in a market…
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US Power Grid Vulnerable To “Devastating” Attack, NERC Finds

Courtesy of ZeroHedge. View original post here.

Just as tensions between the US and North Korea are finally beginning to cool (while animosity between the US and Russia intensifies), a recent industry report argues the US government isn’t doing nearly enough to safeguard the US electric grid from a potentially devastating attack.

In its report, the North American Electric Reliability Corporation (NERC) revealed that much of the US electricity grid is vulnerable to attack – and neither the industry or the government are doing anything about it. NERC is the organization responsible for overseeing the US’s massive electric grid, which is subdivided into eight regional entities.

Though the report didn’t include a “comprehensive” assessment of the myriad physical threats to the US’s energy infrastructure, worries that North Korean could execute a massive electromagnetic pulse (or EMP) attack have been intensifying as the prospect of a nuclear showdown with the restive communist state looms large (Kim Jong Un’s recent actions aside). The research was also inspired by a series of gun attacks on transformers, including a rifle attack on a transformer in Utah that occurred in September 2016, according to the Washington Free Beacon.

EMP

Many organizations, including recently the National Academy of Sciences, have warned of the catastrophic consequences should a malicious actor – be it a state or a terrorist organization – manage to take down the US energy grid.

“There is widespread belief that bulk power critical assets are vulnerable to physical attack, that such an attack potentially could have catastrophic consequences, and that the risks of such attacks are growing,” according to the report. “But the exact nature of such potential attacks and the capability of perpetrators to successfully execute them are uncertain.”

“Although the electric power sector seems to be moving in the overall direction of greater physical security for critical assets, many measures have yet to be implemented and the process of corporate realignment around physical security is still underway,” according to the report, which omitted a comprehensive overview of all the pressing threats due to national security concerns.

“The September 2016 rifle attack on a 69 kV transformer substation in Utah—which reportedly left 13,000 rural customers without power for up to eight hours—showed that similar incidents could occur almost anywhere on the grid,” the report warns.

To be sure, the Edison…
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US Marines Testing Drone-Killing Future Weapons And Combat Exoskeletons

Courtesy of ZeroHedge. View original post here.

Nearly 200 US Marines gathered at Southern California’s Camp Pendleton to test out an array of the military’s most advanced new weaponry – including several devices to disable or destroy Unarmed Aerial Vehicles (UAVs), and combat exoskeleton designed by Lockheed Martin which allows soldiers to carry loads of up to 200 lbs. over long distances.

US Marine Corps Lance Cpl. Briar Purty, an infantryman with 3rd Battalion, 4th Marine Regiment, 1st Marine Division tests Drone Killer Counter-UAS Technology during Urban Advanced Naval Technology Exercise 2018 (ANTX-18) at Marine Corps Base Camp Pendleton, Calif. on March 21, 2018. US Marine Corps Photo

Other weapons include “bomb-bearing and swarm-capable drones” already deployed against Russian military bases in Syria in January.

(DoD demonstration video, Oct. 2016)

“103 Perdix micro-drones launched from three U.S. Navy F/A-18 Super Hornet fighter jets. It demonstrated advanced swarm behaviors such as collective decision-making, adaptive formation flying, and self-healing. “Due to the complex nature of combat, Perdix are not pre-programmed synchronized individuals, they are a collective organism, sharing one distributed brain for decision-making and adapting to each other like swarms in nature,” said Strategic Capabilities Office (SCO) Director William Roper. “Because every Perdix communicates and collaborates with every other Perdix, the swarm has no leader and can gracefully adapt to drones entering or exiting the team.” 

LaWS Laser Weapon System which shoots 30kw photon beam capable of burning holes in UAVs and confusing enemy vessel navigation systems

Captain Ben Brewster’s rifle company would fight and operate under a “protective bubble” created by layering offensive and defensive UAVs – both “organic to the company” and from the larger Marine air-ground task force which would include systems and equipment designed to kill or neutralize enemy drones – reports U.S. Naval Institute News.

PHASR (Personnel Halting and Stimulation Response) rifle fires blinding green laser to dazzle the enemy. 
s

“Drone swarm” prototypes

I’ve never had to deal with IEDs that can attack me…from quadcopters,” said Brewster, commander of Kilo Company, 3rd Battalion, 4th Marines.

Three drones flitted overhead at the Range 131 Military Operations on Urbanized Terrain (MOUT) facility here, and an “enemy” drone – a bat-wing-shaped UAS – sliced through the air as Third Platoon moved among buildings around


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Gartman Covers His Short Despite “Watershed” Call For Market Top

Courtesy of ZeroHedge. View original post here.

On Tuesday, just days after Gartman made what he called a “watershed call“, in which he confidently declared that “equity markets have hit a multi-year top”, Gartman’s confidence was suddenly crushed, or as he put it “shaken” after the recent spike in volatility which in addition to the sharp down moves, saw one of the biggest point surges in the Dow in history.

We note then that the CNN Fear & Greed Index has fallen back to ‘single digits” and  that is as good a measure as we can find to show how enormously over-sold the market had become. But even still, weakness is not to be bought and strength is still to be sold into. Again, we trust we are clear.

Just as clearly, however, we were wrong; the seriousness of the market’s over-sold condition and the change in psychology as the trade protection/tariff talks moderated over the weekend and into yesterday morning with Mr. Mnuchin’s comments to that effect was such that a massive “relief” rally was unleased [sic].

Still, despite the occasional eruptions in the US equity markets, Gartman – for once – did not flip flop immediately in response to a market that proved far more volatile, and was reluctant to instantly go Gartman’s way, even though, according to Gartman’s “watershed” read of events, it was all downhill from here, save the occasional sharp bear-market short squeeze:

To that end, we are remaining short of the equity market here in the US with stops on our positions drawn down materially to make certain that our once material profits are not turned into losses, but we are otherwise holding to our thesis that stocks have entered into a global bear market; that the high made by our International Index on January 29th shall not be violated and that the proper course of action by those who are long of equities is certainly to avail themselves of this opportunity to reduce the exposure one more time before that opportunity is lost.

… And yet, as we reported last week, Gartman left himself a loophole: a short-covering stop once the S&P hits 2710.

The futures closed last evening at $2660. We shall hold our stop at $2710 on a closing basis here in North America… hopefully protecting a once material


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“Huge Caravan” Of Central American Refugees Is Headed For The U.S. Border

Courtesy of ZeroHedge. View original post here.

Over 1,500 Central Americans are on a crusade across Mexico in the hopes of being granted asylum at the U.S. border – a move which is set to pose an enormous challenge to the Trump administration’s much campaigned about immigration policies, while reminding Trump’s base that they still don’t have the wall they elected him to build 14 months into his presidency. 

“We want to become one, supporting us shoulder to shoulder and show that together we can break down borders,” say the caravan’s organizers.

Luc Forsyth for BuzzFeed News

Setting out six days ago and marching under the slogan ”Migrantes en la lucha” (“Migrants in the Fight”) during holy week, the caravan comprised mostly of Hondurans was organized roughly a month ago by the mysterious group Pueblo Sin Fronteras (People Without Borders) – which solicited donations via Facebook and encouraged volunteers to contact them. 

”Our mission is to provide shelter and safety to migrants and refugees in transit, accompany them in their journey, and together demand respect for our human rights,” reads the group’s mission statement.

The Central American migrants, mostly Hondurans and Guatemalans, flee their countries because of insecurity and because they are threatened by gang members, also because of the economic and political situation in the region. -proceso.hn (translated)

The crime rate is horrible, you can’t live there,” a migrant named “Karen” told BuzzFeed News on the side of a highway near the Southern Mexico town of Huixtla. “After the president [was sworn in] it got worse. There were deaths, mobs, robbed homes, adults and kids were beaten up.”

“They want to reach the border and ask for asylum, the majority flee from gang violence, extortion and police abuses,” says one of the organizers named Garibo.

a

Before setting out on the journey, the migrants were organized into groups of 10 to 15 people, and a leader was designated for each group. Five groups were then banded together in what organizers call a sector. While there are organizers from Pueblos Sin Fronteras leading the way, much of the effort to get to the US border is in the hands of the migrants themselves. -BuzzFeed

Migrants gathered for the march in the southern Mexico border town of Tapachula in advance of the…
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Why you stink at fact-checking

 

Why you stink at fact-checking

File 20180329 189798 1e5kzp3.jpg?ixlib=rb 1.1

We don’t automatically question information we read or hear. Gaelfphoto/Shutterstock.com

Courtesy of Lisa Fazio, Vanderbilt University

Here’s a quick quiz for you:

  • In the biblical story, what was Jonah swallowed by?
  • How many animals of each kind did Moses take on the Ark?

Did you answer “whale” to the first question and “two” to the second? Most people do … even though they’re well aware that it was Noah, not Moses who built the ark in the biblical story.

Psychologists like me call this phenomenon the Moses Illusion. It’s just one example of how people are very bad at picking up on factual errors in the world around them. Even when people know the correct information, they often fail to notice errors and will even go on to use that incorrect information in other situations.

Research from cognitive psychology shows that people are naturally poor fact-checkers and it is very difficult for us to compare things we read or hear to what we already know about a topic. In what’s been called an era of “fake news,” this reality has important implications for how people consume journalism, social media and other public information.

Failing to notice what you know is wrong

The Moses Illusion has been studied repeatedly since the 1980s. It occurs with a variety of questions and the key finding is that – even though people know the correct information – they don’t notice the error and proceed to answer the question.

In the original study, 80 percent of the participants failed to notice the error in the question despite later correctly answering the question “Who was it that took the animals on the Ark?” This failure occurred even though participants were warned that some of the questions would have something wrong with them and were given an example of an incorrect question.

Who lined the animals up two by two? Edward Hicks

The Moses Illusion demonstrates what psychologists call knowledge neglect – people…
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How Texas is ‘building back better’ from Hurricane Harvey

 

How Texas is 'building back better' from Hurricane Harvey

File 20180208 180826 1i4xwoo.jpg?ixlib=rb 1.1

Hurricane Harvey flooded one-third of Houston and displaced more then 30,000 people in the region. Janelle Rios, CC BY-ND

Courtesy of Nicole Errett, University of Washington

For most Americans, the one-two punch of last fall’s hurricanes is ancient history. But hard-hit communities in Texas, Florida and the Caribbean are still rebuilding.

I recently traveled with public health students from the University of Washington to southeast Texas, where the impacts of Hurricane Harvey last August are still felt today. With support from the Natural Hazards Center’s Quick Response Grant Program, we wanted to understand how disaster recovery strategies can create long-term opportunities to promote healthy communities.

Through interviews with local health officials, we learned how Hurricane Harvey is still affecting many residents. As we often see during natural disasters, Harvey amplified pre-existing health and social stresses and inequities.

For example, greater Houston had only a paltry pre-storm supply of affordable housing. Now buyers and renters are competing to secure undamaged units. We heard about families who were living in homes with toxic mold because they couldn’t afford to leave, and concerns that rising prices would drive people out on the street or force them to move to other cities and states. However, we also saw signs that communities were using Hurricane Harvey to springboard efforts to address persistent housing problems.

Flooding caused by Hurricane Harvey in southeast Texas, August 31, 2017. Staff Sgt. Daniel J. Martinez, Air National Guard

Turning disasters into opportunities

The default response after a major disaster is often to rebuild as quickly as possible. This typically means replicating what existed before the storm. But why not build back in a way that corrects long-standing problems?

Major disasters like Hurricane Harvey often bring influxes of resources and attention to communities that are struggling with health and social challenges. In a 2015 report, the Institute of Medicine found that many communities fail to fully leverage recovery resources to address pre-existing issues, such as access to health care.…
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Zero Hedge

WeWork Board, Softbank Officials Push For CEO Neumann's Ouster

Courtesy of ZeroHedge View original post here.

The odds of WeWork co-founder and CEO Adam Neumann becoming "the world's first trillionaire"  maybe about to take another major hit.

In what appears to be the latest attempt to salvage the farce that is the WeWork IPO (and the massive hole it will leave in Masayoshi Son's balance sheet and credibility), ...



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Insider Scoop

Notable Insider Buys In The Past Week: AbbVie, Kraft Heinz And More

Courtesy of Benzinga

Insider buying can be an encouraging signal for potential investors.

A packaged food giant and two drugmakers saw notable insider buying activity this past week.

Some of this insider buying occurred alongside insider sales.

Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit. So insider...



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Phil's Favorites

Peloton IPO Guide... And Why It Makes No Sense

Courtesy of ZeroHedge

By Scott Willis via Grizzle.com

BOTTOM LINE

At the end of the day, Peloton is a gym membership pretending to be a tech company.

We fully admit the product is exciting and unique in the market, but Peloton still faces the same problem...



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Digital Currencies

Buyer beware: How Libra differs from Bitcoin

 

Buyer beware: How Libra differs from Bitcoin

Recent revelations about the lack of privacy protections in place at the companies involved in Facebook’s new Libra crytocurrency raise concerns about how much trust users can place in Libra. (Shutterstock)

Courtesy of Alfred Lehar, University of Calgary

Facebook, the largest social network in the world, stunned the world earlier this year with the announcement of its own cryptocurrency, Libra.

The launch has raised questions about the difference between Libra and existing cryptocurrencies, as well as the implications of private companies competing with s...



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Lee's Free Thinking

Look Out Bears! Fed New QE Now Up to $165 Billion

Courtesy of Lee Adler

I have been warning for months that the Fed would need new QE to counter the impact of massive waves of Treasury supply. I thought that that would come later, rather than sooner. Sorry folks, wrong about that. The NY Fed announced another round of new TOMO (Temporary Open Market Operations) today.

In addition to the $75 billion in overnight repos that the Fed issued and has been rolling over since Tuesday, next week the Fed will issue another $90 billion. They’ll come in the form of three $30 billion, 14 day repos to be offered next week.

That brings the new Fed QE to a total of $165 billion. Even in the worst days of the financial crisis, I can’t remember the Fed ballooning its balance sheet by $165 bi...



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The Technical Traders

Is A Price Revaluation Event About To Happen?

Courtesy of Technical Traders

Skilled technical traders must be aware that price is setting up for a breakout or breakdown event with recent Doji, Hammer
and other narrow range price bars.  These types of Japanese Candlestick patterns are warnings that price is coiling into
a tight range and the more we see them in a series, the more likely price is building up some type of explosive price breakout/breakdown move in the near future.  The ES (S&P 500 E-mini futures) chart is a perfect example of these types of price bars on the Daily chart (see below).

Tri-Star Tops, Three River Evening Star patterns, Hammers/Hangmen and Dojis are all very common near extreme price peaks and troughs.  The rea...



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Kimble Charting Solutions

India About To Experience Major Strength? Possible Says Joe Friday

Courtesy of Chris Kimble

If one invested in the India ETF (INDA) back in January of 2012, your total 7-year return would be 24%. During the same time frame, the S&P 500 made 124%. The 7-year spread between the two is a large 100%!

Are things about to improve for the INDA ETF and could it be time for the relative weakness to change? Possible!

This chart looks at the INDA/SPX ratio since early 2012. The ratio continues to be in a major downtrend.

The ratio hit a 7-year low a few months ago and this week it kissed those lows again at (1). The ratio near weeks end is attempting to...



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Chart School

Crude Oil Cycle Bottom aligns with Saudi Oil Attack

Courtesy of Read the Ticker

Do the cycles know? Funny how cycle lows attract the need for higher prices, no matter what the news is!

These are the questions before markets on on Monday 16th Aug 2019:

1) A much higher oil price in quick time can not be tolerated by the consumer, as it gives birth to much higher inflation and a tax on the average Joe disposable income. This is recessionary pressure.

2) With (1) above the real issue will be the higher interest rate and US dollar effect on the SP500 near all time highs.

3) A moderately higher oil price is likely to be absorbed and be bullish as it creates income for struggling energy companies and the inflation shock may be muted. 

We shall see. 

...

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Biotech

The Big Pharma Takeover of Medical Cannabis

Reminder: We are available to chat with Members, comments are found below each post.

 

The Big Pharma Takeover of Medical Cannabis

Courtesy of  , Visual Capitalist

The Big Pharma Takeover of Medical Cannabis

As evidence of cannabis’ many benefits mounts, so does the interest from the global pharmaceutical industry, known as Big Pharma. The entrance of such behemoths will radically transform the cannabis industry—once heavily stigmatized, it is now a potentially game-changing source of growth for countless co...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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