Archive for January, 2019

How Rich Is Rich?

Courtesy of ZeroHedge. View original post here.

With an ever-growing chorus of 'soak the rich' rising from the left-er of the leftists, it is becoming increasingly important to know what "rich" is – How much would you have to earn in a year in the U.S. before someone considered you rich?

Statista's Niall McCarthy has the answer. According to a recent YouGov poll, that depends heavily on you ask…

The research found that the American public considers an annual income between $90,000 and $100,000 necessary to be deemed rich. The fieldwork for the survey was carried out in September 2018 and it found that 76 percent of respondents think an annual income of $10,000 constitutes being poor.

That label gets shaken off once yearly earnings hit $30,000 with half of the population saying someone in this income category is neither rich nor poor.

Infographic: How Rich Is Rich? | Statista

You will find more infographics at Statista

While there is a sense of division as to whether a $90,000 paycheck makes someone rich of poor, a majority of 56 percent of respondents agree that a person earning $100,000 a year is rich. The survey also asked people how rich or poor they consider themselves with 64 percent saying they are neither.

According to the Department of Health and Human Services, the 2019 poverty line for a family of four in the U.S. is an income of $25,470 a year. 12.3 percent of the population, 39.7 million people, were classed as living in poverty in 2017.





Loan Fund Outflow Streak Extends To 11 Weeks As Apollo Is Forced To Pay Up For Frozen Loan

Courtesy of ZeroHedge. View original post here.

While credit spread and leveraged loan prices rebounded sharply in the past month, the pain for leveraged loan funds has continued with another $935 million in outflows in the week ended Jan. 30, extending the losing streak to 11 weeks. According to Lipper, $718 million was pulled from mutual funds and $216 million from ETFs. In total, investors have pulled $3.15 billion from the funds year-to-date.

This week’s exodus is the latest in a string of outflows for leveraged loan funds which started in mid-November, and which included four of the biggest weekly withdrawals on record. The 11 week stretch of outflows is the longest such streak since 2017 according to Bloomberg data.

While in recent years loan funds saw persistent inflows on expectation of rising interest rates, this has now changed with the Fed's tightening phase now largely seen as over and the market expecting the next move from the Fed to be a rate cut.

The leveraged loan market was slammed by four record-setting outflows in December, as existing loan prices plunged sharply to a more than two year low and some liquid names fell multiple points as the market was, on occasion, bidless. While the moderation of fund outflows from December's records  has allowed the loan market to stabilize in January, the continuous run has hamstrung the recovery. While the S&P/LSTA Leveraged Loan Index is returning 2.6 percent this month, most of the gain came in the first six sessions.

And, as Bloomberg notes, with the stabilization in prices, the capital market machine has revved back into gear. Even though the volume is slighter lower than January 2018, new loan launches hiked to $32.8 billion this month, with new money making up the bulk. CLOs, the largest buyer of loans whose purchases ground to a halt in December, have also seen new issuance come back.

Even so, some new deals struggled to attract enough buyers, forcing some banks to fund underwritten deals themselves or push syndication to 2019. In fact, as Bloomberg reported earlier today, private equity giant Apollo let some of its lenders off the hook as it agreed, or rather was forced to put up more equity to close its acquisition of…
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January Payrolls Preview: 100 Straight Months Of Job Creation

Courtesy of ZeroHedge. View original post here.

Tomorrow at 830am, the BLS is expected to announce that in January the US added 165k payrolls, a sharp drop from December's 312K, while both average hourly earnings and unemployment are expected to remain unchanged at 3.2% and 3.9%, respectively. More importantly, absent some unexpected shock, if the jobs number is positive it will represent the record 100th month of job creation.

That said, the 800,000 furloughed workers in the past month and recent hard data makes the post-shutdown jobs report more of a focus than usual.

Below, courtesy of RanSquawk are the key highlights of what Wall Street expects:

  • Non-farm Payrolls: Exp. 165k, Prev. 312k
  • Unemployment Rate: Exp. 3.9%, Prev. 3.9% (the FOMC projects unemployment will stand at 3.5% at the end of 2019, and 4.4% in the longerrun)
  • Average Earnings Y/Y: Exp. 3.2%, Prev. 3.2%
  • Average Earnings M/M: Exp. 0.3%, Prev. 0.4%
  • Average Work Week Hours: Exp. 34.5, Prev. 34.5
  • Private Payrolls: Exp. 170k, Prev. 301k
  • Manufacturing Payrolls: Exp. 17k, Prev. 32k
  • Government Payrolls: Prev. 11k
  • U6 Unemployment Rate: Prev. 7.6%
  • Labour Force Participation: Prev. 63.1%

EXPECTATIONS: The Street is expecting a slower pace of payroll additions (165k) at the February release when compared to both the 12-month average of headline nonfarm payrolls (202k for Feb 2018-Jan 2019) and the previous blowout figure of 312k. Capital Economics notes that the release will only be partly affected by the Federal shutdown as those affected who will now receive pay for the reference period will be counted as employed. As such the main impact may be felt in the private payrolls component as a result of jobs contingent on Federal contracts, alongside the unemployment rate due to employees who stayed home during the shutdown. ING expects slower payroll growth in 2019 vs. 2018 because of “fading support from the fiscal stimulus, lagged effects of higher interest rates and the strong dollar plus ongoing fears about trade protectionism at a time of weaker external demand”. These analysts also cite a nearterm lack of availability of workers to employ, as evidence by the NFIB reporting that 39% of US small businesses have vacancies that they cannot fill.…
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Tim Cook Gets Personal With Zuckerberg, Blocks Google Developers

Courtesy of ZeroHedge. View original post here.

A day after taking similar action against Facebook, Apple has unleashed developer-hell on Google by pulling important app-development tools from the internet giant for breaking the iPhone-maker's rules.

Bloomberg reports that Google employees can’t access test versions of iPhone apps they’re making, or use internal apps related to transportation scheduling and food, the people said. Security alerts are limited too, one of the people said. They asked not to be identified discussing private matters.

"We’re working with Apple to fix a temporary disruption to some of our corporate iOS apps, which we expect will be resolved soon," a spokeswoman at Alphabet Inc.’s Google said in a statement. Apple restored Facebook’s privileges on Thursday.

This comes less than 24 hours after Facebook’s app development was hobbled in a similar way in a sign that many say suggest Apple is wielding power as operator of the most-lucrative U.S. app store to push its approach to user privacy (note: Apple restored Facebook's privileges late Monday, but the social media giant is still working to get its internal apps back up and running).

Apple offers an "enterprise certificate" that helps some companies work on iPhone apps without going through the usual app review process. Facebook and Google used this to collect data on user activity for internal research.

Bloomberg notes that when this was reported earlier this week by TechCrunch, both companies stopped the activity. Apple said Facebook had broken its rules and pulled the social-media company’s certificate until Thursday. It’s now punishing Google, too.

And specifically, Google and Facebook rely on the enterprise certificate to test the iPhone versions of the apps they’re making. Without this option, some of the companies’ most important app-development work is disrupted.

“They have no problem flexing their power with us,” Paulo Andrade, a software developer who builds apps for Apple operating systems,said.

“It’s a good sign. It’s Apple drawing the line with these big companies.”

But, there may be more to this sudden show of force by Tim Cook (who has rarely missed an opportunity in the past year to hit Facebook about its privacy issues. As NBC
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Capturing carbon to fight climate change is dividing environmentalists

 

Capturing carbon to fight climate change is dividing environmentalists

Environmental activists are teaming up with fresh faces in Congress to advocate for a Green New Deal, a bundle of policies that would fight climate change while creating new jobs and reducing inequality. Not all of the activists agree on what those policies ought to be.

Some 626 environmental groups, including Greenpeace, the Center for Biological Diversity and 350, recently laid out their vision in a letter they sent to U.S. lawmakers. They warned that they “vigorously oppose” several strategies, including the use of carbon capture and storage – a process that can trap excess carbon pollution that’s already warming the Earth, and lock it away.

In our view, as a political philosopher who studies global justice and an environmental social scientist, this blanket opposition is an unfortunate mistake. Based on the need to remove carbon from the atmosphere, and the risks in relying on land sinks like forests and soils alone to take up the excess carbon, we believe that carbon capture and storage could be a powerful tool for making the climate safer and even rectifying historical climate injustices.

Global inequality

We think the U.S. and other rich countries should accelerate negative emissions research for two reasons.

First, they can afford it. Second, they have a historical responsibility as they burned a disproportionate amount of the carbon causing climate change today. Global warming is poised to hit the least-developed countries, including dozens that were colonized by these wealthier nations, the hardest.

Consider this: The entire African continent emits less carbon than the U.S., Russia or Japan.

Yet Africa is likely to experience climate change impacts sooner and more intensely than any other region. Some African regions are already experiencing warming increases at more than twice the global rate. Coastal and island nations like Bangladesh, Madagascar and the Marshall Islands face near or total destruction.

But the world’s richest nations have been slow to endorse and support the necessary research, development and governance for negative emissions technologies.

Bad track record with


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Yuan Plunges After China Caixin PMI Tumbles To 3 Year Low; Biggest Drop On Record

Courtesy of ZeroHedge. View original post here.

One day after China’s official manufacturing PMI number printed in contraction territory for the second month in a row, moments ago the Caixin/Markit China manufacturing PMI confirmed that China’s manufacturing sector is effectively in recession, when it tumbled from 49.7 in December to 48.3 (from 51.5 a year ago), its second consecutive month in contraction territory, and missing estimates of a 49.6 print. This was the lowest print in the series of the revised index which came online in March of 2016.

The 1.4 post slump may not sound like a lot, but it was the biggest drop in the series’ 3 year history.

Among the key indicators, output fell to 48.1 from 50.3 in Dec, the lowest reading since June 2016 and reverses the recent expansion trend; Meanwhile, new orders also fell vs prior month, sliding to the lowest reading since Sept. 2015.

In the monthly report, Caixin said that the latest survey data signaled subdued overall operating conditions in the Chinese manufacturing sector at the start of 2019. Production and total new work were both slightly down at the start of the year, despite a renewed increase in export orders. Relatively muted demand conditions underpinned the first fall in purchasing activity for 20 months, while firms also registered lower inventories of both purchased and finished items.

There was a silver lining in the employment and confidence indicators: workforce numbers at manufacturing firms in China fell only slightly in January. Furthermore, the rate of reduction was the slowest seen for nine months. At the same time, companies reported a further modest increase in the amount of outstanding orders. The softer fall in employment was accompanied by a slight improvement in business confidence. Notably, sentiment regarding the 12-month business outlook was at its most positive since May 2018. Some firms anticipate new products and planned company expansions to boost output over the next year.

That said there was no mistaking what was an almost uniformly negative print, as manufacturers also adopted a cautious approach to inventories, as firms reduced their holdings of both stocks of purchases and finished items at the start of 2019. After broadly stabilizing at the end of 2018, average suppliers’ delivery times also increased across China’s manufacturing sector in January. 

More concerning is that deflation appears to be re-emerging, because…
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More Alarm Bells As 440 Chinese Companies Issue Profit Warnings In One Day

Courtesy of ZeroHedge. View original post here.

Alarm bells are ringing in China as Beijing continues its relentless crackdown on shadow banking.

Hundreds of Chinese companies issued profit warnings, telling their investors that earnings for the full year were going to be below expectations, according to Bloomberg. No less than 440 zombie companies disclosed the bad news on Wednesday, still one day before the deadline for such disclosures. The companies cited the country's economic slowdown (which is also catalyzing sales of Chinese-held U.S. real estate), as well as recent accounting changes that followed a $2.3 trillion equity market selloff last year. 

The change is stunning: out of more than 2400 mainland listed companies, 373 have said they're going to post a loss – and what's more concerning, 86% of those companies were profitable in 2017.

There may be more bad news on the way: Thursday is the official deadline for companies to disclose whether or not they expect "substantial changes" in their financial results, so expect even more guidance cuts.

Meanwhile, fears about China's economy, and corporate profitability in a time of record bankruptcies now that the government is no longer backstopping every corporation, has become a collective concern among market participants.

Lv Changshun, a money manager at Beijing Dajun Zhimeng Investment Management Co., told Bloomberg: "Private companies are particularly vulnerable to the economic downturn. The deleveraging campaign and the deterioration of their corporate health is normal for any economy that is shifting gears and slowing down."

Among those issuing the concerning guidance are companies like Ford's biggest partner in China, Changan which warned that 2018 profit was likely going to tumble 93%. China Life, a massive insurer by market share in China, said its net income could be lower by 70%. 

Beijing HualuBaina Film & TV Co., cloud-storage operator Gosun Holding Co. and First Tractor Co. also all said they'd post billions of yuan in losses for the year after having profitable 2017s. Anhui Shengyun Environment Protection Group Co. and Anhui Ankai Automobile Co. disclosed that their net losses would be twice as big as they were in 2017. Guangdong Homa Appliances Co. was halted limit down during Wednesday trading after guiding…
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Sharpening Pencils On Global Valuations: “Cheap For A Reason”

Courtesy of ZeroHedge. View original post here.

Via DataTrekResearch.com,

Whenever I hear the phrase “sharpening a pencil” to do some detailed analytical work, I think about the Eberhard Faber Blackwing 602 – the most famous pencil in the world. Developed during the Great Depression as a premium writing instrument, the Blackwing became the preferred daily instrument for everyone from John Steinbeck to Quincy Jones, Truman Capote to Stephen Sondheim. Production stopped in 1998, and vintage examples go on eBay for +$30 apiece. If you want to delve into pencil-geekdom, there is a link at the end of this section with more information.

Today we’ll sharpen only the proverbial pencil on the question of global equity valuations. After last year’s parlous performance in both Emerging Markets (down 19%) and EAFE (non-US developed equities, down 15%), how do the world’s stock markets shape up in terms of relative valuation to US equities?

Three points on this topic:

#1. The rest of the world’s equities markets do, in fact, trade at a significant discount to US stocks just now. The data from MSCI (link here):

  • US stocks trade for 15.4x forward earnings; non-US stocks trade for 12.0x the same measure.
  • Breaking down the rest-of-world valuations, EAFE (developed Europe, Asia, Far East) stocks trade for 12.4x forward earnings. Within that region, Europe (11.8x) and Japan (11.7x) show similar forward valuations and are slightly cheaper than the rest of the EAFE index.
  • Emerging Markets trade for 11.0x forward earnings, but the regional variations are wider than EAFE: Asia (11.3x), Eastern Europe (6.3x), and Latin America (12.6x).

Summary: non-US stocks trade for a 19% (EAFE) to 29% (Emerging Markets) discount to US equities.

#2. The disparity between US and non-US stocks has been growing since the Great Financial Crisis.

  • Both US and non-US equities bottomed at 14x forward earnings in 2009.
  • The valuation gap between these two asset classes peaked in late 2017/early 2018 at just over 4 points. At that time “rest-of-world” equities traded for 14x forward earnings while US stocks sported an 18.5x multiple.


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The PhilStockWorld.com Weekly Trading Webinar – 01-30-19

 

For LIVE access on Wednesday afternoons, join us at Phil's Stock World – click here.

 

Major Topics:

00:01:31 – Checking on the Markets
00:02:31 – DJI | BA
00:06:03 – APPL
00:09:30 – Money Talk Portfolio
00:14:17 – IBM
00:16:18 – ALK
00:18:04 – CAT | TZA
00:32:00 – GE
00:35:15 – MJ
00:48:40 – MU
00:58:24 – Market Indexes | FED
01:03:31 – APPL
01:20:21 – Trade Techniques
01:40:53 – CMG
01:46:00 – MTP | LTP
01:51:00 – VOD
01:54:36 – AT&T
 

Phil's Weekly Trading Webinars provide a great opportunity to learn what we do at PSW. Subscribe to our YouTube channel and view past webinars here. For LIVE access to PSW's Weekly Webinars – demonstrating trading strategies in real time – click here to join us at PSW!





Tim Cook Wields Apple’s App-Store Power: Blocks Google Developers, Gets Personal With Zuckerberg

Courtesy of ZeroHedge. View original post here.

A day after taking similar action against Facebook, Apple has unleashed developer-hell on Google by pulling important app-development tools from the internet giant for breaking the iPhone-maker’s rules.

Bloomberg reports that Google employees can’t access test versions of iPhone apps they’re making, or use internal apps related to transportation scheduling and food, the people said. Security alerts are limited too, one of the people said. They asked not to be identified discussing private matters.

“We’re working with Apple to fix a temporary disruption to some of our corporate iOS apps, which we expect will be resolved soon,” a spokeswoman at Alphabet Inc.’s Google said in a statement. Apple restored Facebook’s privileges on Thursday.

This comes less than 24 hours after Facebook’s app development was hobbled in a similar way in a sign that many say suggest Apple is wielding power as operator of the most-lucrative U.S. app store to push its approach to user privacy.

Apple offers an “enterprise certificate” that helps some companies work on iPhone apps without going through the usual app review process. Facebook and Google used this to collect data on user activity for internal research.

Bloomberg notes that when this was reported earlier this week by TechCrunch, both companies stopped the activity. Apple said Facebook had broken its rules and pulled the social-media company’s certificate until Thursday. It’s now punishing Google, too.

And specifically, Google and Facebook rely on the enterprise certificate to test the iPhone versions of the apps they’re making. Without this option, some of the companies’ most important app-development work is disrupted.

“They have no problem flexing their power with us,” Paulo Andrade, a software developer who builds apps for Apple operating systems,said.

“It’s a good sign. It’s Apple drawing the line with these big companies.”

But, there may be more to this sudden show of force by Tim Cook (who has rarely missed an opportunity in the past year to hit Facebook about its privacy issues. As NBC News reports, some observers of the two companies believe the fight has become personal between Zuckerberg, the 34-year-old from New York who founded Facebook, and Cook, 58, an Alabama native who was a largely anonymous tech executive until he took over Apple in 2011.

“The heart of this is ego. These two hate each other,”


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Zero Hedge

Belgian F-16 Pilot Ejects Before Fiery Crash, Gets Caught In High Voltage Power Lines

Courtesy of ZeroHedge View original post here.

A Belgian F-16 fighter jet crashed in Northwestern France on Thursday, leaving one of its pilots hanging by his parachute from high voltage electricity lines, according to the BBC

Both pilots had minor injuries after they ejected from the plane, which clipped the roof of a house and crashed in a field near Pluvinger. The pilot stuck in the 250,000 volt power lines was brought down after a two hour rescue operation by French emergency ser...



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Phil's Favorites

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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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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Insider Scoop

10 Biggest Price Target Changes For Friday

Courtesy of Benzinga

  • Credit Suisse raised IHS Markit Ltd (NYSE: INFO) price target from $68 to $76. IHS Markit shares closed at $67.75 on Thursday.
  • Wedbush boosted Restoration Hardware Holdings, Inc (NYSE: RH) price target from $170 to $185. RH shares closed at $169.49 on Thursday.
  • Mizuho lifted Seagate Technology PLC (NASDAQ: STX) price target from $46 to $50. Seagate shares closed at $52.94 on Thursday.
  • UBS raised the price target for Weight Watchers Intern...


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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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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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