Archive for June, 2019

“Is That A Typo?”: Economists In Disbelief At Australia’s Record Low Bond Yields

Courtesy of ZeroHedge. View original post here.

Australia is continuing down the path of the global low yield charge, about to approach its final percentage point of "interest rate ammunition", according to Bloomberg

The 10 year yield in Australia hit an all time low of 1.26% last week, which is more than a full percentage point under where they started the year. This means that every Australian bond – all the way out to the longest maturity in 2047 – is yielding less than the bottom of the central bank's 2% to 3% inflation target.

And the speed with which the market environment is changing in Australia is catching the attention of many. 

Richard Yetsenga, chief economist at Australia & New Zealand Banking Group Ltd. in Sydney said: “On the screen a minute ago, Aussie 10-year bond yields at 1.33? I mean, is that a typo? Even six months ago they were like 100 points higher.”

Additionally, the market is now pricing in an even chance that the Reserve Bank of Australia will cut its policy rate to 0.5% over the next year. Governor Philip Lowe will cut the cash rate by 25 bps on Tuesday, to 1%, according to 18 of 26 economists surveyed.

Sally Auld, a senior interest-rate strategist at JPMorgan Chase & Co. in Sydney said: “There is a sense of inevitability about where we are heading. We’ve seen this play out in a number of other big developed economies over the last decade. Rates have come all the way down to something close to zero, and they stay there for a very long time.”

The cash rate at 0.5% means that bank earnings could slide 15%, hurting the largest component of the country's equity markets. Companies like annuities provider Challenger Ltd. have already felt the brunt of the lower rates, falling about 30% this year and citing "lower for longer" rates as the problem. 

And Governor Lowe has telegraphed that he is open to further cuts, with Australia's job market lagging full employment. Like the U.S., Australia is also concerned with "putting inflation on course". Lowe says that QE right now is "really quite unlikely", but with how things have been going, we wouldn't be surprised to
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Is This The Beginning Of A New Oil Crisis In Canada?

Courtesy of ZeroHedge. View original post here.

Authored by Nick Cunningham via OilPrice.com,

Canada is desperately trying to build the much-delayed Trans Mountain Expansion, but even as it tries to advance the ball on one front, another pipeline has found itself in the crosshairs.

Enbridge’s Line 5 pipeline carries more than a half a million barrels of oil and products per day from Alberta, across the border into the U.S., and ultimately to refineries back in Canada at the major refining and petrochemical hub of Sarnia, Ontario.

The 540,000-bpd pipeline may be in trouble, however. The state of Michigan just launched a lawsuit, which could force Enbridge to shut the pipeline down. Michigan is concerned about the possibility of a leak from the aging pipeline, which crosses under the Straits of Mackinac. A leak could threaten drinking water and spoil the scenic Great Lakes.

Governor Gretchen Whitmer promised to stop the “flow of oil through the Great Lakes as soon as possible.”

Enbridge has been trying to build a replacement for the pipeline, which is nearly 70 years old. But the replacement proposal has been a huge point of contention. Michigan’s attorney general is hoping to shut it down. The risk the state most fears is an anchor strike.

“The location of the pipelines…combines great ecological sensitivity with exceptional vulnerability to anchor strikes,” Michigan AG Dana Nessel said. An anchor strike occurred in 2018 and was viewed as a near disaster.

“This situation with Line 5 differs from other bodies of water where pipelines exist because the currents in the Straits of Mackinac are complex, variable, and remarkably fast and strong.”

Enbridge argues that it inked a deal with the former Michigan governor last year, which would have allowed Enbridge to build a tunnel underwater to house the pipeline and allow the system to continue to operate. The new Democratic administration has tossed that agreement aside.

“We remain open to discussions with the Governor, and we hope we can reach an agreement outside of court,” Enbridge said in a statement.

“We believe the Straits tunnel is the best way to protect the community and the Great


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Multiple Expansion Accounted For 90% Of The Historic June Rally: This Is Bad News For Q2 Earnings Season

Courtesy of ZeroHedge. View original post here.

The S&P may have just enjoyed its best June in 84 years but not because of rising corporate profits and earnings. Quite the contrary: according to Goldman, while the S&P 500 rose 7% from its trough on June 3, valuation expansion accounted for 90% of the rally in response to the Fed’s becoming “impatient” and signaling an easing cycle has begun. As Goldman’s chief equity strategist David Kostin writes, the realized 3-month correlation between S&P 500 returns and the bank’s MAP index, a measure of economic data surprises, reached a low of -0.2 last week versus a 10-year average of +0.1.

Meanwhile, weak economic data – which validated the Fed’s easing bias – have generally been “good news” for equity valuations but “bad news” for earnings expectations during the past three months.

Indeed, if investors are looking for some upside from corporate fundamentals, they probably won’t find them in the upcoming Q2 earnings season, as consensus bottom-up 2019 EPS estimates have resumed their downward trend following a brief reprieve during 1Q earnings season. Consensus has lowered its estimate of 2019 EPS by $1 to $166 (+2% growth year/year) during the past six weeks, with Goldman noting that since the start of 4Q 2018, 2019 EPS growth expectations have declined from +10% to +2%. As we reported yesterday, companies issuing negative guidance has jumped to 87, the second highest on record, while 1-month EPS revisions have been most negative in Energy and Info Tech

So with 2Q earnings season kicking off in earnest on July 15, consensus expects aggregate EPS to decline by 1% year/year , and if realized, this would be the first year/year decline in quarterly EPS since 2016.

To be sure, consensus also expected a 2% decline in EPS at the start of earnings season in 1Q, however, realized growth ultimately equaled +2%, with the number saved by Trump’s tax cuts, as effective tax rates were lower than originally anticipated.

Meanwhile, excluding Financials and Utilities, S&P 500 sales are forecast to grow by 5% in 2Q but to be more than offset by an 86 bp decline in net profit margins. Consensus expects all 8 sectors to see positive sales growth and margin contraction in 2Q. Communication Services (+4%) and Financials (+3%)…
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Stocks, Oil, & Yuan Surge After Trump-Xi and Russia-Saudi “Deals”

Courtesy of ZeroHedge. View original post here.

Despite nothing being achieved in Osaka apart from a resumption of more-of-the-same trade talks (and a fold by Trump), markets are decided 'risk-on' as they open this evening.

Treasuries are being dumped along with gold (because everything is awesome right?) and stocks and yuan are surging.

Dow is up over 250 points…

The biggest reaction for now is in Yuan, spiking to 8-week highs…

As a reminder, this is not news – but do not tell the algos…

S&P 3,000 here we come at tomorrow's open!?

However, is good "trade" news bad news for stocks as odds of a July rate-cut drop?

In case you wondered, you are here…

Additionally, reported agreements between Russia and Saudi Arabia to extend the OPEC production cuts has spiked oil prices as they open this evening…

Oil producers from the OPEC+ alliance are moving toward extending their supply cuts for nine months into the first quarter of 2020, as they grapple with surging U.S. shale output and weakening growth in demand.

Since Russia and Saudi Arabia reached a deal on the margins of the Group of 20 summit on Saturday to roll over the curbs by six to nine months, other nations have voiced their support for an extension into next year.

“The longer the horizon, the stronger the certainty to the market,” OPEC Secretary-General Mohammad Barkindo said in Vienna on Sunday after meeting with Khalid Al-Falih, the Saudi oil minister. “It will be more certain to look beyond 2019. I think most of the forecasts that we are seeing now and most of the analysis are gradually shifting to 2020.”

Russian President Vladimir Putin - after meeting with Saudi Crown Prince Mohammed Bin Salman – opened the door to 2020 by mooting longer curbs.





“Wealthy” Chicago Households On Hook For $2 Million In Debt Each Under ‘Progressive Solution’ To Pension Crisis

Courtesy of ZeroHedge. View original post here.

Authored by Ted Dabrowski and John Klingner via Wirepoints.org,

Chicagoans are buried under so much pension debt it’s impossible to see how their city can avoid a fiscal collapse without major, structural reforms. The futility of paying down those debts becomes obvious when you try to figure out just who’s going to pay for it all.

The total amount of city, county and state retirement debt Chicagoans are on the hook for is $150 billion, based on Moody’s most recent pension data. Split that evenly across the city’s one million-plus households and you arrive at nearly $145,000 per household. 

That’s an outrageous amount, but it would be a clean solution if each and every Chicago household could simply absorb $145,000 in government retirement debt. The problem is, most can’t. 

One-fifth of Chicagoans live in poverty and nearly half of all Chicago households make less than $50,000 a year. It wouldn’t just be wrong to try and squeeze those Chicagoans further, but pointless. They don’t have the money. 

So if that won’t work, why not just put all the burden on Chicago’s “rich?” After all, Illinois lawmakers are pushing progressive tax schemes as the panacea for Illinois’ problems. 

If households earning $200,000 or more are the target, they’ll be on the hook for more than $2 million each in government retirement debts. That’s an outrageous burden, too. 

Saddling just a few households with all the debt will give those residents all the more reason to leave. And that will make the burden all the more unbearable for the Chicagoans who remain.

The process to target Chicago’s “rich” already started earlier this year. That’s when state lawmakers passed a progressive tax scheme which, if approved by voters in 2020, will hit Illinoisans earning more than $250,000 with tax increases as large as 60 percent. Chicago’s special interest groups want to hit the rich as well. They’re demanding a dedicated city income tax and a financial transaction tax that will impact the city’s wealthier residents.

Trying to find some middle ground on divvying up Chicagoans’ pension debts is also impossible. If all lower and middle income households earning up to $75,000 are protected, that leaves just 37 percent of Chicago households to pay the $150 billion bill. The burden on them would total $393,000 each. Still crazy.


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Hedge Fund CIO: “The Math Does Not Work”

Courtesy of ZeroHedge. View original post here.

Submitted by Eric Peters, CIO of One River Asset Management

Math

America’s state pension plans were underfunded by $1.35trln in 2016. The S&P 500’s +19% rally in 2017 helped reduce the underfunding to $1.26trln. But by the end of 2018, the gap had grown to a new $1.5trln high. It didn’t help that in 2018, every major asset class underperformed US Treasury Bills (that only happened at the outset of WWI, the Great Depression, and under Paul Volcker). You see, the average state pension assumes it will earn a 7.15% investment return every year, forever and ever.

Before the 2008 crisis, state pension plans were 14% underfunded. The avg plan lost -24% in 2008 and never fully recovered. The structural challenges facing these systems are so great that not even the longest economic expansion in US history, the most enduring equity bull market, record high corporate profits, and record low unemployment, has been sufficient to return the plans to health. The average state pension plan is now 31% underfunded. Kentucky is the worst and is 64% underfunded. CO, CT, IL, and NJ are roughly 50%.

20 state plans are less than 66% underfunded. From 2012-2017 their returns exceeded their 7.15% long-term forecasts, and so you would have expected them to have improved their funding ratios. In fact, their funding ratios deteriorated by another 5 points. In 2001, the average state contributed 3.7% of its revenue to its pension plans. That number has more than doubled to 7.4% today. Because pension costs have grown faster than revenues, states have had to divert $180bln since 2007 to make additional contributions. And still, the math does not work.

Subtraction

GMO publishes 7yr real-return forecasts for various asset classes. They assume an average of 2% inflation. They now forecast -2.7% average real-returns for large cap US equities (each year for 7yrs). +0.1% average real-returns for US small cap equities. +1.2% for int’l large cap equities. +2.3% for int’l small cap equities. +5.0% for emerging mkt equities. +9.5% for emerging mkt value equities. -1.6% for US bonds. -3.5% for int’l bonds (currency hedged). -1.1% for US inflation linked bonds. +1.3% for emerging debt. And +0.2% for US cash.

Addition

Imagine that the GMO forecasts are somewhere in the right zip code. If you add any combination of their forecasts, you…
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Raging Against The Algorithm: Google And Persuasive Technology

Courtesy of ZeroHedge. View original post here.

Authored by Binoy Kampmark via Oriental Review,

“The founder of Netscape said software is going to eat the world.”

Tristan Harris, Centre for Humane Technology, June 25, 2019

Monsters and titans share the stage of mythology across cultures as the necessary realisations of the human imagination. From stone cave to urban dwelling, the theme is unremitting; kept in the imagination, such creatures perform, innocently enough, benign functions. The catch here is the human tendency to realise such creatures. They take the form of social engineering and utopia. Folly bound, such projects and ventures wind up corrupting and degrading. The monster is born, and the awful truth comes to the fore: the concentration camp, the surveillance state, newspeak, the armies of censorship.

source

The technology giants of the current era are the modern utopians, indulging human hunger and interests by shaping them. One company gives us the archetype. It is Google, which has the unusual distinction of being both noun and verb, entity and action. Google’s power is disproportionately vast, a creepy sprawl that cherishes transparency while lacking it, and treasuring information while regulating its reach. It is also an entity that has gone beyond being a mere repository of searches and data, an attempt to induce behavioural change on the part of users.

Google always gives the impression that its users are in the lead, autonomous, independent in a verdant land of digital frolicking. The idea that the company itself fosters such change, teasing out alterations in behaviour, is placed to one side. There are no Svengalis in Googleland, because we are all free. Free, but needing assistance amidst chaos and “multitasking”.

People have what the company calls “micro-moments”, those, as behavioural economist Dan Ariely describes as “on-the-go mobile moments” where decisions are reached by a user while engaged, simultaneously, in a range of tasks: hotels to book, travel choices to make, work schedules to fulfil. While Ariely is writing more broadly from the perspective of the ubiquitous digital marketer, the language is pure Googleleese, smacking of part persuasion and part imposition. “Want to develop a strategy to shape your consumer decisions?” asks Google. “Start by understanding the key micro-moments in their journey.” Understand them; feed
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Iran Bitcoin Miners Set Up Shop In Mosques Amid Gov’t Crackdown

Courtesy of ZeroHedge. View original post here.

Iranian bitcoin miners are moving into mosques as the government launches an energy crackdown, social media users revealed on June 25.

CoinTelegraph’s William Suberg reports that Iran, which offers free energy to mosques, now has around 100 miners occupying places of worship, generating much-needed income of around $260,000 a year. 

image courtesy of CoinTelegraph

“This money goes a long way in Iran’s choked sanctioned economy,” Oxford University researcher Mahsa Alimardani explained on Twitter. 

Despite its increasingly troubled economic situation, Iran remains uncoordinated when it comes to cryptocurrency policy. 

Last year, the central bank officially forbade lenders from servicing crypto businesses, at the same time as officials said they would consider launching their own digital token. 

Now, after bitcoin mining allegedly contributed to a 7% spike in power consumption in June, 1,000 miners have been seized, Cointelegraph reported on Tuesday.

Tehran had previously recognized domestic cryptocurrency mining as an industry.

However, as CoinTelegraph’s Ana Alexandre notes, an Oxford researcher told the BBC that Iranians are increasingly turning to cryptocurrencies like bitcoin as a means of skirting sanctions.

image courtesy of CoinTelegraph

The Iranian government thus will be cutting off power to crypto mining until new energy prices are approved.

Mostafa Rajabi Mashhadi, an official at Iran’s Ministry of Energy, reportedly stated that crypto miners “will be identified and their electricity will be cut,” adding that the ministry must enforce such actions as the current overconsumption of electricity is “causing problem for other users.”

Unauthorized use of electricity for crypto mining has become widespread.

Recently, police in China reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their mining hardware.

In the German city of Klingenthal police reportedly tracked down a system of 49 computers operating on the premises of a former electrical services company. Since 2017, the mining farm has reportedly consumed as much electricity as 30 households, with the damage for the affected electricity supplier estimated to around 220,000 euros ($250,053).

As Cointelegraph reported, the majority of bitcoin mining now uses sustainable energy sources, while separate research tackles claims the process is environmentally damaging. 

This week, a U.S. company committed to building a solar-powered farm which will become the largest in North America when it starts operating in California.





Nothing Was Resolved Between The US And China, Meanwhile Global CapEx Has Ground To A Halt

Courtesy of ZeroHedge. View original post here.

Authored by Chetan Ahya, Morgan Stanley Chief Economist

And so it has come to pass: The much-anticipated meeting between the US and China is over. While we await further details, here are our reactions and takeaways, as we parse the initial readouts.

This is an uncertain pause – no immediate escalation, but still no clear path towards a comprehensive deal. The US administration has indicated that it will hold off on 25% tariffs on the remaining US$300 billion imports from China. There was also an agreement that both parties will roll back some non-tariff barriers (i.e., restrictions on high-tech exports by US companies) and that China would continue to purchase agricultural products from the US. However,as things stand, we lack clarity on whether real progress was achieved on the sticking points that caused talks to break down in the first place.

Hence, our overarching conclusion is that the developments over the weekend on their own don’t do enough to remove the uncertainty created by trade tensions, which began over a year ago and remain an overhang on corporate confidence and the macro outlook.

Uncertainty is the enemy of the business cycle

Heading into the meeting, it was clear that the global capex cycle had ground to a halt. Capital goods imports, a capex proxy, began their descent in mid-2018, when trade tensions first re-emerged. In July 2018, they were tracking at 18%Y on a three-month moving average basis but plummeted to 2%Y in January 2019 and an estimated -3%Y in May 2019. In aggregate, private fixed capital formation (investments in fixed assets) in the G4 and BRIC economies fell from a peak of 4.7%Y in 1Q18 to just 2.8%Y in 1Q19.

Corporate sentiment has also declined to multi-year lows. Global PMIs for May fell in broad-based fashion, with only about one-third of the countries we track reporting a PMI above the 50 expansion threshold. In the US, our Morgan Stanley Business Conditions Index recorded its largest one-month decline ever, plunging to a level not seen since June 2008. Other business sentiment gauges, such as the regional Fed and German Ifo and ZEW surveys for the month of June, paint a fairly bleak picture too. What’s more, consumer sentiment is also starting to sour, with the Conference Board’s Consumer Confidence Index for June falling to the lowest…
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One Man’s Treasure: The Perception Versus Reality Of Equities

Courtesy of ZeroHedge. View original post here.

Authored by David Robertson via RealInvestmentAdvice.com,

Stocks have an almost mythical aura about them for many investors. Conceptually, stocks tend to produce higher returns than many other asset classes and therefore feature prominently in many retirement plans. Practically, stocks have provided terrific returns for many through their working years and into retirement.

The proposition of investing in stocks, however, has changed over the years. In many cases, perceptions have not kept up with this reality. As a result, many investors still consider stocks to be a “treasure,” while others are increasingly seeing them as “trash.”

To any analyst who follows publicly traded stocks, it is obvious that there are a lot fewer of them around than there used to be. A 2018 NBER report highlighted the phenomenon:

There are fewer firms listed on U.S. exchanges than 40 years ago. In 1976, the United States had 4,943 firms listed on exchanges. By 2016, it had only 3,627 firms.” The report reveals that this decline is a fairly recent phenomenon. Having increased steadily through to the listing peak in 1997, the number of listed stocks has fallen sharply since then, as “the number of listings dropped every year since 1997, except for 2013.

The reasons for the decline are also revealing. The single biggest reason has been the high level of merger and acquisition activity in recent years, but a slower pace of initial public offerings (IPOs) has also contributed. As a result of these coincident phenomena, “the size of listed firms has grown sharply.”

The whole size distribution of listed firms has shifted so that average market capitalization and median market capitalization accounting for inflation increased by a factor of 10 from 1975 to 2015.

Not only are public firms much larger than they used to be, fewer of them have long roads of growth still ahead of them.

This matters because stock returns are asymmetric. While you can lose all your investment, you can only lose the amount of that investment. On the other hand, it is possible to make many, many times the size of an original investment on the upside. As a result, it is quite possible that one or two big winners in a portfolio can more than compensate for several underperformers.

For this reason, the big winners over…
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Phil's Favorites

Rogue science strikes again: The case of the first gene-edited babies

 

Rogue science strikes again: The case of the first gene-edited babies

Chinese scientists led by He Jiankui claimed they used CRISPR to modify human embryos that eventually were born as twin girls. AP Photo/Mark Schiefelbein

Courtesy of G. Owen Schaefer, National University of Singapore

The idea of scientists tinkering with the genes of babies was once the provenance of science fiction, but now it’s apparently entered the realm of reality: On Nov. 26, Chinese scientist He Jiankui reported the historic live births of ...



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Zero Hedge

Are Grisly Warning Labels Coming To US Cigarettes?

Courtesy of ZeroHedge View original post here.

Soon US smokers could see the shocking visual warning labels on cigarette packets that Americans have come to identify with Europe. US health officials are making a new push to require graphic images to be placed on every cigarette pack by law across the US to discourage smoking, as the current mere textual warning hasn't changed since 1984. The Associated Press reported this week:

The Food and Drug Administration on Thursday proposed 13 new warnings that would appear on all cigarettes, including images of ...



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The Technical Traders

Negative Yields Tell A Story Of Shifting Economic Leadership

Courtesy of Technical Traders

Negative yields are becoming common for many of the world’s most mature economies.  The process of extending negative yields within these economies suggests that safety is more important than returns and that central banks realize that growth and increases in GDP are more important than positive returns on capital.  In the current economic environment, this suggests that global capital investors are seeking out alternative solutions to adequately develop longer-term opportunities and to develop native growth prospects that don’t currently exist.

Our research team has been researching this phenomenon and how it relates to the continued “capital shift&rdq...



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Insider Scoop

Heavy Volume Drives Low-Float Stock Plus Therapeutics Up 200%

Courtesy of Benzinga

Plus Therapeutics Inc (NASDAQ: PSTV) is the latest and one of the most extreme recent examples of the powerful combination of low float and heavy trading volume.

Plus shares traded higher by more than 215% on Friday. The biotech stock more than tripled after the company reported ...



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Lee's Free Thinking

Long Term Stock Market Chart Perspective

Courtesy of Lee Adler

After a big day like yesterday, I like to get a little long term stock market chart perspective. (Yes, this stilted verbiage is for search engine optimization ).

We do that with a monthly bar chart, which I update when relevant in Lee Adler’s Technical Trader. That’s in addition to the regular daily bar/cycle charts covering the past year, and a weekly cycle chart covering the past 4 years.

I wrote on July 14, in reference to the price and indicator patterns on the weekly chart:

The market has overshot a 3-4 year cycle projection in terms of both price and time. There are no long term projections. A 4 year cycle high is ideally due now. A 4 ye...



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Kimble Charting Solutions

S&P About To Decline 14%, Catching Up With The Crude Oil Declines?

Courtesy of Chris Kimble

This chart looks at the performance of the S&P 500, Crude Oil and the Yield on the 10-Year note over the past 4-months.

Crude Oil has declined around 14% more than the S&P during this time frame. Yields have declined, even more, around 36%. The is a huge spread between these assets over this short of a time period.

A few importa...



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Chart School

Bitcoin 2019 fractal with Gold 2013

Courtesy of Read the Ticker

Funny how price action patterns repeat, double tops, head and shoulders. These are simply market fractals of supply and demand.

More from RTT Tv

Ref: US Crypto Holders Only Have a Few Days to Reply to the IRS 6173 Letter

Today's news from the US IRS has been blamed for the recent price slump, yet the bitcoin fractal like the gold fractal suggest the market players have set bitcoin up for a slump to $9000 USD long before the IRS news hit the wire.

Get the impression some market players missed out on the b...

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Digital Currencies

New Zealand Becomes 1st Country To Legalize Payment Of Salaries In Crypto

Courtesy of ZeroHedge View original post here.

Bitcoin and other cryptocurrencies have been on a persistent upswing this year, but they're still pretty volatile. But during a time when even some of the most developed economies in the word are watching their currencies bounce around like the Argentine peso (just take a look at a six-month chart for GBPUSD), New Zealand has decided to take the plunge and become the first country to legalize payment in bitcoin, the FT reports.

The ruling by New Zealand’s tax authority allows salaries and wages to b...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Biotech

DNA testing companies offer telomere testing - but what does it tell you about aging and disease risk?

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

 

DNA testing companies offer telomere testing – but what does it tell you about aging and disease risk?

A telomere age test kit from Telomere Diagnostics Inc. and saliva. collection kit from 23andMe. Anna Hoychuk/Shutterstock.com

Courtesy of Patricia Opresko, University of Pittsburgh and Elise Fouquerel, ...



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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.

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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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