74th Anniversary of D-Day
Equities start the day higher on the 74th anniversary of D-Day. Before I walked the halls of the University of Chicago to learn about numbers I spent four undergraduate years studying history (remember when parents only had to pay for 4?). For some reason I’ve always been fascinated with the past and no period of time intrigued me more than World War 2. Every June not only do I re-read Stephen Ambrose’s wonderful D-Day book but I read my original copy of the letter Eisenhower sent to the troops before they embarked to my children so they remember what happened on that day (I treasure that thing so much, I bought it at an antiquity store in Maine). The stakes were so impossibly high for our entire planet that no amount of exaggeration can possibly do it justice. I submit to you that June 6, 1944 was not only the most important day of the 20th century but it was one of the most important days in human history. The first waves to land at Omaha beach were from the Able and Baker companies of the 116th regiment, 29th infantry division and they were filled with young Americans sent to destroy a global menace. Most of them were just boys, barely older than my son, and they were FAR from home. Within minutes of landing in the Dog Green sector Able Company lost almost every single member including 19 men from a small town in rural Virginia. Some died on the water, some died on the beach, but the unit was effectively annihilated. If I could travel back to the past for even one minute I would head to that beach and I would kneel next to one of those men dying in the sand, I would cradle him in my arms and whisper in his ear “I know you are scared and want to go home but know this: you saved the world. You made it safe for countless generations including mine. My children’s names are William and Katherine and you made their future possible. In the next few hours soldiers from Allied nations will take these beaches and kill those who felled you, then they will march across Europe and wipe this blight from the history books. For as long as mankind walks the Earth it will be grateful to you and those who died fighting for its freedom. Rest now, be at peace.”
After the open we did our absolute best to continue this mini run we are on. The S&P, Nasdaq, and Russell2k have all been up 3 days in a row so we did our best to defend that. Zero economic data to speak of so let’s talk about dem stocks. $UAA is on a gigantic tear! The company formerly left for dead in the Fall of 2017 is up 65% YTD!! Not only that, it has a gap on the chart which requires another 15% move to fill! Steph Curry’s for everyone! TSLA gained 9% which made it stormy in Shortsville, EFX ripped 6% so I guess people have moved on from the whole “leak all our info onto the internet” thing, and banks did well because yields finally perked up. Losers…..let’s see…losers were FSLR and SPWR because solar stocks like to struggle from time to time (-4.5%), BF/B fell 6% because investors are bracing for tariffs on Jack Daniels. How stupid is that? Sigh. I’d be so mad if I lived in Lynchburg. Finally we have FAST which dropped 4% on slowing sales growth. By lunch we were trading on the highs and I was watching one of my favorite hotels in the world burn down. The poor Mandarin Oriental in Knightsbridge….sigh. By the way, I’m in London next week so we’re doing this recap from the road British style! Warm beer and mediocre weather for days!! (I actually love London, it’s the second best city in the world to Sydney, which is probably tied with Melbourne for my favorite. So maybe it’s the 3rd best. I’m not sure how the math works out here but we should move on)
The afternoon saw fresh highs as we put the rockiness of Feb-May further into the rear view mirror! Look what happens when we stop fretting over tweets and VIX ETFs and elections, we get that sweet sweet upside driven by 3.8% unemployment, 57 ISMs, 128 consumer confidence, 62.7 Chicago PMIs, near 700k New Home Sales, and double digit EPS growth for quarters to come. Markets correct thru time or price, we needed to reboot that late 2017 early 2018 rocket ship and it looks like we just did thru a bit of both. I bet we hit 2,800 this week and make a new all-time high by the end of June at the latest. One final snippet about D-Day: the logistics of it were so massive it was akin to moving every man, woman, and child in the cities of Racine, Kenosha, and Green Bay WI, WITH THEIR CARS, across Lake Michigan in one night. How crazy is that? I can barely pack my car in one night to drive to Chicago. The world will never see anything like that ever again.
Final Score: Dow +139bps, S&P500 +85bps, Nasdaq +67bps, Rus2k +68bps
I have two links to end on tonight which I think are appropriate.
The first one is the wonderful Hymn to the Fallen written by John Williams which was made for Saving Private Ryan.
The second is an inspirational video that those who died on D-Day would want us to watch. 5 mins long, don’t miss it.
Have a good night
Another Glorious Summer Week!
Equities start the day higher on another glorious summer week! I love June, the weather isn’t too hot, the drinks can’t be too cold, and kids are finally starting their summer breaks. Allow me to relay a quick story from the weekend hence. My daughter is a precocious 10 years old and as a budding young tween she does her best to drive me absolutely insane. Her bedroom always looks like the clothes return counter at any major department store: socks here, shirts there, shorts hanging off a dresser. I stood at the top of the stairs and yelled at her to “come up and clean or else you get no iPad for a week” (this is like the nuclear option for a tween). Of course she ignored me because why wouldn’t she but as I stood there contemplating how to throw all her stuff out the window I realized I found my market metaphor. Last week the media screamed and yelled about Italian Elections, Trade Wars, and Tariffs yet the market ignored it. I actually submit to you that the selloff surrounding Italian debt / politics was the dumbest thing since the Ebola mania of 2014. Italian politics has been messy since the Renaissance so if that was your big catalyst you need to read more books. Look, I’ve been on record saying that all this sideways grinding would resolve itself higher and I still maintain that view. We had a solid jobs report last week and all the other economic indicators like ISM Manuf, Chicago PMI, Housing Starts, etc all point to the same story we’ve been reading for years: slow steady growth where the stock market works. Remember, investing isn’t about you vs the stock market it’s about you vs YOURSELF. Don’t let random noise knock you off your path and if your daughter doesn’t clean up her room in a timely manner just change the wifi password. Boom!!
After the open we saw plenty of new all-time highs from such fan favorites as AAPL, AMZN, NFLX, MSFT, V, and MA. Large cap tech continues to lead the way and anyone doubting that has had their PnL summarily executed. How about V and MA though, those two stocks blow my mind. They, along with companies like AMZN, are in my “you use this every single day, why don’t you own it” portfolio (better known as my “K.I.S.S fund”. I mean look at these charts, secular growth at its finest! “Hey hon, we buy everything from museli to pencils on AMZN all while using our MasterCard debit card, maybe we should buy the stock?” “Nah, let’s just speculate on some biotech trying to cure gout in pigs, that’s our ticket to riches!”. Sigh. There wasn’t much news, other than Trump saying he can pardon himself, so the tape coasted on momentum gained last week. Winners were SO MANY RETAIL STOCKS. Let’s hear it for Komp and Altschwager!!! UAA, TGT, ULTA, KSS, M, LB, hit up my guys to talk about it. Losers were NKTR, BHGE, NFX, WYNN, and a whole slew of energy names as Crude fell back under $65. Two biggest pain trades of the past month: Short UST and Long Oil (TBT And USO as a proxy for those). Sucked everyone in at the top and SMACKED them in the face. By lunch I was bummed about the future of tech as one of $AAPL’s big announcements at their WWDC conference was “MeMojis” Yep, smartest people in the world working in one of the most vibrant communities on the planet in a company worth nearly $1T and Me-freaking-mojis pop out. Great, now all the people I wanna block will send me talking pictures of their face (they did announce group Facetime video calls so that might be cool).
The rest of the day brought nothing fresh and exciting but we did see fresh all time closes in both the Ru2k and the Nasdaq composite. That’s two of the 3 major indices (no one is watching the Dow, stop it) that have now put the misery of February and March behind them. Will the S&P follow suit? It’s hard to imagine a world where both of those make new highs and $SPX doesn’t but crazier things have happened. If you managed to keep your cool among all the things that have happened in the past few months then I tip my cap to you. Behavior is the #1 thing you can work on to be a better investor and as people worried about VIX ETFs and Italian 2 years I hope you were taking long walks listening to Yacht Rock on Sirius XM. Who doesn’t love 70s and 80s soft rock!!! There’s a warm wind blowing the stars around….and I’d really love to see you tonight….(yea I went there)
Final Score: Dow +72bps, S&P500 +45bps, Nasdaq +69bps, Rus2k +34bps
Volume was perfectly average. News Highlights:
- Succinct Summation of the day’s events: One of those quiet days where the market grinds higher because it isn’t being distracted by noise. Add a bunch of these up and you get why long term investing works
- Today’s must read by Morgan H: "In what other field does someone with no education, no relevant experience, no resources, and no connections vastly outperform someone with the best education?" Care to guess what he’s talking about? That’s right: Investing.
- Boston Store is going out of business, they are doing liquidation sales all throughout their stores. I was in one on Sunday depressed about the future of retail. Then I read this quote by the CEO and said to myself “yea, you guys kinda deserved your fate” Mr. Grumbacher says he has come to terms with the company’s fate. “Maybe I didn’t pay enough attention to the changes that should have been made,” he says.
- Speaking of retail, I’m going to start calling retail investors “smart money” TD Ameritrade clients increased their exposure to equity markets during the May IMX period. Clients were once again net buyers of equities, causing the increase in the overall IMX score. Volatility of the S&P 500 was relatively modest during the period, with the index only having one day with a change in excess of +/-1% during the period.
- Please don’t ever credit / blame a President for economic conditions: “We tend to overanalyze the economy. To be sure, Obama's handling of the financial crisis and Great Recession laid the foundation for the recovery; it's also arguable that Trump's pro-business policies explain some of the stock market boom. But neither Obama or Trump is the prime mover in today's recovery. What's powering the economy is the economy. Its forward momentum is less the product of any sophisticated economic theory or partisan policy than the pragmatic rebuilding of purchasing power and confidence. Consumer debt burdens have declined; jobs have increased; incomes have risen. The forward motion is not spectacular, but it is steady.”
- Ya’ll need to make this sandwich, I tried it and it was awesome
- Buy this book, read it, thank me later
- The author of this article wonders if companies are selling down their inventories because they are afraid of raising prices. This is likely to be the moment of truth for corporate America: Will they finally be able to pass those higher prices on in a meaningful way to consumers, providing an inflationary jolt to the economy? If not, profits and overall economic growth will suffer when this bottleneck ends.
- How cool is Ship Rock at sunset?
- This retirement pyramid is GENIUS in its simplicity
Tonight we’ll end with a child’s slide in Japan. I’d love to see this thing during recess!!
Have a good night
Can You Blame People For Selling A Bit?
Equities start the day lower for a whole host of reasons so let’s poke fun at them shall we? SPX has been up for 4 days in a row and the DJIA has been higher for 8 sessions in a row so can you blame people for selling a bit? I mean maybe they have Lamborghini payments or Amex payments after they went on a trip to the Portland wine country with friends who all like to drink nice wine from 9am to Midnight and eat dinners where they serve foam and goat eggs. Wait, where was I going with this? Yields are still grinding higher and the 10yr hit its highest level since 2011. Should you be worried about that? I’ll say yes, but not “keep you up at night” worried. As all good finance geeks know, in the present value calculation interest rates are in the denominator so it’s not like we want them to rip higher. HD reported its first top line miss in a while and blamed “weather”. Now I’m as cynical as the rest, when some random retailer that no one shops at anymore says “it rained too much so we whiffed” I just shake my head and mock them on TWTR. But as @jeffmacke pointed out, we legit had one of the worst April’s on record, I shoveled 8” of heavy wet snow after Easter for crying out loud. I’m gonna go ahead and say no one was buying begonias or potting soil in April. Maybe a few people in San Diego but I haven’t dug that far into the report. Look, let’s end on a positive note. The Rus2k is dangerously close to printing a new all-time high and breadth continues to be in the bulls favor. Grind higher, pause, take a breath, start again. We’d all be happy with that kind of price action in May.
After the open, we spent most of the day struggling with rising 10yr yields. Housing stocks? Shewacked. REITS? Smizacked. Utilities? Slamacked. 3.07% by lunch had the entire market like “where do I go from here?” But it wasn’t a wholesale disaster; while rate sensitive stuff acted poorly other sectors of the market actually did fine. The Russell 2000 flirted with green most of the session while Financials led the way for the obvious reason. HD only fell 1.6% so my faith in the investing public going beyond headlines has been reaffirmed, Tesla lost 2.6% after saying they were shutting down Model 3 production for a few days (man the Bears are gonna eat this up) and other than every single homebuilder losers were CELG, TAP, NVDA, and A which fell the most in 13 years. #ThingsCEOsNeverWannaHear. Ok what else moved? UAA actually fought with MAT for the top spot in the S&P and a lot of smart technicians I follow are looking at this one closely. Turnaround stories can take a long time to play out but risk reward (based on the chart) has people perked up (my guy Altschwager rates outperform). By lunch we sat on 2,708 down 78bps. You know what stock hit an all-time high today? Best Buy. $BBY. I swear 3-4 years ago the place was a ghost town filled with CDs, DVDs, and 14 vacuums. I would’ve shorted it thinking “AMZN killed this place” and lost all my money. Kudos to the mgmt team for their strategic planning and execution.
The afternoon saw 10yr yields hit 3.08% so I guess the Fed is now rewarding savers!!! Yay!! We can finally put that stupid criticism to rest. Today was awful for anyone running a risk parity fund but come on, how many people are actually doing that and reading this recap? 0 or 0? We closed at 2,709 down 77 bps as we grapple with ever higher rates. Look, none of us are re-fi’ing again for a long time, get used to the fact that rates have bottomed and the Fed no longer cares what we think. Can stocks do well in rising rate regimes? @econompic shows we can so let’s stop doing this knee jerk reaction thing. Thanks.
Final Score: Dow -78bps, S&P500 -68bps, Nasdaq -81bps, Rus2k flat (this is good)
- Succinct Summation of the Day’s Events: All we looked at was Treasury yields, hit up the next link for a quick summary
- Cullen says “chill out” : Is it just me or have there been a whole bunch of really scary sounding stories about rising interest rates in the last few months? While some of these worries are warranted it’s important to pan out and take a more objective view of the environment so we can avoid making excessively short-term judgements about what may or may not happen. There’s a lot of people out there who rely on selling you short-term fear in exchange for your attention and your money. So let’s see if I can save you some money and some stress by putting things in a reasonable perspective.
- RIP Tom Wolfe. I read The Right Stuff in high school and it was one of the things that spurred my study of History. “I just want to make sure,” he later said, “that when I walk into a room, everybody there turns around and says, ‘Who in the name of God is that?’ ” Tom Wolfe
- The future of TV looks grim: According to four years of data from Nielsen's Total Audience Reports, every age group except those aged 65+ is spending less time — and in the case of younger Americans, far less time — watching television live or via DVR. Once Boomers stop watching TV that whole system is going to implode.
- You a podcast fan? Me too, check this one out (hoping to start a podcast at Baird one day…one day …)
- How about this quote to silence stock market haters: “It’s pretty incredible that for years, the same people have been “blaming” the rise on the stock market on the Fed and FAANG and margin debt and now ETFs. As if 91 consecutive months of jobs growth and record revenue, profit margins and earnings can’t be the driving factor.”
- I have an irrational anger for articles that tell me how much I need to have saved by a certain age. Like I get super mad. I wanna live a long, happy life and a certain amount of money is pretty far down my “this is important” list. “By 30, you should have a decent chunk of change saved for your future self, experts say — in fact, ideally your account would look like a year’s worth of salary, according to Boston-based investment firm Fidelity Investments, so if you make $50,000 a year, you’d have $50,000 saved already. By 35, you should have twice your salary, the firm said”.
- Clorox, PG, and KHC are acting like Biotechs with failed drugs. Crazy. “In the last two years, the pace of underperformance has really started to accelerate, causing the sector’s relative strength to fall to an 11-year low versus the S&P 500. Once again, P&G and stocks like it are as popular as snow in April. How unpopular is the sector? Even after the sharp drop in relative strength, one major Wall St. firm just downgraded Consumer Staples to underweight”
- Hey, you, stop making terrible cocktails at home. Make this or this and come back and tell me how popular you are.
- How in God’s name did I not invent this. Brilliant.
We’re going to end tonight on some of the best sleight of hand I’ve ever seen.
Have a good night
The Most Critical Day In Market History Is Upon Us
Equities start the day higher as the most critical day in market history is upon us!! Wait, is that really true? Not really but I needed a hook to keep you reading, sorry. We are at the top of this “triangle” that everyone’s been talking about for a month so if you believe stocks penetrating an imaginary line on a chart is important you’ve come to the right place!! But what’s the narrative around this breakout? Has anything meaningfully changed with all those headwinds I’ve been prattling on about? Not really, they are all still with us, but right now they’ve taken a back seat because that’s just how markets work. Things matter until they don’t. There isn’t a person on the planet that knows exactly why we are breaking out of this sideways malaise and that’s ok (@ryandetrick even labeled it the “Charlie Brown shirt bottom”. If you’re always on the hunt for clarity you’re going to be sadly disappointed because frustration and angst is the price we pay to invest in stocks. The notion that earnings were “as good as it gets” was a popular theme for about a week, now no one mentions it anymore. What’s the new theme going to be? Stick around and we’ll create one ourselves. When I write this blog I do it for “edutainment”. I want you to come here and learn a thing or two about markets all while laughing at my final link and awful grammar. Josh Brown says you are what you read: “A delicate balance is required – pay some attention but not too much. Read the news but don’t get carried away in thinking that a reaction to the news is necessary”. That’s right, I 100% agree. Come here, read a bit about the market but don’t feel like you need to rush out and make a trade. Most of the time we are just swinging around like a kid on a playground blissfully enjoying our lives so don’t make this more complicated than it is. Understanding this game is a lifelong pursuit and hopefully you spend 3 to 4 minutes of your day with me so we can do it together.
After the open Maverick chased Jester above the hard deck as the S&P went ballistic. Up 1% to 2,723 in pretty much a straight line. What about other indices though? We talk about the S&P way too much so let’s look at the NASDAQ and the RUSSELL2000. Both back near all-time highs but the move in Small Caps is particularly juicy. To have them lead the way higher would be fantastic from an overall breadth / momentum point of view because we won’t have to hear the bears say “it’s only AAPL and AMZN” Ok, let’s switch gears here for a second and talk about TWTR. The President of the United States announced the location of his NK summit on Twitter. TWITTER. A potentially world changing historic event between two nations and it wasn’t announced at a press conference or on a major news website. TWITTER. Like if we find a way to lasting peace with NK are they going to have to print out that Tweet and put it into the Smithsonian? Imagine if FDR announced the Pearl Harbor attack on Snapchat (actually ignore that, only millennials would’ve found out). What an amazing time to be alive, if you truly want to sit front row to breaking news you gotta be on TWTR and you have to follow @bullandbaird (so so shameless). Winners CTL, EVHC, DISCA, CAH, and Emrging Mkts (EEM). Losers FTI, M, COTY, BKNG, and LB. Have you looked at LB lately? Did Victoria Secret start selling dot matrix printers instead of bras? The fall from grace (down 68% from its high) has been absolutely breathtaking (Baird rates outperform).
We saw a small profit taking move late in the afternoon but eventually bounced back to close near the highs, 2,722, up 0.9%. The VIX has been crushed back to 13 and the question now is “has the correction run its course?” Sentiment has been reigned in, valuations have dipped, and the euphoric move on January seems a lifetime ago. What I’d really like to see is a return to the boring grind of 2017, an air of normalcy where FB isn’t shooting itself in the foot, Trump isn’t slamming one of our greatest companies, and the CFO of CAT isn’t being misunderstood. If that happens then yea, I think the correction is over and we can start to push back towards the high in a “non-spikey” way (January was ridiculous). Today is Baird’s Annual Meeting so I’m going to leave this here desk and head over to a giant arena where I’ll spend a few hours talking with the best people on the planet. I’ll tell you what, working for a small financial services firm that has a laser focus on clients and a management team committed to REAL VALUES is refreshing in this day and age. I hope they don’t lay me off because of MIFID, I have such big plans for this place.
Final Score: Dow +80bps, S&P500 +94bps, Nasdaq +89bps, Rus2k +48bps
Gotta jet so watch people hurt themselves. We’ll switch back to inspirational videos next week.
Have a good night
Our Journey On The Struggle Bus Continues
Equities start the day lower as our journey on the struggle bus continues. You know I sit at my desk everyday fielding questions like “why won’t the market go up anymore?” and “why don’t you write more?” and “how can you have so many followers when your grammar is so bad? (I need an editor badly). Let’s ignore the last two for a second and focus on the first one. Why aren’t things as easy as they were in Jan when up 1% days happened all the time. Well, let’s rattle these off. We are in a late stage economy with a brand new Fed chair. Right said Fed is going to hike 4 times this year and they don’t care what the market thinks. We have a turbulent White House ready to start a trade war and drop tariffs on anything and everything. Tech is struggling mightily as it goes from “must own” to “source of funds”. We have a midterm election coming in which it appears the party in control might lose its majority. Earnings “beats” appear to have ZERO effect on both sentiment and market direction which has led to the notion that this might be “as good as it gets” for US corporates. I mean how high am I building this wall of worry? Pretty high right? Now we know bull markets climb those walls and we very well might climb this one too but the uptrend has been put on hold while assess just how much Patagonia gear we need (how good was that all you outdoorsy types?) Something has to happen on this chart…a direction needs to be chosen. We are endlessly chopping around a tiring range because the market cannot figure out a way forward. Make no mistake, those kind of markets eventually resolve themselves. I’m still in the camp that it will resolve upward but it appears that earnings will NOT be the catalyst I was hoping it would be. We need something…
After the open, not even a gigantic beat by AAPL was enough to make this dead cat bounce. The fruit company so many people love hating on managed to beat expectations while announcing a $100B buyback. 100 BILLION DOLLARS. What do we think the commission being charged on that buyback is at Goldman or JPM or wherever it’s done? Zero dollars or negative zero dollars? Michael Batnick talked a bit about it here and if you’re in the camp of “why don’t they just spend it on R&D” know this: they’ve spent $41B in the last 19 quarters on guys in a room saying “what should we build next?” What an absolute juggernaut run by a Hall of Fame CEO. Other winners APTV, CNC, GRMN, MA, and CAH. What else? SNAP fell 21% to a new all-time low. Remember in their prospectus how they said one of their biggest risks was that “we may never make money”? Alllrighty then. Other than an app that turns your face into a puking unicorn the two biggest losers were UNM -16% and TAP -15%. Hold on ONE SECOND HERE. TAP down 15%? Miller LITE is a fantastic beer for a warm summer night and we got plenty of those ahead! (don’t @ me with your flowery tasting 7.5% single barrel brewed red chair quadruple saison IPA from the foothills of Oregon. I get it. LITE is still good). By lunch we were waiting for the Fed to give us some guidance about the future.
At 2pm ET we got the Fed meeting and I’m going to point you to Tim Duy because the guy literally knows everything about Fed policy. The market reacted positively to what it viewed as a dovish statement but in the end all those things I mentioned earlier are more important right now. My gut also tells me that “dovish Fed statements” don’t have the punch they used to because we aren’t in “easy mode” anymore. The dollar initially dropped but ended the day on its high but that’s a topic for another recap (not good). Look, if you’re a stock market bull you have to hope that this correction is just the start of a path towards new highs because Bears are going to rage about the first paragraph. Price action is HORRENDOUS right now, it is F level bad. I mean @northmantrader put it best: “The 2 largest companies on the planet with a combined market cap of over $1.7 Trillion have rallied 7.8% and 8.8% respectively in the past 6 days yet $SPX is flat”.
Final Score: Dow -72bps, S&P500 -72bps, Nasdaq -42bps, Rus2k +30bps.
- Succinct Summation of the Day’s Events: AAPL crushed earnings. SNAP didn’t. A somewhat Dovish Fed statement + blockbuster earnings from the biggest company on the planet wasn’t enough.
- Marketwatch on the Wall of Worry: By at least one measure, corporate earnings are the best in nearly a quarter-century. However, the stock market is not enthused!
- Advisors need to find a way to hammer this home to clients: “stock returns are frequently not telling you anything important about the economy, but instead simply reflecting changing investor sentiment. At times investors will pay more for a given level of earnings and at other times they will pay less. What’s going on in the economy is just one factor in that determination.”
- You might look back at this one day and nod at how obvious it was: “Three takeaways from this week's Milken Global Conference, where many of the world's top financiers, politicians and philanthropists gathered to exchange ideas and host dinners: So much optimism, about nearly everything. If Mike Milken had decorated the Beverly Hilton with rainbows, it wouldn't have been out of place. Someone actually said to me yesterday that the rules of economic cycles may no longer apply, and this was a senior capital markets professional with a head full of gray.”
- Jenrette was a famous banker in NY, here are his rules to live by. These two were my favorite: Don’t criticize someone in front of others. Don’t burn bridges (behind you)
- I feel like I need to see this movie just so I can embrace the madness: “As a visual artist and filmmaker, Lauren Greenfield (The Queen of Versailles, Festival 2012) has obsessively documented the ultra-wealthy and the gulf between their extravagant lives and their fundamental dissatisfaction as human beings for over 25 years”
- Imagine using CAPE to make decisions on a portfolio. In the past 20 years, the S&P 500 has sported a CAPE Ratio above its historical average 97% of the time, or 233 out of 240 months. Only in the brief period from November 2008 through May 2009 were stocks deemed “undervalued,” trading at valuations below their long-term average. Dear investors: my plan to buy stocks when they are “cheap” isn’t working like it’s supposed to….
- This whole “move financial services from NY” thing is in like inning 2: In a memo to employees, AllianceBernstein cited lower state, city and property taxes compared with the New York metropolitan area among the reasons for the relocation. Nashville’s affordable cost of living, shorter commutes and ability to draw talent were other factors.
- Boy Coachella looks awesome! Phone….phone….phone….phone….
- I am 100% doing this race. Who’s with me? (I know my guy John Allman is)
Ok look, you guys know I love these end links. I love finding stuff that excites you and makes you go “ooo” “ahhh” “ouch”. Tonight I have one to grip your heart. PLEASE watch this whole thing, it isn’t even that long and you’ll get a huge kick out of it. SOUND IS NECESSARY
Have a good night