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Irrational Exuberance Speech 25 Years Ago

The stock market is up 6x since the "Irrational Exuberance Speech." The ValueAligned Model portfolio (VAP) is up +23.0% as of Wednesday, December 29, 2021, while the S&P 500 Index is up +29.4%. That includes all dividends reinvested into the index and the VAP We...

Inflation’s Back—And That’s Why We Own Stocks

At the close on Friday, the NASDAQ Composite Index was down -6.1% and the S&P 500 was down -3.5%, from their recent record highs. The 10-year Treasury yield, which was 1.67% as recently as the week of Thanksgiving, was yielding 1.35% at the close on Friday. Oil...

How Would A 20% Market Decline Affect You?

Investment Advisors Make An Appointment   Happy Thanksgiving Happy Thanksgiving to you and your family. We all have much to be thankful for. Twenty-one months after COVID-19 led to lockdowns across the United States, vaccines are now widely available. Additionally,...

Can Washington Raise Wages?

The government can mandate higher wages through minimum wage laws and can temporarily increase demand for workers above supply forcing smaller companies to compete with larger companies by bidding up wages. But they are targeting the wrong measure because just like in...

Transitory Inflation?

The ValueAligned Model Portfolio ("VAP") is up +11.4% for 2021 as of Thursday May 20, 2021. The S&P 500 Index is +11.4%. The broader market bounced back nicely yesterday following the past week's selling.  Tech stocks were particularly strong, with the S&P...

Billionaires Naturally Used the Pandemic to Get Richer

ChartTalk: Our 650 billionaires have increased their fortunes by 34% during the pandemic. Billionaire wealth is now twice the amount of wealth held by the bottom 50% of all American households combined, approximately 160 million people.Statista reports: American...

EATING OUT EXCEEDS EATING IN FOR THE THIRD MONTH IN A ROW

EATING OUT EXCEEDS EATING IN FOR THE THIRD MONTH IN A ROW Based on today's Census Bureau report on April retail sales, consumer spending at "Food Services and Drinking Places" (restaurants and bars, see red line) was greater than grocery store sales (blue line) in...

LAFFER CURVE STRIKES AGAIN: TAX RECEIPTS UP AS RATES GO DOWN

PERSONAL TAX RECEIPTS 12% HIGHER IN APRIL Today's April Treasury report showed that April tax receipts not only set an all-time record, but were fully 12% higher than last April's receipts. People and corporations had been postponing income and accelerating deductions...

FANGs: Growth Investments Expensed on the Income Statement

The media is obsessed with supposedly bubble-like valuations of the FANG stocks—Facebook, Amazon, Netflix and Google (Alphabet). The FANG companies account for over 7% of the S&P 500 and sell at a weighted average P/E of 39 times consensus 2017 earnings. In our...