Investors seem to very much like the tax bill … as markets once again reached new records. Of course, there might be a price to pay somewhere down the road … but as long as the music is turned up and the liquor is flowing … concern over the cost is for some future generation to concern itself with … as today is a time for celebration.
Who is celebrating? Everybody … especially the wealthy … as the income inequality gap continues to widen. The hope here, however, is that “trickle-down economics” will set in … resulting in more business investment which will, eventually, work its way to those further down the economic ladder.
All we need to hope is that a recession doesn’t hit before the trees planted today have time bear fruit.
Bitcoin remains in the news as one forecaster calls for this item (I am afraid to call it “currency”) claims it can easily advance more than 15 times its present value. It, however, is important to note the person behind this claim (in the first note below) owns cryptocurrencies (and I had to go to his website to find this out) … so it might be assumed he can benefit from any who follow his lead … and, regardless of his claims (and award-laden history), I think this might cause some to question the label of “independent” and “unbiased advice” with regard to his comments on Bitcoin. To find out more about Bitcoin and other cryptocurrencies, you can visit information sites such as beincrypto.com who have lots of articles about the industry, for example this one on the rise of Litecoin https://beincrypto.com/litecoin-turns-seven/.
Just a few other notes this morning …
I just saw a Bloomberg note that claims homebuilders have their highest confidence level in 18 years. Does this mean we are about to see a boom in housing (and an increase in prices)? I certainly hope so. It might be fun for people to start using their homes like an ATM again as home equity improves.
But the final note is pretty serious and is included as the last note below.
While the article speaks of global disease, there is one chart in the article that is of utmost concern … as the OECD (Organisation for Economic Co-operation and Development) appears to project that over 45% of the U.S. population will be obese … by 2030! We are talking about an increase in heart disease and diabetes (among other maladies) just a few short years from now.
Our national debt … our waistlines … expanding rapidly … but who cares?
We’ll worry about the future tomorrow. We are Americans.
It’s what we do best.
Joseph G. Witthohn, CFA
Emerald Asset Management
610 Freedom Business Center Drive
King of Prussia, PA 19406
(610) 337-9230 ext. 6
A Quick Look at the News
December 18, 2017
Joseph G. Witthohn, CFA | firstname.lastname@example.org
… as of 11:01 AM today …
Okay … here is a forecast for you … Bitcoin at $300,000 and more. Though you have to wonder if it is owners who are touting such high gains (in the hope that greedy types really drive up the price) (CNBC)
… as the thought of fast riches (with no work) has many intrigued … but maybe nowhere more than in South Korea where purchase of Bitcoin has turned into an obsession (CNN)
… but let’s jump on the thought behind forecasting. Whether it be markets … or bitcoin … or even super bowl outcomes … forecasts make news … and most are just plain luck if ending up correct (Bloomberg)
This was a surprise (though logical) … as older and wealthier Americans is one group that is, more than ever, renting homes and apartments (CNBC)
I wonder how the alcohol companies (and their lobbyists) will react to this? It seems that legal cannabis is taking the place of alcohol for many. Something certainly to watch (HighTimes)
… though something else to watch is a war of words between Elon Musk and proponents of public transportation … some leaders of which call Musk “elitist” due to his comments on public transport safety (Fortune)
And how does a fortune (and I mean a really meaningful fortune) disappear? Leave it in the hands of relatives to spend, have fun … and really screw things up (BusinessInsider)
… but there are things a lot of people are messing up every day … including their health … as the U.S. population is well on its way to a diabetic future (WorldEconomicForum)