Despite the current economic climate, and the eye-watering cost of living that has already affected millions of American households, a portion of younger adults are still finding it manageable to thrive financially even as financial anxiety persists. It’s not completely possible to ignore the major economic headwinds many Americans have experienced throughout the year. Skyrocketing […] Despite the current economic climate, and the eye-watering cost of living that has already affected millions of American households, a portion of younger adults are still finding it manageable to thrive financially even as financial anxiety persists. It’s not completely possible to ignore the major economic headwinds many Americans have experienced throughout the year. Skyrocketing inflation has sent consumer prices soaring, leaving consumers baffled over whether they will be able to cope with the increasing cost of living. In June 2022, the Consumer Price Index hit a red-hot 9.1%, the highest recorded in more than four decades. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   During the same time inflation was sending warning signs across the economy, motorists were paying on average $4.96 per gallon of regular gas, in some places such as California, gas prices hit a staggering $6.39 per gallon. Fortunately, since then, gas prices have substantially come down in recent months, but have seen going up by a couple of cents in the last few weeks. Pricier goods and expensive gas isn’t the only thing that’s been hurting American households. The Federal Open Market Committee (FOMC) recently hiked its prime interest rate by another 75 basis points, marking the highest interest rates have climbed since the financial crisis back in 2007. Jerome Powell, Chair of the FOMC commented that the Federal Reserve will continue to increase the cost of borrowing until they have managed to push inflation down to its target 2% range. The aggressive rate hikes have been a major headwind for not just more financially secure adults, but more so for the younger generations of Americans who were hoping to purchase their first or second home this year. On the back of this, recent indicators have also revealed that the median rental price has also jumped by 4.8% in the past year. Increased consumer demand as people returned to cities, and higher operating costs have sent rental prices spiraling in the last few months. A Redfin rental report from May 2022 revealed that the median price rental price in the country surpassed the $2000 per month threshold for the first time, with the outlook showing possibilities of further increases in the near future. Americans, young and old are paying more for nearly everything these days, and it’s likely to remain this way for the next few years. As economic conditions uncontrollably deteriorate faster than experts predicted, younger Americans are finding it easier and more affordable to relocate abroad in the hopes of enjoying a more affordable lifestyle. While there are several top countries Americans are considering moving to, for many millennials in the U.S. allied European nations are providing them with more attractive jobs and financial opportunities. Recent statistics indicate that among non-European citizens that currently reside within the European Union (EU) 17% relocated for work purposes, 3% for education, and 39% for family-related reasons. Although there is no direct indication of how many of these non-EU citizens were American-born, it, however, paints a vivid picture of how European nations are allowing migrants better opportunities economically. Where in Europe Are Millennials Thriving? While there are countless well-known cities in the U.S.that can offer millennials a place to call home, many are choosing EU nations that allow them an affordable cost of living, financial security, and access to affordable housing. The onset of remote working and work-from-home jobs has only further pivoted many to consider moving abroad. While the odds may be stacked against them in a foreign country, the stronger dollar to Euro is also slightly helping play more in their favor as they settle abroad. On top of that, some of these countries on our list have favorable tax regulations, and overall can offer a better quality of life, something which many younger Americans are seeking amid the cost of living crisis. Let’s see which European states are the top places where young Americans are thriving. Switzerland For decades Switzerland has topped many lists as one of the most livable countries in the world, offering citizens a high quality of life and first-rate public services. While Switzerland isn’t part of the European Union, it still offers a unique European experience like no other with its picturesque scenery, and easy access to neighboring countries including Austria, France, Germany, Italy, and Liechtenstein. Popular cities for expats include Basel, Lausanne, and Zurich, which have been found to be among the best-performing hubs for political stability and urban development. While expats can enjoy better education and healthcare services often subsidized by the government, the cost of living is still more than what the average American could afford. Despite this financial challenge, the multicultural and diverse cities give American millennials a better opportunity to settle and perhaps start a family. Portugal As one of the smaller Western European states, Portugal has been ranked 48th among the 50 major economies in the world. The country has been slowly rebuilding its economy after experiencing major downturns during the first half of the 21st century, and in 2021, inflation was around 1.27%, while the U.S. Consumer Price Index (CPI) registered a 4.7% inflation rate. Like other countries across the world that currently offer remote workers a chance at applying for an Expat Visa, a similar visa allows expats to apply and reside within the country for up to two years. The program allows expats to apply for permanent residency within five years of living in the country, making it one of the easiest routes to European citizenship. Although the country has a lot to offer in terms of public services, such as affordable healthcare and education, the COVID-19 pandemic saw an additional 400,000 Portuguese residents being impoverished due to financial uncertainty. Although there are some challenges that the country will still need to resolve in the coming years, it’s undoubtedly one of the more affordable EU nations which have captured the attention of millennial expats. Iceland Although Iceland is not considered one of the most affordable countries in the world, the country has a lot to offer its residents in terms of public services and recreational attractions. The Nordic nation, which is also known as the land of Fire and Ice, partially due to its active volcanoes, and snow-topped mountain ranges has attracted a small community of expats who are able to afford their way around. Most recent figures revealed that in January 2020, roughly 15.2% of the country’s population was made up of legal immigrants and expats. While the country has a small population of just under 400,000, in recent times it’s become a lot more expat-friendly due to the free movement of people coming from continental Europe and other developed nations. If universal state-sponsored healthcare isn’t something that piques your interest, perhaps the 557 hiking trails, backpacking routes, and numerous camping sites will help decide to relocate a bit easier. Large-scale remote working has also meant that since 2020, the country now offers working-from-home professionals the opportunity to legally reside in the country before having to re-apply for the right to remain. Spain  Ranked as the fourth largest economy in the EU, and 14th globally, Spain has become an international hub for business, tourism, and expats looking to take advantage of the numerous economic benefits the country has to offer. Aside from having a substantially developed economy, the country recently witnessed a surge in international firms being headquartered within its borders, seeing more than 14,600 foreign firms setting up their business in the last few years. On top of this, foreign investors have also found that investment opportunities provide better and more lucrative financial well-being, as the government seeks to provide them with an innovative and progressive workforce. Millennials who reside here enjoy affordable housing, among other economic benefits. There is also a well-functioning healthcare system, and most recent government efforts have seen the country move to improve its tax regulations to attract middle-tier working professionals. Germany Being one of the largest and most progressive economies in the European Union, Germany has ample to offer its residents including universal healthcare, tuition-free schools, and some of the best public transportation the continent has to offer. Industry is one of the country’s strongholds, including automotive, mechanical engineering, chemical, and electrical industries. Like other countries around the world, Germany has been struggling to control soaring inflation which hit a piping hot 10% in September. In an effort to control the rampant running rate at which prices have been increasing, the government has unveiled a €200 billion plan to assist consumers in the fight against the cost of living crisis. Although economic conditions have been tumultuous, the government has been actively working to control uncertainty for residents. The country has a strong workforce and offers ample job opportunities for those in their respective professional fields. If you’re lucky enough to obtain a work or residence permit, it’s definitely worth the effort as many expats have found. The Changing Tide On the bright side, it’s starting to look as if consumers are changing their sentiment in terms of current economic conditions. Recent preliminary data compiled by the University of Michigan showed that the consumer sentiment index increased from 58.2 in August, to 59.5 for the first half of September. While a marginal increment, it remains higher than the 50 recorded in June of this year when the economy started to erode on itself. Although it may still take some time before conditions improve, there is a small enclave of Americans who have been able to thrive in current conditions, as these states not only offer better paying jobs with higher wages, but also a more affordable cost of living. Making a living as an American millennial means that a majority of jobs now offer more competitive salaries, work benefits, and the possibility of working from home or remotely. Although this sounds enticing, millennials are still found to be the most in debt generation in the country, as nearly 73% of them have some form of non-mortgage debt, with the average millennial owing close to $117,000. The high amounts of debt have only further burdened many younger millennials, making it harder for them to properly save for retirement, or put money aside for bigger ventures such as buying a house or property. Again, it comes to show that although millennials may be in a comfortable financial position to some extent, they’re still carrying major debt burdens that will take decades to finish repaying. The Bottom Line While countless factors have made the financial outlook increasingly challenging for millions of Americans, it’s clear that some countries offer them an opportunity to thrive under the current economic climate. With better-paying jobs, booming industries, and evergreen tax provisions, several foreign countries are allowing residents to enjoy a better quality of life even as the cost of living has sent shockwaves across the world. In due time, these and other nations may look to make dramatic changes to the way they attract and retain younger and more skilled workers to help uplift the local economy. Although this may take some time before successfully initiated, it just comes to show that younger Americans are continuously looking for better and more lucrative opportunities, even if this means they need to relocate to a different country. Perhaps this is all temporary, but the future outlook is presenting itself in a completely different way, leaving many young Americans to seek out new ventures that provide them with the financial and social security their older counterparts enjoyed in the decades before......»»

What is Money Maturity? This process of becoming more financially responsible is called money maturity. Money maturity is a gradual process that happens over time. It is often associated with age but can also be influenced by factors such as life experiences and education. Nevertheless, money maturity typically leads to better financial decision-making and habits. […] What is Money Maturity? This process of becoming more financially responsible is called money maturity. Money maturity is a gradual process that happens over time. It is often associated with age but can also be influenced by factors such as life experiences and education. Nevertheless, money maturity typically leads to better financial decision-making and habits. For example, financially mature people are more likely to save money regularly and make wise investment choices. Financial maturity can lead to a more secure financial future and peace of mind. It is an important goal for many people and can be achieved through careful planning and disciplined spending habits. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   How Does Money Maturity Impact Your Finances? Money maturity can have a positive impact on your finances. As you become more financially responsible, you may find that you can save more money and make better investment choices. This can lead to a more secure financial future and peace of mind. Here are some critical ways money maturity can impact your finances. Be More Disciplined With Your Spending Habits One meaningful way to become more disciplined with your spending habits is to develop money maturity. Money maturity is delaying gratification, planning for long-term goals, and resisting impulsive purchases. Money mature people understand that they cannot buy everything they want immediately and that they need to save up for big-ticket items. They also recognize that impulse buying often leads to regret and financial stress. So instead of succumbing to every temptation, they take a measured approach to spending. As a result, people with money maturity are more likely to stick to a budget and make sound financial decisions. Help You Save Money and Build Wealth Over Time When you are financially mature, you will have the ability to save money and build wealth over time. As a result, you will be less likely to make impulsive purchases and be more strategic about your spending. You will also be less likely to fall into debt, and you will be better able to handle financial emergencies. In short, money maturity can help you achieve financial security and peace of mind. So if you are ready to take control of your finances, it is time to start on the path to money maturity. Give You More Financial Stability and Security Money maturity’s most significant benefits are financial stability and security. You are less likely to fall into debt or experience financial emergencies when financially responsible. You will also have more money to save and invest, leading to a more secure financial future. Money maturity can give you the peace of mind of knowing you are in control of your finances. In addition, it can provide you with the financial security you need to weather life’s storms. Help You Make Wiser Investment Decisions Money maturity is the key to making wiser investment decisions. When young, we tend to cash in on spur-of-the-moment opportunities without considering the long-term consequences. We also tend to underestimate risk, thinking that we are invincible. As we get older and our priorities change, we become more conservative with our money. We start to think about retirement and our future financial security. We also become more aware of the risk and the importance of diversifying our portfolios. The result is that we are more likely to make wiser investment decisions when we are mature. Money maturity is not only about age. It is also about experience and understanding. The more we know about investing, the better we can make informed decisions. There is no substitute for learning from our mistakes; as we get older, we tend to be more cautious with our money. This can lead to better investment decision-making in the long run. Benefits of Money Maturity There are many benefits of money maturity. These benefits can have a positive impact on your finances. Here are some of them. Improved Decision-Making Ability One of the benefits of money maturity is that it can give you the ability to make better decisions about money. In addition, with more life experience under your belt, you’re likely to understand your financial needs and limitations better. You’re also likely to be more comfortable taking risks and making decisions that could impact your financial future. If you combine these things with a willingness to learn from your mistakes, you’ll be in an excellent position to make smart financial choices throughout your life. Greater Peace of Mind As you get older, you realize that money doesn’t buy happiness. Of course, it can buy things that make you happy, but true happiness comes from within. That’s not to say that money doesn’t matter – it does. But it’s not the be-all and end-all of life. Once you reach a certain level of financial maturity, you see money differently. It’s not just about buying the latest gadget or getting the newest car. It’s about security, safety, and peace of mind. Knowing that you have enough money to cover your basic needs and then some give you a sense of calm and contentment that is worth more than any material possession. So if you’re looking for greater peace of mind, focus on achieving financial maturity rather than amassing a fortune. You’ll be surprised at how much better you feel. More Wealth Accumulation Potential One of the main benefits of money maturity is that it can increase wealth accumulation potential. When you are financially mature, you are more likely to make sound decisions with your money and invest it in opportunities that can provide you with long-term growth. For example, you may choose to invest in stocks or real estate or start your own business. These solid investments can help you build your wealth over time. Additionally, financial maturity can help you avoid making impulsive decisions with your money that could end up costing you in the long run. With money maturity, you are more likely to be patient and disciplined with your finances, which can lead to more significant wealth accumulation over time. How To Achieve Money Maturity Money maturity is something that doesn’t happen overnight. It’s a process that takes time, patience, and discipline. Here are some tips to help you get where you want to be. Be Mindful of Your Expenses Money maturity is when your relationship with money is healthy, and you’re mindful of your spending. This doesn’t mean you never spend money on things you want, but that you’re aware of your spending patterns and make choices that align with your goals and values. To achieve money maturity, start by getting clear on your goals. What do you want to save for? What kind of lifestyle do you want to live? Once you know your goals, you can start to make choices about your spending that will help you achieve them. For example, if you want to save for a down payment on a house, you might cut back on eating out and put that money into savings instead. Or, if you want to travel more, you might look for ways to cut costs so you can save up for airfare and accommodation. Money maturity is about being aware of your spending and making choices that align with your goals. By doing this, you can achieve financial stability and freedom. Learn About Money Management and Investment Strategies Achieving money maturity is not about how much money you have in the bank. It’s about learning to manage your finances and make wise investment choices. And it’s never too late to start. If you’re unsure where to begin, plenty of resources are available to help you get started. You can start by reading books or articles about personal finance and investment strategies. You can also take classes or participate in online courses. And there are even financial advisers who can help you develop a plan that fits your unique needs and goals. The most important thing is to get started on the path to financial literacy. The more you learn about money management and investing, the more likely you will achieve money maturity. And that’s a goal worth pursuing. Stay Disciplined With Your Spending Habits Most people never achieve financial maturity because they are not disciplined with their spending habits. It is crucial to be disciplined when it comes to spending your money. Many people think they can save money, which will be enough. However, you need to be able to control your spending to save money. You need to have a plan for your money, and you need to stick to it. Otherwise, you will never achieve financial maturity. Unfortunately, many people are not disciplined with their spending, and they always seem to end up in debt. They max out their credit cards and never seem to be able to pay off their debts. To achieve financial maturity, you need to be disciplined with your spending. You need to have a plan for your money and stick to it. Otherwise, you will never achieve financial maturity. Create a Savings Plan and Stick To It One fundamental way to achieve money maturity is by creating and following a savings plan. A savings plan can help you reach your short- and long-term financial goals and make it easier to weather unexpected expenses. To create a savings plan, start by setting a realistic goal. Then, calculate how much you need to save each month to reach that goal. Once you have a plan, the next step is to stick to it. This means making sacrifices in other areas of your budget and being disciplined about not dipping into your savings account except in an emergency. Obstacles to Achieving Money Maturity There are a few obstacles that can prevent you from achieving money maturity. Unfortunately, obstacles can derail your progress and make it difficult to reach your financial goals. Here are a few of the most common barriers. Lack of Financial Literacy One of the primary obstacles to achieving money maturity is a lack of financial literacy. This term refers to understanding and using financial concepts, including budgeting, investing, and credit management. Without a basic understanding of these concepts, it is difficult to make sound financial decisions. For example, someone who does not understand compound interest may be more likely to choose a high-interest credit card over a low-interest savings account. Similarly, someone who lacks financial literacy may be more likely to make impulsive purchases instead of investing in the future. The good news is that financial literacy can be learned at any age. By educating yourself about personal finance, you can overcome this obstacle and start on the path to money maturity. Poor Spending Habits Many struggle to maintain a healthy relationship with money due to poor spending habits. Often, these habits are learned from adults during childhood. For example, a child who watches their parents constantly spend beyond their means may believe this is normal behavior. As they grow older and begin to earn their own money, they may find it challenging to stick to a budget or save for long-term goals. Poor spending habits can be a significant obstacle to achieving financial maturity. It can be difficult to achieve financial stability and security without knowing how to manage money properly. To overcome this obstacle, educate yourself on healthy spending habits and develop a plan for your finances. Lack of Savings Discipline One obstacle that can prevent people from achieving financial maturity is a lack of savings discipline. It can be challenging to break out of spending everything you earn, but it is essential to begin setting aside money for future goals. One way to start saving is to set up a budget and stick to it. This can help you to track your spending and make cuts in areas where you are spending more than you need to. Another helpful tip is to automate your savings so that a certain amount of money is transferred into your savings account each month. This can help to ensure that you are always putting money away for the future. By developing a disciplined approach to saving, you can begin to achieve financial maturity and reach your long-term financial goals. Inability to Resist Temptation When it comes to managing money, the temptation can be a significant obstacle. Whether spending money on unnecessary items or making impulsive decisions, the inability to resist temptation can quickly lead to financial problems. While it may be difficult to resist the urge to splurge, it’s important to remember that every purchase has an opportunity cost. When you spend money on one thing, you automatically choose not to spend that money on something else. For example, if you buy a new pair of shoes, you’re choosing not to save that money for a future goal. Therefore, it’s essential to be mindful of short-term and long-term consequences when tempted to purchase. Money Maturity and Financial Success Money maturity is not simply about having a large bank balance or earning a high income. It is about having a positive relationship with money and making sound financial decisions. Those who are financially mature understand the importance of budgeting, saving, and investing for the future. They make well-informed decisions about how to spend their money and are mindful of the long-term consequences of their financial choices. Financial planning is an essential part of financial maturity. By setting clear financial goals and developing a plan to achieve them, you can put yourself on the path to financial success. It may not be easy, but it is worth it. With financial maturity comes greater peace of mind, security, and freedom. So if you want to achieve financial success, start by working on your money maturity. Article by Anthony Martin, Due About the Author Anthony Martin is the founder and CEO of Choice Mutual, Official Member at Forbes Finance Council, a nationally licensed final-expense insurance agency located in Reno, Nevada......»»

Cineplex continues to look for ways to monetize its 2020 aborted merger with UK-based Cineworld. Recent events suggest its pursuit of justice will be a long and winding road. A judge in the U.S. Bankruptcy Court in Houston on Wednesday denied Cineplex Inc.’s request to allow its case against Cineworld Group plc (LON:CINE) to proceed […] Cineplex continues to look for ways to monetize its 2020 aborted merger with UK-based Cineworld. Recent events suggest its pursuit of justice will be a long and winding road. A judge in the U.S. Bankruptcy Court in Houston on Wednesday denied Cineplex Inc.’s request to allow its case against Cineworld Group plc (LON:CINE) to proceed in October in the Ontario Court of Appeal despite the current U.S. proceedings. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Judge Marvin Isgur said allowing the litigation to continue at the early stage of London-based Cineplex's bankruptcy case would be "premature." "The purpose of the automatic stay is to give the debtor a breathing spell," Isgur said. Cineworld Withdraws Deal To Acquire Cineplex Cineworld, which filed for chapter 11 earlier this month, withdrew from a deal to acquire Cineplex in the wake of the Covid-19 pandemic. "The purpose of the automatic stay is to give the debtor a breathing spell," Judge Isgur said. He added that Cineplex remains free to seek future relief. As a result of the decision in the U.S., Cineplex's efforts to collect a CAD$1.24 billion Ontario Superior Court of Justice judgment in December 2021 are on hold until 2023 after Cineworld's U.S. bankruptcy proceedings have concluded.  Cineplex's share price jumped to $9.37 on the news but quickly retreated. It had since fallen back to where it was trading before the speculation surfaced. CGX stock lost 34% in 2022 to date and is off almost 75% since March 2020, when it appeared Cineworld would try to rescind its CAD$2.8 billion offer to buy Cineplex. In June 2020, the company officials said it wanted out of the deal. Also, on Wednesday,  The Wall Street Journal reported that Cineplex is considering merging with Regal Entertainment Group, Cineworld's U.S. subsidiary.  Details regarding potential Cineplex/Regal plans are limited, with the Journal saying Cineplex would offer Cineworld's lenders cash-and-stock backed by the combined business's assets. Some investors aren't convinced. Cineplex wants a Regal Deal. Deadline.com reported on Sep. 28 that the company is merely trying to secure its claim against Cineworld.  "I read the story as I was eating my cheerios that Cineplex has engaged with lenders of Regal Cinemas about a potential merger. That was news to me. We obviously have had merger talks with Cineplex on and off," said Cineworld attorney Joshua Sussberg of Kirkland & Ellis. "In fact, there were conversations over the course of the summer before we had an acute liquidity problem." In 2019, Cineworld's U.S. business generated $3.21 billion in revenue, including $1.86 billion from box office receipts. Over the next two years, its combined revenue was $1.80 billion, less than its 2019 box office. Cineplex's 2019 revenue was CAD$1.67 billion. Its two-year combined revenue for 2020 and 2021 was CAD$1.07 billion.  Assuming a merger between Regal and Cineplex went ahead, it would have combined revenue of $4.43 billion, based on 2019 results. AMC Entertainment Holdings (AMC) trades at 1x sales, which values the combined entity's equity at $4.43 billion.  AMC paid $3.6 billion for Regal's equity in 2018, plus the assumption of $2.3 billion in net debt.  Before Cineplex can make an official offer to the bankruptcy courts to buy Regal, Cineworld has the right to make its restructuring offer to its creditors. Article by Will Ashworth, Fintel.....»»

Walmart Gift Cards: How to Purchase and Use Them? [Online, & In-Store].....»»

Keurig Dr. Pepper raised its dividend in September The stock has returned more, year-to-date, than larger rivals Coca-Cola and PepsiCo Keurig Dr. Pepper is part of the S&P 500, and its recent price action is essentially tracking its index With the market continuing to hit the skids, despite Wednesday’s bounce higher, dividend-paying stocks like Keurig […] Keurig Dr. Pepper raised its dividend in September The stock has returned more, year-to-date, than larger rivals Coca-Cola and PepsiCo Keurig Dr. Pepper is part of the S&P 500, and its recent price action is essentially tracking its index With the market continuing to hit the skids, despite Wednesday’s bounce higher, dividend-paying stocks like Keurig Dr Pepper (NASDAQ:KDP) may look more and more attractive. But can it bubble to the top of investors’ watch lists, especially when compared to bigger rivals Coca-Cola (NYSE:KO) and PepsiCo (NYSE:PEP). .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. Keurig Dr Pepper raised its dividend by 6.7% in mid-September, increasing its annualized dividend rate to $0.80 per share, up from $0.75 per share. The increased quarterly cash dividend of $0.20 per share is payable on October 14 to shareholders of record on September 30. Its current dividend yield is 2.2%. Coke’s yield stands at 3.1%, and Pepsi’s is 2.7%. What about the total return for each when factoring in price action as well? Year-to-date, here’s how each has performed: Keurig Dr Pepper: +0.74% Coca-Cola: -1.54% PepsiCo: -0.96% All three are large caps and tracked by the S&P 500. Keurig Dr. Pepper joined the index in June, replacing Under Armour (NYSE:UA) which is currently in the small-cap territory. However, Coke and Pepsi have market caps of $244 billion and $229 billion, respectively, dwarfing Keurig Dr. Pepper value of $51 billion. To a degree, the smaller size may explain some of Keurig Dr. Pepper’s outperformance this year, although when you are talking about mega-caps versus large caps, the difference is not always so pronounced. Keurig Dr Pepper’s cold-beverage business was a standout in the second quarter, which the company reported in late July. Hot Sales Of Cold Beverages In the earnings release, the company said its Liquid Refreshment Beverages category remained exceptionally strong, with retail dollar consumption advancing 9.9%, and market share growing or holding across 92% of its cold beverage portfolio. The company said that largely reflected strength in carbonated soft drinks, premium unflavored water, coconut water, seltzers, teas, apple juice, vegetable juice, and fruit drinks. The company’s brands include not only its namesake Dr. Pepper but also Sunkist, Canada Dry, A&W, Squirt, CORE Hydration, Vita Coco, Polar seltzers, Snapple, Hawaiian Punch, and Mott's. The coffee segment, formed when Keurig Green Mountain acquired Dr. Pepper Snapple in 2018, also grew, but at a lower rate. This business unit includes its own manufactured coffee pods, as well as technology licensing to other manufacturers. In the release accompanying the earnings report, outgoing CEO Bob Gamgort said, "We successfully recovered from supply chain disruptions in coffee and non-carbonated beverages, implemented additional pricing to offset inflation, and continued to accelerate growth across our broad portfolio, leading to another quarter of strong market share performance. We remain confident that our ‘all-weather’ business model will enable us to deliver in the ongoing volatile macro environment." Revenue Ahead Of Wall Street Views Earnings came in at $0.39 per share, up 3% over the year-ago quarter. Revenue was $3.554 billion. A glance at MarketBeat earnings data shows that the company met earnings views, but revenue came in ahead of expectations. Analysts have a “hold” rating on the stock, as analyst data compiled by MarketBeat show. The consensus price target is $40.33, with a potential upside of 11.94%. On September 27, Goldman Sachs downgraded the stock from “buy” to “neutral,” with a price target of $37, up slightly from where shares were trading Thursday. On its chart, you’ll see that Keurig Dr. Pepper is forming a correction that’s fallen 14%, as of Thursday. The stock’s price performance has essentially tracked that of its index. Keurig Dr. Pepper topped out from a recent rally on August 18, two days after the S&P 500 rolled over from an interim high. As with pretty much all stocks right now, it’s one to track, but use caution until the market re-enters a confirmed rally. Should you invest $1,000 in Under Armour right now? Before you consider Under Armour, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Under Armour wasn't on the list. While Under Armour currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here Article by Kate Stalter, MarketBeat.....»»

CarMax stock is dropping sharply after reporting a steep drop in profits. Consumers are voting with their wallets, which is consistent with the current monetary policy. If the worst is baked in, KMX stock is starting to look properly valued  The used car dealership CarMax (NYSE:KMX) disappointed investors with a lemon of an earnings report. […] CarMax stock is dropping sharply after reporting a steep drop in profits. Consumers are voting with their wallets, which is consistent with the current monetary policy. If the worst is baked in, KMX stock is starting to look properly valued  The used car dealership CarMax (NYSE:KMX) disappointed investors with a lemon of an earnings report. The company showed softer revenue than expected. But the headline number was the company’s profit decline. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true);   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. The company reported earnings per share (EPS) of 79 cents, nearly 50% below the average analyst estimate for $1.40 per share.   Not surprisingly, shares of KMX stock are down 23% in mid-day trading following the report. That brings the year-to-date loss down to almost 50% for the stock. This is particularly troublesome because the stock was already performing worse than the broader market.  But this isn’t a surprise to most investors, and certainly not to most consumers. Used car prices were one of the first indicators of rising inflation. And with inflation likely to remain sticky for some time, consumers are taking matters into their own hands.   This Could Take Awhile  Since the earnings report, some analysts are proclaiming the used car boom is over. That may be true. But I’m not sure if that’s going to be much relief for used-car buyers in the near term. Like inflation itself, prices of used cars may not be increasing, but it’s not the same thing as having prices go down. That’s not likely to happen right away. And there are two significant reasons for that.   First, the auto industry still faces a supply-demand imbalance. Therefore, in situations where buying a new car is a necessity instead of a nice-to-have, consumers are likely to be facing elevated prices for some time to come.   Second, if you take the Federal Reserve at its word, interest rates are going to continue to rise into 2023. That means that many consumers who are priced out of the market will remain priced out of the market. And unfortunately, it may mean that more consumers will be priced out.  I’ll offer a bonus reason as well. Individuals who are planning to finance a vehicle may find that, if they can afford it, the difference between a new and a used vehicle (in terms of monthly payments) may make it more cost-effective to buy a new vehicle.   Is The Worst Over for KMX Stock?  Investors and consumers need to be careful not to miss the point of CarMax’s earnings. The company has created a more efficient way to sell cars. That’s not going away. But efficiency can’t overcome every purchase obstacle.   And that efficiency comes at a cost. The company said that its general and administrative expenses increased by 18% in the quarter due, in part, to investments in technology. While those are likely to pay for themselves, the company’s results show that it doesn’t matter how easy it is to buy a car if demand is not there. And price is still the most significant factor.  That being said, CarMax is still expected to grow revenue over the next five years, albeit at a much slower pace than in the past couple of years. But that is likely to be a drag on earnings which are forecast to have an average decline of around 3% in the next five years.   I don’t own or plan to own KMX stock. But if I was considering it, that would be the question I’d be asking. If it is, then you could point to an appealing price-to-earnings ratio of around 11x earnings as a reason to look at the stock. However, that’s still higher than AutoNation (NYSE:AN) which has a P/E ratio of around 4x earnings and just saw its quarterly earnings make an all-time high.   Should you invest $1,000 in CarMax right now? Before you consider CarMax, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CarMax wasn't on the list. While CarMax currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here Article by Chris Markoch, MarketBeat.....»»

Micron Technologies is a blue-chip tech stock trading at a deep value. The company’s weak guidance may already be priced into the stock.  Micron Technologies has a healthy balance sheet and is well-positioned for a slowdown.  Shares of Micron Technology (NASDAQ:MU) are down nearly 50% from their post-pandemic highs, driven by the same malaise as […] Micron Technologies is a blue-chip tech stock trading at a deep value. The company’s weak guidance may already be priced into the stock.  Micron Technologies has a healthy balance sheet and is well-positioned for a slowdown.  Shares of Micron Technology (NASDAQ:MU) are down nearly 50% from their post-pandemic highs, driven by the same malaise as other parts of the market, and now presenting a very memorable time to buy. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. At these levels, near $50, the stock is valued at a mere 6X its earnings and this is a blue chip tech stock fundamental to the global economy we’re talking about. Even Intel (NASDAQ:INTC) trades at nearly twice the value and it’s no flashy name itself, not one worth such a large premium in the face of a slumping market anyway. The takeaway is that the shares of Micron are trading at a firm level of support, the company is outperforming expectations, and is well-positioned for the downturn in business and so attractively priced at these levels.  Micron Circles The Wagon Following Mixed Quarter  Micron had a tough quarter but not one without good news although the good news was sparse. The company reported $6.64 billion in revenue for a decline of 19.7% versus last year and missed the consensus by 200 basis points which are not good news. The downturn was driven by a decline in demand versus last year’s pandemically-driven peak that is expected to extend into next year. The NAND and DRAM markets are well-supplied at this time and undergoing an inventory correction that has been brewing for the last two quarters or so.  The margin is also a source of bad news but not quite as bad as expected, which is the good news. The company reported a contraction in the GAAP and adjusted margin at the gross and operating levels due in large part to deleveraging in the face of slowing sales. Operating expenses held relatively flat on a sequential and YOY basis (up in both comparisons but slightly) which cut deep into the bottom line. The good news is that adjusted EPS of $1.45 came in $0.08 better than expected although it is down about a dollar from last year and the guidance isn’t awesome.  Micron is guiding FQ1 to revenue of $4.25 billion plus or minus a quarter billion. This is not only down sequentially and YOY but the weakest quarterly outlook in many years, since well before the pandemic, and more than 2500 basis points below the current consensus. The revenue weakness is going to lead to earnings of $0.04 to $0.10 as well, which is another big whiff. Micron’s Balance Sheet Is Ready For The Slowdown  Micron has a very healthy balance sheet that includes $11 billion in cash and securities and a net-cash position of $4.15 billion which is enough to support the dividend and the buyback plan over the next year with no changes.  As it is, the company bought back $2.43 billion in fiscal 2022 and started paying a dividend. The yield is worth 0.85% but comes with an ultra-low payout ratio and a very healthy balance sheet so there is a positive outlook for distribution increases although maybe not this year.  The Technical Outlook: Micron Moves Up From Support  Shares of Micron gained nearly 3.0% in early trading and look like they may be putting in a bottom. The near-term outlook is bullish but may be capped at the short-term moving average so caution is due. A move above the EMA would be bullish and could lead to a fuller reversal but general market conditions may put a lid on that for the foreseeable future. Longer-term, if the stock can put in a solid bottom a reversal is likely in the back half of 2023 once the memory-chip market restabilizes and production begins to ramp again.  Should you invest $1,000 in Micron Technology right now? Before you consider Micron Technology, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Micron Technology wasn't on the list. While Micron Technology currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here Article by Thomas Hughes, MarketBeat.....»»

For weekend reading, Gary Alexander, senior writer at Navellier & Associates, offers the following commentary: Indexes are setting new annual lows. In my previous column, I predicted (based on the history of mid-term election year markets) that we would likely see lower lows in the fall, if history is any guide. It may happen sometime […] For weekend reading, Gary Alexander, senior writer at Navellier & Associates, offers the following commentary: Indexes are setting new annual lows. In my previous column, I predicted (based on the history of mid-term election year markets) that we would likely see lower lows in the fall, if history is any guide. It may happen sometime in early to mid-October, but then we’re likely to see a dramatic year-end rally – probably starting before the actual November 8 election results are in. After all, markets tend to anticipate news. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. Below is a month-by-month look at the last 15 fourth quarters of mid-term election years, since 1962. Going into this study, I thought that the late-year gains would be strongest in November, after the election results were in, but that was not the case. As you can see from this table, the majority of the gains came in October, before the elections. What’s more, October was the best-performing fourth-quarter month in 8 of the last 15 mid-term cycles: There are some interesting stories here. Among double-digit fourth-quarter gains, these four lead the pack: In 1962 (+12.1%), the Cuban Missile Crisis was resolved in late October, which gave JFK an election boost. His Party lost only two seats (-4 in the House and +2 in the Senate) after pundits once expected he would lose far more. In addition, November delivered a nice double-digit 10.2% market gain. In 1982 (+16.8%), we still suffered from our worst postwar recession, and the once-popular Ronald Reagan sported a 42% approval rating, but Fed Chair Volcker had broken the back of inflation and was busily lowering interest rates by giant steps, so that delivered an 11% market boost in October. In 1998 (+20.9%), October gained 8% even though President Clinton was subject to impeachment investigations. His popularity soared to 65% and stayed there through the mid-term election, as most people thought the charges were fairly trivial. After the previous 10 Presidents (going back to FDR) had lost seats in mid-term elections, Clinton actually gained 5 House seats and lost no Senate seats. 2010 (+10.2%) is the most recent double-digit gain, when Tea Party voters delivered what columnist Charles Krauthammer called a “restraining order” to the Obama Administration’s ambitious plans. The 2010 election resulted in the largest swing since 1938: +63 House seats and +6 Senate seats. This table from Bespoke Investment Group shows a summary of the mid-term election results since 1946: Will 2022 Be An "Inflation Election" or Will We See an October Surprise? Last April, The Wall Street Journal called the coming mid-terms, “The Inflation Election”. Since then, each time the Biden team says inflation has peaked, some uncomfortably high inflation numbers emerge, partly caused by Biden’s blunders, like limited fossil fuel exploration or pushing more costly electric vehicles (EVs). We are already suffering from electricity shortages, even with a small percentage of EVs on the road. In the last 12 months, through August 31, electricity prices are up 15.8% and utility prices, including natural gas, are up 33%. Groceries are up 13.5%, which is the fastest rise since 1979. Wages aren’t keeping up, as real average hourly earnings are down 2.8% from August 2021 to August 2022, so inflation remains the #1 issue for most voters this year. Each of the past four Presidents suffered a reversal of their Party’s Congressional majority during a mid-term election: Clinton in 1994, Bush in 2006, Obama in 2010, and Trump in 2018 – two Democrats and two Republicans. President Biden has a much narrower margin in both Houses than the previous four Presidents, and he has a low popularity rating, so he will likely suffer the same fate this November. With Democrats barely holding 50-50 in the Senate and 51-49 in the House, that’s the narrowest plurality going into a first-time mid-term, and Biden’s latest approval rating is the same 42% as Trump’s in 2018. The Fed isn’t doing the President any favors. Following the Federal Reserve’s latest hawkish inflation-fighting game plan, we’re liable to see a 0.75% rate increase just six days before the election, so a big swing in Congress this fall – how much is anyone’s guess – is a likely bet. The current real-money odds in Las Vegas are about 6-to-1 (put up $6 to win $1) that the Republicans will take control of the House. The war in Ukraine is important, but out of touch to most Americans. Inflation in food and energy prices – exacerbated by that war (but not caused by it) – are closer to home for most voters. With inflation stubbornly higher than the “transitory” predictions of the Fed last year, and only one more monthly data point to report for the Consumer Price Index (CPI) before the elections, there is not much time for the Biden team to turn around inflation expectations among millions of voters suffering these high prices. There’s always the chance for an October or early November surprise, like a sudden solution to the war in Ukraine, but even in that arena, the blundering Biden team seems more intent on unconditional surrender and regime change in Russia than in negotiations. There’s also talk of more regulations and higher taxes, while flooding the economy with cash-machine, vote-buying schemes like college loan debt forgiveness. Incumbents seldom win re-election for their Party when they take a bustling 6.3% GDP economy down to “stagflation” (zero growth plus inflation), even if they come up with spending plans disguised as Inflation Reduction Acts, so get ready for Gridlock, unless the Biden team can pull a miracle out at the last minute......»»

The latest issue of ‘The Globe’, Eurizon’s publication describing the Company’s investment view. In this issue, a focus is dedicated to “inflation is the culprit.” Scenario Government bond yields on the rise across maturities, most markedly on the short end of the curve, in a context of still high inflation, resilient growth, and aggressive Central […] The latest issue of ‘The Globe’, Eurizon’s publication describing the Company’s investment view. In this issue, a focus is dedicated to “inflation is the culprit.” Scenario Government bond yields on the rise across maturities, most markedly on the short end of the curve, in a context of still high inflation, resilient growth, and aggressive Central Bank actions. Fed funds futures now point to rates peaking in the 4.7% area next spring, from 3% at present, and subsequently dropping back. Similar course for ECB rates, now at 1.25% and forecast at over 3% by mid-2023. These expectations anticipate a drop in inflation and a contraction in growth between the end of 2022 and the opening months of 2023. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   The moderation would be welcome, although until there is clear evidence in this direction the Central Banks will not be prepared to slow their tightening process. However, on a positive note, the price of oil has been dropping stably since June, and the natural gas prices have also recently dropped. The outcome of the Italian election was in line with pre-vote expectations. The spread, that had already risen over previous months following the ECB’s change in stance, was subject to no further tensions, neither before nor after the vote, thanks to an election campaign in which euro-scepticism was reduced to a minimum. In China, the economy is reaccelerating after slowing sharply due to the lockdowns imposed in the second quarter of the year, and anticipation is mounting ahead of the Congress of the Chinese Communist Party on 16 October. Macro Economy US inflation is moderating thanks to the energy component, although core items are still rising at sharp rates. The global economy is proving more resilient to rate hikes than expected (for now). Fed fund futures are pricing in further rate hikes worth 170 basis points, with a peak at 4.7% in the spring of 2023. The ECB envisages a further 200 basis points worth of hikes, and a peak at 3.2% in mid-2023. Asset Allocation The autumn should bring signals of a downturn of inflation and/or of a macro slowdown, to the advantage of a stabilization of medium and long-term yields. Overweight position confirmed on the government bonds of the United States and Germany, exposure to stocks lowered to neutral. FixedIncome Overweight position confirmed of US and German government bonds, that could benefit both from easing inflation and the slowdown in growth. Among spread bonds, a preference goes to Investment Grades, while the picture remains uncertain for High Yield and Emerging bonds. Neutral positions on Italian government bonds. Equity Stock market valuations have dropped to historically appealing levels but could be confirmed volatile in case of a sharp macroeconomic slowdown. On the other hand, a swifter recovery could materialize in case of signals of easing inflation. Currencies The Fed’s hawkish turn has widely been priced in by the dollar, that could take a breather in the upturn observed since the beginning of 2021. However, for the euro to recover, the energy crisis will necessarily have to improve. Investment View The baseline scenario contemplates further Central Bank rate hikes, in waiting for more evident signals of an easing of inflation. As the monetary restriction continues, so will the downward revision of economic growth forecasts. In this context, medium and long-term rates should stabilize on fears of a slowdown. However, uncertainty on the resilience of the economic growth should in any case extend volatility on the stock markets. Asset Classes compared Government bond yields on the rise to new year-to date highs. Sharp inversion of the curve in the US, flat curve in Germany. Stocks back down to the lows hit in June. Spreads stable at high levels for peripheral Eurozone bonds and credits (Investment Grade, High Yield, Emerging Markets). Dollar strong against all the other currencies, at 0.98 against the euro. Theme Of The Month - Inflation Is The Culprit The (negative) trend of the markets in the course of this year may be explained by a single variable: the flare up of inflation, a true bane for investors, that have to tackle rising rates and falling stock indices. Going forward, the good news is that inflation is starting to drop. The bad news is that the decline is not enough for the time being to allow the Central Banks to declare victory against surging prices. At least two of the three components of inflation are on the decline. The supply-side bottlenecks that took shape during post-Covid reopenings are easing, as made evident by the drop of international forwarding prices, nonetheless still higher than they were before Covid. Commodity-induced inflation is declining: industrial metals prices have actually been falling since March, the price of oil has dropped below 80 dollars per barrel, after stopping just short of 115 dollars in June, and the price of natural gas, one of the main drivers of inflation in Europe, is also decreasing. However, second level effects are still in place, as price increases are being transferred downstream by the business sectors affected, fueling core inflation. This is the reason for which, at their September meetings, the Fed and ECB not only hiked rates again, by 75 basis points, but confirmed their intention to proceed in this direction in the months ahead. For the time being, near-term Fed funds futures are pricing in yields of between 4.5% and 5% by the spring of 2023 followed by a 100 basis points decline to contain the economic slowdown once inflation will have been reined. The ECB envisages a point of arrival at above 3%. Short-term yields at these levels are already being priced in on the medium and long ends of the curve. In the United States, the 2-year yield has grown to 4.3%, close to the level priced in by Fed funds as the point of arrival. The 10-year yield has risen to 3.8% and, with an inverted curve, is starting to price in the fact that the monetary tightening will not only bring inflation back under control, but also slow growth. In its present configuration, the US curve seems to have reached its maximum inversion (the 10-year yield is 50 basis points lower than the 2-year rate) since the early 1980s. At the moment, the upward movements of the 2-year rate have managed to also drag up the 10-year yield, although the release of weak macro data could result in a further inversion of the curve (as a result of the decline of the 10-year rate). On the other hand, lower than expected inflation data would stop the inversion of the curve, while shifting it downwards across maturities. Similar considerations apply to the euro curve, flat from the 2-year maturity onwards at 3%, the point of arrival envisaged for ECB rates. For what concerns the stock markets, this year’s decline has not been due to endogenous market factors. Businesses have kept achieving earnings growth, and equity return has risen in line with bond rates. The volatility of stocks has been historically low compared to the decline incurred by prices. All these elements support the view that the weakness of the stock markets has been entirely imported from the repricing of the bond markets, in turn destabilisedby inflation. Therefore, the stabilisationof bond rates is essential for stocks. If the upward path of rates is halted by a drop in inflation, the recovery of the stock markets may be immediate and swift. If on the other hand rate hikes are interrupted by a sharp drop in economic activity, the recovery of stocks could be delayed, in waiting to verify the impact on earnings. In this case as well, however, it is reassuring to note that analysts have already started reviewing their expectations, effectively anticipating the potential macro slowdown......»»

Paris, France, 30th September, 2022, Chainwire Starfish Finance, the DeFi project running on Astar Network, has shared its vision of how NFTs and decentralized finance will coalesce on Polkadot. The community-driven project predicts the worlds of DeFi and NFTs will eventually fuse and form a brighter star, with Starfish Finance ($SEAN) serving as the fortress […] Paris, France, 30th September, 2022, Chainwire Starfish Finance, the DeFi project running on Astar Network, has shared its vision of how NFTs and decentralized finance will coalesce on Polkadot. The community-driven project predicts the worlds of DeFi and NFTs will eventually fuse and form a brighter star, with Starfish Finance ($SEAN) serving as the fortress that hosts this union. Starfish Finance is one of many planets orbiting the Astar Network ecosystem, one of the brightest parachains in the Polkadot galaxy. Living on its primary planet is a starfish named Sean, who has vowed to venture into the galaxy and build new castles. The Starfish protocol is based on Balancer v2. It gives users the freedom to create liquidity pools of up to eight different crypto assets on top of a full stack DeFi product suite. Beyond its DeFi capabilities, users can stake NFTs on their native chain through Celer Network’s IM framework, an inter-chain messaging mechanism, to enjoy cross-chain collateralized NFT lending and borrowing. The Starfish Finance protocol has been audited by CertiK and the Starfish team has stressed that the community’s security is their number one priority. The team is now in the process of entering into collaboration with renowned NFT projects to provide liquidity that will empower owners to access capital without relinquishing ownership of their cherished collectibles. Starfish Finance is already listed on Huobi, a major top tier centralized exchange, and the team aspires for more listings which might be announced as the protocol develops. From the beginning, Starfish Finance has positioned itself as a one-stop shop that offers multi-token stable and weighted swaps and embraces a multi-chain future. Starfish started the year with conception, fundraising, forming strategic partnerships, building an inclusive community, and testnet launch. For the rest of 2022, the team will roll out their DeFi suite and refine their NFT collateralized lending and borrowing launch in the roadmap. The eventual formation of Starfish DAO, dubbed The Aquarium, will pave the way for everything that comes next. The community council will be tasked with nurturing different parts of the project, from product to art, and from technology to marketing. Community members will play a big part in onboarding and whitelisting new NFT projects as eligible collateral for Starfish’s NFT-Fi, in addition to managing events and activities to grow the multi-chain Web3 economy. Learn more about Starfish Finance Contact Partnership Lead mars@starfish.finance.....»»

Alignable’s September Rent Report is out today and rent delinquency rates among small businesses have improved significantly over August, now resting at 30% compared to a high of 40% last month. This shift of ten percentage points is encouraging news and could mark the beginning of a shift toward a stronger recovery for small businesses […] Alignable’s September Rent Report is out today and rent delinquency rates among small businesses have improved significantly over August, now resting at 30% compared to a high of 40% last month. This shift of ten percentage points is encouraging news and could mark the beginning of a shift toward a stronger recovery for small businesses – if this trend continues into the rest of Q4. Rent Problems For Small Businesses Improve While it’s still important to point out that 30% or nearly one-third of small businesses were unable to afford their full rent in September, this is the best rent delinquency rate for small businesses that we’ve seen since April 2022. Over the past year, the best rent delinquency rate, 26%, emerged after the holiday rush in December 2021. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   These new insights are all based on a poll conducted among 4,232 randomly selected small business owners from 9/16/22 to midnight last night – 9/29/22. Here are other highlights from September’s Rent Report: Despite increased inflationary pressures, 59% of those polled say they're fighting back by charging more for their goods and services to cover their expenses, and 29% say they have fully recovered, making as much if not more than they did prior to COVID. That recovery figure, while still low, is a 6% improvement over 23% in Aug. While many rent delinquency rates among key industries remain high, there were some improvements. Restaurants went from 46% in Aug. to 36% in Sept., and similar patterns emerged among retailers (40% in Aug., down to 31% in Sept.), travel/lodging pros (44% in Aug., down to 28% in Sept.), and those in the transportation sector (41% in Aug., landing at 38% in Sept.). In most cases, poll takers have noted that lower gas prices have helped them pay other expenses like rent. However, there was little to no change for small businesses in education, or those owning gyms. Both have rent delinquency rates above 40% in Sept. Many states saw major improvements in rent delinquency rates including CA, CO, GA, FL, and But some rates remain high and one – with very high rents – went the other way – MA. Right now, 36% of MA-based SMBs can’t pay their rent in full and on time, up 3% from 33% last month. That represents the only increase at the state level we’ve seen this month. But MA is only in second place in terms of national rent delinquency. IL and NY are tied for first place with a 39% delinquency rate, again, largely because of high rent costs in both states. (See the report for more state information). For Canadians, the situation is more severe, with 41% of that country’s small business owners unable to make September rent, but that’s an improvement of seven percentage points over Aug. when the rate was 48%. In terms of provinces, AB is the highest with 50% unable to afford rent. However, only 39% in ON and 33% in BC couldn’t pay their rent, significant improvements over last month......»»

The question many investors are asking is, why haven’t gold and silver rallied this year while inflation runs excessively hot? There are several possible reasons, a few of which are explored below. Currently, gold is outperforming US Treasury Inflation-Protected Securities (TIPS), US and foreign bonds, the NASDAQ, S&P 500, foreign stock, and a basket of […] The question many investors are asking is, why haven’t gold and silver rallied this year while inflation runs excessively hot? There are several possible reasons, a few of which are explored below. Currently, gold is outperforming US Treasury Inflation-Protected Securities (TIPS), US and foreign bonds, the NASDAQ, S&P 500, foreign stock, and a basket of foreign currencies. So far, the biggest challengers to gold have been commodities and the US dollar. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. As of today, the gold spot price has fallen 5% year-over-year (YoY) but is faring way better than the majority of asset classes. If you hold some gold in your portfolio, it should be hedging fairly well against those losses. The Greenback The US dollar gained strength against other currencies and assets in 2022, despite high inflation. Even though the dollar is at a 20-year high, it doesn’t mean the dollar isn’t losing buying power. So far this year, the average American household has spent $5,200 more on a basket of goods than they did in 2021. That means an average American has to fork out over $433 a month extra if they want to maintain the same living standards as they did the year before! Overall, the dollar’s purchasing power is significantly lower year-over-year. So, when you hear that the dollar is strong, it is being compared to a basket of leading currencies. That’s because other currencies are suffering due to rapidly shrinking economies and loose monetary policies. Forex Earlier this week, the British pound fell to a record low of $1.03 against the US dollar. Then it slightly rose to $1.07. This crash followed an announcement by the British government stating that they will implement the largest tax cuts in 50 years. The British economy is facing high inflation rates and even higher government borrowing. This has led many investors to speculate about a complete economic crash in the UK is becoming more probable. The Japanese yen, Chinese yuan, and EU’s euro have also lost significant value against the dollar and gold. All of these currencies are weaker against the dollar because their corresponding central banks have been hesitant to increase interest rates and tighten their monetary policies. However, these financial bodies are starting to change their tune, with the Bank of England and the European Central Bank beginning to increase interest rates. This will challenge the US dollar’s dominance once the Fed reaches its interest rate ceiling. The Fed can only raise rates to a certain point because the cost to service the country’s debt would become unsustainable. At that point, the dollar would regress. That’s when many analysts predict that gold will begin to gain against the dollar. Gold is Still Holding Strong Although gold has not reached the record highs that many have predicted, the metal is doing better than expected. According to the World Gold Council (WGC), gold should have fallen by 30% due to interest rates and a stronger dollar. Clearly, that is not the case. Gold has remained fairly stable. The WGC stated the following: “The fact that gold has performed as well as it has, all things considered, is a testament to its global appeal and more nuanced reaction to a wider set of variables.” While geopolitical problems and inflation increase across the world, institutions will continue to purchase gold as a safe haven......»»

On Wednesday afternoon post market close, Warren Buffett’s Berkshire Hathaway in a Form 4 filing with the SEC disclosed the purchase of another ~6 million shares in Occidental Petroleum (NYSE:OXY) from Monday to Wednesday. Berkshire Purchases More Occidental Petroleum Shares The purchase comes as OXY’s share price retraced over -20% lower from late August through […] On Wednesday afternoon post market close, Warren Buffett’s Berkshire Hathaway in a Form 4 filing with the SEC disclosed the purchase of another ~6 million shares in Occidental Petroleum (NYSE:OXY) from Monday to Wednesday. Berkshire Purchases More Occidental Petroleum Shares The purchase comes as OXY’s share price retraced over -20% lower from late August through to late September due to the falling oil price and weaker equity markets. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Warren Buffett Series in PDF Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. This latest brings Berkshire’s total OXY share count to around 194 million or ~21.5% ownership of the company. On average, the fund paid $58.79 per share for the latest tranche. The fund has already made a 4.5% gain on the shares purchased as OXY’s stock rebounded over the week In addition to the ordinary equity, Berkshire owns 83.9 million OXY warrants bringing the right to purchase additional shares. If all warrants were exercised, Berkshire would own a staggering 30.8% in the company. Despite the recent pullback with energy markets, OXY’s share price remains up almost 100% since the beginning of the year. So what is Berkshire's plan with Occidental? Will they eventually launch a takeover offer? According to a tweet last week, another activist heavyweight Carl Icahn lashed back at the energy producer in the market saying “sure wouldn’t buy Occidental Petroleum stock at this point” OXY is only one of the many trade movements made by the Berkshire Hathaway fund during the quarter. Latest Purchases According to the Fintel research platform, the largest net increase for the fund has been in beverage company Coca Cola Co (NYSE:KOO). Berkshire increased its weight in the portfolio by +1.56% to 8.38% of the total fund.  KO has outperformed the broader market in 2022 with shares trading -3.9% lower year to date vs the S&P 500 which is down -22.5% in the same period. The stock has sticky earnings and generates a healthy profit while paying a 3.1% annual dividend, making it a solid defensive play in a rising rate environment. The funds other consumer staples position in Kraft Heinz (NASDAQ:KHC) was topped up by +0.61% to 4.14% total allocation in the fund. Berkshire also increased their portfolio allocation in another energy conglomerate Chevron Corp (US:CVX) by +0.66% to 7.78% of the total fund. The CVX position is almost double the size of the OXY position. The E-sports and gaming company Activision Blizzard (NASDAQ:ATVI) attracted a +0.36% bump in portfolio allocation to 1.77% of the fund. Latest Sales The largest decreases by the fund were in Apple (NASDAQ:AAPL) where Berkshire trimmed -2.02% of the portfolio allocation in the tech giant. The tech conglomerate remains the largest company holding with a giant 40.76% weighting. The fund also offloaded 10% of their Bank of America (NYSE:BAC) preference share position to 10.47% of the total fund. The preference shares have traded lower over September, following the banks share price movements. Payments company American Express Company  (NYSE:AXP) was reduced by almost 10% with a -0.79% reduction in portfolio weighting. Berkshire continues to hold a 7% portfolio weighting in the company. The weight in General Motors (NYSE:GM) was trimmed by -0.19%, reducing the portfolio allocation to 0.56% of the fund. General Motors has recently sold off after staging a 35% recovery that had been gathering pace since early July. Article by Ben Ward, Fintel.....»»

Small-cap health staffing firm Cross Country Healthcare is notching price gains that outpace the broader market The stock has a low number of shares in float, which means it can have wide intraday price swings. In recent months, that volatility has resulted in upside trade The company has topped both sales and earnings expectations in […] Small-cap health staffing firm Cross Country Healthcare is notching price gains that outpace the broader market The stock has a low number of shares in float, which means it can have wide intraday price swings. In recent months, that volatility has resulted in upside trade The company has topped both sales and earnings expectations in every quarter since July 2019 Investors love to learn about companies like Cross Country Healthcare (NASDAQ:CCRN) with a long history of profitability, and revenue growth, and one that’s bucking the market’s downtrend.  The Boca Raton, Florida company provides staffing and outsourcing services for health professionals, including travel nurses and temporary physicians. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. If you’ve spent any time in hospital settings in the past decade or so, you’ve likely encountered some of these “freelance” professionals. I live in New Mexico, which has a relatively small population compared to other states. My family members and I have been treated by travel physicians and nurses. The level of care is exactly the same as if we’d been treated by a staff doctor or nurse. These professionals provide a service for short-staffed hospitals in various regions of the country.  Cross Country Healthcare trended along with the broad market in Wednesday’s wide heavy-volume rally. The stock, with a market capitalization of $1.1 billion, is tracked by the S&P 600 Small Cap index, as well as the Russell 2000.  Although large-cap indexes had a big day Wednesday, small caps actually outperformed. The SPDR S&P 500 ETF (NYSEARCA:SPY) was up 1.96%, while the SPDR Portfolio S&P 600 Small Cap ETF (NYSEARCA:SPSM) notched a gain of 2.68%.  Outpacing Small-Cap Index Cross Country Healthcare was up 4.03% for the session, its third day in a row of upside trade. You can’t make too much of one upside day for the broader market, as bear-market rallies are common and you can even see some of the biggest gains during a bear.  However, it’s always a good idea to track stocks like  Cross Country that are holding up better than most. The stock is flat relative to where it ended 2021, thanks to a lengthy correction that began in early January. Shares are up 8.40% in the past month and up 36.88% in the past three months. Cross Country tends to have wide intraday price swings, which is not uncommon with a small stock that has few shares in its float. In this case, the float totals just 36.3 million. That volatility can occur because the small number of shares available means buyers and sellers may have a difficult time finding someone at the other end of the trade. The wide swings mean there’s not always agreement on what the price should be.  The stock has a beta of 1.14, meaning it’s slightly more volatile than the broad market. In this case, that’s translated to gains, but volatility can also result in greater share-price declines.  That’s a possible negative about Cross Country. However, there are plenty of positive aspects to offset that drawback. For example, revenue grew between 53% and 127% in the past six quarters, while earnings grew at triple-digit rates for the past eight quarters.  Long History Of Topping Analyst Views MarketBeat earnings data for the stock show that Cross Country topped both earnings and revenue expectations in every quarter since July 2019. That kind of track record bodes well for future earnings and revenue beats. Checking with analyst data compiled by MarketBeat, you’ll find that Wall Street has a “moderate buy” rating on the stock with a price target of $33.75, representing a 16.86% upside.  Cross Country shares have been languishing somewhat below resistance near $30.50, where they got smacked down three times, once on July 21 and again on September 14 and 15. Watch for the stock to gather up the momentum to clear that hurdle, which would be a good sign of more gains to come.  The company is set to grow through acquisition, as indicated by its September 13 announcement that it would acquire the assets of Mint Medical Physician Staffing and Lotus Medical Staffing. Lotus is an independent unit of Mint. The transaction is expected to close in the fourth quarter.  Should you invest $1,000 in Cross Country Healthcare right now? Before you consider Cross Country Healthcare, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cross Country Healthcare wasn't on the list. While Cross Country Healthcare currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here Article by Kate Stalter, MarketBeat.....»»

With a recession coming, investors have to be more picky than ever. There are diamonds in the rough if you look hard enough. Analysts have identified serious upside in these two stocks. Investors everywhere are worried about the future of their portfolios, and for a good reason – there’s a lot of talk about a […] With a recession coming, investors have to be more picky than ever. There are diamonds in the rough if you look hard enough. Analysts have identified serious upside in these two stocks. Investors everywhere are worried about the future of their portfolios, and for a good reason – there’s a lot of talk about a looming recession. The Fed has hiked interest rates several times this year in a bid to bring down inflation, but the rate increases look set to continue as inflation numbers have continued to be reported at record levels. The central bank obviously doesn’t want to cause an economic downturn, but it’s looking like that may be the price to pay to stifle the runaway inflation numbers. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. While most stocks in the food, energy, and healthcare industries tend to be favored during economic downturns, there are often more nuanced opportunities out there if you look close enough. Let’s take a look at two casino stocks that just got upgraded. Las Vegas Sands (NYSE:LVS) The company operates casinos and resorts, with its business mostly concentrated in Asia – especially Singapore and China’s Macau region. Macau is one of the world’s gambling capitals and the only place in China where gambling is legal.  In the almost three years since China began enforcing strict lockdowns in response to the coronavirus outbreak there has been little business if any for casino operators in Macau - but that’s about to change. Macau officials announced recently that they would begin to allow tourists from mainland China to visit the gambling city, and Chinese tour groups could be pouring into Macau as soon as November. On Monday of this week, Jefferies’ analyst David Katz said it is the moment the firm has been waiting for.  The stock has made some little gains this year so far, but is up more than 30% from the lows of summer, something not many other equities can claim, with some good momentum building behind it now. There’s still significant upside potential still there for those who want to bet on a full recovery as Macau reopens, as the stock has been setting higher highs recently and the MACD has just had a bullish crossover. Wynn Resorts (NASDAQ:WYNN) Like Las Vegas Sands, Wynn Resorts is among the leading casino operators in Macau region, meaning that the city’s reopening to Chinese tour groups bodes well for their business recovery too. Despite the macro headwinds of recent months, Wynn still managed to deliver record quarterly EBITDA of $227 million in the most recent quarter. They also reported record hotel revenue, building the case for the long-term recovery potential on offer here.  Investors will remember Wynn CEO Craig Billings saying that “the pandemic has made us nimbler than ever, and we are confident that we can adapt quickly to changes in the economic landscape, should they arise.” After the update from the Macau government this week, Jefferies also moved their rating on Wynn from a Hold to a Buy. It was a move that echoed that from their peers at Credit Suisse who moved Wynn to an Outperform rating two weeks ago. Analyst Benjamin Chaiken wrote in a note to clients at the time that Wynn Resorts is “one of the more compelling stories in gaming”. His $117 price target also suggests there’s upside in the region of 80% to be had from current levels.  Their shares have a while to go yet before they’ve definitively broken the multi-months downtrend, but it’s fair for investors to look at July’s $51 level as the low for now. From a technical view, Wynn stock has plenty to like about it too. The MACD has also just had a bullish crossover, while the rising RSI further confirms that the buying momentum is building.  There’s undoubtedly more market volatility on the horizon, but there are still stocks out there that can help you ride out the storm better than others. Las Vegas Sands and Wynn Resorts mightn’t have been on your radar, but they’re two casino stocks that have been beaten down for the past year, and who are suddenly looking stronger and a lot more attractive. Should you invest $1,000 in Wynn Resorts right now? Before you consider Wynn Resorts, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Wynn Resorts wasn't on the list. While Wynn Resorts currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here Article by Sam Quirke, MarketBeat.....»»

Cintas notched a double beat in earnings, but its forward guidance is the real story. There are always good companies to invest in a bear market. As a stock trade exclusively, there may be better options. Cintas (NASDAQ:CTAS) is down just over 1% the day after it reported strong earnings. On the top line, the […] Cintas notched a double beat in earnings, but its forward guidance is the real story. There are always good companies to invest in a bear market. As a stock trade exclusively, there may be better options. Cintas (NASDAQ:CTAS) is down just over 1% the day after it reported strong earnings. On the top line, the company posted revenue of $2.17 billion which was up from the $2.08 billion forecast by analysts. The bottom line number was equally strong. Earnings per share (EPS) came in at $3.39 which was significantly higher than the forecast of $3.13. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. But the really notable part of the company’s earnings report is that it raised its guidance for the rest of 2022. If this was happening a year ago, or even two years ago, many investors wouldn’t have thought anything about it. In fact, CTAS stock might have been falling because the results weren’t “good enough.” But there aren’t a lot of companies that are beating on earnings and raising their guidance. Cintas did that. And that’s the lesson that investors should remember. There are going to be companies that perform well even during a bear market. But finding them is going to require more effort. Cintas has a couple of factors working for it. This article will explore a few reasons why Cintas may be a good option for long-term investors, and why there may be better options for short-term traders. A Strong Customer Base As Dave Gilreath, chief investment officer and portfolio manager for Innovative Portfolio’s mentioned on The MarketBeat Podcast, the workers that Cintas is supplying uniforms for are essential workers. Remote work is not an option for them. And, with factory output showing signs of increasing in the country, there’s another reason to believe in the company’s forecast. And some of it is because the company is diversified in many areas such as personal protective equipment (PPE). One example of this is the company’s Ready for the Workday program allows businesses to have essential products and services delivered in a contactless way. Solid Financials It’s interesting to note that Cintas, which is largely seen as a company that would depend on in-person work saw its revenue increase on a sequential and year-over-year basis during the pandemic. Part of this was, as Gilreath noted, because it captures essential workers. But capturing revenue and making efficient use of it are two different things. Cintas scores well on several key profitability metrics such as Return on Equity, Return on Assets, and Profit Margin. And the company has been growing its free cash flow (FCF) at an impressive pace. A Growing Dividend Cintas falls into the category of Dividend Aristocrats. This category is made up of companies that have increased the dividend they pay for at least 25 consecutive years. Cintas has now managed to increase its dividend for 38 consecutive years. With a yield of just over 1% (1.19%), the stock isn’t one that may catch the attention of dividend investors. But once again, I’ll point out something Gilreath mentioned. A significant reason for the low yield is that investors have received a 169% gain in the CTAS stock share price over the past five years. The Stock May be Overvalued in the Short-Term I’ve given long-term investors several reasons to look at Cintas as a company that can help them weather the current bear market. But if you’re a short-term trader, I’ll admit there may be better options. CTAS stock currently trades at a P/E ratio of over 30x earnings and while it’s trading in the middle of its 52-week range, it has met resistance on the upper end of that range twice in the last year. That leaves the company little margin for error at a time when the company admits it faces higher operational expenses. So far, the company has been able to offset that with higher prices and growth in new customers. But if the country faces a prolonged recession that model will be put to the test. Cintas is a part of the Entrepreneur Index, which tracks some of the largest publicly traded companies founded and run by entrepreneurs. Should you invest $1,000 in Cintas right now? Before you consider Cintas, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cintas wasn't on the list. While Cintas currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here Article by Chris Markoch, MarketBeat.....»»

The federal and state governments have sent plenty of monetary aid since the start of the coronavirus pandemic. Many of those programs, however, excluded immigrant workers. Thus, to provide assistance to such workers, New Jersey came up with the Excluded New Jerseyans Fund. Although the application for this immigrant workers stimulus check from New Jersey […] The federal and state governments have sent plenty of monetary aid since the start of the coronavirus pandemic. Many of those programs, however, excluded immigrant workers. Thus, to provide assistance to such workers, New Jersey came up with the Excluded New Jerseyans Fund. Although the application for this immigrant workers stimulus check from New Jersey is closed, those who have already applied but haven’t yet submitted the required documents can still do so. Such applicants, however, should hurry up as the deadline to submit the documents is only a month away. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Deadline Looms To Claim Immigrant Workers Stimulus Check From New Jersey Gov. Phil Murphy announced the Excluded New Jerseyans Fund in May 2021. The primary objective of creating the Excluded New Jerseyans Fund was to help undocumented immigrants and other workers excluded from the economic aid during the coronavirus pandemic. It is a one-time payment that offers direct cash benefits to eligible households. Initially, the state's administration set aside $40 million for the fund, but after the deluge of applications in February, the governor transferred $20 million more to the fund, bringing the total to $60 million. Individual applicants can get up to $2,000 from the Excluded New Jerseyans Fund, while families can claim up to $4,000.   The deadline to apply for the fund was February 28, but applicants had until September 30 to submit the required documents. Now that deadline has been extended to October 31, according to the New Jersey Department of Human Services. Many activists are still calling for the state to further extend the deadline. It must be noted that this deadline is not for new applications (the fund is no longer accepting new applications), rather it is for those who already submitted the application but did not submit all the required documents. “PLEASE NOTE that pending documents for your application must be submitted no later than Monday, October 31, 2022,” the program’s website says. Applications for those who fail to submit required documents by the deadline may become closed. Excluded New Jerseyans Fund: You Can Ask For Help About 35,000 households have applied for the immigrant workers stimulus check from New Jersey, notes Make The Road New Jersey, an organization that works for immigrant, working-class and Latinx communities. About half of these applicants, however, are at risk of losing out on the money due to missing documentation. The administration is sending notices to those who are required to submit documents so as to claim the immigrant workers stimulus check from New Jersey. “Information about what documents you are missing has been sent to you via e-mail and/or a phone. Please make sure to submit these documents by the deadline so that your application is not closed,” the notice reads. Those who need assistance in determining what documents are required and how to upload them, can schedule an appointment to get in-person help; or call (609) 588-2001; or email at ExcludedNJFundQuestions@dhs.nj.gov......»»

Following is the unofficial transcript of a CNBC exclusive interview with Morgan Stanley (NYSE:MS) Chairman & CEO James Gorman on CNBC’s “Mad Money” (M-F, 6PM-7PM ET) today, Thursday, September 29. Interview With Morgan Stanley CEO James Gorman Part I JIM CRAMER: Ever since James Gorman took over in 2010, Morgan Stanley’s stock is up more […] Following is the unofficial transcript of a CNBC exclusive interview with Morgan Stanley (NYSE:MS) Chairman & CEO James Gorman on CNBC’s “Mad Money” (M-F, 6PM-7PM ET) today, Thursday, September 29. Interview With Morgan Stanley CEO James Gorman Part I JIM CRAMER: Ever since James Gorman took over in 2010, Morgan Stanley’s stock is up more than any of the other major banks. More importantly, Gorman knows the industry better than anyone and that’s why I’m so thrilled to speak with James Gorman, the Chairman and CEO of Morgan Stanley to get a better sense of this moment. Mr. Gorman, welcome to “Mad Money.” if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   JAMES GORMAN: Hey Jim, great to be here. Thank you. CRAMER: I cannot think of someone I want more on this show than you right now James not because I want hand holding. But I'd like rationality. You lived through bull and bear markets. A lot of people feel this bear market will never end. What's your historical perspective? GORMAN: Well, firstly, I've seen a lot of markets. I think you have to look at what drives the change in sentiment. And to me, I'm just not surprised. What do we expect? We've got a war in the Ukraine. We've got inflation at the highest we've had for 40 years, we've got the Fed moving aggressively on rates having done nothing for 10 years. Rates have been zero. The market is awash with money. What did we expect? So you've had the bubbles that have been out there, the SPACs, the cryptos and so some of them are getting washed out. So it's not totally surprising where we are. That's where I start from. CRAMER: If that's the case then we hear the Fed talking tough, it should talk tough and it should take tough action. GORMAN: Listen, you can't have free money forever. Of course, you you'll end up with an imbalance. I mean, it's all about GDP growth and interest rates and the Fed tries to moderate that about I think half the times that they've tightened in the last 30, 40 years, they've overshot a little bit. But half the times they haven't so we're in we're in that zone and everybody obviously is making the bet whether they've overshooting gonna push us into a serious recession, whether we're going to have a mild recession, whether we're going to have a soft landing, or we're going to get perfection, and that remains to be seen. CRAMER: And what does James think? I like your view. You know more than almost everybody I speak to you. GORMAN: Yeah, well, I think I think it's unlikely that we're gonna have a hard landing at this point. I think the Fed will keep pushing. I mean, we're, we're at a little over 3% now. They'll probably end up at you know, 4.5, 4.75%. Listen, we’re totally in between inflation, unemployment and rates. And my sort of nirvana scenario for now would be 4, 4 and 4. Get inflation back to 4%, bring rates up to 4% and have unemployment which is slightly below four. It'll tick up a little bit. That’s nirvana. We probably won't get that. But I don't I don't think I don't see yet enough to tell me this is a real crisis. Geopolitical issues aside, that could tip things very differently. Obviously, if I'm wrong about the Fed’s ability to tame inflation, that tips things differently. So there, there are reasons to be concerned. Clearly, the market is not stupid. The market reflects that. So we've got to respect the market. But and we've got an inverted yield curve at the moment. So there's a lot going on. But I personally am not seeing the sort of very dark crisis we've seen through my career. CRAMER: Well, that's really important because I’ve studied your career and I recognize that if you felt that it wasn't worth staying the course, you would actually say it. You would say, you know what, Jim? It's actually not a bad idea to sell a lot of stock here. I'm not hearing that. GORMAN: And I'll also tell you, I’ve watched the behavior. We're dealing with 15 million clients through their places of work, through E*TRADE platform, which I'm sure we'll talk about, through our wealth management advisors, we're managing over $4 trillion. And with our asset management business, wealth and asset together, nearly 6 trillion. I'm not seeing panic in there. This is not ’87, it's not even ’91. It's not the dotcom crash, and it's certainly not the financial crisis. That doesn't mean it can't become one of those, but it's not there yet and behavior supports that. CRAMER: Well, we are going to talk about how you have really revolutionized the firm in a way that, you know, I'm, I think you’re the best at but before we get to that, it sounds like to me that if we don't get nirvana, even if we don't get nirvana. We're still not in a situation like a 2007, 2009 where Morgan Stanley was, you know, 11, 10, 9 and I was concerned about the viability of a lot of the firms. That's not going to happen. GORMAN: Well, there are two things that are very, very different from frankly, all those crisis periods I've talked about. The first is the bank's capital and balance sheet. These, the US banks and okay, I'm talking my own book but on behalf of our peers, the G-SIBs, the globally systemic banks are in the best shape financially they've been in in decades as a group, different business model issues, etc. But as a group from a capital liquidity perspective going into a crisis, you want your financial system and you want your call backs, banks to be strong and they are. Secondly, consumers, they refinance a lot of their mortgages. They had the luxury of very low rates for a long time, they saved during Covid, consumers coming into this with their personal balance sheet better. Those two things are very different from some of the other periods we've had the last 20 years. CRAMER: Now, what are you looking for to see that perhaps the Fed might be done? What has to happen? Does unemployment have to go to five? I mean you talk about 4, 4, 4 but when I listened to Loretta Mester today, very important Fed member. I felt like that a lot of the work that we've done toward slowing inflation really didn't mean much then that they're not happy at all with how this economy but wages are too high. Homes are too high. They're not happy with how they are cooling things. GORMAN: Well listen the Fed’s got a ways to go. I mean, we might have another 75. We're about you know, again, a house caller is 75 followed by 50 followed by 50. I felt for a long time the Fed was very late. I said I'd be like a squirrel. I like putting a few nuts away because you never know when you're going to need them. Right so we didn't do that. Covid obviously delayed that, the Ukrainian, Russian Ukrainian war delayed that. There are reasons why the Fed didn't act so I understand it, you know, I accept it. But now they've got to move aggressively. So they're, in my view, going to be less concerned about whether we tip into a mild recession than they are about taming inflation, which if they don't, creates all sorts of havoc. CRAMER: All right, well, what we're doing when we come back, we'll talk about your amazing wealth advisory business, what you're telling people and how you've reinvented the firm, because I can tell you that you're the largest financial wheel in my trust and there's a reason because of your leadership. GORMAN: Thank you. CRAMER: “Mad Money” will be back after the break with James Gorman, CEO of Morgan Stanley. Part II CRAMER: We’re back with James Gorman. He's the Chairman and CEO of Morgan Stanley, the investment bank I like so much that I own it for my charitable trust. Let's get right back to it. James, you have reinvented this firm. I remember the Morgan Stanley that I applied to was kind of, let's say a trade ‘em wamma jamma firm. Your company is now the premiere wealth advisor company in the world. How were you able to do that? GORMAN: Well, what firstly, we had a view. You got to start with a point of view and the view was that a separate trading banking business on its own was much less attractive because of its volatility to investors. So we needed some annuitize fee business. We had it in the old Dean Witter business and a smaller asset management, but they weren't at scale. So the view was is we knew what the answer was, but we had to get to scale. So we bought Smith Barney back in 2009. We bought E*TRADE, we bought Solium, we bought Eaton Vance, we bought Mesa West. All of these were building blocks to get us to scale so it was it was actually very simple concept. Executing it required, you know, we had to we had to make some calls and some people thought we overpaid for some of those assets. I don't think so anymore. CRAMER: But they're these are assets that are sticky. GORMAN: Yeah. CRAMER: And they go up, up, up. The old days, you were what I regard as an episodic firm. Those days are now past. GORMAN: Well, I think it's all about stability. I mean, if you look at the wealth businesses, which generate, you know, roughly $6 billion a quarter for the last couple of years, look at those businesses, they they don't move very much in their daily numbers. I mean, plus or minus 5 million on 100 million, so incredibly stable, sticky, but also stable when you've got them and we love that. But then you've got the investment bank, which is like a turbocharger. When the markets are good, the bank is doing phenomenally. CRAMER: But at the same time, people all lump these together. They say you have investment banking, investment banks doing poorly, so why don't we just sell the stock down? It's not any different from the way it used to be. That's just not a fair characterization. GORMAN: Well, it's honestly just not looking at the numbers. I mean, some people have looked at and said because of the investment banking market and capital markets market at the moment, which is tough, right? Because of that, these stocks are much less attractive. I say, seriously? Take a look at what percentage of the revenues that we're we have that are tied up in those kinds of activities that are depressed right now. By the way, they're delayed, they're not shut down. CRAMER: Right. GORMAN: They're gonna happen, companies will go public, deals will get done. So I'm not concerned about at all. I think, you know, where the stock is trading in this environment obviously I feel very good about what we're doing. CRAMER: Well obviously because you've been buying back more stock than anybody else and you've been returning nice dividend. You've got the best in the group. GORMAN: And we're retiring, we’ll retire, you know, 6, 7% of the stock this year, and we've got a dividend yield of 3.5%. So shareholders are getting a nine plus percent return without getting out of bed. It's not bad, right? So I feel very good about the position. We should bring the share count down. We started after the E*TRADE around 2 billion shares outstanding. And, you know, then you're paying smaller dividends because you're not paying dividends on the shares you retire. CRAMER: Now, there was a time when if you told me that Morgan Stanley was going to own E*TRADE, I said I would say are you kidding me? But it turns out that the wealth is in Solium and E*TRADE, that's where it starts. You are going for the long haul. These are people who if they say well, we'll become the premium wealth clients for the next 20 years. GORMAN: Well and just give a call out to E*TRADE, they just got rated the number one online brokerage business yesterday just which is great. Now listen, we we owned the financial advisor piece. Second leg, we needed to own the direct piece Schwab Ameritrade phenomenal companies Fidelity we needed to be in there we could build it or we could buy it. We bought a E*TRADE. Third leg, we want to own or at least be one of the top two competitors in the workplace with Fidelity and through Solium and E*TRADE. We’ve got that so we're now managing something like 30, 35% of S&P stock plans in this country. So if you've got all three legs, you're getting people through advisors, you're getting them through trading online, and you're getting them through their workplace, you can provide incredible capability to them because you're amortizing it across a huge, fixed costs based on revenues. CRAMER: Now, you're not getting away entirely from risk. We know it's difficult. I know you can't talk about any individual clients but you've got a big one, Elon Musk, and he may end up owning Twitter. And you could be on the hook for that. Is that true or not? GORMAN: Well, I think you said it. I can't talk about it, Jim. CRAMER: But we don't want you on the hook. The shareholder doesn’t want you on the hook. GORMAN: Do I look distressed right now. CRAMER: No. GORMAN: Okay, that's all I’ll say. We'll see how this plays out. CRAMER: Well, I like, I like that attitude. Now if you were with your wealthiest clients, what do you say that's different from the clients who aren't that wealthy, who want to be wealthy. GORMAN: Well, the clients who aren’t wealthy should you know what I've been worried about the last few years is the number of people who have been speculating in crypto, but, you know, it's fine if you bought it at 600 and it’s and it’s at 20— CRAMER: But do you believe in it? GORMAN: People are buying, listen, I think it's it's an asset. It's a speculative asset by definition. I don't think it's a new form of stored value. I think it's subject to a lot of regulatory risk— CRAMER: Do you own any? GORMAN: No, I don't own any. I wish I bought it at $60— CRAMER: Of course we all do. GORMAN: But I didn't buy it at 60,000 so what I've been worried about and what I've seen a lot of individual investors is that they got caught up in the hype. We've seen this before, the .com. We saw this in the early 90s and you know, ‘87 with a Black Monday crash and so on. So my worry for that group is listen, your job is not to speculate. It's to build long term wealth for stability. The very wealthy person completely different. They can put 1% of their money on anything. They can put on resources, put on crypto, put it on whatever they like, that's fine, that's no risk because they can afford to lose that. So completely different focus. CRAMER: How about the young, we have a lot of young watchers 25, 30. Isn't this a time to start? The market is so nowhere near its top. GORMAN: You know, Australia has a scheme called the superannuation scheme where government mandated, you save 15% of your income. Right and it's created these huge sovereign wealth fund asset pools in Australia. If there's one thing I could tell every 22-year-old person starting a job, maybe they can't save 15%, but save five and the compounding impact of putting money into the market, maybe start with an index just get in the market. It's all about duration. You're in the market for 50 years, it's better than 30, it's a whole lot better than 10. CRAMER: One last question. James Gorman is a little bit close to me in age. Can you stay longer? How much longer do you want to stay? GORMAN: Well, I I truly believe in in succession planning and I've been very clear with the board. But you know, these organizations do best when you regenerate and provide growth and part of that is giving opportunities to people. So we've got a plan. I won't give you the date right now. But no, I'll step down at the right moment. CRAMER: Alright fair enough. GORMAN: But I will step down and we’ve got a great team to follow me. CRAMER: Well, I'm sure you do— GORMAN: But it’s not today. CRAMER: But you've done the best in the group. And it's, I know you have great team, but I'm looking at the top of it. GORMAN: Thank you. Thanks man. CRAMER: Okay. That's James Gorman, Chairman and CEO of Morgan Stanley. Thank you so much, James. GORMAN: Thank you. CRAMER: Good to talk to you. "Mad Money" is after the break......»»

Shares of Porsche (ETR:P911) are up on the luxury carmaker’s first trading day to mark one of the largest-ever initial public offerings (IPO) in European history. Porsche stock price edged modestly higher to trade over 1% in the green after opening at €84 a share. A day earlier, Porsche set its IPO price at €82.5 […] Shares of Porsche (ETR:P911) are up on the luxury carmaker’s first trading day to mark one of the largest-ever initial public offerings (IPO) in European history. Porsche stock price edged modestly higher to trade over 1% in the green after opening at €84 a share. A day earlier, Porsche set its IPO price at €82.5 per share and will see the luxury producer of cars valued at around €75 billion. Porsche’s majority owner Volkswagen was offering 911 million shares of Porsche in the IPO, in reference to the iconic Porsche 911 model. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   “Today is a great day for Porsche and a great day for Volkswagen,” said Arno Antlitz, Volkswagen’s CFO. Antiltz added that the company was confident the IPO would be successful, thanks to its robust financials and a “very convincing strategy for the future.” “We were convinced despite the challenging environment this IPO would prove successful, and we were right,” he told journalists. Blockbuster Market Debut Porsche’s mighty valuation of €75 billion is almost as high as the valuation of its parent company Volkswagen, which is currently worth roughly €80 billion. The Porsche IPO is the biggest listing in Germany since Deutsche Telekom went public in 1996. The strong trading debut came despite the German stock market being in the red amid rampant inflationary pressures and aggressive central bank tightening activities. Shares of Volkswagen were down more than 4% as investors shifted their investments to Porsche. Porsche went public amid one of the worst years for European listings as investors try to remain cautious due to a very tough macroeconomic environment that involves sky-high inflation, aggressive interest rate hikes, and recession risks. However, some analysts believe companies like Porsche and Ferrari are almost “recession-proof” given the extremely strong demand for high-end vehicles and their unique ability to pass extra input costs over to consumers. "There's a lot to like about the company, with its aggressive electrification plans, expected strong cashflow generation and premium brand positioning in the market," Chi Chan, Portfolio Manager European Equities at Federated Hermes Limited, said. "However, it is coming to market at a time of unprecedented turmoil and consumer confidence is falling." Despite market turbulence, buying IPO stock remains popular, as the hype surrounding the IPO was strong before trading started with key investors claiming roughly 40% of the shares on offer. The IPO finding is expected to provide Porsche with an additional €19.5 billion, a significant boost for the company’s electric vehicle (EV) investments. Carmakers’ valuations have shrunk over the recent months due to tough macroeconomic factors and the ongoing war in Ukraine. But this is not the case for Porsche, which “has completely decoupled itself from the negative market trends.” Rival companies are believed to be delaying their IPOs due to market headwinds. Oliver Blume, CEO of both Porsche AG and Volkswagen, described the IPO as a “historic moment.” Blume has been criticized by some investors for his dual role as CEO of both companies, which he disregarded, adding that it was a conscious decision. Volkswagen said the current market volatility is one of the main reasons why investors were desperately in need of a steady and profitable business such as Porsche AG. "Porsche was and is the pearl in the Volkswagen Group," said Chris-Oliver Schickentanz, chief investment officer at fund manager Capitell. The IPO underscores the value the market brings to the carmaker, he added. Following their aggressive shift towards EVs, Volkswagen now faces gigantic costs with Porsche’s IPO expected to provide critical funds to address those costs and elevate Volkswagen’s own valuation. The IPO market activity is expected to remain low despite Porsche’s strong first appearance on the stock market. Goldman Sachs urged its clients yesterday not to expect a rebound in IPO activity anytime soon given challenging macro conditions. As of Sept. 27, companies in the region have secured $44 billion from equity capital markets, only $4.5 billion of which came from IPOs. Citi strategist Malte Hopp shared these views, saying the IPO market is expected to remain challenging for other private companies seeking listing. Summary Porsche shares are trading higher on the first trading day despite the luxury carmaker boasting a €75 billion price tag. Investors are obviously hungry for stable and profitable businesses that can generate strong cash flow. Get Smarter on Crypto and Macro. Get the 5-minute newsletter that keeps investors in the loop. Five Minute Finance is an independently run newsletter covering the latest and most important trends in crypto, macro, and global markets......»»

Male’s Privacy Invaded by F2M Transgender Observation; F2M Transgender Is Still a “Female” Regarding This Interest F2M Transgender Person Invade Male’s Privacy WASHINGTON, D.C. (September 28, 2022) – In a ruling which might have implications regarding the controversial issue of whether transgender persons should be permitted to use restrooms set aside for persons of the opposite […] Male’s Privacy Invaded by F2M Transgender Observation; F2M Transgender Is Still a “Female” Regarding This Interest F2M Transgender Person Invade Male’s Privacy WASHINGTON, D.C. (September 28, 2022) – In a ruling which might have implications regarding the controversial issue of whether transgender persons should be permitted to use restrooms set aside for persons of the opposite biological sex, a federal appeals court ruled that a male’s privacy is invaded if he is required to expose his nude body to a search by a F2M transgender person. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Although the strict holding of this important decision is limited to the facts of this specific case - a male prisoner with religious objections to being observed in the nude and stripped by a guard who is biologically female but self identifies as a male. The basic principle that the sexual/gender privacy interest depends on the biological sex of a person, and not his or her perceived sexual identity, could have wide ranging implications regarding privacy in restrooms, locker rooms, showers, etc. where people must expose themselves to others. As the court summed it up, " [A] prisoner's right to be free from highly invasive intrusions on bodily privacy by prison employees of the opposite sex—whether on religious or privacy grounds—does not change based on a guard's transgender status," notes public interest law professor John Banzhaf, who has won over 100 sex discrimination cases, and has been called the "Father of Potty Parity." The ruling came despite the fact that federal law prohibits discrimination against the prison guard because of sexual identity: "Everyone agrees that complying with Title VII is a compelling governmental interest…. Title VII makes it unlawful to discriminate in 'terms, conditions, or privileges of employment' against an individual because of his 'race, color, religion, sex, or national origin.' … [Title VII forbids the prison's engaging in] an adverse employment action against its transgender employees." Inmate Privacy The judges recognized a very strong, well recognized, and legally protected interest in not being required to have one's body observed by a member of the opposite biological gender. More specifically it said: "Courts have long recognized that sex is a trait relevant to inmate privacy. '[W]hile all forced observations or inspections of the naked body implicate a privacy concern, it is generally considered a GREATER INVASION to have one's naked body viewed by a MEMBER OF THE OPPOSITE SEX. . . .  'The desire to shield one's unclothed figure from [the] view of strangers, and particularly strangers of the OPPOSITE SEX is impelled by elementary self-respect and personal dignity. That 'basic fact of human behavior' sometimes allows or even requires sex-based adjustments to prison guard duties." [emphasis added] Here the prison sought to justify the invasion of privacy by arguing that "gender" "means something other than biological sex"; in other words, that observation of nakedness and a search by a biological female identifying as male is the same as observation of nakedness by another biological male. But the court rejected that argument, saying that: "The undefined term 'sex' presumably takes its ordinary meaning that refers to male and female biological traits. . . . a prisoner's right to be free from highly invasive intrusions on bodily privacy by prison employees of the opposite sex—whether on religious or privacy grounds—does not change based on a guard's transgender status." If a person's right to privacy, from observation of nakedness by a person of the opposite sex. depends on that person's biological sex and not sexual identify, females would have a legally as well as a logical basis in complaining about having to share a restroom, shower, locker room, etc. with a M2F transgender person. Since this decision is unlikely to be appealed to the Supreme Court, for fear that this conservative body would likely affirm the reasoning and make it the law of the land, it will be controlling law in the states which make up the Seventh Circuit, suggests Banzhaf......»»