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According to the latest jobs report, averages wages for US workers increased 3.1% – the strongest growth since 2009. Median individual income in the US is now around $31,000, which means the typical American put an extra $1,000 in their pocket last year. That’s solid extra cash. But if you really want to
Something strange happened in the markets last month that signals trouble ahead… When stocks fell from their September highs, you would have expected investors to run for cover in the world’s safe-haven asset – US Treasurys. But that’s not what happened. While stocks were plunging, Treasurys also fell. Yields on 30-year Treasurys increased
This one is pretty disturbing. In January 2016, Detroit police were tipped off that someone was selling small quantities of marijuana out of their home. Given that the City of Detroit’s murder rate exceeds that of Mexico, you’d think that the Police Department would have had bigger fish to fry. Apparently they didn’t.
In July 1996, flight TWA 800 exploded in mid-air, 12 minutes after taking off from JFK International Airport in New York. All 230 passengers on board were killed. It would be four years before an investigation concluded the likely cause of the explosion was a short circuit in the plane’s fuel tank. But
Tell me this isn’t crazy– A few days ago the creator of the most famous consumer ‘credit score’ in the United States announced a major overhaul in how it rates borrowers. Consumers live and die by this ‘FICO score’. A high FICO score means that it’s easy to obtain loans at lower interest
Shares of Netflix soared today on news the company lost a record $859 million in cash in the third quarter. Why are investors applauding this egregious destruction of capital? Well, it’s because investors only look at one number when Netflix reports earnings – subscriber growth. And on that metric, the company outperformed, adding
On June 15, 1215, King John sat in a field in Runnymede, England, surrounded by angry nobles. His Barons—the big landowners throughout England—had rebelled and seized London, forcing King John to sign an agreement guaranteeing certain rights to the people of England… and restrictions of his power. This agreement was called the Magna
Earlier this year I quoted Chicago-based hedge fund manager John Thompson of Vilas Capital Management– who has been incredibly vocal (and blunt) about Tesla. Back in March, Thompson said that he thinks Tesla is going to crash . . . “. . .partially due to their incompetence in making and delivering the Model
Last week, the head of a New York state pension fund found herself a new job. Vicki Fuller, the former head of New York’s $209 billion fund, now earns $275,000 per year working part time for a natural gas group called The Williams Companies– good work if you can get it. It’s noteworthy
Yesterday I told you about a still little-known gem in the US tax code known as opportunity zones. The example I gave you yesterday is– let’s say you have Apple stock, and you sell today for a total gain of $250,000. Ordinarily you’d have to pay tax on that gain. But if you
Hudson Yards is a gigantic real estate project on New York City’s western edge that will be the most expensive development in US history when it’s completed in 2025. At $25 billion, the project costs more than the size of the entire economy of Iceland… which is saying a lot given that Hudson
Howard Marks is one of the greatest investors in history. Marks is the founder of the credit investment firm Oaktree Capital Management. And he’s been sharing his insights with the public in his Chairman memos since 1990 (which you can read for free on his website). Even Warren Buffett stops what he’s doing
In 279 BC, the vast army of King Pyrrhus of Epirus was met by Roman forces at the Battle of Asculum in southern Italy, in what would be one of the costliest military engagements of ancient history. Pyrrhus fancied himself the second coming of Alexander the Great and believed that he was a
It was February 15, 1898. The American Civil War was a distant memory, and the United States had become the largest economy in the world. Still, something was missing in the Land of the Free: colonies. More than 100 years before, other leading powers like Spain and Britain had established colonies all over
On June 8, 2006, more than a decade ago, armed agents from the Internal Revenue Service arrived at the home of Michael and Shelly Ioane of Atwater, California. Michael Ioane was suspected of tax fraud, and the IRS agents were there to conduct a search of the premises and look for evidence. About
