You probably remember the old story. A child asks his mom why they always trim the end of a ham before putting it in the oven to bake. She replies that she’s not sure and suggests they call grandma from whom she got the recipe.
Our intrepid employees in Washington DC have once again passed a last-minute tax act, part of which is retroactive for the entire year of 2019. Apparently, none of them actually prepare their own tax returns. This law, known as the SECURE Act, is 715 pages long. I haven’t read all of it yet but I doubt if many members of Congress have either.
As the year draws to a close it’s tempting to try to predict what 2020 will bring, especially in the markets. Here’s a brief article from the thoughtful people at Dimensional Fund Advisors discussing that very topic.
The year 2019 served up many examples of the unpredictability of markets.
All investors recognize the need for information.
According to Wikipedia, today’s title relates to a governmental decision to reduce regulations and taxes in order to attract business to its jurisdiction. Often attributed to Justice Louis Brandeis, the concept has been around since the late 1800’s.
The retail brokerage industry began in New York City in 1792 with the signing of the Buttonwood Agreement. It established the organization now known as the New York Stock Exchange and fixed commissions for customers at one quarter of one percent.
My brother was visiting from China, and we got into a discussion of the stock market and the impact of high-frequency trading, or HFT.
Oh, the things we discuss after a good dinner and copious amounts of wine. Does HFT help or hurt individual investors? Is the market "rigged" against small investors?
Electronic-trading systems were introduced in the 1990s.
Kenny Rogers made Don Schlitz’ song The Gambler famous back in the late 1970’s. If you recall the lyrics, the old gambler tells the young one that you have to know when to hold your cards and also when to fold them.
This morning I’m thinking of the delightful 1998 movie Shakespeare in Love. It involves a poor, unknown playwright named Will who falls in love with the far-out-of reach daughter of a wealthy merchant.