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Continue reading →: The positives for quarterly reporting are too high to ignore
A push for less transparency in America’s capital markets is starting to gain traction. President Trump recently revived his old idea of ending the requirement for public companies to report financial results every quarter. Instead, he suggested that reporting every six months should be enough. The proposal didn’t go anywhere…
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Continue reading →: The Trump DOJ is grasping at straws using terrible letters
I wonder if Brett Shumate is just disgusted at everything he does? The most interesting lawsuit against the Trump administration right now, in my view, is V.O.S. Selections v. Trump. At its core, it’s a group of small businesses saying what a lot of people have been thinking: the president…
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Continue reading →: The actual tariff rate is much lower than the headline rates
The U.S. is facing the highest tariffs in nearly a century, and yet inflation hasn’t spiked the way many expected. Economists have been puzzled, but the picture is starting to get clearer: the tariffs importers are actually paying are lower than the headline numbers suggest. A recent analysis of census…
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Continue reading →: Nobody knows why stocks are up
There is an excellent article posted in the Wall Street Journal today, written by Spencer Jakab. I’ve taken the parts I liked and rewrote them below for those who don’t have a Journal subscription, but you really should just read the article in the journal itself if you have access.…
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Continue reading →: ESG vs anti-ESG can both lead to crappy returns
If you’re looking to divest from “woke” companies, you might be looking in the wrong place. There’s a great Wall Street Journal article about the pitfalls of targeted investing. There’s a growing crop of ETFs promising to align with conservative values—funds like the American Conservative Values ETF, which brands itself…
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Continue reading →: The recent job numbers likely pause any short-term rate cuts
The U.S. added a solid—but not spectacular—147,000 jobs in June, showing that the labor market still has some legs. But if you zoom in a bit, the pace of hiring is clearly slowing. Businesses are navigating a mess of trade wars and immigration crackdowns, and it’s starting to show up…
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Continue reading →: Dividend stocks are a good vol hedge, although they are not perfect
There is a WSJ article today talking about the benefits of dividend stocks. Turns out caring about dividends can actually pay off—literally and figuratively. For years, finance professors have looked down on dividend investors. The standard academic take was that dividends don’t matter—what matters is total return. A company paying…
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Continue reading →: Trump’s backup tariff plan relies on more untested theory
I was right, and that’s great. But only temporarily great. Trump’s strategy of slapping sweeping tariffs on global trade partners using emergency economic powers just hit a major legal snag. A federal court ruled that the administration’s use of IEEPA—the International Emergency Economic Powers Act—to justify the tariffs was illegal.…
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Continue reading →: Why I’ve gone long: checks, balances, and FRCP 65
First, read this: ‘An Enormous Usurpation’: Inside the Case Against Trump’s Tariffs – POLITICO Then, read this: A federal court is about to decide whether to strike down Trump’s tariffs I’m assuming you read the articles, per my request. If not, you absolutely should. The articles do a much better…
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Continue reading →: A date to watch: May 7th for the potential semiconductor tariff announcements
I don’t think we’ll get any clarity on potential tariffs by May 7th, but there’s a chance. It’s important to be aware of the relevant upcoming dates. On the federal government’s website, there is a request for comments regarding semiconductor equipment and manufacturing tariffs. There’s an important note on that…
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