The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own.
Monday, December 29, 2014
Various anecdotes
Barring a disastrous year-end, the S&P will log its 3rd year of double-digit gains. Haven't done that since '95-'99.
Last 2 Years - S&P vs. FTSE All-World Ex-US ---- S&P up 50%, Intl' Stocks up 20%. (see chart)
There have been 4 times since 1970 when the S&P outperformed international equities at the rate witnessed in 2014. Each time, in following year, world ex-US beat US by average of 14%.
Jim Grant's Holiday Card (see picture):
Greece 10 Year Bonds:
December: 9.7%
November: 8.2%
October: 7.1%
September: 5.5%
US Stocks vs. Bank Loans (SPY vs. BKLN): +12.8% vs. -3.8% (someone's wrong...)
100% of 94 economists expect higher US bond yields in 2015, 96% see US growth above 2.5% (Bloomberg survey)
The massive investment into stocks for the week ended December 24th was largest since Lipper started tracking the weekly statistic in 1992.
NASDAQ is within 5% of reaching its 2000 peak (15 yrs...)
It's not a question of enough, pal. It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or made, it's simply transferred from one perception to another.
No comments:
Post a Comment