April 24, 2018

Perspective

Business Insider – The most disproportionately popular college major in every US state – Mark Abadi and Jenny Cheng 4/16

Tax Foundation – How High are Spirits Taxes in Your State – Morgan Scarboro 3/22

Worthy Insights / Opinion Pieces / Advice

A Wealth of Common Sense – Trading One Risk For Another – Ben Carlson 4/22

  • “In other words, investing is hard. If it was easy it would just be called earning money, not investing.
  • “You cannot eradicate risk in a portfolio. You can only choose when and how to accept risk in different variations. Doing so will always involve balance and trade-offs.”

FT – US companies count costs and benefits of Trump tax law – Rochelle Toplensky, Patrick Mathurin, and Andrew Edgecliffe-Johnson 4/22

  • “A Financial Times analysis of how the Tax Cuts and Jobs Act (TCJA) has affected the accounts of the US’s 100 largest listed companies shows the truth of that sentiment, for Citigroup and most of its big business peers.” 
  • “In all, the FT analysis shows, 61 of the top 100 quoted companies have reported an initial net income tax expense, amounting to a combined $168bn. The remaining 39 have reported one-off net tax benefits worth a total of $150bn, meaning that the biggest overhaul of the tax code for a generation has cut $18bn from the current book value of its leading public companies.”
  • “The charges differ widely from company to company, depending on the tax provisions they had made before the reforms. The most significant adjustments reflect a revaluation of deferred tax balances under the new, lower headline rate. A company that had deferred taxes on past profits would record a gain because it will now pay the new lower rate; conversely, a group carrying forward previous losses to offset against future tax bills would book a hit to its value.” 
  • “The biggest one-off benefit of $28bn was to Berkshire Hathaway, Warren Buffett’s holding company, which will pay the lower tax rate on decades of unrealized capital gains — if he ever sells his investments. While the accounting gains ‘did not come from anything we accomplished at Berkshire’, they were nonetheless real, Mr Buffett assured shareholders.” 

NYT – Public Servants Are Losing Their Foothold in the Middle Class – Patricia Cohen and Robert Gebeloff 4/22

Markets / Economy

Visual Capitalist – BoAML – Top Asset Class of 2018 So Far – Jeff Desjardins 4/23

Real Estate

WSJ – Daily Shot: FRED – US Home Equity Loans 4/23

WEF – Berlin has the world’s fastest rising city property prices – Rob Smith 4/16

Energy

eia – Technically Recoverable Shale Oil and Shale Gas Resources – June 2013

Forbes – Who Is Buying U.S. Liquefied Natural Gas? – Jude Clemente 4/17

Cryptocurrency / ICOs

WSJ – Daily Shot: Barchart – Bitcoin 4/23

  • “With last week’s breakout sustained, Bitcoin is approaching $9k (the blue line is the 200d moving average).”

Britain

Bloomberg – U.K. Consumers Stay Under Pressure Even as Pay Squeeze Nears End – David Goodman 4/17

Europe

NYT – Smothered by Smog, Polish Cities Rank Among Europe’s Dirtiest – Maciek Nabrdalik and Marc Santora 4/22

  • “Poland has some the most polluted air in all of the European Union, and 33 of its 50 dirtiest cities. Not even mountain retreats are immune.” 
  • “The problem is largely a result of the country’s love affair with coal… Some 19 million people rely on coal for heat in winter. In all of the European Union, 80% of private homes using coal are in Poland.” 
  • “Coal, commonly referred to as “black gold,” is seen as a patriotic alternative to Russian gas in this country, which broke away from Soviet control three decades ago and remains deeply suspicious of its neighbor to the east. Burning coal is part of daily life.” 
  • “Some 48,000 Poles are estimated to die annually from illnesses related to poor air quality. Greenpeace estimated that 62% of Poland’s kindergartens are in heavily polluted areas.” 

South America

Reuters – Under military rule, Venezuela oil workers quit in a stampede – Deisy Buitrago and Alexandra Ulmer 4/16

Other Interesting Links

Civil Beat – Hawaii Businesses Are Making Billions Off The Military – Nick Grube 4/23

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