Big asset management companies are warning about a stock-bond correlation disaster that can play havoc with even 60-40 stock-bond portfolios when inflation rises.
Quick — what’s the first word you associate with Vanguard Group Inc., the $5.1 trillion investing giant? John Hollyer, global head of fixed income at Vanguard, would much prefer you use the term “low cost.”
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Senator Elizabeth Warren’s proposed wealth tax is a more promising idea, I think, than Alexandria Ocasio-Cortez’s plan for a top marginal income-tax rate of 70 percent. A levy that high on very high incomes is likely to be fiscally self-defeating, but an annual 2-3 percent tax on wealth would be a big revenue-raiser even if confined to the very rich.
But the problem with these contests isn’t transparency or lack thereof, but rather that the entire exercise is futile because the outcomes are entirely random.
Close on the heels of Representative Alexandria Ocasio-Cortez’s proposal to tax top income at 70 percent, Senator Elizabeth Warren has released her own big idea — a tax of 2 percent a year on all wealth above $50 million, rising to 3 percent for those fortunes of more than $1 billion.
Temporary restraining orders and overly prescriptive and punitive compensation plans are poor responses to the realities of today’s market.
A battle is brewing between Wall Street and stock exchanges. Wall Street says it’s fighting for ordinary investors, but don’t be fooled. Like everything else on Wall Street, this dispute is about the bottom line.
Don’t be so quick to believe the dirt you hear about brokers.
The arrest of a partisan extremist who mailed explosive devices to political and media critics of President Donald Trump was a reminder of what happens when rhetoric turns nasty.