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Weekly Market Review

Weekly Market Review

Good afternoon,

 

“We really shouldn’t force people back into the office,” screamed a headline from a financial services industry website that I peruse from time to time. I agree. Nor should we force people back into stores or gyms or restaurants. But we should ALLOW them back to those places if they choose to return. With proper protocols in place, of course.  And those should be agreed upon by the participants in the transaction, not mandated by some 3rd party purportedly for our own good. As I explained to my Gen Z son at the beginning of covid, if my barber and I agree to a transaction, and the terms of that transaction, gloves or not, masks or not, indoors or outdoors, etc. then how can someone stop us from completing that transaction? Just because the going gets tough, doesn’t mean that we gather our marbles and go home. We are the U S of A, we don’t cower in the basement with a bottle of hand sanitizer and watch TV with the doors locked just because there’s a challenge. We’ve never done that before and we shouldn’t start now.

 

Is anyone else webinared out? Granted they can be efficient, no travel involved, lots of people at one time, lots of info in a short amount of time and such, but I’m finding it harder and harder to stay engaged. I find my mind wandering, start checking emails, browsing the web, etc. I have to force myself to pay attention, which isn’t benefitting me or the people producing the webinar. At least I get continuing education credit most of the time. That said, I do find that Zoom meetings with clients have been very productive. They don’t take as long and everyone is engaged, which makes it much easier to participate. I still feel bad for kids who are Zooming school, that’s got to be difficult.

 

The latest state to chase successful people away looks to be New Jersey. They plan to enact a “millionaires tax” on people earning more than $1m per year.

https://nypost.com/2020/09/17/nj-to-impose-millionaires-tax-on-residents-earning-1m-and-up/

I’m not going out on a limb with this prediction, but I suggest that millionaires will flee New Jersey. And then when NJ can’t make its budget in the future, which is what will happen next, they’ll ask for federal help, which, if given, will mean that the rest of us non NJ taxpayers will have to pay for their bad decisions. Not a good idea for anyone.

 

Carnival Cruises has announced that it intends to sell 18 of its ships in a cost cutting measure.  Due of course to their severe revenue reduction due of course to covid. Hmmm, I can’t believe that there is a very large market for used cruise ships.  Where do you post the listing?  Ebay? One owner, gently used, low mileage, fully equipped, 100 gallons per mile, self sustaining, 6000 passenger ocean going vessel. Capable of docking in ports all over the world. Built in the 1990’s but updated in 2010, crew not included. Test drives by appointment, CarFax upon request, free local delivery. Call or text for more info…

https://www.foxbusiness.com/lifestyle/carnival-selling-18-cruise-ships-coronavirus-pandemic-continues

I’ve enjoyed many cruise excursions in the past and like them very much. On a cruise, the passengers can choose to do everything, every excursion, every shore visit, every activity, or nothing at all and sit by the pool or in the casino all day. There’s something for everyone. I plan to cruise again someday.

 

This should be fun, the TV show South Park is about to release a pandemic themed episode. I can’t link to anything South Park because they are generally inappropriate, offensive and politically incorrect, but they are certainly funny. No topic is safe and that’s a rarity in today’s cancel culture. Cartoons can do that. This should be very funny.

https://ew.com/tv/south-park-covid-pandemic-episode/

 

If you’ve ever wondered how to give away $8 billion, here is an example. This billionaire plans to exit this world the same way he entered, with zero net worth. Looks like he’s on his way to accomplishing it.

https://www.forbes.com/sites/stevenbertoni/2020/09/15/exclusive-the-billionaire-who-wanted-to-die-brokeis-now-officially-broke/#55d4304f3a2a

Can’t fault a guy for doing what he wants with his dough. He made it so it’s up to him how to distribute it. A client once told  me that the last black car which takes you away doesn’t have a trailer hitch. True enough.

 

Are you happy? Here is a TED talk about a 75 year long Harvard study of over 700 men and their lives. Year after year they asked the men about their lives, their health, their careers and their happiness.  What do you  think was the single common denominator for the men describing themselves as happy over the years? Spoiler alert, it’s not money, it’s not fame and it’s not career. Turns out that that single most important thing that was necessary for these men to describe themselves as happy was their social relationships. Their family, their friends, their significant other. Meaningful social interaction was the most important thing. Not necessarily interaction without occasional challenges or conflict, but the fact that they had meaningful connections with other people at all stages of their lives.

https://www.youtube.com/watch?v=8KkKuTCFvzI

I don’t disagree, even a little, that social interaction is important. That’s one of the characteristics common in Blue Zones, which are renown for longevity, but I’d add that good health and a little wealth can help out the cause as well. Both of which are well under your control.

 

This week’s chuckle is pretty much anything South Park. Which you’ll have to Google on your own as I predict that compliance would quash any reference I might try to include.

 

LF26 – “The purpose of our lives is to be happy.” – Dalai Lama.

LF26 B – “Most folks are as happy as they make up their minds to be.” – Abraham Lincoln.

 

Have a great week and stay healthy.

 

The opinions expressed are those of Michael Acho and not necessarily those of Lincoln Financial Advisors Corp. CRN-3247244-091820