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Hallelujah, the US stock market is once again at an all-time high thanks to a little help from our friends at the Federal Reserve. Every summer, central bank officials from around the world gather in Jackson Hole, Wyoming (which, if you haven’t been, is REALLY spectacular. Jackson Hole, that is, not the Fed
There’s no doubt you know the story… On August 7, in the middle of the trading day, Tesla founder Elon Musk surprised investors with a tweet saying he was considering taking Tesla private at $420 per share (a $72 billion valuation) with “funding secured.” He quickly followed up with “Investor support is confirmed.”
Well, it happened. Yesterday the US stock market broke the all-time record for the longest bull market ever. This means that the US stock market has been generally rising for nearly a decade straight… or even more specifically, that the market has gone 3,453 days without a 20% correction. That’s a pretty big
[Editor’s note: While Simon is traveling today, other members of the Sovereign Man team penned today’s missive.] Every year before and after the annual Liberty and Entrepreneurship Camp held in Lithuania, the Sovereign Man team takes some time to travel in Europe. Vilnius – The capital of Lithuania – by itself is a
Let me say up front– I know I’ve been a bit quiet lately. It happens every year around this time when I hold the annual Liberty and Entrepreneurship Camp that I’ve been sponsoring for the past nine years. The event is incredible: I bring in top entrepreneurs and business executives, plus students from
In a world full of reckless and extreme monetary policy, Japan no doubt takes the cake. The country has total debt of more than ONE QUADRILLION YEN (around $10 trillion) pushing its debt-to-GDP ratio to a whopping 224% – that puts it ahead of financial basket case Greece, whose debt-to-GDP is around 180%.
In a major victory for common sense, a group of cosmetologists defeated an insanely stupid regulation passed down by the state of Louisiana. Louisiana, just like the other 49 states in the Land of the Free, governs licensing requirements for dozens… hundreds of professions… ranging from athletic trainers to tour guides to barbers
Like a lot of major cities in the United States, Philadelphia is in pretty rough financial condition. One of the city’s biggest problems is its woefully underfunded public pension, which has a multi-billion dollar funding gap. In 2001, Philadelphia’s pension fund was still in decent shape with a funding level of 77%, meaning
As you you’ve no doubt seen by now, shares of Facebook plunged around 19% this morning. In fact it was down as much as 25% in after-hours trading, wiping out $120 billion of wealth in a matter of minutes. To be clear, that is the largest single-day loss of value ever seen in
Yesterday the Office of Management and Budget released a new report called the “Mid-Session Review” of the US federal budget. It’s something they’re required by law to do– periodically review and update the government’s budget and track the changes. The last government budget update was released in February. And according to the February
Over the weekend I came across a recent speech given by hedge fund billionaire Stanley Druckenmiller that really lays out the pitiful state of free markets around the world. Druckenmiller gave the speech a few months ago upon receiving the 2018 Alexander Hamilton award– which is given to a figure that best carries
It was only a few day ago that Netflix was riding high. The streaming company had been nominated for a whopping 112 Emmy awards, more than any other network. And they’d further managed to unseat HBO’s 17-year reign as the undisputed king of Emmy nominations. That’s all fine and good. Netflix certainly has
About two and a half years ago, I told you about a particularly nasty piece of legislation that President Obama quietly signed into law towards the end of his administration. They called it the “FAST Act”, which stood for Fixing America’s Surface Transportation. Yet despite $300 billion earmarked for infrastructure repairs, they didn’t
We’ve spent a lot of time in our regular conversations talking about the looming retirement crisis around the world. The data is horrific. Pension and Social Security programs in nearly every developed nation are woefully underfunded. In the United States, senior government officials including the Secretary of the Treasury, the Secretary of Labor,
Exactly ten years ago, in the middle of the summer of 2008, the world was only two months away from the most severe financial crisis since the Great Depression. At the time, the size of the US economy as measured by Gross Domestic product was around $14.8 trillion– by far the largest in
