Tax

On a wild and windy morning

I’m the first to admit that I am not the world’s best at relaxation…but this morning I said I was going bird watching, come what may. So wind and rain came. And I went anyway, to the Wetlands and Wildlife Trust reserve at Welney, just up the road from me. It was grey: But, out […]

Tax

The EU goes for country-by-country reporting – again

I missed this report earlier this week and am pleased to have found it, albeit a few days late. Accountancy Daily has reported that the new EU Parliament has followed its predecessors in overwhelmingly endorsing the demand for country-by-country reporting, noting that: Members of the European parliament have adopted a resolution urging member states to […]

Tax

The end of fracking is really good news

As has been widely reported this morning, the UK government has reversed its position on fracking, and will no longer support its use. This is excellent news for a number of obvious reasons. First, there’s little evidence fracking really works in the UK. Second, it would have caused considerable harm to communities. Third, we do […]

Stock

Comments on October Employment Report

The headline jobs number at 148 thousand for October ex-Census (128K total including temp Census hires and layoffs) was above consensus expectations of 93 thousand, and the previous two months were revised up 95 thousand, combined. The unemployment rate increased to 3.6%. Earlier: October Employment Report: 148,000 Jobs Added ex-Census, 3.6% Unemployment Rate In October, […]

Estate Planning

Estate Planning and 529 Plans

The usage of 529 plans is growing substantially. While for years, many families relied on these plans to fund college, these plans are also capable of being utilized to manage wealth, minimize taxes, and make multi-generational gifts.  This article takes a brief examination of the advantages as well as limitations that 529 plans can provide.  […]

Investing

India Is NOT the next China

Comparisons to China are plentiful when considering the Indian economy and its growth potential. While we share a lot of optimism about India, it faces challenges that demand a more circumspect approach. We have been students of India for the past two decades, and recently had the great privilege of inviting Professor Vijay Joshi, an […]

Stock

Construction Spending Increased in October, Down 2.0% YoY

From the Census Bureau reported that overall construction spending increased slightly in August: Construction spending during September 2019 was estimated at a seasonally adjusted annual rate of $1,293.6 billion, 0.5 percent above the revised August estimate of $1,287.1 billion. The September figure is 2.0 percent below the September 2018 estimate of $1,319.7 billion. emphasis added […]

Stock

ISM Manufacturing index at 48.3 in October

The ISM manufacturing index indicated contraction in October. The PMI was at 48.3% in October, up from 47.8% in September. The employment index was at 47.7%, up from 46.3% last month, and the new orders index was at 49.1%, up from 47.3%. From the Institute for Supply Management: October 2019 Manufacturing ISM® Report On Business® […]

Investing

Tactical Asset Allocation Views – Q4 2019

Macro outlook and tactical asset allocation Global growth below trend and decelerating The global economy is rapidly decelerating, and we expect all major regions and countries around the world to grow below their trend rate of economic growth over the next few quarters, and at least through the first half of 2020. For the past […]

Stock

October Employment Report: 148,000 Jobs Added ex-Census, 3.6% Unemployment Rate

From the BLS: Total nonfarm payroll employment rose by 128,000 in October, and the unemployment rate was little changed at 3.6 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in food services and drinking places, social assistance, and financial activities. Within manufacturing, employment in motor vehicles and parts decreased due […]