After the year 2000 and the dot com boom and bust, we looked back in the rear view mirror and it was obvious. The market had been so overvalued. Suddenly, everyone was a genius. There’s just one problem. Just like with the subprime crisis, few were screaming about the tech bubble. Why? Because nobody wants to stop the party. Nobody wants to take the punch bowl away. Nobody wants to cut the music. But at some point, people need to realize the extreme devastation that occurs when garbage is suddenly reasonable, and average is suddenly spectacular.
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Sovereign wealth funds stampede into stocks outside the U.S. – Reuters
LONDON (Reuters) – Sovereign wealth funds poured a net $7.1 billion into stocks during the second quarter, the most in several years, with the bulk outside the United States, data showed on Thursday.
Warren Buffett’s Berkshire Hathaway buys stakes in Japan’s five leading trading companies
They say 90 is the new 70, and in Warren Buffett’s case, it may be true. The chairman and CEO of Berkshire Hathaway announced Sunday – his 90th birthday – that his company has acquired a slightly more than 5% stake in each of the five leading Japanese trading companies.
Ohio Pension Fund Adds Gold Allocation to Hedge Risk, Inflation
The $16 billion Ohio Police & Fire Pension Fund approved a 5% allocation to gold to help diversify its portfolio and hedge against the risk of inflation.
Pinterest cancels huge SF office lease in unbuilt project, citing work-from-home shift – SFChronicle.com
Pinterest terminated a massive 490,000-square-foot lease at San Francisco’s unbuilt 88 Bluxome project, citing a shift toward more remote work amid the coronavirus pandemic. The company will instead continue leasing four existing San Francisco offices, including 651 Brannan St., and pay a one-time fee of $89.5 million to cancel the Bluxome lease.
New Jersey gas tax rising 9.3 cents per gallon on Oct. 1 | PhillyVoice
New Jersey will raise its fuel tax by 9.3 cents per gallon on Oct. 1. Officials said the state has lost required transportation funding during the coronavirus pandemic as fewer people purchase gas. With the change, New Jersey will have the fourth highest fuel tax in the United States.
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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.The stock market has gone higher in 2020 after the majority of stocks fell down. We have seen a commitment to keep interest rates very low for the foreseeable future. As a result there is more demand for equities and less demand for other assets.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.