With Thanksgiving almost here, we at RSWA want to express our deep gratitude to our clients, friends and supporters and wish that all of you enjoy a happy, safe and relaxing holiday with your loved ones this week.
We are indeed grateful for the strong investment performance year-to-date with the US stock market setting numerous highs, notwithstanding political uncertainties and various geopolitical risks. Fixed-income investors have done well too. The classic 60/40 equity-fixed income portfolio has enjoyed its strongest annual performance in over 20 years. With a little over a month to go in 2019, our Thanksgiving financial wish is that clients and friends hold onto their gains.
- Goldman Predicts 2020 Will Be A Good Year: Goldman Sachs is positive about the prospects for another good year for stock investors in 2020. Interestingly, they view political stalemate as a plus for the markets. (CNBC) Another group of strategists are less sanguine but still forecast a 5% return. (CNBC)
- Most Popular Thanksgiving Dishes: According to Google Trends, the most searched Thanksgiving recipes for savory and sweet dishes were roasted carrots and pumpkin chocolate chip cookies in Maine and roasted carrots and apple fritters in New Hampshire. Florida recipe searchers went with the traditional roasted turkey and pumpkin cheesecake. And having grown up in Kentucky, I had to check that one too (deep-fried turkey and apple fritters). I’m not sure what to make of this data, but I found it on the internet so it must be true. What I do know is now I’m very hungry. (Huffington Post)
- Schwab Acquiring TD Ameritrade: Charles Schwab is acquiring TD Ameritrade in a blockbuster deal that will combine two brokerage firms. We will be studying this merger as closely as possible to understand the implications for our clients who custody assets at Schwab. At the present time, we have no reason to be positive or negative about the merger but suspect it will be consequential. (CNN)
- US 4Q Economic Growth Could be Low: Fed economic trackers are suggesting that US 4Q GDP growth could be very low. We need to keep our eye on this ball. If 4Q US growth is quite low, will the Fed resume its lowering of short-term rates? This data adds to the pressure on the US to conclude a Phase I trade deal with China. (CNBC)
- Go See The Irishman: I loved The Irishman, a story about a mobster’s life that intersects with the rise and fall of Jimmy Hoffa. It is a 3 hour plus Netflix movie that will only be in theaters for a limited amount of time. The movie held my attention from start to finish. The historical drama is riveting, and it offers the chance to see three great actors (DeNiro, Pacino and Pesci) work their cinematic magic. Thanks to the good friend and astute movie buff, who encouraged me to go. (Netflix)
- Stillness is the Key: Another recommendation is Stillness is the Key by Ryan Holiday. Simply put, this book is about the crucial importance of finding time for true quiet and stillness in our lives. It completes Holiday’s trilogy that started with Ego is the Energy and was followed by The Obstacle is the Way. I recommend all three books. Finding a few moments here and there to read and savor Stillness is the Key during the holidays would be a nice gift to yourself. (Daily Stoic)
- ReVision Energy Wins Award: ReVision Energy may already be a familiar name to those of you who have installed solar panels on your home. We are also in the early stages of some discussions with them about other solar investing opportunities, and I have begun following the company more closely. This article notes a recent award that ReVision Energy just received. (www.revisionenergy.com)
Feel free to send us feedback on any topic or make a request or to forward the notes on to anyone who might be interested.