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Here We Go Again

According to data from Freddie Mac, Americans are back to tapping their homes for cash.  During the first quarter of 2021, home equity loans cashed out, reached an estimated $49.6 billion, up nearly 80% from the year ago period, but still below the $84 billion quarterly cash-out rate reached in 2006.  A decision that proved to […]

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Non-binding, Feel Good Agreements

Successful investing generally depends on a modicum of certainty.  Consequently, non-binding agreements, often entered into as a politically driven gesture to a particular interest group, can present a dilemma for investors. For example, consider the Paris Agreement, an agreement within the United Nations Framework Convention on Climate Change.  Under the agreement, each country must determine, […]

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Electric Vehicle Demand

It is clear that governments around the world are seriously committed to the electrification of motor vehicles.  What is less certain, is the extent of consumer acceptance of electric vehicles (EVs). Currently, EVs account for a small single digit percentage of world-wide light vehicle sales.  While most EV manufacturers are able to sell all they […]

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Political Facts

Doesn’t it seem as though nearly everything has become more politicized and that people are less willing to agree to disagree? Even a casual reading of both The New York Times and The Wall Street Journal, on the same day, could make one wonder if they both live on the same planet. All of this […]

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Smoke and Mirrors

According to Wikipedia, smoke and mirrors is a classic technique in magical illusions that makes an entity appear to hover in empty space. The phrase, smoke and mirrors, has entered common English use to refer to any proposal that, when examined closely, proves to be an illusion. Investors should ask themselves, does this describe cryptocurrency? […]

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Fossil Fuels: Big Companies Divest, Small Companies Invest

Major oil and coal mining companies are selling billions of dollars of assets to bolster their finances, to reduce carbon emissions and to gain favor with ESG (environmental, social and governance) investors.  The buyers: typically smaller competitors that are wagering that fossil fuels will remain the world’s main energy source and that underinvestment by larger […]

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