Weekly Market Review

Good afternoon,

 Just to show that we do, occasionally, listen to opinions that we may not agree with, here is a podcast we listened to last week, Bernie Sanders on the Joe Rogan Experience. https://podcasts.joerogan.net/podcasts/bernie-sanders

We’re glad that Joe had Bernie on. Not for reasons that you might think but for the fact that it allows anyone and everyone to see/hear how wrong Bernie is on pretty much everything. The podcast is an hour or so long so he’s able to dive deeper into his thoughts and ideas than the 45 seconds he’s allotted in the debate format. In summary, Bernie’s ideas are terrible. We’ll summarize his platform for you, there are a ton of things that are wrong, even catastrophic, in our country right now and it is the fault of the richest 1%, the greedy corporations, Wall Street corruption, and his conservative opponents who only care about the richest 1%, the greedy corporations and Wall Street. His across the board solutions are always more taxes and more regulations. C’mon Bernie, do you really think that scaring people with claims like “WE ONLY HAVE 12 YEARS TO ACT ON CLIMATE CHANGE OR THE DAMAGE WILL BE IRREPARABLE!!” and then forcing us to pay more taxes is a good idea? Give us a break.

 For some balance, now listen to this Joe Rogan podcast with the super smart, self made, legal immigrant, billionaire Naval Ravikant. He’s not left or right, but he is brilliant. https://podcasts.joerogan.net/podcasts/naval-ravikant

Each of us is only in this universe, which is inexplicably enormous, billions of years old and will last for billions more, for less than a flicker of a firefly. Might as well try to enjoy ourselves while we’re here. Anyone and everyone can get wealthy at any time.

 Roller coaster week in the markets last week. Which isn’t really new or different. Here are the Ohio Players with “Rollercoaster of Love,” https://www.youtube.com/watch?v=9VH6yD8zobM

 In this shocking article, the author states that Baby Boomers are wealthier than Millennials.

https://www.cnbc.com/2019/08/08/baby-boomers-wealth-is-12-times-greater-compared-to-millennials.html

Wow, call Ripley, older people have more money than younger people? Color us surprised. Not. Building wealth takes time and patience.

 Here is a real life example of how tax policy works. Florida is gaining residents, and revenue, because they are one of the most tax friendly states in the country. And the nice weather helps too.

https://www.foxbusiness.com/economy/florida-income-american-movers

It doesn’t take much brainpower to figure out where those residents are coming from. The high tax, usually liberal governed, states like New York, New Jersey and Illinois. And despite its beautiful coastline and terrific weather, high tax California is losing residents too. Tax policy has consequences.

 Here's some fake news. Billionaire Stephen Ross (he of Ross Business School at the University of Michigan and owner of the Miami Dolphins among other assets) had Donald Trump at this home for a fundraiser. One of Mr. Ross’ other assets is the Equinox health club chain. www.equinox.com

There is/was a story that Equinox members are up in arms because Mr. Ross hosted the POTUS. The word “boycott” was even mentioned. https://www.msnbc.com/am-joy/watch/soulcycle-equinox-face-boycott-due-to-chairman-s-trump-fundraiser-65884741543

Full disclosure, we are an Equinox member since they first opened in our neighborhood and we like it alot. The chairman of all Equinox is a fraternity brother from our UM college days, Phi Alpha Harvey. We’ve had some conversations with our early AM workout partners and not ONE of them has any issues with Mr. Ross supporting President Trump. Mr. Ross has also supported candidates on the other side, as any smart, pragmatic businessman might do. Seems that the quality of our gym is not really affected by whom the company figurehead supports or doesn’t. A good gym is a good gym regardless of the political affiliation of the owner and those of us who use it only care that it stays good. We don’t believe in this narrative. We think that the press is once again searching for anything they think might damage Mr. Trump. Sorry guys, it just ain’t true, keep trying.

 This weekend is the third Saturday of August. The third Saturday of August in the D means Dream Cruise. If you’re a car guy, the WMR is, you’re looking forward to this weekend. If you’re not, maybe not. But if you like watching cars and watching people, come down to the Cruise. https://www.woodwarddreamcruise.com/

 LF25 – “If heaven ain't a lot like Detroit then I don’t want to go. If heaven ain’t a lot like Detroit, I’d just as soon stay home. If they ain’t got no 8 mile like they do up in the D, just send me to hell or Salt Lake City, it would be about the same to me.” – Uncle Kracker.

Have a great week.

 Opinions expressed are those of the author Michael Acho, and not necessarily those of Lincoln Financial Advisors. 

 Michael J. Acho, MBA, CFP?

Private Wealth Advisor

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