Weekly Market Review
Michael Acho
Guardian of the Wealth of the Most Productive People on Earth | Creating, Protecting and Distributing Wealth for Clients
Good afternoon,
?With apologies to non golfers and non car enthusiasts, we begin this week with a continuation of the golf and car theme from last week’s message. First, some golf data and then some car data. #mathwins.
?Despite, or perhaps because of the pandemic, there were over 500 million rounds of golf played in 2020, https://www.thengfq.com/covid-19/#rounds
And no, it was not just my friends and I accounting for most of them. I learned this tidbit from a rep of a company that I do business with and he jokingly included that his game isn’t any better even though he’s played more rounds. He closed with a request for ideas for game improvement, so just like I sent last year, I gave him this suggestion, Dave Pelz’s Short Game Bible. Get better at the part of the game that matters most, those shots from 150 yards in and closer.?Full of stats and quantitative analysis, I felt like this book was written just for me.?Enjoy, https://www.amazon.com/dp/0767903447/ref=as_sl_pc_qf_sp_asin_til?tag=pelzgolf-20&linkCode=w00&linkId=acd3297b0c9eccded13969747612c0a6&creativeASIN=0767903447
?Here is an additional car tidbit that I knew but didn’t see until after last week’s WMR went to press. Manual transmissions are disappearing, https://dnyuz.com/2021/06/24/as-stick-shifts-fade-into-obscurity-collectors-see-opportunity/
In news that surprises no one, stick shifts are going away. Which is too bad. Sure the newest, latest, dual clutch, paddle shift transmissions are easier to drive and faster than manuals, it’s not the same experience. Those of us who still enjoy using a clutch are a dying breed, like people who can speak Latin or people who read physical newspapers. Full disclosure, my fun car has a 7 speed manual transmission and I personally think that driving a 3 pedal car is a great life skill and more enjoyable experience. Can’t worry about drinking coffee or texting when the focus needs to be on driving. There will be a place for autonomous vehicles in the future, likely not too distant future, and I don’t mind not driving when I can be on a call or whatever, but not all of us motorheads will want that all the time. I plan to ask my insurance guy if I can get a discount on my theft insurance because there aren’t many thieves capable of driving it.
?Like the prices of lots of other things, used car prices are up. The chip shortages in the new car supply chain are resulting in fewer new cars on the lot which is resulting in higher prices for pre-owned vehicles. But will it last??Maybe for a while but eventually the supply chain will sort itself out, inventories will rebound and prices will adjust accordingly.
?BTW, that’s what markets do. Markets take all available information into account, they balance for supply and demand and adjust their pricing accordingly. There may be some short term aberrations, like prices for umbrellas on the streets of New York during a rainstorm, but they are temporary and will revert back to equilibrium in the long term. Markets are voting machines and sometimes votes can be affected by short term news, or noise, but the truth prevails in the long term and prices are usually accurate. Notwithstanding attempts to influence free markets, sometimes with good intentions, but occasionally not, free markets have proven over thousands of years to be the best and most correct arbiters of prices ever developed.
?Let’s call this one cyber poof. A pair of crypto trading brothers from South Africa set up a currency exchange website from their home, took client money, claimed that the site was hacked then disappeared with 2.5 billion in Euros, nearly $3 billion in dollars. Gone. Bye bye.
Wow. A small example that the crypto world is still a bit wild west. Be careful out there in cyber land.
?While we’re talking about crypto, as I continue my due diligence, one of the criticisms I read is that crypto is perfect for criminals due to its anonymity. Which is kind of true, I guess, but also kind of not true. Anyone who has any crypto has a unique address where that crypto is held so we know where the crypto is, we just don’t necessarily know who owns it. Which is kind of the point of a decentralized system. No person/group/entity can confiscate your holdings.?Nor can the network be easily hacked. And the value is determined by market forces, not some central authority. The ultimate anonymity for criminals is still paper currency passing from hand to hand. It cannot be tracked at all.
?This week’s chuckle isn’t really a chuckle, but the 4th of July scene from one of my favorite movies, The Sandlot. And it includes Ray Charles’ iconic version of America the Beautiful. Safe for everyone. Enjoy.
If you haven’t seen The Sandlot, or if it’s been a while, I recommend watching it.
?LF27 – “The U.S. Constitution doesn’t guarantee happiness, only the pursuit of it. You have to catch up with it yourself.” – Benjamin Franklin.
?Have a great week, a great holiday weekend and stay healthy.
?This material includes links to third party sites not affiliated with Lincoln Financial Advisors.?Lincoln Financial Advisors is not responsible for the content and does not guarantee the accuracy of any information or material contained therein. The opinions expressed are those of Michael Acho and not necessarily those of Lincoln Financial Advisors Corp.?CRN-3655112-070121
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Michael J. Acho, MBA, CFP?
Private Wealth Advisor
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