• CWS Market Review – March 2, 2018
    Posted by on March 2nd, 2018 at 7:05 am

    “Your margin is my opportunity.” – Jeff Bezos

    The S&P 500 went 94 straight days without a 1% day either up or down. Now it’s happened 15 times in the last 24 sessions including the last five in a row (first two, up; last three, not up).

    I cautioned investors that the ruckus hasn’t yet passed. Three weeks ago, the S&P 500 bounced off its 200-day moving average, and it will likely “test” that support level again. Financial markets don’t walk away from a mess like we had so easily. Fear of the market gods is clean, enduring forever.

    Let’s remember that the broad economic climate is quite good. This week’s initial jobless claims report showed figures at their lowest level since the 1960s. Thursday’s ISM Manufacturing report was the best one in 13 years, and consumer confidence is now at a 17-year high.

    So what’s bugging Wall Street? This week, investors got a bit spooked by fears of a trade war. President Trump proposed steep tariffs on steel and aluminum. I thought it was interesting that on Thursday, stocks of big steel consumers like Ford and GM fell hard. Our own Snap-on (SNA) was down 3.3%.

    Frankly, I’m skeptical that these plans will be implemented. Within the business community, the opposition to steep tariffs is nearly overwhelming. Also, a lot of the big steel exporters are good friends of the United States. Perhaps President Trump is sending a message to China. As usual, I’ll steer clear of the politics, but I’ll comment on the policy’s impact. Wall Street will not like a trade war.

    I wanted to do something a bit different this issue. I recently asked readers for some feedback on the newsletter, and I got very constructive suggestions. A number of readers wanted to hear more in-depth reasons for why I like a particular stock.

    Since there wasn’t a whole lot of news this week (Jay Powell made some hawkish comments on interest rates on Capitol Hill), instead I thought I would focus on one our favorite Buy List stocks: Ross Stores (ROST). This is a good time to highlight Ross because the deep discounter will report fiscal Q4 earnings after the close on Tuesday.

    Why I Like Ross Stores

    I like Ross Stores a lot. This is the sixth year the company has been on our Buy List. We added the stock at the beginning of 2013 when it was going for $27 per share (that’s adjusting for one 2-for-1 split in 2015). Now it’s at $78 per share. The stock is up 188% for us in a little over five years. It’s had a few nasty dips along the way, but I’m glad we’ve stuck with it.

    Our return has been even better when we include dividends. When we added Ross, the quarterly dividend was 8.5 cents per share. Now it’s 16 cents per share, and they’ll probably raise it again on Tuesday.

    The upcoming earnings report will be for ROST’s fiscal fourth quarter. I have to explain that many retailers, Ross included, like to use a January fiscal year so they don’t have to break up the holiday shopping season between quarters. Also like other retailers, Ross prefers to use a 13-week reporting period rather than a three-month one. Thanks to Pope Gregory XIII, this means that every so often Ross will have a 14-week quarter. As luck would have it, this past Q4 was a 14-weeker.

    The important thing to understand about Ross’s business is that they’re a retailer. That means it’s a low-margin business. In fact, it’s even more so for Ross because they compete as a deep-discount alternative to other stores. There are several ways a business can implement its competitive advantage. Some companies offer something that no else does. In Ross’s case, they’re competitive on price. What Ross tries to do is squeeze every penny out of its costs and pass the savings to its customer base.

    When we look at any business for an investment opportunity, we have to ask, “What makes you different? What’s so special about you?” What impresses me about Ross is how they’re able to maintain relatively high profit margins compared with similar businesses.

    Let’s look at some financials. I promise not to get too mathy. Last fiscal year, Ross Stores had total sales of $12.7 billion. Major expenses fall into two categories: the cost of the stuff they sell and the cost of running the business. What’s left is the operating profit. For Ross, last year saw an operating profit of $1.9 billion with an operating profit margin of 14%. For a retailer in Ross’s business, that’s quite good. Think of it this way. For every $1 of sales, 71 cents went to the cost of the clothes, and 15 cents went to running the store. They’re left with 14 cents.

    There are two items left. The company had interest expenses on their borrowing of $16.5 million. That’s tiny—about 0.13% of sales. Finally, there’s Uncle Sam. Last year, Ross paid about 37% of its pre-tax income to the government. This gives us a net income of $1.1 billion and a net margin of 8.7% which works out to $2.83 per share.

    (As a side note, the recent tax reform helps domestic retailers more than other businesses. Large tech companies can use all sorts of fancy methods to shovel their cash around the world. With retailing, that option is very limited. )

    Here’s an important reason why I like Ross. Their net profit margin is actually higher than most apparel retailers including The Gap, Nordstrom and Urban Outfitters. Ross’s margins are also higher than TJX’s, their closest rival. Strong relative margins tell us two key things. One is that there’s a good chance of superior management. Secondly, it means the company has pricing power. Even with Ross’s low prices, they can go lower if they need to. (Note this week’s epigraph, courtesy of Mr. Bezos.)

    The thing about the retailing business is that it’s more accurately termed the inventory-management business. Next time you’re in a Walmart, try to find an empty shelf. You’ll probably find Bigfoot first. That’s what efficient retailing is all about—keeping the merchandise flowing in and quickly flowing out. Ross does it as well as anybody.

    Ross Stores Doesn’t Compete Directly with Amazon

    Whenever we talk about retailing, the discussion always turns to Amazon. This is a key point about Ross Stores, and it’s something many critics don’t get: Ross doesn’t compete against Amazon. Ross is not at all like Borders or Barnes & Noble.

    Let me explain the difference. Ross’s customers enjoy going to the physical stores. Many of their devoted fans go more than once a week. They enjoy the “treasure hunt” experience of shopping in the store, and you can’t easily recreate that online.

    Another benefit of Ross’s business is what’s called “packaway.” This means the company can buy off-season stuff for cheap and lock it away for later. Other retailers can’t do that so easily. Let’s say the winter is unusually warm. That’s no big deal for Ross. They’ll just save their inventory for a later day. Other retailers are expected to always have current fashions. Ross can play by different rules because they’re playing a different game.

    TJX is a good business, but I happen to like Ross more. They’re similar in many ways, but TJX has some stores outside the U.S. while Ross does not. TJX also sells some upscale items that you won’t find at Ross.

    By the way, I should touch on an important point. Some investors are skittish about investing in a business that caters to lower-income consumers. Please, don’t let that bother you at all. Lower-income consumers are often one of the best, and most loyal, customer groups. Ross’s fans love the company, and there’s nothing wrong with giving the people what they want at a fair price. Sure, Tiffany draws some first-class shoppers, but around here, we care about stocks, and ROST has creamed TIF.

    What to Expect on Tuesday

    For the first three quarters of this fiscal year, Ross’s sales are up 7.6% while net income is up 11.6%. The higher net margin was helped by lower interest expenses. Thanks to fewer shares outstanding, Ross’s earnings-per-share is up by 14.6% so far this year. The company is gobbling up its own shares at an impressive rate.

    In November, Ross said they expect Q4 earnings (remember this is for 14 weeks) of 88 to 92 cents per share. For the entire year, that works out to $3.24 to $3.28 per share. Ross estimates that the extra week works out to an extra eight cents per share. Here’s my take: The Q4 estimate is probably a little low, but not by much. I’ll say they made about 95 cents per share, give or take.

    More importantly, on Tuesday, Ross will probably give a forecast for the coming fiscal year. I’ll caution you that Ross loves to lowball its initial estimates. That means they can raise it later on. Their first estimate for last year was $3.02 to $3.15 per share, which they later raised three times. Realistically, Ross should be able to earn around $4 per share this year. However, I expect them to go on the record with something like $3.75 to $3.85 per share. I’ll also be curious to hear about the impact of tax reform.

    What about the quarterly dividend? It’s currently at 16 cents per share. I think they’ll raise it to 20 cents per share. That will give them an even 80 cents for the year which is around 20% of their profits.

    Last August, when it was at $55 per share, I said Ross was “a good value.” Now it’s at $78 per share. It’s not the bargain it was, but it’s still worth owning. Ross is going for 19.5 times forward earnings which isn’t unreasonable especially considering tax reform, a higher dividend and the improved economy. Ross Stores is a buy up to $81 per share.

    That’s all for now. There are some key economic reports coming next week. On Monday, we’ll get the ISM non-manufacturing report. Wednesday is the ADP payroll report. Then Friday is jobs day. The Labor Department will release the employment report for February. Wall Street estimates that 200,000 new jobs were created. Be sure to keep checking the blog for daily updates. I’ll have more market analysis for you in the next issue of CWS Market Review!

    – Eddy

    Syndication Partners

    I’ve teamed up with Investors Alley to feature some of their content. I think they have really good stuff. Check it out!

    How to Profit from the Death of Oil

    In the latest annual energy outlook from BP PLC (NYSE: BP), it was the first time the company forecast oil demand would eventually peak and then steadily decline. BP put the date for peak oil demand in the late 2030s.

    And the cause is one I’ve told you about quite often in my articles – the rise of electric vehicles. BP said there would be 300 million electric vehicles on the road by 2040, up from about 3 million today. BP says electric vehicles will account for only 15% of the roughly 3 billion cars on the road in 2040. But they will account for 30% of all passenger car transportation, as measured by distance traveled, because so many of them will be shared vehicles, à la Uber.

    BP’s outlook also envisaged renewable power growing from just 4% of global energy consumption today to 14% in 2040.

    Add all of that up and you can surmise that a lot of changes are ahead for the oil industry. Yet only some of the world’s major oil companies are preparing for what the future will hold.

    How to Get Your Cut of Apple’s Money Coming Back to the US

    Financial risks can seemingly come out of nowhere. Think about how many on Wall Street were caught off guard by the 2008-09 financial crisis or even the volatility of a few weeks ago. Yet the potential risk emanating from the packaging of bad mortgages was in plain sight, but ignored.

    Today, there is another financial risk lurking in plain sight. It lies in the vast overseas holdings of technology giants like Apple, Alphabet, Microsoft and many others. I discussed this topic to my subscribers in the October issue of Growth Stock Advisor. But since there is so much misunderstanding about the roughly $1 trillion (or possibly as high as $2 trillion) in funds held overseas by U.S. multinationals, I wanted to clear it up for you.

    I know there is much misunderstanding about this subject just from gleaning the comments section on several recent articles published by The Wall Street Journal. Apparently, Americans are under the impression that this $1 trillion is just sitting in bank accounts overseas and that both the overseas banks and host countries don’t want to lose control of this money. Nothing could be further from the truth. Let me explain…

  • Morning News: March 2, 2018
    Posted by on March 2nd, 2018 at 7:02 am

    Trump Says Trade Wars Are ‘Good, and Easy to Win’

    Trade Worries Hit Stocks in Europe and Asia

    Bank of England Governor Mark Carney: Bitcoin is Heading For a ‘Pretty Brutal Reckoning’

    The Saudis Can’t Just Throw Their Bond Market Weight Around

    Equifax Clears Q4 Earnings Bar Despite More Bad News

    Twitter CEO Jack Dorsey Gives Blunt Assessment of the Company’s Failures

    Toyota Announces New Company Devoted to Self-Driving Cars

    China’s HNA Group to Sell Stake in Hilton Spinoff Park Hotels & Resorts

    REI Halts Orders From Vista Outdoor Over Its Response to Parkland Shooting

    Smith & Wesson Gun Sales Are in Free Fall

    DoorDash Raises $535 Million To Fuel Food Delivery War

    Krueger & Catalano: Mailbox Money Math

    Mark Hines: Do You Trade the 50-Day Moving Average?

    Jeff Carter: Why ICO Petitions Came From the SEC & Pay Your Bitcoin Taxes, Don’t Whine About It

    Howard Lindzon: There is No Such Thing as an Overnight Success…The Story of Ring

    Be sure to follow me on Twitter.

  • Unemployment Claims Lowest Since the 1960s
    Posted by on March 1st, 2018 at 12:00 pm

    This morning the unemployment claims report came in at 210,000. This number tends to bounce around a lot so economists prefer to look at the four-week moving average. That number is down to 220,500 which is the lowest since December 27, 1969. For the raw number, it’s the lowest since December 6, 1969.

    (Yeah, I know. I said lowest since the 1960s, but I’m technically right.)

    We also learned that the ISM manufacturing index for February rose to 60.8. Expectations were for 58.6. That’s the highest since 2004.

    I like the ISM report because it comes out on the first business day of the month. The day after the GDP report we get the personal income and spending report for the prior month. Since the GDP was revised yesterday, this morning we get personal income and spending for January. Personal income rose by 0.4% in January while spending increased by 0.2%.

  • Morning News: March 1, 2018
    Posted by on March 1st, 2018 at 6:59 am

    Why an Unpleasant Inflation Surprise Could Be Coming

    Trump Expected to Announce Stiff Steel, Aluminum Tariffs

    Powell Shoots for Soft Landing That’s Eluded Seasoned Fed Chiefs

    Exxon Abandons Russian Projects Brokered by Tillerson

    Walmart, Dick’s Say They Will Stop Selling Guns to Those Under 21

    Lowe’s Update: After 25% Surge, Discount To Home Depot Narrowed Dramatically

    Best Buy to Close Mobile-Phone Stores

    Spotify Is Getting Paid to Save the Music Industry

    World’s Biggest Ad Agency Suffers Worst Stock Drop Since 1999

    Cryptocurrency Firms Targeted in SEC Probe

    Is Bitcoin a Waste of Electricity, or Something Worse?

    Bill Ackman Surrenders in His Five-Year War Against Herbalife

    Cullen Roche: Tremors Was a Very Bad Movie

    Roger Nusbaum: Game Planning Another Lost Decade

    Ben Carlson: Questions For the Next Bear Market & The Closet Indexer

    Be sure to follow me on Twitter.

  • The MOAT ETF
    Posted by on February 28th, 2018 at 3:13 pm

    There’s an ETF which focuses on competitive advantages, otherwise known as moats. The VanEck Vectors Morningstar Wide Moat ETF has the symbol MOAT.

    I don’t own any shares in it but their strategy is close to what we do with our Buy List. MOAT currently has 44 stocks while we have just 25.

    Here are the MOAT holdings as of January 31:

    AMAZON AMZN
    TWENTY-FIRST CENTURY FOX FOXA
    LOWE’S LOW
    EXPRESS SCRIPTS ESRX
    AMERISOURCEBERGEN ABC
    VEEVA SYSTEMS VEEV
    SALESFORCE.COM CRM
    EMERSON ELECTRIC EMR
    UNITED TECHNOLOGIES UTX
    VISA V
    CARDINAL HEALTH CAH
    VF VFC
    BRISTOL-MYER SQB BMY
    TRANSDIGM GROUP TDG
    WELLS FARGO WFC
    WALT DISNEY DIS
    WESTERN UNION WU
    L BRANDS INC LTD
    PFIZER INC PFE
    MONDELEZ INTERNATIONAL INC-A MDLZ
    MONSANTO CO MON
    MCKESSON CORP MCK
    AMGEN INC AMGN
    ZIMMER HOLDINGS INC ZMH
    STARBUCKS CORP SBUX
    MEDTRONIC PLC MDT
    ELI LILLY & CO LLY
    MERCK & CO. INC. MRK
    STERICYCLE INC SRCL
    COMPASS MINERALS INTERNATION CMP
    BIOGEN IDEC INC BIIB
    CVS CAREMARK COR CVS
    ALLERGAN PLC AGN
    GENERAL ELECTRIC CO GE
    SCHWAB (CHARLES) SCHW
    CBRE GROUP INC – A CBG
    MICROSOFT CORP MSFT
    GUIDEWIRE SOFTWARE INC GWRE
    NIKE NKE
    BANK OF NEW YORK MELLON BK
    GILEAD SCIENCES GILD
    WILEY (JOHN) & SONS JW-A
    MICROCHIP TECHNOLOGY MCHP
    POLARIS INDUSTRIES PII
    AMERICAN EXPRESS AXP
    PATTERSON PDCO

    I can’t say I like all these names, but I see several former Buy Listers here. It’s interesting how similar strategies can yield different names.

    I couldn’t find a precise methodology for the fund. Judging what’s a long-lasting competitive advantage must involve some human guesswork.

  • Morning News: February 28, 2018
    Posted by on February 28th, 2018 at 5:22 am

    Stock Selloff Widens After Powell Boosts Expectations of Rate Rises

    Senate Democrats Push for Support to Reinstate Net Neutrality

    Amazon Acquires Ring, Maker of Video Doorbells

    Papa John’s Is No Longer the NFL’s Official Pizza

    Takata Airbag Scandal: Australia Recalls 2.3 Million Cars

    Baidu’s Netflix-Style App Marks Bumper Year for China Tech IPOs

    Comcast’s Roberts Has Anti-Murdoch Card to Play in Bid for Sky

    Bill Gates Says Cryptocurrency is `A Rare Technology That Has Caused Deaths in a Fairly Direct Way’

    Macy’s Just Confirmed the End of Department Stores as We Know Them

    Weight Watchers Looking to Expand Beyond Dieting

    How Defective Guns Became the Only Product That Can’t Be Recalled

    In N.R.A. Fight, Delta Finds There Is No Neutral Ground

    Cullen Roche: Here’s a (Not So) Pretty Picture – Buffett vs the S&P 500

    Joshua Brown: Where the S&P 500 Will Spend Their Cash This Year

    Michael Batnick: Why Doesn’t More Money Make Us Happy?

    Be sure to follow me on Twitter.

  • Four Rate Hikes this Year
    Posted by on February 27th, 2018 at 7:27 pm

    According to the futures market, the odds of the Fed raising interest rates four times this year is 33.5%. That’s up from 25% a week ago. In my opinion, it’s closer to 5%. Alas, I’m not on the FOMC.

    I also wanted to mention that HEICO (HEI), a former Buy List all-star, reported earnings after today’s close. I like this stock a lot but I don’t like the price.

    As usual, the earnings report was very good. Q1 sales rose 18% to $404.4 million, and EPS hit 45 cents per share. That’s five cents more than estimates. Last month, HEICO also split its stock 5-for-4.

    HEICO is raising its full-year forecast. Before, they saw net sales and income rising by 10% to 12%. Now they see net sales rising by 12% to 14% and net income rising by 30% to 32%. That’s thanks to tax reform.

    HEI is up 3.1% after hours. I would love to have HEICO back on the Buy List, but it’s way too pricey.

  • “A 40% Chance”
    Posted by on February 27th, 2018 at 11:13 am

    Rolfe Winkler and Justin Lahart have a biting piece in today’s WSJ on how market gurus go about making their claims non-falsifiable.

    This is one of my pet peeves. You can see my Buy List all the time. My track record goes back more than a decade. Yet there are lots of famous market gurus who weasel their way out of one terrible call after another. Peter Schiff and Nouriel Roubini are prime examples.

    Winkler and Lahart say that when in doubt, claim that your forecast had a 40% probability. That’s the sweet spot. If you’re right, you’re a genius. If you’re wrong, then you never said it was absolutely going to happen.

    The nice thing about 40% is that you never have to say you were wrong, says Peter Tchir, a market strategist at Academy Securities. Say you predict the Dow Jones Industrial Average has a 40% chance of hitting 30000 before year-end.

    “Get it right and you can say ‘See, I was telling everyone it could happen,’ ” he says. “Get it wrong and you can weasel your way out: ‘I didn’t say it was likely, I just said it was a strong possibility.’ ”

    (…)

    “Pundits and gurus master the art of going out on a limb without going out on limb,” says Philip Tetlock, a professor at the University of Pennsylvania who has made a career analyzing which people forecast well, and why. One of his pet peeves is how gurus use vague terms like “distinct possibility” instead of percentage odds when they describe probabilities. That makes it easy to wiggle out of, or take credit for a forecast, since it isn’t clear at all what a distinct possibility is.

    But one drawback of percentage odds, Mr. Tetlock says, is that people are often unclear on what they actually mean.

    (…)

    Courageous contrarian calls are the best way forecasters capture the public’s attention, and get television time. New York University Professor Nouriel Roubini was dubbed “ Dr. Doom ” for correctly predicting the financial crisis. Then in 2010 he projected a 40% chance of a “double-dip recession” in the U.S. It didn’t happen.

    Mr. Roubini says he doesn’t remember the projection, but that he takes pride in sticking his neck out, as with his latest call that Bitcoin is the biggest bubble in history and will go to zero.

    “I would not rule out that I’ve committed the sin of the 40% rule,” said Prof. Roubini. “Everybody has done so.”

  • Powell Speaks and Durable Goods
    Posted by on February 27th, 2018 at 11:01 am

    We had two key economic reports this morning. The Case-Shiller Index said that home prices rose 6.3% in 2017. Also, orders for durable goods fell 3.7% compared with expectations of a 2% drop.

    Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.2 percent last month after declining 0.6 percent in December.

    That was the first back-to-back drop in these so-called core capital goods orders since May 2016. Economists polled by Reuters had forecast these orders rising 0.5 percent last month. Orders increased 8.0 percent on a year-on-year basis.

    Shipments of core capital goods edged up 0.1 percent after an upwardly revised 0.7 percent rise in December. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement. They were previously reported to have increased 0.4 percent in December.

    We also learned this morning that consumer confidence hit a 17-year high.

    Fed Chairman Jay Powell is testifying today on Capitol Hill. Here’s part of his testimony:

    The U.S. economy grew at a solid pace over the second half of 2017 and into this year. Monthly job gains averaged 179,000 from July through December, and payrolls rose an additional 200,000 in January. This pace of job growth was sufficient to push the unemployment rate down to 4.1 percent, about 3/4 percentage point lower than a year earlier and the lowest level since December 2000. In addition, the labor force participation rate remained roughly unchanged, on net, as it has for the past several years–that is a sign of job market strength, given that retiring baby boomers are putting downward pressure on the participation rate. Strong job gains in recent years have led to widespread reductions in unemployment across the income spectrum and for all major demographic groups. For example, the unemployment rate for adults without a high school education has fallen from about 15 percent in 2009 to 5-1/2 percent in January of this year, while the jobless rate for those with a college degree has moved down from 5 percent to 2 percent over the same period. In addition, unemployment rates for African Americans and Hispanics are now at or below rates seen before the recession, although they are still significantly above the rate for whites. Wages have continued to grow moderately, with a modest acceleration in some measures, although the extent of the pickup likely has been damped in part by the weak pace of productivity growth in recent years.

    Turning from the labor market to production, inflation-adjusted gross domestic product rose at an annual rate of about 3 percent in the second half of 2017, 1 percentage point faster than its pace in the first half of the year. Economic growth in the second half was led by solid gains in consumer spending, supported by rising household incomes and wealth, and upbeat sentiment. In addition, growth in business investment stepped up sharply last year, which should support higher productivity growth in time. The housing market has continued to improve slowly. Economic activity abroad also has been solid in recent quarters, and the associated strengthening in the demand for U.S. exports has provided considerable support to our manufacturing industry.

    Against this backdrop of solid growth and a strong labor market, inflation has been low and stable. In fact, inflation has continued to run below the 2 percent rate that the FOMC judges to be most consistent over the longer run with our congressional mandate. Overall consumer prices, as measured by the price index for personal consumption expenditures (PCE), increased 1.7 percent in the 12 months ending in December, about the same as in 2016. The core PCE price index, which excludes the prices of energy and food items and is a better indicator of future inflation, rose 1.5 percent over the same period, somewhat less than in the previous year. We continue to view some of the shortfall in inflation last year as likely reflecting transitory influences that we do not expect will repeat; consistent with this view, the monthly readings were a little higher toward the end of the year than in earlier months.

    After easing substantially during 2017, financial conditions in the United States have reversed some of that easing. At this point, we do not see these developments as weighing heavily on the outlook for economic activity, the labor market, and inflation. Indeed, the economic outlook remains strong. The robust job market should continue to support growth in household incomes and consumer spending, solid economic growth among our trading partners should lead to further gains in U.S. exports, and upbeat business sentiment and strong sales growth will likely continue to boost business investment. Moreover, fiscal policy is becoming more stimulative. In this environment, we anticipate that inflation on a 12-month basis will move up this year and stabilize around the FOMC’s 2 percent objective over the medium term. Wages should increase at a faster pace as well. The Committee views the near-term risks to the economic outlook as roughly balanced but will continue to monitor inflation developments closely.

  • Morning News: February 27, 2018
    Posted by on February 27th, 2018 at 7:05 am

    Dalio Says Central Banks Face Challenge After ‘Goldilocks’ Phase

    After Anbang Takeover, China’s Deal Money, Already Ebbing, Could Slow Further

    German Court Rules Cities Can Ban Vehicles to Tackle Air Pollution

    In a Blow to AT&T, Federal Judges Have Rejected ‘The Loophole That Could’ve Swallowed the Internet’

    5 Key Questions for New Fed Chair Powell That Will Be Crucial for Stocks

    California Scraps Safety Driver Rules for Self-Driving Cars

    Comcast Just Bid $31 Billion to Buy Sky Out From Under Rupert Murdoch and Fox

    Guns: The Investment Journey

    Warren Buffett Offers His ‘Strongest Argument’ Against a Practice Investors are Doing in Record Numbers

    This Big Cryptocurrency Acquisition Could Create a Wall Street-Style Financial Giant

    Qualcomm, Broadcom Drama Enters New Act

    Sam’s Club Jumps Into Same-Day Grocery Delivery With Instacart’s Help

    Ben Carlson: Now & Then

    Howard Lindzon: The Market Does Not Care

    Roger Nusbaum: Did Dennis Gartman Really Get Blown Up? & Hedging; Are You Doing It Wrong?

    Be sure to follow me on Twitter.