Our intrepid employees in Washington DC have once again passed a last-minute tax act, part of which is retroactive for the entire year of 2019. Apparently, none of them actually prepare their own tax returns. This law, known as the SECURE Act, is 715 pages long. I haven’t read all of it yet but I doubt if many members of Congress have either.
As the year draws to a close it’s tempting to try to predict what 2020 will bring, especially in the markets. Here’s a brief article from the thoughtful people at Dimensional Fund Advisors discussing that very topic.
The year 2019 served up many examples of the unpredictability of markets.
Music fans of a certain age were saddened to learn of the recent passing of Aretha Franklin, long known as the Queen of Soul. Financial planners of all ages were saddened to learn of yet another person dying without a complete estate plan, including a will. Unfortunately, she’s just the latest in a long line of famous people who should have known better.
All investors recognize the need for information.
According to Wikipedia, today’s title relates to a governmental decision to reduce regulations and taxes in order to attract business to its jurisdiction. Often attributed to Justice Louis Brandeis, the concept has been around since the late 1800’s.
The retail brokerage industry began in New York City in 1792 with the signing of the Buttonwood Agreement. It established the organization now known as the New York Stock Exchange and fixed commissions for customers at one quarter of one percent.
We’re all familiar with today’s title but when I tried to track down its actual roots, I became confused. According to multiple websites, it relates to a farmer in Maine trying to give a traveler directions to town.
Kenny Rogers made Don Schlitz’ song The Gambler famous back in the late 1970’s. If you recall the lyrics, the old gambler tells the young one that you have to know when to hold your cards and also when to fold them.