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The Best of What They Said and I Read week ending 8/13/2017

Short excerpts from articles I found interesting.

I may not agree with the author and the following material is not intended as investment advice.

MarketWatch – August, 10, 2017 – 7 Daily Habits of Rich People that You Should Copy by Chris Peach

  • “It’s easy to imagine that wealthy people share common traits like living below their means and investing wisely. But as Certified Financial Planner and author Tom Corley—who spent five years studying the differences between 233 rich people and 128 poor people—learned, the habits of successful people extend well beyond the obvious financial moves.  I read Corley’s book, “Rich Habits: The Daily Success Habits of Wealthy Individuals,” …These have been some of the most effective.
  1. Habit #1: Exercise - …rich people exercised an average of 30 minutes, four days a week. …
  2. Habit #2: Build relationships - Relationships are the currency of the wealthy…
  3. Habit #3: Visualize your goals
  4. Habit #4: Read. A lot - …the most successful CEOs read an average of 60 books a year…
  5. Habit #5: Practice affirmations - …The more you like yourself, the higher your self-esteem…
  6. Habit #6: Volunteer - …72% of the wealthy volunteer for at least five hours a week…
  7. Habit #7: Confide in a mentor… - Mark Zuckerberg credits Steve Jobs…Bill Gates…Warren Buffett...”

 Barron’s – August 11, 2017 – Stocks Fall 1.4% on North Korea Fears –– by Ben Levisohn

  • “…News that North Korea had been able to build a nuclear warhead small enough to place atop a missile likely would have sunk the market anyway—and sink, it did. The Dow Jones Industrial Average declined 234.49 points, or 1.1%, to 21,858.32 on the week, its largest one-week slide since March. The Standard & Poor’s 500 index fell 1.4% to 2441.32, and the Nasdaq Composite dropped 1.5% to 6256.56.”
  • “But pardon us for not quaking in our boots—at least when it comes to the market. Geopolitics has a way of shaking stocks, but rarely does the damage last. The S&P 500 dropped 1.1% the day Iraq invaded Kuwait in 1990…, but was up 10% 250 trading days later. Even the Cuban Missile Crisis in 1962 resulted in only a 6%-plus drop that was quickly erased. “It’s a serious situation,” says Brad Neuman, investment strategist at fund-manager Alger. “But your best bet was to stay in equities.”
  • “Stocks are driven by economic growth. For a geopolitical event to derail a bull market, it would have to hamper the U.S. economy as well. That’s very unlikely…”

The Wall Street Journal – August 11, 2017 – The Fed Has 6,200 Tons of Gold in a Manhattan Basement – Or Does it? - by Katy Burne

  • “…Eighty feet below the streets of lower Manhattan, a Federal Reserve vault protected by armed guards contains about 6,200 tons of gold.  Or doesn’t.  The Fed tells visitors its basement vault holds the world’s biggest official gold stash and values it at $240 billion to $260 billion.  But “no one at all can be sure the gold is really there except Fed employees with access,” said Ronan Manly, a precious-metals analyst at gold dealer BullionStar in Singapore. If it is all there, he said, the central bank has “never in its history provided any proof.”
  • “Mr. Manly is among gold aficionados who wonder if the bank is hiding something about what it’s hiding.  Other theorists suspect the gold beneath the New York Fed’s headquarters at 33 Liberty St. may be gold-plated fakes. Some conspiracy-minded investors think the Fed has been secretly leasing out the gold to manipulate prices…Former Fed Chairman Alan Greenspan said in a July interview: “When you deposit your funds in a bank, should that bank make your account balances available to whomever asks?”
  • “…Along with the foreign gold, the Fed’s Manhattan vault holds about 5% of America’s roughly $11 billion in gold reserves and coin, valued at the statutory rate of $42.22 per fine troy ounce, according to the U.S. Mint. The U.S. government keeps the rest in Denver, Fort Knox, Ky., and West Point, N.Y…”

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