The Day After
Today I am following up on my bulletin published late last night about one of our companies. But before we go global here are my latest remarks about Washington DC.
Good news about the fiduciary rule, which requires that people buying retirement products be given the most suitable ones rather than the ones which pay off best for their advisor. The Trump Administration has quietly dropped the plan to repeal this measure which is due to go into effect in April. It does however want to move the oversight of pension supplement advice away from the Department of Labor and to a part of the government more familiar with investing, which sounds reasonable to me.
There is also bad news about the confirmation of Betsy de Vos on which the Senate is due to vote about right now. After an all-nighter filibuster only two Republican senators voted against her appointment as Secy of Education, despite her ignorance and personal financial intersts in profit-making schools.
Ms de Vos in the hearings appeared to know nothing about programs requiring that children with disabilities be mainstreamed, and she argued that guns should be allowed in schools and their play areas in case of attacks by grizzley bears.
VP Michael Pence got to cast the deciding vote to get her named, the first time in US history this has happened over a cabinet appointee. For whatever it is worth, de Vos and her family are major donors to Republican candidates. And for whatever else it is worth, I am sister-in-law, mother-in-law, aunt, and cousin to a half dozen teachers in the public school system, as well as a graduate of the New York City school system (unlike President Trump who was sent to boarding school for his education.)
*JP Morgan today advised shorting the dollar as its analysts wrote that “confidence is being eroded by erratic policy emissions from the White House.” The bank team noted that the Greenback has retreated 45% from its high right after the election of Donald Trump. It advises buying Swiss francs and yen.
We think it makes more sense to buy stocks and bonds in currencies likely to become a haven as the dollar sells off.
More for paid subscibers follows from a reporting company, and news from Israel, Australia, Bermuda, Finland, India, Britain, Eastern Europe, Brazil, Canada, Germany, Russia, the Caymans, Australia, Switzerland, Hong Kong, and Mexico.