4 Things Worth Reading:
- Lured Into “the Optimistic Unknown” – Josh Brown
- The Absolute Return Rip-Off – Larry Swedroe
- Putting Emerging Market Declines in Perspective – A Wealth of Common Sense
- Joan Robinson on Economists – Ramanan
1 Data Summary:
- Personal income and outlays showed higher levels of spending and flattish levels in income growth. Personal income growth was 0% month over month while spending was up 0.4%. It’s no wonder that we’re beginning to see household debt levels growing again – the US consumer is obviously back to financing spending through debt. This is obviously sustainable for long periods of time, but also becomes problematic during a recession when cash flow growth slows and suddenly that debt can’t be serviced.
- Chicago PMI was 59.6 vs expectations of 59.5. That was down from the prior revised reading of 60.8. All in all, this is a solid report as new orders were up marginally and employment was down marginally.
1 Video Worth Watching:
Ray Dalio on ego, the monetary system and other stuff….
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.
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