Taxes Could Ruin Legal Marijuana

$1 billion: that’s how much California initially anticipated receiving in annual tax revenue by legalizing the sale of recreational marijuana. Here’s what actually happened: CA will likely bring in just under …

What VC Says About Stocks

Global venture capital had a banner 2018, as recently released data shows: Over $300 billion invested across all parts of the VC life cycle, from seed rounds to late stage …

Was December Just A Bad Dream?

During last month’s US equity market meltdown we proposed that tax loss selling was responsible for an outsized part of the rout. Here was our argument: In October/November 2018 investors sold …

Gallup Poll: Democrats Are Moving Left

Last year, the majority of US Democrats self-identified as “liberal” for the first time. That’s just one important highlight from Gallup’s latest survey on Americans’ assessment of their political ideology. With …

US Treasury Returns: Back To The Future?

Surprising factoid: the US 10-year Treasury note actually posted a small gain on a total return basis in 2018: +0.07%. We rely on NYU professor Aswath Damodaran’s (a.k.a. the “Dean of …

The “Dash For Trash” Investment Style

“You never get fired for buying IBM” was an old saying (very old…) among corporate IT managers. Back when the world ran on mainframes, many companies would just plunk down their …

The January Effect Starts Early

12/26/18 Even with today’s rally, December’s 11-13% declines (S&P 500, Russell 2000) for US stocks couldn’t have come at a worse time for markets. First, there is the psychological damage of …