The General Advisory Channel

US Tax Reform: What Investors Need to Know

On December 2, Senate Republicans managed to obtain enough votes to pass sweeping US tax reform legislation, but with several changes compared with the original House of Representatives’ bill. At more than 470 pages, the “Tax Cuts and Jobs Act” is certainly not a light read.

US Tax Reform: What Investors Need to Know

Test of Franklin Templeton

Weekly Unemployment Claims: Down 10K

Today's seasonally adjusted 239K new claims, down 10K from last week's revised 252K, was slightly better than the forecast of 240K. From the release: "Claims taking procedures continue to be disrupted in the Virgin Islands. The ability to take claims has improved in Puerto Rico. "

Neil Hennessy – The Opportunities in Mid-Cap and Japanese Stocks

Neil Hennessy is a portfolio manager and chief investment officer at Hennessy Funds. In this interview, he discusses the compelling opportunities in mid-cap and Japanese stocks, and what RIAs should be doing in advance of the next market correction.

Still Laboring

The trend is global: most countries are experiencing a relative increase in workforce participation among older workers.

Year-End Tax and Financial Planning Ideas

After the 2016 presidential election, we knew that 2017 was going to mean a change in direction for the country. President Trump ran on a platform of tax and healthcare reform, which seemed to signal a new frontier for tax and financial-planning strategies. So a year later, where do we stand?

The Ratio of Part-Time Employed: October 2017

Let's take a close look at Friday's employment report numbers on Full and Part-Time Employment. Buried near the bottom of Table A-9 of the government's Employment Situation Summary are the numbers for Full- and Part-Time Workers, with 35-or-more hours as the arbitrary divide between the two categories. The source is the monthly Current Population Survey (CPS) of households. The focus is on total hours worked regardless of whether the hours are from a single or multiple jobs.

Slaughtering the High-Dividend Sacred Cow

At least for tax-advantaged investors, dividends are irrelevant: They are neither good nor bad in terms of forward-looking return expectations. Therefore, while there is no reason to exclude dividend-paying stocks, focusing solely on them leads to less diversified (less efficient) portfolios.

Meet The New Boss

The White House has settled on Jerome Powell as its choice to lead the U.S. Federal Reserve.

5 Agents of Change Investors Need to Know About Now

The world is changing fast right now in ways that many investors might not easily recognize or want to admit. This could end up being a costly mistake. If you’re not paying attention, you could be letting opportunities pass you by without even realizing it. With that in mind, I’ve put together a list of five agents of change that I think investors need to be aware of and possibly factor into their decision-making process.

Part 3 Building Portfolios: Diversification without the Heartburn

Part 3 Building Portfolios: Diversification without the Heartburn The wisdom of diversifying investor portfolios across a wide range of asset classes is indisputable. But diversifying client portfolios beyond mainstream stocks and bonds comes with challenges, starting with clients’ unfamiliarity with diversifying asset classes and a propensity for clients to regret diversifying when results disappoint.

Retirement Income Planning Takes a Flexible Approach

If you are like many people, you probably have put plenty of thought into what your ideal retirement would look like. Maybe it involves exotic travel, pursuing a favorite hobby or spending more time with friends and family.

Moving Averages: October Month-End Update

Valid until the market close on November 30, 2017.

The S&P 500 closed October with a monthly gain of 2.22% after a gain of 1.93% in September. All three S&P 500 MAs are signaling "invested" and all five Ivy Portfolio ETFs — Vanguard Total Stock Market ETF (VTI), Vanguard FTSE All-World ex-US ETF (VEU), iShares Barclays 7-10 Year Treasury (IEF), and Vanguard REIT Index ETF (VNQ), and PowerShares DB Commodity Index (DBC) — are signaling "invested".

October 2017 Outlook

Our market Outlooks over recent quarters have offered clients our views into topical issues affecting interest rates, economics, and asset prices. We have also endeavored to introduce topics of interest less directly linked to current market conditions (recently, technology valuations and Behavioral Finance). This quarter, for a discussion of Bitcoin and other “cryptocurrencies”.

NewsLetter - October 2017

Harold Evensky's most recent Newsletter.