3 Things: Labor Day Hodge Podge
The financial crisis has shaken young people’s faith in capitalism
- A (financial) crisis of faith (John Paul Rollert, Chicago Booth Review, 8/10/2018)
“A spring 2016 poll from Harvard University’s Institute of Politics finds that only 19 percent of Americans between the ages of 18 and 29 identified themselves as capitalists, and 51 percent of those surveyed said they did not support capitalism. Similarly, a YouGov poll commissioned late last fall finds that, by 44 percent to 42 percent, more US millennials would rather live in a socialist country than a capitalist one, an ideological defeat for free marketeers that grows more ominous when the 7 percent who prefer communism are included.”
“This lack of faith in the capitalist system is the most far-reaching consequence of the financial crisis and the recession that followed.”
A story about how difficult it is to predict markets in the short-term
2. Revisiting The Melt-Up Scenario (Ben Carlson, 9/2/2018)
“…I still think it’s a fool’s errand to try your hand at predicting market tops because no one knows what will spook investors and cause them to panic. Investors have had plenty of opportunities and excuses to sell out of stocks in recent years but haven’t taken the bait.”
Life insurance ≠ savings strategy
3. Life insurance is Not for Saving (Blair duQuesnay, 9/4/2018)
“Stop buying life insurance as a savings strategy. Stop buying it as a tax-deferral vehicle for retirement savings. Stop spending thousands of dollars a month on life insurance premiums, at least until you read the rest of this post.
Life insurance is not a retirement savings strategy.”
Bonus if you’re still reading this post
SAGE Serendipity: Who is featured in whatshouldwedo.com’s People Who Make NY Special? It’s Greselda Powell!
The Cheesemonger at Murray’s Cheese Shop Is a Sommelier for Dairy: A conversation with Greselda Powell, a top Murray’s cheesemonger, on the magic of chèvre, overly funky fromage, and what your cheese order says about you…. read more
(We last wrote about Greselda here)