Author: FC

Saudi crown prince’s lavish buys: Some see hypocrisy, others say they’re no big deal

A series of recent reports have connected Saudi Arabia’s powerful crown prince — an avowed anti-corruption crusader — to lavish real estate, art and yacht purchases. To some, the spending is a sign of hypocrisy and a threat to Crown Prince Mohammed bin Salman’s legitimacy. The reports come on the heels of his anti-graft campaign, which culminated in the detention of Saudi princes, offi...

Diversification: Don’t put all your eggs (or money) in one basket

Everyone is familiar with the saying, “Don’t put all your eggs in one basket.” Even in Shakespeare’s play, “The Merchant of Venice,” written more than 400 years ago, the character Antonio demonstrates his understanding of the concept when he says: “I thank my fortune for it — my ventures are not in one bottom trusted, nor to one place, nor is my whole esta...

Could 2018 surprise with the same outsized gains as 2017?

Will 2018 be a more “normal” year? 2017 was a year of surprises, but for 2018, not surprisingly, things are expected to be more, well, normal. Which is why you should be suspicious. It’s true — by almost all measures, 2017 was one of the most extraordinary years in the history of the stock market. Investors saw: Extraordinary returns far above the norm. The S&P 500 is up near...

In memoriam: Notable deaths in 2017

Unmarried, addicted and impoverished at age 22, McCorvey filed a lawsuit in 1970 to be allowed to end her unwanted pregnancy in her home state, Texas. Although the child was born and put up for adoption, McCorvey’s case reached the U.S. Supreme Court, which in its 1973 Roe v. Wade ruling established a constitutional right to abortion. McCorvey, who later shed her Jane Roe pseudonym and renou...

Art Cashin’s 2017 predictions were pretty on the money

Most people including traders are not very good at making predictions, even just a year ahead. But Art Cashin has had a reasonably strong track record. (Read Cashin’s 2018 outlook here.) On December 14, 2016, I sat down with Art at Bobby Van’s for our annual look-ahead. The discussion was dominated by the election of Donald Trump and its impact on the market. The big issue at the time ...

The SEC busted an alleged $1.2 billion Ponzi scheme. Here’s how not to be victimized.

The Securities and Exchange Commission on Thursday announced charges against a group of unregistered funds and their owner, for allegedly fleecing retail investors through a $1.2 billion Ponzi scheme. The victims include more than 8,400 individuals, many of whom are elderly. In a Ponzi scheme, the perpetrator generally takes money from one set of investors to pay off others, often earlier investor...

Majority of stingy rich won’t spend more on gifts this year

During the holiday spending season, let’s take a moment to be selfish. Forget who you have on your list this year, and instead ask, Whose holiday gift list is it best to be on yourself? Someone rich, of course, but not all of America’s wealthy spend more just because they have the means. In fact, although the stock market is booming and tax cuts are coming, a majority of America’...

See inside the $11 million duplex of rock ‘n’ roll legend Keith Richards

A rock ‘n’ roll legend is selling his Manhattan penthouse, listing it for just under $11 million. Rolling Stones founding member Keith Richards and his wife, Patti Hansen, are selling their Greenwich Village duplex at One Fifth Avenue, which they’ve owned since 2014.

Art Cashin’s outlook for 2018: China, the Fed and bitcoin among his biggest worries for the new year

UBS’ Art Cashin joined me at the bar at Bobby Van’s Steakhouse across the street from the New York Stock Exchange for our 10th annual look at the year ahead, and the year that was. Art’s two biggest worries for 2018 are: China could interrupt the synchronized global growth story by aggressively cracking down on excessive lending, and The Fed: everyone is worried that inflation wi...

Record market highs and bitcoin frenzy are waking up retail investors

After years of muted trading activity, the retail investor appears to be waking up, and bitcoin can claim partial credit. “Trading activity usually quiets down in December, but that isn’t happening because of the interest in bitcoin, the tax cuts and the markets at new highs,” Rich Repetto from Sandler O’Neill told me. Repetto is the lead Wall Street analyst covering online...

Millionaires aren’t betting on big tax gains next year

While critics slam the Republican tax plan as a gift to the rich, most American millionaires expect to pay the same or more next year, according to the CNBC Millionaire Survey. Half of American millionaires polled in the survey said they expect their taxes will stay the same in 2018. A third said their taxes will go up. Only 17 percent expect them to go down. According to the Tax Policy Center, th...

Why you shouldn’t add Bitcoin to your retirement portfolio

I have a portfolio invested mainly in stocks and bonds, but I’m not pleased with the returns it’s earning. So I’m thinking about expanding into other kinds of investments. Do you think this is a good idea? And do you have any suggestions for what I should add to boost my returns? –A.N. I’m sure you’ll have no trouble finding financial advisers who will encourage...