Taxes/Fiscal Policy

Beware of Accepted Wisdom

By |2020-05-26T13:04:47-04:00May 26th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Most everyone has heard of the Chinese proverb – or curse – that wishes one to live in “interesting times”. You’ve probably also heard that in Chinese the word “crisis” is composed of two symbols, one that denotes “danger” and another that means “opportunity”. Well we certainly live in interesting times and there is indeed a crisis. We won’t know [...]

Market vs Economy: A Time Mismatch

By |2020-05-18T17:23:53-04:00May 18th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

“Intelligence is the ability to adapt to change.” Stephen Hawking   The economic news over the last month has been as awful as anyone alive has ever seen. Unemployment has risen from 3.5% to 14.7% since February with nearly 15 million Americans filing for jobless benefits in the last month alone. The CFNAI hit its third-worst reading ever and that [...]

Like-Kind Exchange Deadline Extensions – IRS Notice 2020-23 Violates The Inviolate

By |2020-05-06T09:06:18-04:00May 6th, 2020|Estate Planning, Financial Planning, Retirement, Taxes/Fiscal Policy|

By Rafael A. Perez, Esq., Partner at McArdle, Perez & Franco P.L. and Chief Compliance Officer at Alhambra Investments   Introduction: Over the past several decades of practicing real estate law I have had many clients, both domestic and foreign, ask me to apply for an extension of a like-kind exchange deadline. My response has always been that this is [...]

Do We Need A “New” Capitalism?

By |2020-04-30T08:34:36-04:00April 30th, 2020|Alhambra Research, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Taxes/Fiscal Policy|

Everyone, or at least all the right-thinking people, believes that capitalism needs to be reformed. Elizabeth Warren calls her version Accountable Capitalism. Marco Rubio dusted off an 1891 speech by Pope Leo to advocate what he calls Common Good Capitalism. Both are attempts to correct what these lawyers see as flaws in the current incarnation of economic organization that is [...]

The Long-Term Implications of COVID-19

By |2020-04-15T16:33:43-04:00April 13th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Financial Planning, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

With volatility in the stock market ebbing somewhat or at least going in a more comfortable direction – 1000 point up-days feel a lot better than 1000 point down-days – it seems a good time to start pondering the long-term implications of the virus and shutdown. All of us have been so focused on the short term – is this [...]

A Marathon, Not A Sprint

By |2020-03-30T09:20:12-04:00March 30th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Financial Planning, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Stocks rose last week, a breathtaking, nearly 20% run off the recent lows before a pullback Friday trimmed the gain for the week to about 11%. That was certainly helpful but investors would be well-advised not to get too excited. This is what bear market rallies look like. They come out of nowhere, they run much further than anyone thinks [...]

Regime Change

By |2020-03-23T08:06:50-04:00March 23rd, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Special Reports, Stocks, Taxes/Fiscal Policy|

Stocks took another beating last week as the scope of the coronavirus shutdown started to sink in. The S&P 500 was down 15% last week with most of that coming on Monday after the Fed’s emergency rate cuts. Our accounts performed much better than that, but were still down on the week as corporate and municipal bonds continued to get [...]

A Week We’ll Never Forget

By |2020-03-16T07:02:39-04:00March 16th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Financial Planning, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Last week was one of the worst weeks in the history of the US stock market. Thursday’s plunge was the worst one-day loss other than the crash of 1987. Friday’s recovery was stunning as well but big rallies are typical of bear markets and that is, unfortunately, where we now find ourselves. Obviously, the selling was about the coronavirus and [...]

10 Major Trends in IRS Audits

By |2020-01-22T12:20:26-05:00January 22nd, 2020|Financial Planning, Taxes/Fiscal Policy|

What feeling do you have when you hear IRS? Is there a sick feeling in the pit of your stomach or do you just roll your eyes knowing that April 15th will be here all too quickly? Throw in the word audit and emotions and blood pressure can reach levels you never dreamed of. CPA Jim Buttonow has 30 years [...]

China’s Big Gamble(s): Betting on QE Again?

By |2019-07-29T19:05:40-04:00July 29th, 2019|Bonds, Economy, Federal Reserve/Monetary Policy, Markets, Taxes/Fiscal Policy|

As an economic system, even the most committed socialists had come to realize it was a failure. What ultimately brought down the Soviet Union wasn’t missiles, tanks, and advanced air craft, it was a simple thing like bread. You can argue that Western military spending forced the Communist East to keep up, and therefore to expend way too much on [...]