From the Bergen Record:
Thinking about a staycation? Avoid these 2 NJ cities and travel to these instead
We all need a getaway every once in a while, but you don’t always need to travel far to have a good time. Sometimes it’s better to just take a short trip to a nearby city for a staycation or a day trip.
But certain locations might offer more options for entertainment, relaxation and experiences than others, meaning that not every city might be an ideal destination. In fact, two North Jersey cities were named among the worst places for a staycation in the nation.
In a report released by WalletHub this week, a total of 182 cities across the country were ranked from best to worst cities for staycations in 2024. These cities — which include the 150 most populated U.S. cities, as well as at least two of the most populated cities in each state — were ranked on 42 key metrics across three factors: recreation, food and entertainment, and rest and relaxation.
…
Jersey City and Newark were both included in WalletHub’s ranking, and both ranked among the 20 worst cities for a staycation in the nation.
Out of the 182 U.S. cities included, Newark ranked 167th overall and received a score of 31.93. The Essex County city ranked 119th for recreation, its highest ranking out of the three factors considered in the report. And, it also ranked 132nd for food and entertainment, as well as 165th for rest and relaxation.
Foist
Continuing the thread yesterday about billionaire incomes, this is the kind of nonsense that propagates that.
Somewhat wrote this entire article on the topic predicated on the fallacy that we tax wealth/assets and not income.
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
And this kind of shit propagates the idiotic talk tracks.
We want to talk about taxing assets annually? Have fun with that one, the middle class will get slaughtered in that fight.
Looking at some IRS data published about a decade ago – you can argue this isn’t valid, but I think it gives us a good glimpse:
https://www.irs.gov/pub/irs-soi/14intop400.pdf
Top 400 tax payers – 1992 thru 2014
Effective Tax Rate – 2014
0-10% – 9 Filers
10-15% – 26 Filers
15-20% – 75 Filers
20-25% – 157 Filers
25-30% – 50 Filers
30-35% – 45 Filers
35% + – 38 Filers
So the reality is, in 2014, there were 9 people that paid an effective tax rate of 10% or lower. This is of the 400 tax returns filed with the HIGHEST incomes – average of $317m in AGI (roughly $420 million today).
A huge part of this is based on sales of capital assets, $192m on average, second to this is partnership and S corp income, at $83m average. Salaries and wages don’t even register at $19m average.
Agree Grim…first line from your link:
“ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth…”
As my kid would say when he was ten, ‘no duh’.
To state the obvious….We tax income, wealth has nothing to do with the amount of income taxes paid nor was it ever intended to.
Re: the middle class not only will they get slaughtered but it will again be concentrated in the top metro areas and suburbs because….drumroll…that’s where the wealth is…
Run the same numbers for yourselves, I suspect they are similar to the ‘billionaires’.
Some here have been relatively open about their finances…you’re in your 50s and worth $5m all-in, with $250k of AGI? You’ll pay somewhere around $50k in federal taxes depending on specific personal circumstances….
That’s only 1% of your wealth!
You, you you….robber baron!
Oh, by the way, those 400 highest income tax filers?
They are transitory. How often are they in the top 400? Consistent?
Annual top 400 (in aggregate) – from 1992 to 2014:
1 year – 3,262
2 years – 558
3 years – 237
4 years – 138
5 years – 88
6 years – 70
7 years – 40
8 years – 27
9 years – 26
10 years – 138
This further emphasizes that being the top of the top is far more likely as a result of a single large business or asset sale, which is exactly what we would expect. A very small number of people actually remain in this list, and it’s highly likely that it’s a result of being a business owner and structuring that business as a partnership, where the business incomes reflect on personal tax returns (as opposed to corporate).
Impose 100% tax rate above the first billion.
“ In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.”
grim says:
June 12, 2024 at 6:45 am
Continuing the thread yesterday about billionaire
“ According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.”
“ Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.”
Progressive redistribution of wealth reduces inequality.
When we finally get to the point of equality, we will all be equally poor.
Regarding income/wealth taxes…I think the problem needing to be solved is well depicted in this video (although I can’t vouch for the validity of the data, I think the point stands on its own).
Simply put, the value proposition for those in the middle class to support capitalism has been eroded. But some people act as though everyone gets a fair shake. As some have pointed out on this blog, a greater proportion of the population is essentially fighting for crumbs.
I think an important part of the solution is to reclaim a greater portion of this wealth upon death. It makes little sense for multiple generations of progeny to be born into a de facto oligarchy without having personally contributed anything to society.
https://www.reddit.com/r/dataisbeautiful/s/9MxKiYXNQN
BTW there is one thing I do agree on when it comes to Billionaires of any kind left or right. They both try and put their hand on the election scale.
Just for a point of reference. $6.5 billion was spent on presidential races in 2020. In the same year, another $9.9 billion was spent on congressional races.
Billionaries should not be allowed to put their hand on the scale and vote with their money. SuperPacs need to go, if I can only contribute $2,900 per election by Law why can a person give much more money through basically a shell company?
Grim,
About the news quality, is bad and will continue getting bad. Simply because traditional media with its editors nixing crap because their business model worked on repeat business of its reader is gone. Clickbait is in, all they need is for your attention to be peaked and you to click and they make $$.
Regarding income and taxes. I’m copying and pasting from Galloway’s last post in his blog that sums it up. But more importantly the longer its not address because of institutional corruption, the more it will destroy all hope of peaceful change. Orange Traitor’s fuel comes from the little guy knowing he’s screwed and wanting to burn everything down. In short killing the Golden Goose.
A snippet from Galloway…
Throughout human history, if we had access to more than we needed, we kept the excess to survive in leaner times. Having surplus items also signaled wealth and desirability as a mate, and key rituals often depended on precious items being stored safely. Our ability to store crops was key to developing an agricultural economy. Artisanal objects, to be preserved for centuries, made us feel closer to God — the most beautiful items were kept in houses of worship, which then became stores of value. The industrial age, and ensuing mass production, created the mother of all good problems, which soon became just a problem: superabundance. Our instincts have not kept pace with productivity or processing power. We not only gorge, we hoard.
It’s incredibly challenging to ascend through the soupy atmosphere of youth, and sate our desire for things and experiences, when an entire economy and society runs on one incentive: more. It’s a cliché, but true: The first million (i.e., launch) is the hardest and most dangerous. The Falcon 9 Heavy rocket, which travels thousands of miles, burns a third of its propellant in the first mile. Most folks who reach orbit keep the engines roaring. They aspire to travel from multi-millionaire to billionaire to Bezos. Also, it gets easier once you’re in space — a touch of thrust/effort moves you thousands of miles vs. feet. Capitalism favors capital, so more quickly becomes irresistible. Unable to turn off the boosters, many überwealthy people become hoarders, obtaining more for no other purpose than amassing more.
My father and mother were never more than two degrees of separation away from economic anxiety. Yes, my mom was disappointed that my dad left her for another woman, but her financial fear was worse. How would she take care of me, and herself, by herself? I never realized, and most people never will, how much economic anxiety we carry until the weight has been lifted. Economic security brought something else I did not anticipate: a multiyear exhale.
Not having been able to afford a home nurse when my mom was going through chemo, the feeling of failure when I later lost my business — the same month my oldest son was born — was acute. I still register an ache in the small of my back remembering those moments. It’s unacceptable, full stop, that an economy where one company (NVDA) can add the GDP of Australia in one calendar month also has large swaths of the population who live with this profound anxiety. What is the ratio of the explosion of billionaires to deaths of despair in America? My gut tells me it’s positive, when any decent society would demand the size of these cohorts be inversely correlated.
This anxiety is largely absent in other, less wealthy countries. Incumbents will make excuses that these countries sit on oil or are more homogenous. Pro tip: That’s a bullshit narrative meant to wallpaper over just how fucking outrageous it is that six people control more wealth than the bottom half of America, and pay an average tax rate of 6%. Also, we produce more oil than any country in the world. But I digress.
Meanwhile Russian warships with nuclear weapons now off the coast of Miami headed to Cuba and then perhaps Venezuela.
They Russians are making a show of it, international waters all the way down the east coast.
https://tinyurl.com/muxvh2wj
My personal federal tax return includes my business income and losses as well, as we’re setup as a partnership.
This argument fails to account for the fact that the IRS allows for sole proprietorships and partnerships to reflect business income/losses on personal returns.
Are we arguing to eliminate these business structures to only support corporations?
Captain obvious here…
Juice Box says:
June 12, 2024 at 8:01 am
BTW there is one thing I do agree on when it comes to Billionaires of any kind left or right. They both try and put their hand on the election scale.
Adulthood requires to pay for reliable news sources.
I’m a subscriber of the Wall St Journal and of The NY Times.
WednesdayDoubleExpressoStart says:
June 12, 2024 at 8:04 am
Grim,
About the news quality, is bad and will continue getting bad. Simply because traditional media with its editors nixing crap because their business model worked on repeat business of its reader is gone. Clickbait is in, all they need is for your attention to be peaked and you to click and they make $$.
Grim,
If you became a big enough fish for a hedge fund/VC group to offer you a buyout would you?
Like discussion from the other day with the electricians.
Guess that should be the goal from the start.
Pharmacists used to be sole proprietors. Vets. Doctors.
All swallowed up by corporate.
Work for the man, not for yourself.
“ According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.”
Lol, “true tax rate” – let’s make up some bullshit metric that doesn’t actually correspond to how we tax in America, any actual measure in the tax law.
What is the true tax rate of the middle class? You are arguing that we pay annual tax on our cars, televisions, houses, collectables, jewelry, etc.
This is what we’re advocating for? Paying sales tax on your car every year?
This is what we’re advocating for? Paying sales tax on your car every year?
Well, whatever we are taxing doesn’t ever seem to keep the national debt rate from skyrocketing. The interest we pay on the debt is massive.
That’s okay. Ukraine needed the money. Our kids will pay it back. They won’t mind.
They Russians are making a show of it, international waters all the way down the east coast.
I heard they lined up on deck and performed a daft punk song off the coast of Miami.
Hehe
Abused by the badge
A Washington Post investigation found hundreds of law enforcement officers in the United States have sexually exploited kids. Many avoid prison time.
grim says:
June 12, 2024 at 8:34 am
They Russians are making a show of it, international waters all the way down the east coast.
I heard they lined up on deck and performed a daft punk song off the coast of Miami.
While the Americans lined up on deck singing YMCA.
The Russians doing their thing:
https://youtu.be/I8kuhv0FcTE?t=231
UPDATED WED, JUN 12 20248:46 AM EDT
Dow futures jump 200 points on cool inflation report ahead of Fed decision: Live updates
Lisa Kailai Han
Pia Singh
My doctor is owned by hedge fund and the consult is timed.
I’m not 65 yet to get access to socialist universal healthcare.
Phoenix says:
June 12, 2024 at 8:27 am
Grim,
If you became a big enough fish for a hedge fund/VC group to offer you a buyout would you?
Like discussion from the other day with the electricians.
Guess that should be the goal from the start.
Pharmacists used to be sole proprietors. Vets. Doctors.
All swallowed up by corporate.
Adulthood requires to pay for reliable news sources.
I’m a subscriber of the Wall St Journal and of The NY Times.
Cancel the NY Times subscription.
Meanwhile Russian warships with nuclear weapons now off the coast of Miami headed to Cuba and then perhaps Venezuela.
They Russians are making a show of it, international waters all the way down the east coast.
Thanks, Joe!
I’d sell to VC, for sure. The exits in the liquor space have been nothing short of spectacular, but that’s dreaming, not reality.
Black Prince Distillery in Clifton sold to Sazerac.
The whisper number I heard was triple digits million.
There were something like 20 people employed at the company, and something like 6 guys ran nearly all of the production.
Black Prince owned the bottom shelf this half of the United States. You might scoff at the fact that they owned the plastic vodka bottle market (Majorska and Georgi) as well as the 50ml bodega countertop market.
Majorska and Georgi represent the top selling retail vodka in NYC. They produced more than a million cases a year there.
The two daughters did not want anything to do with the business. They are sailing around on yachts now for sure.
Suspect the owner ended up in the IRS “Fortunate 400” list in 2019.
I think any rationale along the lines of, “billionaires are only following the tax code” is fairly comical. Who do you think controls what goes into the tax code? Who controls what is put in the “news”? Who controls the actions of politicians and editors? It’s not anyone in the middle class.
Why do so many middle class people buy into this notion that they too are on the brink of becoming billionaires – and thus defend them as if they are defending their own interests rather than acting against them?
Very Stable Genius – perhaps obvious but what is not obvious is these PACs are accumulating wealth as well, they can transfer what they don’t spend to another PAC down the road.
Also the practice of Red Boxing now, candidates are not supposed to coordinate with PACs, but they are they display literally RED BOXES on their campaign websites, these RED BOXES contain messages that have since appeared in PAC ads.
Their influence only grows and grows along with the massive spending. Only congress can change it. Any and all legislation against PACs has never made it out of committee for a floor vote.
People should be incensed about billionaire? They should be incensed that our congress can be bought off.
Why do so many middle class people buy into this notion that they too are on the brink of becoming billionaires – and thus defend them as if they are defending their own interests rather than acting against them?
No, but we recognize we are not wealthy enough to influence legislators. So when a ‘wealth tax’ is enacted to punish these evil billionaires, the reality of it is that the middle class will be absolutely *fucked* by it, especially those on the coasts.
So yeah, I’d like to avoid a wealth tax.
Grim: I believe Virginia charges taxes on car ownership every year. The amount of the tax is based on the type of car and the age of the car.
Delete that before Murphy reads it.
I haven’t proposed a wealth tax. But I suspect there are measures that can be put in place to limit the accumulation of obscene levels of wealth in the first place. A progressive tax rate on investment income, for example. More oversight on monopolies by the FTC. Less influence of money in politics.
Also I don’t think it will diminish people’s inclination to take risks and establish businesses. Facebook, Amazon, Google… these weren’t created with the goal of becoming trillion dollar companies – and arguably have become worse after doing so.
Massachusetts charges an excise tax on vehicles each year.
They charge $25 for every $1000 the car is worth.
Imagine my surprise when I moved to MA and got a bill for $500 for my $20k car!
Their stuff is what the junkies buy to keep themselves drunk every day at prices they can afford.
grim says:
June 12, 2024 at 8:59 am
I’d sell to VC, for sure. The exits in the liquor space have been nothing short of spectacular, but that’s dreaming, not reality.
Black Prince Distillery in Clifton sold to Sazerac.
The whisper number I heard was triple digits million.
There were something like 20 people employed at the company, and something like 6 guys ran nearly all of the production.
Black Prince owned the bottom shelf this half of the United States. You might scoff at the fact that they owned the plastic vodka bottle market (Majorska and Georgi) as well as the 50ml bodega countertop market.
Majorska and Georgi represent the top selling retail vodka in NYC. They produced more than a million cases a year there.
The two daughters did not want anything to do with the business. They are sailing around on yachts now for sure.
Suspect the owner ended up in the IRS “Fortunate 400” list in 2019.
Ebay/Facebook marketplace.
You pay tax on a cellphone, then sell it and pay tax again.
What time are we meeting up in Boston Harbor? Who is bringing the tea?
Prob biggest bubble I have ever seen. All this money will be vaporized at some point. You want to know what investing has been last two years….all the rich lemmings piling into what they view as “safety” from inflation/recession creating massive bubbles in a few positions. This can go on for longer than we believe, but one thing I am positive about….it will pop…and it will get ugly.
Just look at who has the capital? Top percentages have it all. They are not risking it right now in small caps….and instead all in what they perceive as safety. It will end badly like it always does. Deflation is coming….Why?
Let me explain. Capitalism is a ponzi scheme based on never ending population growth. Aka entire economic system is built on never ending population growth.
Population growth is slowing dramatically. What happens now? How does capitalism work with less hands chasing products. How do stocks grow in that environment? Best one of all: debt. How the f/k do you pay off this debt, or at least service it, with a population that is barely growing. Means you have less people to pay…aka each must now take on a bigger burden to service said debt. It’s all f/ked at some point. The optimist in me hopes they figure out how to fix this all and keep the train going. See what happens.
“Not having been able to afford a home nurse when my mom was going through chemo, the feeling of failure when I later lost my business — the same month my oldest son was born — was acute. I still register an ache in the small of my back remembering those moments. It’s unacceptable, full stop, that an economy where one company (NVDA) can add the GDP of Australia in one calendar month also has large swaths of the population who live with this profound anxiety. What is the ratio of the explosion of billionaires to deaths of despair in America? My gut tells me it’s positive, when any decent society would demand the size of these cohorts be inversely correlated.”
A Washington Post investigation has found that over the past two decades, hundreds of law enforcement officers in the United States have sexually abused children while officials at every level of the criminal justice system have failed to protect kids, punish abusers and prevent additional crimes.
Police and sheriff’s departments have enabled predators by botching background checks, ignoring red flags and mishandling investigations. Accused cops have used their knowledge of the legal system to stall cases, get charges lowered or evade convictions. Prosecutors have given generous plea deals to officers who admitted to raping and groping minors. Judges have allowed many convicted officers to avoid prison time.
All the while, children in every state and the District of Columbia have continued to be targeted, groomed and violated by officers sworn to keep them safe.
G. Pumpkin,
Read a book called the Underground Empire.
It will help you understand just how it works.
Here is the log jam of legislation this year only around federal elections.
Most are to amend the Federal Election Campaign Act of 1971, only a few are after PACs and their influence.
As far as I can tell only one passed to extend exiting reporting requirements, really nothing new.
https://www.congress.gov/search?q=%7B%22congress%22%3A%5B%22118%22%5D%2C%22source%22%3A%22all%22%2C%22search%22%3A%22Federal+Election+Campaign+Act%22%7D
https://photos.app.goo.gl/ahEUDJVtRXLzKiQx6
I would watch the 18,500 line on the Nasdaq. On the above chart, the top and bottom purple lines represent the multiple index peaks and valleys. The green line, is the lifetime average growth of the index. So you can clearly see, from the Covid bottom to the current AI rally, it’s been a heckofa run. Personally, I plan to reduce my position to 75% long, 25% stable by 18,500. May even lock in the first 10% at the close today. Normally, I’d take her down to 50% and wait and see if we bust through the peak, but With the FED having bullets in the chamber, and the promise of ONE interest rate cut, probably 1/8 of 1 percent, there is definitely some downside protection.
Of course, timing the market is for fools. Don’t be a fool unless you understand the concept of opportunity cost really well. Check my LinkedIn. I am a lowly janitor.
The mob is fickle.
Andrew left from Citron who was taken to the cleaners last time. I wonder if Stevie Cohen or Ken Griffin are dabbling in shorting GME this time?
Tweet today…
Citron is no longer short $GME. It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $4 billion in the bank, they have enough runway to appease their cult like shareholders. Despite Wedbush setting an $11 target today, we respect the market’s irrationality. After all, Dogecoin remains a $20 billion entity. While the increased share count might temper the mob mentality, Citron will be watching from the sidelines for now. BTW….the Kitty livestream was still an insult to the capital markets.
Ten 427
Grim: Murphy probably knows about it . Virginia taxes cars including leased vehicles on an annual based on the value of the car as of Jan 1. In most cars the tax is 4.57 per 100 of assessed value.
Most southern states have an annual property tax on vehicles. My daughter pays about $400 annually on her 2019 Forester in SC. Folks with these $70,000 SUVs pay quite a bit.
1987: Imagine that, red states with a tax on personal property in this case cars. Maybe the progressives in the blue states can learn something from some of the red states.
Like how to smoke meat.
…mmmmmmmmm….smoked meat……..
Like how to smoke meat.
And how to display the American Flag.
How to smoke meat, well, he is a Catholic so maybe his priest taught him that.
The flag, well, he is from Jersey. Plenty of chemicals he was exposed to.
Fast Eddie says:
June 12, 2024 at 12:17 pm
Like how to smoke meat.
And how to display the American Flag.
Above the law.
In early July 2008, Samuel Alito stood on a riverbank in a remote corner of Alaska. The Supreme Court justice was on vacation at a luxury fishing lodge that charged more than $1,000 a day, and after catching a king salmon nearly the size of his leg, Alito posed for a picture. To his left, a man stood beaming: Paul Singer, a hedge fund billionaire who has repeatedly asked the Supreme Court to rule in his favor in high-stakes business disputes.
Singer was more than a fellow angler. He flew Alito to Alaska on a private jet. If the justice chartered the plane himself, the cost could have exceeded $100,000 one way.
In the years that followed, Singer’s hedge fund came before the court at least 10 times in cases where his role was often covered by the legal press and mainstream media. In 2014, the court agreed to resolve a key issue in a decade-long battle between Singer’s hedge fund and the nation of Argentina. Alito did not recuse himself from the case and voted with the 7-1 majority in Singer’s favor. The hedge fund was ultimately paid $2.4 billion.
Alito did not report the 2008 fishing trip on his annual financial disclosures. By failing to disclose the private jet flight Singer provided, Alito appears to have violated a federal law that requires justices to disclose most gifts, according to ethics law experts.
What’s new?
The O’Biden campaign is offering free beer and contraceptives to young voters in exchange for their vote. All tactics will be considered when the desire is to remain in power.
Trump is offering four more years of watching his flaccid obese orange asshole shaped mouth bloviating like the cretin he is.
I’m 100% long equities but will pull back at 18,500
Last 3 years 401k growth has been relentless
Libturd says:
June 12, 2024 at 11:13 am
I would watch the 18,500 line on the Nasdaq. On the above
“…and the promise of ONE interest rate cut, probably 1/8 of 1 percent…”
Zero chance of 1/8th when they cut.
So from now on when Zillow says your PoS cape rose from being worth $500k from the end of last year to $600k at the end of this year, you should pay a “wealth tax” on that $100k increase at your marginal income tax rate? Hey you got $100k wealthier, now give us our ~$40k share of your wealth increase, richie.
Left: Bigger?
Fed says progress on inflation has been modest. Well, that statement is underwhelming. Also says 2026 we should be back to 2 percent.
No One says:
June 12, 2024 at 2:21 pm
Hey you got $100k wealthier, now give us our ~$40k share of your wealth increase, richie.
Consider it your donation to the Ukraine fund. Then you can do this:
https://youtu.be/-_7FaWnlhS4?t=10
Be careful. Reversion to the mean usually plays out after a run up like that.
Very Stable Genius says:
June 12, 2024 at 2:09 pm
I’m 100% long equities but will pull back at 18,500
Last 3 years 401k growth has been relentless
3b, normal, 25bps.
Over 100 rate moves since 1981. Not a single one at 12.5bps. Jpow will not be the first.
Totally perplexes me why people believe this most conservative of men will take unorthodox actions.
Last 3 years 401k growth has been relentless
Evil corporations raking in profits at the expense of working-class Americans.
I’m creating my own investment fund. Here’s my company motto:
“If money could be made, money will be made.”
Forget Gary’s junk bond. My funds motto is, “We make money the new way. We steal it!”
Left: Probably right, but close to election so you never know. I liked the days when there were inter meeting hikes/ cuts, back when men were men. I think this is the worst Fed we have had.
Edward Snowden
POWELL: THERE IS AN ARGUMENT THAT PAYROLLS MAY BE A BIT OVERSTATED
@Snowden
Not sure I’ve ever seen the chairman of the Federal Reserve publicly accuse the White House of cooking the books on employment numbers, but here we are.
Quote
Not sure I’ve ever seen the chairman of the Federal Reserve publicly accuse the White House of cooking the books on employment numbers, but here we are.
The credit card debt clock is clocking faster than Max Verstappen in the back stretch. That’s all you need to know about wages or lack thereof.
My son just ran 4:08.92 1600 at MOC in Pennsauken.
Nothing to see, move along….
“Shocking stat of the day:
42% of US small-cap companies are unprofitable, the most since the 2020 pandemic when 53% of small caps were losing money.
At the same time, only 10% of the S&P 500 firms and 20% of mid-caps are unprofitable.
By comparison, during the 2008 Financial crisis, 46% of small-cap companies were unprofitable compared to 29% of the S&P 500.
This helps explain why the Russell 2000 index has not reached a new all-time high for 647 days straight, the longest streak since 2011.
The index is now trading ~21% below its peak as elevated interest rates have weighed small caps.
Small-caps companies are struggling.”
Yea, half of the small caps are losing money. Bullish!! These are your innovators and job creators….not a good sign. Russel 2000 index has been in recession…
Chi, congrats. Great place to grab dinner down there. “The Pub” in Pennsauken. I highly recommend the crab cakes.
Chgo: Congrats!
Re: Business Exits
Private equity doesn’t usually bid on businesses with earnings below ~$2MM.
Seller Discretionary Earnings, or EBITDA when you get to mid market, are what most people would consider pretax profit.
The average exit is a multiple of SDE or EBITDA in the range of 2.5-10X, with most business int he 3-5X range. Higher multiples are reserved for larger businesses, or rolled up platforms packaged for PE.
Below $1.5MM SDE or so is prime ground for rollup operations, buy one music school, put in software, efficiencies, use money to buy school two, ten, thirty, fifty…. and present to PE.
A solid business with a long track record, clean books, 5-20 employees, no key man risk, customer concentration, that’s not a lifestyle business will exit at 3-4X annual SDE or EBITDA.
“My son just ran 4:08.92 1600 at MOC in Pennsauken.”
That’s an amazing time. You must have been chasing after him. Seriously, that’s a time to be proud of. Olympics in the future? There’s always one or two white guys who have to lose to the Kenyans.
Don’t forget to fill up on gas on your way out of town. It’s impossibly cheap down there.
Kudos: https://youtu.be/j2s8yGMEbSs?si=t6ToEfeMo_a70mA4
Been friends with two world class runners. They’re nuts.
Best post I seen about Hunter
The Daily Show @TheDailyShow
All it took was the president’s son, but for the first time ever, Republicans held a gun owner accountable
Its not so much the income tax paid you need to look at, its the income in eqaulity. Also for most people the US is a Regressive tax system. The southern car tax example above is a great example.
https://www.brookings.edu/articles/just-how-progressive-is-the-u-s-tax-code/
Also, most billionaires don’t take a salary, it is all stock that they then borrow against. As the loans aren’t taxable, its a great loophole.
https://www.forbes.com/sites/robertwood/2016/05/02/tax-savvy-execs-work-for-1-get-paid-millions-as-capital-gain/
Fabius Maximus says:
June 12, 2024 at 6:38 pm
“Best post I seen about Hunter…”
Stupid and un-funny, which no doubt explains why the Daily Show appeals to dopey Dems. Unlike Dems, who are happy to selectively apply laws, Reps are unanimously in favor of keeping guns away from lying addicts (like Joe’s kid), criminals and nuts. Speaking of nuts with guns, Reps also recognize that the most dangerous mental illness demographic (as it pertains to gun crime) is trannies, and would welcome preventing them from owning. But since Dems consider trannies to be perfectly normal, and are more than willing to ignore the data, look for many more trannie shoot-ups in our future.
Trump gets a felony.
A York police officer was charged with sexually abusing her when she was 15 years old. He was sentenced only to probation.
Prosecutors allowed the officer to plead guilty to one misdemeanor: corruption of minors. In Pennsylvania, at least six other law enforcement officers charged with crimes involving child sexual abuse have been given similar deals since 2008. They, too, were sentenced only to probation.
6:53 person-dom really. Just acceptance. Pure & simple.
Small,
The second funniest was if he appeals to SCOTUS where does the NRA and the rest of the 2A crowd stand.
Donnie is likely in the same boat. Outside of the Adderall addiction, apparently he handed 2 pieces over to NYPD and sent one piece to Florida. That one is probably the one Jack Smith flied a brief that he bought a piece that broke his bail conditions. Watch this space.
An Ex-Marine shot up a Country Western Bar in Thousand Oaks.
He ticked a lot of boxes for a danger, yet he was free to kill at will.
I don’t hear anyone condemning Marines. Trannies? Seriously.
On November 7, 2018, a mass shooting occurred in Thousand Oaks, California, United States, at the Borderline Bar and Grill, a country-western bar frequented by college students.Thirteen people were killed, including the perpetrator, who died of a self-inflicted gunshot wound, and a police officer who was shot multiple times, with the fatal round accidentally being fired by another officer.One other person sustained a gunshot wound, while fifteen others were injured by incidental causes.[
Yup…but who knows how long this can go on for..that’s the big question.
“Another example how bubble money has no common sense. $AVGO has a 55 P/E with about 12% growth and jumps $200 for announcing a split. Wish I could say I havent seen this before as its been 24 years. Whole new generation of suckers.”
So Left,
I read your missives on providing support to your kids and extended family and its confusing.
I think what you are trying to say is that you are obligated to make that support available, but how they access it has conditions. You specify Grades and I assume behavior, that part is not clear.
Here is my 2c.
Its your money, you can do with it what you want. But if you are putting up this offer, its actually an Implied Contract and I wonder how that works out. Your Godson, great student, doesn’t party has a 4.0 or better in High School. Wants to double major in Religious Studies and Women’s Studies as he is on the edge to come out of the closet. Still writing the check?
As long as the 4.0 continues in College, does that Uncle Scholarship still flow?
I keep hearing about buying your kid a car. For me that’s a family decision. For my kids I have cars available. I pay gas, insurance etc. One drives to Community college, a sibling drives to High school and work. There are cars for Mrs. Fab and I to get to work and in July I have the last qualifying kid so we need to sort out something for her.
All cars are bought and paid for over the years. I don’t need to police my kids with car use, they are good kids.
The most miles my oldest puts on his is driving to community college or the fire station on calls. He passed FS1 and is a qualified Fire Fighter. My SIL just upgraded to a new Honda Ridgeline and passed her old one down to him. When I get the title sorted he can start hauling crap in it for a living.
I can park 10+ cars in my driveway, but for my neighbor who built the McMansion he is limited to 5. He is at capacity for the moment and the youngest is just about to qualify. I cant wait to see how he handles this. Previous siblings all got a Merc on test pass.