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- It's Been a HUGE Week! š„
Hi Everyone š,
This week was highlighted by a surprising FOMC meeting, and the markets responded positively. It ended up being another great one for stocks - weāre now at our 7th straight week of positive returns. š
GRITās BIG 3 of the Week:
Genevieveās Corner š HUUUUGE WEEK
Matt Allenās Corner š THE MILLIONAIRE JANITOR
Cominā Up š EARNINGS AND ECONOMIC DATA
1. Genevieveās Corner
HUUUUUUUGE WEEK!
Iāve been working in finance for 15 years, and this was one of the craziest weeks I have EVER seen! š¤Æ
Letās recap! š
- S&P rallies +2.7% now only 1.6% away from RECORD high!
- DOW & NASDAQ 100 hit all-time highs
- FED holds rates unchanged ā expects three rate cuts in 2024
- FED member John William goes on CNBC and says āprematureā to be thinking about the March rate cut
- Volatility hits a 4-year low
- Retail investors are buying the most stocks since March 2022
- Jim Cramer says the recession is NOT coming
- Apple hits new record high
- Chinaās central bank injects record monthly amounts into the financial system
- Germany, France, and India stock markets hit all-time highs
- U.S CPI 3.1% YoY in Nov, in line with expectations
- Goldman Sachs expects FED to start cutting rates in March (expects two back-to-back rate cuts of 25bps)
- Alibaba hits a 52-week low
- Pfizer hits a ten-year low
- SEC holds meeting with BlackRock to discuss its Spot Bitcoin ETF
- JPMorgan says Ethereum will outperform Bitcoin in 2024
- 30-year mortgage rates now below 7%
- U.S retail sales increase +0.3% in Nov vs -0.1% expected
- An all-time high of Americans spend +50% of their income on rent
- Restaurant prices are up 24% since January 2020
- Former President Trump says the US will have "one of the greatest economic years the nation has ever recorded" if elected in 2024
- Bill introduced in the Senate that would force big investors to sell off all the single-family homes they own over ten years
- US consumers are spending at record levels, and economists are mystified, struggling to forecast an endpoint
- Holiday spending is expected to reach record levels this year, totaling +$966 billion
Have a great weekend, everyone!
If you want to see my FULL portfolioā¦Upgrade to PAID HERE
šÆ GENEVIEVEāS TAKE:
On November 17th, with sharesā¦ upgrade to GRIT VIP to read the entire GRIT Take! š
Hereās to the weekend,
Genevieve Roch-Decter
2. Matt Allenās Corner
THE MILLIONAIRE JANITOR
āļøMake sure you check out my new stock purchase at the end of this section.āļø
A 92 year old man secretly amassed a $9 million dollar fortune by investing in the stock market. The craziest part? He was a janitor for 27 years. How on earth did a janitor become a Multi-Millionaire? Keep reading to hear about his story and his investment strategies.
Ronald Read was born in 1921 in Vermont and was determined to be the first person in his family to graduate high school. He walked and hitchhiked 10 miles every day to school until he graduated. (I cannot imagine doing this, so I tip my cap to him. haha) He joined the United States Army upon graduation to serve our country during World War II. After returning from the war in 1945, he worked for almost 25 years at Haviland's service station. Mr. Read was a very loyal employee of the company. He decided he didnāt like working at the service station, and he finally quit. Ronald began working as a janitor for JCPenny. He did this for the rest of his career which roughly was another 20 years.
The funny part?
He was a millionaire almost the entire time he worked as a janitor. His friends and family were shocked when they discovered he was worth a staggering $9 million. How did he amass this great fortune on such a low salary? He kept a frugal lifestyle while investing the rest of the money. However, it was his investment strategy that was smart.
He understood something about investing, but he didnāt make it complex.
Remember, simplicity is the most complex when it comes to investing.
He was an avid reader of The Wall Street Journal but never let the headlines persuade him to make emotional decisions.
Remember, investing is 90% emotional. How often have the media headlines made you think about making emotional decisions like selling your stocks?
He focused on buying quality companies that he knew and understood. This is a key component when you buy stocks for the long term.
For example, if you go to Starbucks every single morning, you might have a great understanding of how Starbucks operates. When you buy their stock, you become an owner of the company, helping your own cause each morning, and you would know if something has changed about the company.
He followed the timeless advice of Warren Buffett: āIf they buy good companies, buy them over time, they're going to do fine years from now."
Lastly, he invested in companies that he held for the long term.
What did he do with all his money when he died?
Upon his death, he donated $2 million to his stepchildren and friends, $1.2 million to the local library, and $4.8 million to his local hospital.
šÆ GRIT TAKE: I have purchasedā¦upgrade to GRIT VIP to read the entire GRIT Take! š
Have a great weekend everyone,
Matt Allen
T
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3. Cominā Up
EARNINGS AND ECONOMIC DATA
š° Earnings:
Monday: HEICO Corporation
Tuesday: BHP Group Limited
Wednesday: Micron, General Mills, Blackberry
Thursday: Nike, Cintas, Carnival
Friday: N/A
š Major Economic Events:
Monday: N/A
Tuesday: Housing Starts
Wednesday: Existing Home Sales
Thursday: Initial Jobless Claims, GDP Revision,
Friday: PCE, Personal Income, Personal Spending
Were you shocked that Jerome Powell signaled rate cuts are coming soon? š |
It is better to be roughly right than be precisely wrong
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