We’re rolling out the Roundup a day early this week. Tomorrow, Mark will post the monthly strategy updates for DAA and Sector Rotation.
A giant distraction to the business of investing (Ben Carlson, A Wealth of Common Sense). Short-term market moves can play head games with you if you’re not careful.
GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal (CNBC). "The economy is close to stall speed, moving forward but barely." (The full GDP report is here — PDF.)
GDP = –0.9% (Barry Ritholtz, The Big Picture). "Recessions matter to investors because they reduce employment, drag down consumer spending, lower corporate revenues, and ultimately drag profits down."
The U.S. housing market has gone cold (Sam Ro, TKer). "What we’re witnessing in the housing market is the desired outcome of the Fed."
Student loan servicers told to hold off on sending out billing notices, a sign payment pause may be extended (CNBC via MSN). The White House apparently is considering extending — for the seventh time — the payment pause on federal student loans.
The 2022 Long-Term Budget Outlook (Congressional Budget Office). The budgetary arm of Congress warns that federal "debt as a percentage of GDP begins to rise in 2024, surpasses its historical high in 2031...and continues to climb thereafter," heightening the "risk of a fiscal crisis."
Don’t name your estate as your IRA beneficiary (Kiplinger). Potentially higher taxes are one unhappy result. There are several others.
After paying $22 billion of shares to buy TD Ameritrade, Chuck Schwab is preparing to spend $15 billion in hard cash to buy his own ’Schwabitrade’ stock (RIABiz). A little bit of "inside baseball," but likely of interest to Schwab and TD Ameritrade customers.
6 ways to find missing money in your life (Bob Lotich, Personal Finance by the Book). Billions of dollars in unclaimed funds are out there. Some of it might be yours.
How to pass on your passwords when you die (Wall Street Journal via Fidelity). LastPass and other password managers let you designate a "digital heir" for your account information.
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