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2nd Week of June 2021 Thoughts


thoughts as we finish this 2nd Week of June 2021



John Templeton said: “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.”

Most of the past decade, we oscillated from pessimism to skepticism. We think we are more in the optimism phase, with pockets of euphoria. Patient Capital’s Samantha McLemore

Janet Yellen proved her bona fides as a political dealmaker by leading the world’s richest economies to an agreement on global taxes that had eluded negotiators for nearly a decade. Winning lawmakers’ support for the administration’s plans for tax and spending increases will be a far tougher challenge.

The G-7 finance ministers on Saturday sealed a landmark deal in London, paving the way to help countries collect more taxes from big companies and setting a minimum global corporate tax rate of at least 15%. This is HUGE: it would signal an end to decades of nations racing to have corporations move to them.

Yellen’s role was “crucial” and “decisive,” and six months ago, we were in the middle of nowhere, but a final, global deal is a still a long way off. Any accord must also have support from a majority of about 140 nations involved in negotiations under the but if they are successful, it will be more difficult for wealthy multinational corporations who have sheltered assets abroad.

The United States, along with the six other nations that make up the G-7, has just reached a decision to tax some of the world’s most profitable companies a minimum global corporate tax rate of 15%. This deal will require companies to pay additional taxes to countries based on where their goods and services are sold, regardless of where they’re headquartered.


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Tech fund inflows and outflows tell us something. The reality is that a lot of money moving IN always results in prices going up. Then, when that money flows out…prices follow by declining. This edition of Thoughts is about reality coming home to roost. You cannot have prices moving higher if money is moving out…and the outflows in May were the worst since 2018.

😲 Why does this matter to you? While dropping below the mid-line is worrisome…what is more worrisome is that there seemed to be what is called a “blow-off” in money moving into tech funds in the last half of 2020…and then, the reversal we have not seen since the end of 2018.



Kids…with keyboards and online trading accounts…tormenting Wall Street. Why does it always have to be tech stocks? A lot of silly and weird behavior is driving some stocks right now. Obviously, technology has a hand in this, so this old Forbes cover from way back, started circulating and caught my eye as well.

😊😲 Why does this matter to you? Oh please…it is so predictable: I hate seeing history repeat when it looks like this. The same, only different, but today, a different kind of technology. Fear and greed and stupid behavior have been around forever, but we cannot forget the market blow off that led to the 2000 tech stock collapse.

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