This article first appeared on Money & Markets. It finally happened. On Monday, we saw negative oil prices. The price of West Texas intermediate crude oil dipped into below zero and not by a trivial amount. The price of the front month contract fell below negative $40 per barrel. In movement that should be mathematically...Read More

The following first appeared on Money & Markets. If you’re reading this, I hope you’re still employed or that your business hasn’t been too badly disrupted. I’ve been impressed by the ability of millions of Americans to carry on business as usual despite the stay-at-home orders and closure of offices. It’s a testament both to...Read More

The following first appeared on Money & Markets. I had a good chat this week with a basketball buddy of mine. I realize this immediately raises two questions. And to answer the first one, yes, I am a 40-something white man of average height and sub-average knees, and I play basketball. I’m not claiming to...Read More

The following first appeared on Money & Markets. Last week, I asked what changes once the coronavirus scare passes, and what doesn’t. Today, we’re going to expand on that theme, looking at company earnings. We’re obviously not going to live under lockdown forever. Though I can tell you it’s starting to feel that way, and after...Read More

The following first appeared on InvestorPlace. Few companies have been battered as hard as Carnival Corporation (CCL) by the coronavirus pandemic and resulting lockdowns. Along with hotels and airlines, Carnival has the misfortune of being a travel and leisure company with high overhead and effectively no income for the foreseeable future. In mid-January, when COVID-19 was hitting...Read More

The following fist appeared on Money and Markets. We’ll never know the exact numbers, but I suspect a lot of Boomers will be delaying retirement for a couple years following the coronavirus bear market. While the S&P 500 is sitting at March 2019 levels, shares of the sorts of high-yielding stocks loved by retirees –...Read More

The following is an excerpt of “Is the Market Actually Cheap?“, which first appeared on Money & Markets. It’s not so clear that this is the generational buying opportunity some of the bulls seem to think it is. Let’s take a look at market valuations. This is where the cyclically-adjusted price/earnings ratio (“CAPE”) comes in...Read More

The following first appeared on Kiplinger’s as The 20 Best Stocks to Buy Now The coronavirus crisis will end. I don’t know when, and you don’t know when. But it will end. We won’t live under lockdown conditions forever. By this stage of the game, you should have already made the defensive moves you were...Read More

The following is an excerpt from What Changes Once Coronavirus Passes … And What Doesn’t?, originally published on Money & Markets. I don’t often go to the mall. I tend to avoid them like the plague. But that’s nothing new. I will dislike the mall no more post-coronavirus than I did before. I’m not alone. Americans...Read More

To say the coronavirus bear market has been hard on REITs would be an understatement. While the S&P 500 was down about 35% at its lowest point (thus far), the Vanguard Real Estate Index Fund (VNQ) was down 44%. And the damage in many individual REITs was far worse. As an example, triple-net retail REIT...Read More