Alibaba had another incredible sales day with a reported $30.8 billion in sales in 24 hours, its 10th annual Singles' Day sale. The growth actually slowed to 27% which was the slowest growth for the Chinese internet giant. The sales number dwarfs the revenue from all US retailers during Black Friday ($5 billion in 2017), Cyber Monday ($6.6 billion in 2017) and Amazon Prime Day ($4.7 billion in 2018) combined. That is an incredible feat and shows the power of the Chinese consumers.
Today, Blackrock's CEO Larry Fink warned investors that the US is heading towards a "supply problem" as the widening budget deficit, expected to top $1 trillion annually starting in 2019, requires more borrowing. This is an issue that investors have never seen before. Typically government spending is restrained at the end of an economic expansion; however, this administration is stepping on the accelerator with neither party emphasizing fiscal responsibility. This could pose a huge problem if a recession hits over the next couple of years.
Jamila Souffrant, founder of the Journey to Launch podcast and blog, shares her family's story of being debt free (besides the mortgage) and her goal to be financially independent by the age of 40.
October has been a rough month for the stock market with the recent downdraft wiping out index gains for the entire year. The deterioration has been rapid despite a strong earnings season and overall S&P earnings increasing by nearly 30 percent. It is highly unusual for earnings and stock prices to diverge to this extent. Something is obviously deeply troubling investors, and we wonder if the Fed is triggering the start to the next bear market?
Learn budgeting tips from Phylecia Jones, The Budgetologist, who left her 6-figure job to become an entrepreneur and helps coaches and consultants to get serious about managing money.
Last Friday, October 19th, Runnymede managing partner Andy Wang returned to The Reuters Building in Times Square to chat with news anchor Fred Katayama. In this segment, Fred asked Andy about a variety of subjects including market volatility, midterm elections, and sector rotation. Watch the segment below.
The financial and emotional impact of losing his father when he was 7-years old forced Camilo Maldonado to mature quickly. After achieving academic and professional success, he co-founded The Finance Twins, a personal finance blog, to live with purpose, meaning, and help others.
Given that I'm six months into my Sinemia membership, I wanted to give you a quick update on my experience as a Sinemia user. To put it simply, I'm already ahead of game saving money and enjoying more movies on the big screen than in previous years. The movie theater is better than ever with stadium seating, reservations in advance, Dolby digital sound, and reclining seats! Perfect for the blockbusters that the studios are pushing out each and every month. If you go to 4+ movies per year, this membership is a no brainer.
You may recognize Scott Fifer from P90X exercise videos but what you probably do not know is that he left successful careers as a New York Wall Street attorney and Hollywood screenwriter to head a non-profit that helps children around the world.
The Dow dropped 1300 points in a couple of days and the CNBC fear machine cranked into high gear. Even Fox Business News got into the action with the headline grabber "Biggest market crash in our lifetime coming - economist Harry Dent." Of course if you google "Harry Dent crash," he makes the same call every year so it is meaningless. The real question is: should you buy or sell the fear? The answer: it depends.
