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Money & Finance

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  1. In 1823, Con Edison’s earliest corporate predecessor, the New York Gas Light Company, was founded by a consortium of New York City investors. A year later, it was listed on the New York Stock Exchange. In 1884, six gas companies combined into the Consolidated Gas Company. A sketch of an early power plant on Pearl Street The New York Steam Company began providing service in lower Manhattan in 1882. Today, Con Edison operates the largest commercial steam system in the world, providing steam service to nearly 1,600 commercial and residential establishments in Manhattan from Battery Park to 96th Street.[2] Con EdisonÂ’s electric business also dates back to 1882, when Thomas EdisonÂ’s Edison Illuminating Company of New York began supplying electricity to 59 customers in a square-mile area in lower Manhattan. After the “War of Currents”, there were more than 30 companies generating and distributing electricity in New York City and Westchester County. But by 1920 there were far fewer, and the New York Edison Company (then part of Consolidated Gas) was clearly the leader. In 1936, with electric sales far outstripping gas sales, the company incorporated and the name was changed to Consolidated Edison Company of New York, Inc. The years that followed brought further amalgamations as Consolidated Edison acquired or merged with more than a dozen companies between 1936 and 1960. Con Edison today is the result of acquisitions, dissolutions and mergers of more than 170 individual electric, gas and steam companies. On January 1, 1998, following the deregulation of the utility industry in New York state, a holding company, Consolidated Edison, Inc., was formed. It is one of the nationÂ’s largest investor-owned energy companies, with approximately $13 billion in annual revenues and $47 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and three competitive energy businesses. Under a number of corporate names, the company has been traded on the NYSE without interruption since 1824—longer than any other NYSE stock. Its largest subsidiary, Consolidated Edison Company of New York, Inc. provides electric, gas and steam service to more than 3 million customers in New York City and Westchester County, New York, an area of 660 square miles (1,700 km2) with a population of nearly 9 million. Â
  2. If you have a lot of money and don't care about small fees per transaction.... Try TDAmeritrade.com which will allow you to research deeply and have access to almost every market available. If you are the average guy who does care about fees and have $15,000+ to invest .... Try Robinhood.com it is an app on your phone and now a website which is the absolute best brokerage since there are no commission fees. That is right... you heard me correctly. ZERO Commission!!! You really can't beat zero. If you are the average guy with just a small amount of $ or even a child and want to learn about stocks You want to easily buy into some of the best stocks available out there such as Amazon and Google. You want to see nice brand logos next to your purchases. The genius of Stockpile is that it allows you to buy fractional shares of the brands that you love. .99 cent commission per trade is not bad either.
  3. Iconic Australian surf brand Quiksilver is purchasing its hometown rival Billabong for $300 million. Kyles, Tylers, and Blakes everywhere are freaking out. That’s because if you didn’t wear a Billabong or Quiksilver shirt in sixth grade to complement your long hair and seashell necklace, you weren’t cool. But neither company has been especially cool lately. Billabong wiped out in 2013, admitting its brand was a thing of the past. And Quiksilver hung zero when it filed for bankruptcy in 2015. Luckily, PE shop Oaktree Capital was there to scoop up Quiksilver. And after two years of financial CPR, it’s hoping a Quiksilver-Billabong duo will be gnarly enough to bring back the glory days. All together, they’ll have 600 stores in 28 countries. Surf’s up. http://morningbrew.cmail20.com/t/j-l-okddrz-yhyuhjkhdk-ji/
  4. Weinstein just keeps falling from grace. This time, the tarnished name is in the news as The Weinstein Company nears a sale for less than $500 million, roughly half of which is debt. Insult to injury: shareholders risk losing all equity. Of the 20 bids the film studio has received since December, six have made the short-list, including former Obama cabinet member Maria Contreras-Sweet. Some other contenders: production company Killer Content (supported by Abigail Disney), studio Lionsgate, and investment firm Shamrock Capital (founded by another Disney, Walt's nephew Roy). After co-chairman Harvey was fired following dozens of high-profile sexual assault and harassment allegations, Weinstein Co. found itself in cinema purgatorio. Its slate of upcoming releases—including drama Current War about Thomas Edison and George Westinghouse—is collecting dust while the studio tries to write a happier ending. And in Hollywood, timing is everything. While operating expenses and legal bills continue to pile up, Weinstein Co. may soon have no choice but to file for bankruptcy.
  5. Essentially, passive income is money acquired without using your personal exertion . It’s income that is not linked to hours worked. If work is required, it is usually done one time with the money paid multiple times. There are two forms of passive income: Income derived from business and income derived from investments. Business income is the money that one receives without actually needing to work in the business. One acquires a business that is either run by someone else or is self sufficient. The profits generated are taken out by the owner thus yielding passive income. Robert Kiyosaki is the most famous advocate of this principle and has been teaching it for decades, read Rich Dad Poor Dad . Income derived from investments is making money from money. Instead of you working for money, it is putting your money to work for you. depending upon the investment, a rate of return is realized which generates passive income. Examples of this are dividends from stocks, appreciation in real estate, interest on savings, etc… The wonderful aspect of this type of income is that the money is created regardless of one’s efforts. If you don’t show up for work, the income still exists. You will earn the same while at work as you would sitting on the beach. In addition, this allows one to increase their overall efforts. If your money is working while you are focusing on something else, you are, in effect, paid twice for your time. This is called leverage and it’s easy to see how it is possible to create massive wealth under this scenario. Focus your attention on creating passive streams of income. It holds the key to all financial freedom.
  6. Innovation with IBM Watson The underlying fund investments in AIEQ are based on the results of proprietary quantitative models developed by Equbot with IBM Watson artificial intelligence. The AI Powered Equity ETF (NYSE: AIEQ) may help U.S. Equity investors enhance their ability to realize market appreciation and diversify their strategic alpha portfolio exposure.
  7. Just a quick update to the above article. I have since moved to holding ONLY RSP Equal Weighted S&P 500 index ETF. I figure this gives me more than enough exposure globally while ensuring that I'm in the larger boats should the tsunami drain soon. I would be interested to know how badly hurt this index will be compared to Cap Weighted indexes when the Federal Reserve actually begins to dump their holdings. What do you want to bet that they didn't invest their QE funds "equally weighted"?
  8. The phony assumptions that go into calculating public pension underfundings in the United States are a frequent topic for us. As our readers are aware, state pension administrators are given fairly wide leeway to simply pick a discount rate out of thin air. Of course, since pensions are nothing but a massive stream of future liabilities that stretch out into perpetuity, every 100 bps increase can substantially, and artificially, lower the fund's reported underfunded level. In fact, we estimated the impact of higher discount rates on underfunding levels in a post entitled "An Unsolvable Math Problem: Public Pensions Are Underfunded By As Much As $8 Trillion"...here was the result: Fortunately, we're not the only ones that see through the ridiculously phony assumptions that go into duping retirees and taxpayers as the team at American Legislative Exchange Council (ALEC) has just dropped a report which reviews the financial health of public pensions all over the country if you toss out their 7.5% discount rate and replace it with a risk free rate... Faulty accounting and reporting methods obscure the magnitude of unfunded liabilities. Partly in response to the devastating impact of the Great Recession, the Governmental Accounting Standards Board (GASB) made two significant changes in 2012 (Statement No. 67, Financial Reporting for Pension Plans and Statement No. 68, Accounting and Financial Reporting for Pensions) to the methods used for measuring the financial health of pension plans. GASB intended these changes to increase transparency, consistency, and comparability of pension information. Public pensions are now required to report their assets and liabilities using a standardized actuarial cost method, to disclose investment returns, and to include unfunded pension liabilities on state balance sheets. Unfortunately, states have found ways to work around these requirements and paint an unrealistically rosy picture of their pension funding status. The Center for State Fiscal Reform at ALEC analyzes the annual official financial documents of more than 280 state-administered pension plans using more realistic investment return assumptions in order to gain a clearer picture of the pension problem. The unfunded liabilities of each pension plan are revalued using a discount rate equal to a risk-free rate of return, best represented by debt instruments issued by the United States government. This year's study uses a risk-free rate of 2.142 percent, derived from an average of the 10- and 20-year U.S. Treasury bond yields over the course of 12 months spanning April 2016 to March 2017. Based on these revised investment return assumptions, we report on total unfunded pension liability, unfunded pension liabilities per capita, and the funding ratio of these plans. ...and as you might expect, the results are fairly bleak. In terms on aggregate underfunding, ALEC figures our taxpayer-funded pension ponzis are roughly $6 trillion underfunded, or roughly 2-3x worse that the often-quoted $2-$3 trillion underfunding calculated by state pension administrators. Meanwhile, using ALEC's discount rates, the state of California is nearly $1 trillion underfunded by itself. So, what is your personal share of these massive public liabilities? Well, if you're in one of the 10 bottom states it's anywhere from $25,000 to $45,000. Of course, that's the liability for every man, woman and child so the typical American household (with 2.57 residents) in those states is on the hook for $67,500 - $115,650. ALEC's full report http://www.zerohedge.com/news/2017-12-21/forget-phony-pension-accounting-heres-how-much-your-state-pension-really-underfunded ------------------------------------------------ Now ask yourself WHY such an already questionable lobbying firm of corporate overlords so tainted that even major corporations have had to disassociate themselves for backroom dealing would release such an apocalyptic view of our pension systems? I think it is because they want to undermine trust and eventually push for their extinction. Replaced by some weak and unsuccessful 401k plans used in their corporate world. Notice that instead of focusing on how they can FIX the problems they have been exaggerating they only offer Pension Armageddon as the ultimate fate. @Marra McDonald Johnson
  9. video-cnbcukfin-yahoopartner: The average annualized total return for the S&P 500 index over the past 90 years is 9.8 percent. For 2017, in just under half a year, the S&P 500’s total return is 9.7 percent. Looking at these facts side by side, it might seem the market has been twice as generous as usual so far this year, tempting a wary investor to back away from stocks or expect next to nothing more over the coming six months. Yet equity returns come in waves, not in metered doses. The market gets on a roll, overshoots, retrenches, and sometimes—as in the 18 months ended last November—just slides sideways. One of the market’s more intriguing and mischievous traits is that it rarely produces the long-term “average” return in a given calendar year. Looking now only at price returns (not counting dividends), a gain between five and 10 percent is one of the rarest results for stocks. According to data furnished by LPL Financial senior market strategist Ryan Detrick, in the 89 years from 1928 to 2016, only six finished with a gain in that range that we think of as a “typical” annual return. Source: LPL Financial More than a quarter of all years saw better than 20 percent appreciation. And Detrick notes, too, that the S&P 500 advanced 9.5 percent last year - and has never seen two straight years of gains between five and 10 percent. So, if the historical odds are against stocks just idling near this level for the next several months, which way are they likely to go? Strictly looking at past periods that closely resemble this one - quiet years in an uptrend, with plenty of new highs and good market breadth - the evidence points toward further gains in the second half. Yet the calm is increasingly likely to be interrupted by the sort of more noteworthy downdraft that we haven’t had in quite a while. When the S&P 500 was up at least 7.5 percent on its hundredth trading day of a year, as it was this year, it added to those gains through year-end 20 out of 23 times. And since 1950, when the S&P 500 has made at least 15 new all-time highs through May, it was far more likely to keep rising through December, and the average further gain over the final seven months was 7.7 percent, far better than the 4.5 percent average for June-December in all years. A slightly different screen by Sam Stovall of CFRA - testing for years with as many new highs and similar lack of volatility as 2017 - found a similarly heavy probability of generous further upside. The largest and most significant exception to these patterns came in 1987 - a year that began with powerful upside momentum, faltered in mid-summer, then crashed in October to wipe out the early-year gains. It’s a scary year to come up in the comparative analysis. But it’s also important to note the market was up a whopping 40 percent in the first seven months of that year - a ferocious blow-off rally. And stocks got very jumpy and started losing altitude badly in August. The crash did not blindside an otherwise placid tape. Still, this market has gone so long without even the sort of routine 5 percent pullback that visits even the best of years that even bullish investors should be checking their mirrors and blind spots. The recent wobble in big-cap tech stocks that dropped the Nasdaq 100 (NDX) index by 4.5 percent could foreshadow at least a mild gut check for the broader market. Investor Urban Carmel of the Fat Pitch blog notes, “In the past seven years, falls of more than 4 percent in NDX have preceded falls in SPY of at least 3 percent. That doesn’t sound like much, but it would be the largest drop so far in 2017.” Seasonal patterns, which have an iffy record in the past year or so, also suggest the market should get choppier pretty soon, for what that’s worth. The best way to prepare for what an inherently unpredictable market might deliver is to assess the weight of the evidence and remain open to a range of outcomes. Maybe if the market does keep chugging a good deal higher, it will finally deserve the “bubble” label (which it really doesn’t right now), and perhaps it will grow more unstable as it does so, and be hounded by a collicky credit market rather than the current stoic one. None of this is observable yet. One of the least welcome messages in the latter part of a bull market, with more than enough discomfiting headlines to go around, is “Don’t worry so much.” But, for better or worse, this is what the probabilities are suggesting at the moment. Sure, stout valuations today imply so-so returns over the long term. But, remember, the market bestows its returns in unpredictable gulps, not measured sips. World News - Money
  10. Empire State Building - New York City - New York - USA (by nestor ferraro) World News - Money

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