Big/Little News & Some Secrets for Success from the Richest Man “Ever”
Weekly Commentary, September 29th, 2017
- Equity markets were positive globally this week with the S&P 500 +0.69% and International Markets (EAFE) +0.13%. This week capped off a very strong third quarter for global equity investors, with both of the previously mentioned indexes returning over 4%.
- Fixed income markets were mixed with high-quality bonds down slightly for the week at -0.16%, while high-yield bonds were up nicely at +0.32%.
- Tax Reform – this week President Trump and the Republican Party released their proposed GOP tax reform plan, notably including a reduction of the corporate tax rate to 20% from a current maximum of 35%. The plan framework also sets out to consolidate the existing seven different tax brackets into just three set at 12%, 25%, and 35%. However, details have not yet been clear on how those new brackets would correspond with incomes or what deductions will be eliminated, sparking questions on how beneficial the plan will actually be for the “working middle class” that the administration has claimed to be targeting.
- German Elections – while Merkel and her Christian Democrat-led coalition maintained power, the coalition won its smallest share of the election since 1949 with troubling strength from the far-right AfD party roiling their markets this week. Side note: next up is likely elections in Japan as PM Abe is said to be on the verge of calling for a snap election.
- Commentary/Our Take: After a brief look at the world impacting markets this week, I’ve included a great little article that encapsulates much of Andrew Carnegie’s (richest man in modern history) wisdom that I wanted to share. I came across many of these stories and fabulous quotes during my earlier readings about him, and they have often come to mind during critical moments for me.
To read the full commentary, click below!