Sept 16, 2019. Interest rates increased last week, affecting the Core Portfolio. GBAB Guggenheim Taxable Municipal was hit relatively hard, declining from 25.85 to 25.44.
We have a 9.7% TOTAL RETURN gain (dividends added in) in GBAB and are SELLING this position. We have way too many positions in the portfolio and quite frankly are looking for ways to reduce the number and RAISE the cash position. The China trade situation, the oil bombing in Saudi Arabia, GM strike, the FED possibly reducing rates, and numerous other problems are raising our level of concern.
Mass exodus from high tax ultra liberal states. We are seeing more and more articles every week about the thousands of families moving to Texas from California, and from NY, NJ to Florida. Also big movement out of high tax Illinois. Do you think these states would ever consider CUTTING SPENDING. Link to article below.
The 83-year-old, who was born in the Far Rockaway neighborhood of Queens, has been a major figure on Wall Street for decades, and back in the 1990s, he bought a mansion on the Indian Creek island enclave in Biscayne Bay in Miami. Icahn expects all of his employees to make the move with him: Those who don’t “won’t have a job”, according to several sources from within his firm. GO TO FULL ARTICLE
Gives you an idea of how serious this is:
According to data provided to FOX Business by Geoffrey Weinstein, special counsel in the Tax, Trusts & Estates Department of Cole Schotz, an individual or couple earning $650,000 in ordinary income could save $69,719 per year by moving from New York to Florida.
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