1.Corporate Buybacks Boosted by Tax Cut.
PKW-Corporate Buyback ETF-About to make new highs.
Tax Cut Boosted Buybacks Over Capex
Torsten Sløk, Ph.D.
Deutsche Bank Securities
2.One “Risk On” Group Blew Thru New Highs….High Yield.
HYG-High Yield ETF
Year to Date Flows Dominated by High Yield
From Dave Lutz at Jones.
Twits note Investors are flocking to HY from loans.. in which last yr the case was reverso. Why you may ask we’re seeing outflows from loans… well, basic answer is rates falling… and folks like loans since they’re floaters = no more attractive now w/ rates falling
3.Value Vs. Growth.
Russell 1000 Value Now 1/3 Financials and Energy Versus Growth only 5% Financials/Energy.
4.Emerging Markets Volatility– Median 17% Decline Every Year Since Inception in 1988
5.China Makes Large Investment in Italy’s Ports.
Four Italian Ports Inline for Chinese Investment.
Italy may be ready to open up four ports to Chinese investment under ‘Belt and Road Initiative’
The New Masters and Commanders.
6.30 Year Mortgages Sinking Toward Sub 4%.
7.Wage Growth Actually Ticked Lower Friday.
8.Household Balance Sheets Recovering Since Great Recession….Debt Payments Down and Net Worth Up.
9.Electric Vehicles are not Easier to Build.
EVs Not Easier to Build, But Will Cut Jobs
Conventional vehicles use components not needed with electric vehicles, but EV motors and batteries also are complex systems that require extra assembly steps of their own.
John McElroy | Apr 03, 2019
It’s a myth that electric cars are easier to assemble than internal-combustion-engine cars. They’re not. Nor is it true that EVs have fewer parts than ICEs. They don’t. Yet automakers say EVs will eliminate a lot of manufacturing jobs. And they’re right. Many factories making traditional powertrain components are threatened by electric cars.
Electric advocates often claim EVs are easier to make because they use fewer parts compared with traditional cars and trucks. But a recent tour of the Magna Steyr assembly plant in Graz, Austria, shows that’s not the case. The plant makes the Jaguar I-Pace (electric) and Jaguar E-Pace (ICE) on the same line. Both cars use about the same number of assembly stations and line workers.
While EVs lack gas tanks and fuel lines, radiators, hoses, exhaust pipes and mufflers, they do require other assembly steps that piston engines don’t.
For example, the installation of the battery pack on the I-Pace requires two separate assembly stations that are part of a feeder line located off the main assembly line.
The battery pack is a massive part lifted into place from under the car, then secured with multiple bolts to become a structural member of the chassis. Once the pack is installed, the vehicle moves to a second station where more workers connect wires and perform quality checks. It is a more complicated process than installing the gas tank on a piston-engine car.
Moreover, with the I-Pace, the installation of the electric motor requires more line workers than installing the gasoline or diesel engines in the E-Pace. Both vehicles use a modular cradle which includes the engine, transmission and front suspension. The cradle is fed in from under the car, then bolted into place.
While it takes four workers to install the module with a piston engine, it takes six to install the one with an electric motor. That is partly due to the design of the air suspension on the electric I-Pace, which is more complicated than the simpler strut suspension on the E-Pace. Even so, installing the electric motor module requires 50% more labor input.
Even though conventionally powered vehicles require the installation of components not needed with electric vehicles, EVs require extra assembly steps of their own. In the end, both types use about the same number of assembly stations and line workers. The claim that all electric cars are much easier to build just isn’t true.
EV proponents point out electric motors have far fewer components than a piston engine, and that’s correct. But it is a misleading apples-to-oranges comparison because it does not include all the parts of an electric propulsion system.
A battery pack, for example, can contain nearly as many parts as a piston engine. Munro and Associates, which specializes in tearing down and benchmarking cars, says that on a system-to-system comparison, EVs and ICE-powered vehicles have about the same part count.
Even so, EVs will eliminate a lot of factory jobs. While battery packs are complex systems that can contain thousands of individual cells, they are very different from the components needed for an ICE. The engineering skills needed to design them, the materials and the manufacturing processes used to make them, are completely different. Companies that are adept at making crankshafts, pistons, spark plugs, radiators and so many other traditional components have no role to play in an electric world.
Communities that depend on factories that make traditional ICE components need to be made aware their future tax base is threatened. The good news is they have time to plan. Thanks to hybrid-electric propulsion systems, the ICE likely will be the predominant power source in vehicles for another 20 years. But you can be sure some plant closings will start happening well before that.
John McElroy is editorial director of Blue Sky Productions and producer of “Autoline Detroit” for WTVS-Channel 56, Detroit.
10.15 Ways to Effectively Strengthen Your Willpower
Starting your own business takes a lot of guts. There will probably be many hurdles and unforeseen obstacles that will need to be dealt with. To make it through the hard times, entrepreneurs need to find it within themselves to self-motivate and push through the crises and stress.
As such, having strong willpower is a major key to every entrepreneur’s success. We asked members of Young Entrepreneur Council to share a concrete way every entrepreneur can strengthen their willpower. Here’s what they have found works well for them:
- Set small, achievable goals.
Maintaining willpower is about keeping your mind on the prize. Determine what it is that you’re working toward and develop a plan for how to get there. That plan should include small, achievable goals along the way. Taking things one day at a time, one step at a time allows for little victories, which boosts confidence and collectively allows you to develop good habits and strengthen willpower.
- Control your thoughts and commit.
Increasing willpower and productivity requires taking control of your actions and thoughts and remaining committed to your short- and long-term goals. Avoid acting without thinking. When you get frustrated, stay calm and get a clear picture of what needs to be resolved, so you can avoid making emotional decisions. Second, identify and remove distractions, so you can stay committed to your plan.
- Use short bursts as a catalyst.
Use short bursts of willpower to push yourself past your limits. I’ve found that starting small, taking one step beyond your limits, and then two and then three, will help to build the belief that will eventually lead to huge leaps beyond what you thought was possible. It works because it trains your mind to use willpower as a catalyst to achieving the bigger things that you want.
- Win the day.
I’ve heard that it takes 21 days to form a new habit. Others have said 30 days and even 90 days. But I think it’s best to win the day and then string a bunch of those wins together. It’s easy to win one day and then string that into three days and five days and a week, versus being overwhelmed with being perfect for 90 whole days. Each small victory builds momentum, and all that momentum builds better habits.
It may sound like a drastic measure, but taking cold showers (or even partially cold showers) is a great way to strengthen your willpower. Suffering strengthens your willpower more than success. By forcing yourself to be uncomfortable, you end up feeling confident and empowered (as well as refreshed). Taking a cold shower—even if for only 20 seconds—takes willpower.
Most marathon runners are aware of the dreaded “wall.” The wall is where your body shuts down around mile 20 and your mind starts screaming at you to stop. When a person completes their first marathon, they will have built willpower in two ways: First, by training every day and increasing miles slowly over time, and second, by running the last painful marathon miles in a broken body.
Getting up earlier gives you an extra hour to prepare for the day. Use it to meditate, exercise, take a walk or get a head start on some business-related tasks. If you’re used to staying up late, you may need to go to bed earlier, as well, so you don’t deprive yourself of sleep. Most people are more productive early in the day, so creating that extra hour can make a big difference.
- Write down goals and progress.
When I see my goals in writing and daily write out what I’ve done to achieve them, it helps me be more accountable and eliminates those feelings of weakness to reach for or do something that I know I shouldn’t. I don’t want to have to write down that I slipped and let go of the strength to reach that goal.
- Say “no” out loud.
I tell myself “no” out loud when I start to feel myself slipping on a goal where I need that will power. It sounds silly, but it helps me to hear. From there, I think about the reason I am staying strong in that area and what the result will be for doing so.
- Make your goals public.
Making a bet with friends, or tweeting “I will accomplish X by this date” goes a long way toward helping you accomplish your goals. Taking the step to publicize your objectives adds pressure, as many people don’t want their failures to be public. Equally important, when you tell the world that you want to achieve something, you’ll be amazed at how many people will support you along the way!
- Use positive reinforcement.
Use positive reinforcement training to strengthen your willpower. This technique has been around for a long time because it id proven effective in changing behavior. When you exhibit strong willpower, then congratulate yourself and provide some form of reward, such as dinner from your favorite restaurant or something else that is special and out of the ordinary.
- Take care of your body.
Eat healthy. Sleep. Exercise. These three things will allow you to feel rested, energized and able to make good decisions. Taking care of your body and mind is one of the healthiest and most effective ways to strengthen your willpower.
Having strong habits will make your willpower much easier to control. If you have a set of strong habits built into your daily routine, you will find that there won’t be as many decisions or moments your willpower will come into play.
- Make a list of your previous successes.
As successful as many of us are, it can be tough to feel that way when you are seeing so many people in the news making millions of dollars with their new applications, companies or signing a new sports contract. Everyone is different and we all have different goals and standards. To keep your willpower up and moving forward, write down some of your best achievements and goals over prior years.
- Never be satisfied.
The one thing I noticed is that when I reach a goal, I create a bigger goal, and in the end, I see life as an endless movement. There is no end to discovery and being able to do things better. When you realize this, you start shooting for the stars instead of wanting to give up. For example, this year I reached my fitness goals and now I am working on more advanced fitness techniques.