The Woke Street Journal
All The News That Isn’t Fit To Print
Someone got in his ear…
ESG
Jefferies Warns of New Risk Tied to Commodities: ESG Regulation-BNN Bloomberg
EUDR requires companies to trace raw materials used in products entering the EU right back to their place of origin. Corporations need to document that their goods weren’t made using commodities sourced from deforested land and that no human rights were violated. Such checks need to go as far back as Dec. 31, 2020, with failure to do so leading to potentially hefty fines.
The regulation is already having an impact. Amid concerns about a squeeze in coffee supplies, futures for September delivery versus December contracts surged earlier this month in New York, leading to the widest spread since trading started in January 2022. In July, US papermakers warned of higher prices for diapers, sanitary pads and other hygiene products, due to EUDR.
Companies and government officials, including from the US, have asked the EU to delay passage of the regulation, citing its broad scope. But the EU has so far declined to amend its rollout. EUDR is due to take effect on Dec. 30, with a six-month grace period for small businesses.
DEI
Jack Daniel’s Parent Company Ends DEI Programs to Prevent Potential Boycott-National Review
American spirits conglomerate Brown Forman, the owner of Jack Daniel’s and other well-known offerings, recently sent an internal memo announcing its plan to halt diversity, equity, and inclusion initiatives and end its relationship with a corporate ranking of LGBT-friendly employers.
Kind of like the stock here, nice long base, could be buyable on breakout over $46 with the 50 day as a stop.
Climate Change
Shocker: Most Climate Policies Don’t Work. Here’s What Science Says Does Reduce Emissions.-WSJ
An evaluation of more than 1,500 climate policies in 41 countries found that only 63 actually worked to reduce greenhouse gas emissions.
Democrats hail electric vehicles as the “future,” but their autotopia keeps getting deferred. Ford and Stellantis this week joined a conga line of auto makers rolling back EV investments amid flagging consumer demand. Has the government ever subsidized a product that loses this much money?
Market
So I was a bit off yesterday. I expected nothing ahead of Ueda and Powell, instead, the selloff I thought we could get today happened yesterday. Ueda turned out to be nothing, Yen Gains After Bank of Japan Governor Reaffirms Intention to Keep Raising Rates-WSJ
Market players took Ueda's message more calmly on Friday, as the governor promised to pay close attention to market developments. The Nikkei Stock Average ended the day 0.4% higher.
Ueda said he would monitor markets "with a high sense of urgency," because they remain volatile.
but we still have Powell.
Lucky for me, as a counter trend trader, I came into yesterday light and bought the dip. Still think it makes sense to be cautious ahead of Powell.
Once Jackson Hole is over, the next big market event is NVDA earnings.
I still think AI is in the early innings and would be looking to buy any NVDA dip we get.
Sectors can morph. The need for all sorts of power to drive AI has changed utilities. Utilities are Beating the Mag 7; They Could Keep Rising-Barron's
Utilities appeal to coupon-clipping investors who enjoy receiving their steady dividends yields and being protected from broader economic uncertainty. But their fan base appears to be broadening. Hedge funds have increased their net long position in utilities over the past month, according to a survey released this past week by Evercore.
I continue to believe you need to be buying all of the above when it comes to power. Electric, solar, nuclear, etc.
A Time-Honored Strategy Puts Your Retirement at Risk of Financial Ruin-WSJ
The tried-and-true 60/40 portfolio and 4% withdrawal rate in retirement could lead to ‘catastrophic’ outcomes if markets behave differently than in the past
An especially bad run for markets around the time someone starts to draw down their savings can have an outsize effect on how much they have to live off. And the ultimate risk for a retiree is running out of money.
Yep, there is a much better way to do this. If I can get off my ass and write The Unbalanced Portfolio book is hopefully coming soon.
Everything Else
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