Get Busy Reading

Always a little rough getting moving the Monday after the Super Bowl. Here are some reads that got my brain back in the game to start the week:

The Greatest Bull Market of All-Time?

The incredible run in fixed income over the past 40 years: 7.7% annualized returns with 6.9% annualized volatility.

"I probably sound like a broken record here, but it’s important for investors to reduce their expectations for future fixed income returns. The next 40 years aren’t going to look at all like the last 40."

Five Things You Need to Know to Start Your Day

Bonds were certainly the place to be early in 2016, and it looks like another rough start to the week. Europe took a nosedive around 4 AM.

"Stocks in Europe have tumbled to their lowest since 2014 this morning with the Stoxx 600 down 2.2 percent at 10:55 a.m. London time, heading for its sixth day of declines."

3 Myths About Inversions and U.S. Corporate Taxes

The most common mistake that people make while focusing on "uncompetitive" US corporate tax rates is focusing on the marginal (highest) tax rate, not the effective rate.

"For example, Pfizer’s  PFE 0.10%  effective tax rate before the pharmaceutical company merged with Irish rival Allergan last year was an astonishingly low 7.5%."

Chaplain Passes Ranger School at 40

US Ranger school (the suck) is a months-long test of one's endurance and ability to withstand physical and emotional stress. 

This hardcore Army Chaplain just graduated at age 40. It took him nearly six months. 

8 Surprising Things That Are Taxable

Good list of things that are commonly taxable - awards (clearly compensation), canceled debt (the dreaded 1099-C), alimony.

Finally, it looks like we may have won the war on cigarettes: