{"id":14585,"date":"2016-11-25T23:58:43","date_gmt":"2016-11-26T04:58:43","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=14585"},"modified":"2016-11-25T23:58:43","modified_gmt":"2016-11-26T04:58:43","slug":"priming-the-pump","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/25\/priming-the-pump\/","title":{"rendered":"Priming the Pump"},"content":{"rendered":"

US stocks are buoyant on hopes that a Donald Trump presidency will benefit business, with major indexes flagging a bull market<\/a>. But promises come first, the costs come later. While I support a broad infrastructure program and the creation of a level playing field in global markets, the actual execution of these ideas is critical and should not be allowed to be hijacked by the establishment for their own ends. <\/p>\n

Erection of trade barriers is a useful negotiating position but is unlikely to be achieved without enormous damage to the global economy. As long as your trading partners think you are crazy enough to do it, they may be more amenable to establishing fair ground rules for international trade. If they don’t believe the threat, they will be happy to continue on their present path. So Trump walks a fine line between reassuring his allies and the domestic market, while keeping others guessing about his intentions.<\/p>\n

Before we get carried away with hopes and expectations, however, we need to evaluate the current state of the economy in order to assess the current potential for growth.<\/p>\n

The Cons<\/h2>\n

Let’s start with the negatives.<\/p>\n

Construction spending is slow, at about three-quarters of pre-GFC (and sub-prime) levels. It will take more than an infrastructure program to restore this (though it is a step in the right direction). What is needed is higher growth expectations for the economy.<\/p>\n

\"Construction<\/p>\n

Industrial production is close to its pre-GFC peak but has been declining since 2014.<\/p>\n

\"Industrial<\/p>\n

Job growth is slowing. Decline below 1.0 percent would be cause for concern.<\/p>\n

\"Employment<\/p>\n

Rail and freight activity also reflects a slow-down since 2015.<\/p>\n

\"Rail<\/p>\n

The Philadelphia Fed’s broad-based Leading Index has also softened since 2014. Decline below 1.0 percent would be cause for concern.<\/p>\n

\"Leading<\/p>\n

One of my favorite indicators, this graph compares profit margins (per unit of gross value added) to employee costs. There is a clear cycle: employee costs (per unit) fall after a recession while profits rise. As the economy recovers and approaches full capacity, employee costs start to rise and profits fall \u2014 which leads to the next recession. At present we can clearly see employee costs are rising and profit margins are falling.<\/p>\n

\"Profits<\/p>\n

It will be difficult for corporations to continue to grow earnings in this environment. Business investment is falling.<\/p>\n

\"Gross<\/p>\n

Plowing money into stock buybacks rather than into new investment may shore up corporate performance for a while but hurts construction and industrial production. Turning this around is a major challenge facing the new administration.<\/p>\n

The Pros<\/h2>\n

Retail sales are rising as increased employee compensation costs lift consumer confidence. Solid November sales with strong Black Friday numbers would help lift confidence even further.<\/p>\n

\"Retail<\/p>\n

Light vehicle sales are also recovering, a key indicator of consumers’ long-term outlook.<\/p>\n

\"Light<\/p>\n

Rising sales and infrastructure investment are only part of the solution. What Donald Trump needs to do is prime the pump<\/i>: introduce a fairer tax system, minimize red tape and reduce political interference in the economy, while enforcing strong regulation of the financial sector. Not an easy task, but achieving these goals would help restore business confidence, revive investment, and set the economy on a sound growth path.<\/p>\n

\n

In the short run, the market is a voting machine
\nbut in the long run it is a weighing machine.\n<\/p>\n

\n~ Benjamin Graham: Security Analysis (1934)\n<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

US stocks are buoyant on hopes that a Donald Trump presidency will benefit business, with major indexes flagging a bull market. But promises come first, the costs come later. While I support a broad infrastructure program and the creation of a level playing field in global markets, the actual execution of these ideas is critical … <\/p>\n

Continue reading “Priming the Pump”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,28,29,34],"tags":[536,793,1225,1229,1821,2109,2789,2943],"class_list":["post-14585","post","type-post","status-publish","format-standard","hentry","category-investment-saving","category-taxes-inequality","category-the-big-picture","category-us-canada-countries-regions","tag-business-investment","tag-construction-spending","tag-employee-costs","tag-employment-growth","tag-industrial-production","tag-light-vehicle-sales","tag-profit-margins","tag-retail-sales"],"yoast_head":"\nPriming the Pump - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Priming the Pump - the patient investor\" \/>\n<meta property=\"og:description\" content=\"US stocks are buoyant on hopes that a Donald Trump presidency will benefit business, with major indexes flagging a bull market. 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The Dollar has lost at least two-thirds of its value over the past 40 years. Measured against\u2026","rel":"","context":"In "Copper"","block_context":{"text":"Copper","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/copper\/"},"img":{"alt_text":"Purchasing Power of the Dollar","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-17-dollar-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-17-dollar-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-17-dollar-cpi.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-17-dollar-cpi.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":13311,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/05\/15\/retail-sales-lift\/","url_meta":{"origin":14585,"position":1},"title":"Retail sales lift","author":"ColinTwiggs","date":"May 15, 2016","format":false,"excerpt":"Retail sales (excluding motor vehicles and fuel) jumped to a 2.96% year-on-year increase for April 2016, climbing back above Core CPI to reflect a real increase. We are still waiting on light vehicle sales for April. An upturn would indicate reviving consumer confidence in the economy. An upturn in business\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25446,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/04\/24\/a-case-for-inflation\/","url_meta":{"origin":14585,"position":2},"title":"A case for inflation","author":"Colin Twiggs","date":"April 24, 2021","format":false,"excerpt":"Dr Lacy Hunt from Hoisington Investment Management Company in Austin, Texas is one of the most highly respected market commentators but I find we have diametrically opposing views on the inflation outlook. Dr Hunt begins his current quarterly bulletin with the statement: \"Contrary to the conventional wisdom, disinflation is more\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9580,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/03\/27\/is-the-sp-500-overvalued\/","url_meta":{"origin":14585,"position":3},"title":"Is the S&P 500 overvalued?","author":"ColinTwiggs","date":"March 27, 2014","format":false,"excerpt":"The daily press appears convinced the S&P 500 is overvalued and due for a crash. Yet the macro-economic and volatility filters that we use at Porter Capital and Research & Investment \u2014 to identify market risk so that we can move to cash when risks are elevated \u2014 show no\u2026","rel":"","context":"In "Earnings & Dividends"","block_context":{"text":"Earnings & Dividends","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/earnings-dividends\/"},"img":{"alt_text":"S&P 500 Price-Earnings ratio","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/spx-peratio.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/spx-peratio.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/spx-peratio.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13719,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/03\/27\/is-the-sp-500-overvalued-2\/","url_meta":{"origin":14585,"position":4},"title":"Is the S&P 500 overvalued?","author":"ColinTwiggs","date":"March 27, 2014","format":false,"excerpt":"The daily press appears convinced the S&P 500 is overvalued and due for a crash. Yet the macro-economic and volatility filters that we use at Porter Capital and Research & Investment \u2014 to identify market risk so that we can move to cash when risks are elevated \u2014 show no\u2026","rel":"","context":"In "Market Insights"","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"S&P 500 Price-Earnings ratio","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/spx-peratio.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/spx-peratio.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/spx-peratio.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":19018,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/03\/the-cost-of-uncertainty\/","url_meta":{"origin":14585,"position":5},"title":"The high cost of uncertainty","author":"Colin Twiggs","date":"October 3, 2019","format":false,"excerpt":"High levels of uncertainty in international trade, geopolitical outlook, and domestic politics in the USA are likely to have a domino effect on business and consumer confidence. Business is likely to postpone or curtail new investment decisions. This is already evident in a down-turn in new capital formation, along with\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=14585"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14585\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=14585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=14585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=14585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}