America's Driving Habits as of August 2021
"Travel on all roads and streets changed by +8.3% (+21.0 billion vehicle miles) for August 2021 as compared with August 2020. Travel for the month is estimated to be 273.8 billion vehicle miles." The 12-month moving average was up 0.7% month-over-month and up 4.2% year-over-year. If we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was up 0.64% month-over-month and up 3.7% year-over-year.
James Montier on Whether Inflation will be Transitory
If there was a word of the year for 2021, it would be “transitory.” Ever since the Fed declared that inflation would be transitory in March 2021, analysts have challenged that assertion and, indeed, have questioned the definition of transitory. Inflation has broad ramification for financial plans, since it affects interest rates, the price of assets and whether cash flows will be sufficient to keep pace with rising prices of goods and services. Here to discuss that question is James Montier, the co-author of two recent commentaries on the likelihood of transitory inflation and how investors should protect against various outcomes.
Did I Miss the Value Turn?
The value rebound that started in September 2020 gave up nearly half its gains by mid-May 2021 as the recovery faltered with the onslaught of the highly contagious Delta variant. But vaccination has proven highly effective, and as the unvaccinated around the world become vaccinated, the prospect of a reinvigorated economy is good. Is now a second chance to rebalance into value stocks?
The Suckers at the Investment Table
New research confirms that institutional investors, such as mutual funds, outperform the market before fees, and they do so at the expense of retail investors. That is bad news for retail investors and for investors in active mutual funds, who underperform after fees.