SPSM

SPDR Portfolio Small Cap ETF (SPSM) - $0.1526.30-Day SEC Yield of 1.34% as of Dec. 18.Payable Dec 24; for shareholders of record Dec 22; ex-div Dec 21.

While the Q3 earnings season has been overwhelmed by the focus of investors on the U.S. election (see the latest), a look back by Bank of America shows that 67%

This is probably the first recession that inflated rather than popped financial asset bubbles.Panicked governments and central banks are dumping trillions of play-money dollars into the system, a big part of which flow directly into the brokerage accounts of the 1%.Another effect of long equity bull markets is a growing population of companies that are only viable in the easiest of easy money environments.

What the VIX futures are telling us.What the market is telling us about election expectations.Using options to take advantage of market uncertainties.

Historical data on average one-year, five-year and fifteen-year returns for the S&P 500 since 1871, with all dividends continuously reinvested.Historical data on the range of returns for one-year, five-year and fifteen-year holding periods.History’s shocking surprise about risk and returns.

In response to the global COVID-19 recession, central banks across the world unleashed synchronized monetary stimulus to backstop the economy.With the lack of inflation pressure, and higher tolerance for inflation overshoots, central banks globally are likely to keep interest rates low for a long time.Today’s low-interest rate environment creates some challenges for investors looking for adequate returns through bonds, but great opportunities for borrowers and equity investors.

Investors whose sole focus is on returns fail because they don’t structure a portfolio that properly accounts for risk.Growth in America has been going down over time, due in part to both demographics and regulation; going forward, we’re unlikely to see GDP numbers above 3%.We can’t see what’s on the other side of the election, and two weeks from now things could be different, but right now, the market is pricing a Biden win.