Saturday, October 19, 2024

Inter-Generational Wealth Transfer -- October 19, 2024

Locator: 48603WEALTH.

Tag: inter-generational wealth transfer

As a reminder from an earlier post:

April 16, 2022: how Gallup "defines" the generations, or, link here (wiki, slightly different):

  • generation Alpha (born 2010 - mid-2020s): 0 - 14 years of age. Grandsons' generation.
  • generation Z (born 1997 - 2004): 20 - 27 years old. Granddaughters' generation.
  • millennials (Y) (born 1981 - 1996): 28 - 43 years old. Younger daughter's generation.
  • generation X (born 1965 - 1980): 44 - 59 years old. Older daughter's generation.
  • baby boomers (born 1946 - 1964): 60 - 78 years old. My generation. RMDs.
  • traditionalists (born before 1946): over 76 years old.

Now this, link here.

For once, the unluckiest generation seems to have benefited from exceptionally lucky timing.
From 2019 to 2022, home prices catapulted 41 percent, making it the best three-year period on record.
And millennials were perfectly positioned to maximize their benefit. Many had only recently entered the housing market; suddenly, the biggest financial bet of their lives had paid off with unprecedented speed. They’d leveraged their 5 or 15 percent down payment into a claim on record appreciation of their home’s entire value. 

A lot of folks are going to say this is "fake" wealth.

But there's more that no one ever seems to mention:  RMDs.

Generation X and the millennials are going to inherit "real" wealth via RMDs. From an earlier post:

October 7, 2024:

Inter-generational wealth transfer. Liz Ann Sonders. A recurrent theme on the blog.  Link here. Demographics. Wealth transfer.

  • $84 trillion
  • over next twenty years
  • largest share, $30 trillion to Gen X

 

Last Week -- The Thrill Of Victory; The Agony Of Defeat -- October 19, 2024

Locator: 48602ARCHIVES.

Link here.



Room tone. Link here. First heard of "room tone" when listening to a David Lynch interview.

Investing this past week:
  • AAPL led the magnificent seven the last day of this incredible week. Link here.
  • Apple: digital wallets. Link here.
  • App Economy ASML. Link here. Just had its worst day in 26 years. Wow, the analysts misread this one.
  • Nvidia - NVDA -- wow, wow, wow -- link here. Beth.
  • Nvidia - NVDA -- wow, wow, wow -- link here. Always blows my mind.
  • US retail sales -- wow, wow, wow -- link here. When retail sales are driven by dining out and clothes, that speaks volumes.
  • The trillion-dollar club -- link here.
  • Hope springs eternal. It's not profit that "counts," it's margins. Link here. For the archives.
  • American exceptionalism, Bidenomics. Link here.
Screenshots for stories above:










A reminder. Apple iPhone 16 sales soar in China after three weeks on the market. The buzz on Wall Street: Apple navigated the Chinese headwinds magnificently for the past two years. Magnificently. Remind: among everything else: the Chinese government banned Apple iPhone 16 for official use; discouraged Chinese consumers from buying Apple products. At least that's what we were told.

Friday Night Fugue -- Nothing About The Bakken -- October 19, 2024

Locator: 48601MIDNIGHTFUGUE.

Friday night. 

The midnight hour.

The midnight fugue. Or is simply "midnight fugue"?

"High By The Beach," Lana Del Rey.

Watching YouTube videos and reading The New Annotated Frankenstein, edited with a foreword and notes by Leslie S. Klinger, c. 2017. Frankenstein first published in 1818, making this annotated edition available on the 200th anniversary of the original. My notes will be posted here. My notes on Mary Shelley here.

Takes me back to 2000 to 2004, San Antonio, TX, when I read voraciously and then to Yorkshire, England, 2001 - 2002.  It was truly amazing how much I read between 2000 and 2004, slowing down a bit but still reading voraciously into 2007, when I slowed down completely due to many circumstances, mostly having to do with the blog on the Bakken. 

A huge disappointment that I "quit" reading at the time. Since then, I've tried to start again, but the reading is different.

Ten New Songs, Leonard Cohen. The full album. Released in 2001. My brother introduced me to the album -- a CD -- Bose wave music system. Bose discontinued the system in 2017. At one time I had three; only one now. Leonard Cohen, born 1934, active 1954 - 2016, died 2016, age 82.


$500 new at the time. I never thought they would be discontinued.

Tanita Tikaram, "Twist In My Sobriety."

There are three "versions" of Frankenstein: the 1816 manuscript, the best of the three if used for teaching; the 1818 edition; and then, the 1831 edition which is not recommended and severely compromised by Percy Shelly's revisions. 

The notes in W.W. Norton's / Klinger's annotated edition "provide the text of every change made between the 1818 and 1831 editions. The introduction written by mary Shelley for the 1831 edition is reproduced as Appendix 1.

Hundreds of editions of Frankenstein have been published since 1818, but few identify the text used, although the 1831 text is the most common. I don't recall / know the edition I first read; I'll have to check my library to see if I still have my copy. I recall carrying it everywhere when I was reading it back in the early 2000's. Counting all editions in all formats, including foreign, the author says there were 281 editions as of 2000.

I recall how amazing it was for a 19-year-old woman to describe the Arctic despite having never been north of Yorkshire.

The Klinger annotated Frankenstein is so incredibly good, I will order his annotated Dracula.

I've been to the "origins" of Dracula. Link here. Bram Stoker. Whitby. North Yorkshire. Wiki

Whitby Abbey

St Mary's Church.

It was a long, long day. She and I started out from Robin Hood's Bay and hiked the coast all the way to Whitby. Did it take four hours along very difficult terrain? I think so. I could have done it alone. I did the hike with her. I could not have done the hike any other way -- only alone or with her. No one else would have gone with me, or would I have wanted to go with anyone else.
We started the hike at 9:00 a.m. on a Saturday after picking up some Wensleydale Cheese with Cranberries. Arriving well after noon we were exhausted but I don't recall being particularly hungry. Walked around the harbor town. Brisk, not particularly cold. Sun came out. A pretty decent day by English standards. North Yorkshire but still 150 miles to Scottish Borders; 190 miles to Edinburgh.
Walked the main road back to Robin Hood's Bay, leaving about 4:00 p.m. and arriving well after dark. Exhausted. Due to a blister, she needed to be carried the last hour, on my shoulders.


I keep coming back to Tanita She seems the only one that connects me to that day. "Good Tradition."

OCD. A big disappointment in my life: not numbering the books I read; the books I bought. The books I still have in storage. Memo to self: need to straighten up the Bat Cave.

For commercial success, she may have needed to do the "Good Tradition" video but "Twist in My Sobriety" is so much better. Video. Wiki. The YouTube algorithm suggests Katie Melua's "Nine Million Bicycles." The algorithm is amazing.

Spanish ads on YouTube. Amazing how many I now understand. Duolingo streak (Spanish): 1,486 days without missing one day. Tomorrow will be a-1487-day uninterrupted streak. What day did I start?

It's hard to believe that Steven Spielberg to cast David Lynch in The Fabelmans

Midnight fugue. How did I end up here?