How Long Does it Take to Double Your Money?
How long does it take to double your money? The traditional advice says to use the rule of 72—take 72 and divide it by your expected annual return to calculate the numbers of years to double your money. So, if you expect your wealth to grow by 4% a year, then dividing 72 by 4 gives you 18 years before your money will double. If you expect your wealth to grow by 12% a year, then it would take 6 years (72/12 = 6) to double. And so forth.
Don’t Assume Global Central-Bank Aggression Is Over, BIS Warns
Investors need to be ready for renewed global central-bank aggression should the inflation environment require it, according to a senior Bank for International Settlements official. “There is nothing wrong with central banks slowing the pace of tightening and then adjusting it, possibly having to accelerate it again,” said Claudio Borio, head of economic research at the BIS. “The most important thing at this stage is not to declare victory too early.” His commentary to journalists accompanied the publication of a quarterly review released on Monday by the Basel-based institution. The report observed the mis-match in past months between investor optimism that the global inflation shock may be subsiding and the heightened vigilance of monetary officials.
Blackstone defaults on $562 mln Nordic property-backed CMBS
Blackstone Inc (BX.N) has defaulted on a 531 million euro ($562.5 million) bond backed by a portfolio of offices and stores owned by Finnish company Sponda Oy, Bloomberg News reported, as rising interest rates hit European property values. The asset management giant and prolific real estate investor sought an extension from the bondholders to repay the debt, but they voted against it, the report said on Thursday, citing people familiar with the matter.
Silvergate Stock Drops Over 50% as Crypto Clients Flee Beleaguered Bank
Silvergate's clients Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy and Gemini said they will suspend business with the bank. The vast majority of crypto-friendly Silvergate Bank's (SI) industry clients have left or are leaving the company less than a day after it announced it would have to review its books with its auditors and warned of several headwinds. The bank's share price has fallen by more than 50%, to an all-time low, on the day's trading.
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