From Joe
Everything You Need to Know About Money is Now at your Fingertips
I've created a library of training material to teach you how money works so that you can make more money and protect it.
It's more important than ever to understand how to allocate your portfolio to eliminate risk. How to use the advanced options strategies that professionals use to hedge, produce income, and make low-risk trades with huge payoffs. How to get out of debt fast. How to pick the best stocks and make sure you are buying them at a great price.
Members of Heresy Financial University get all of this, and more. As a member you'll get access to every course in the library of training material, and you'll get automatic access to every future course I launch as well.
There's never been a time where financial education is more important. Don't wait any longer, sign up today.
News
Pentagon fails sixth audit, with number of passing grades stagnant
The result is not a surprise. The Department of Defense’s assets are vast and decentralized, amounting to $3.8 trillion alongside $4 trillion in liabilities. These are located in all 50 states and more than 4,500 sites around the world. Since the Pentagon began auditing itself in 2018 — the last department to do so after Congress required the practice across the government in 1990 — it’s solved some of its easiest accounting problems. Now change each year is more incremental. If there’s change at all, that is — last year, auditors only rated seven of the nearly 30 sub-audits as clean. This year too there were seven. One other was rated as “qualified,” the next step down in accounting jargon. Three more audits are still ongoing. The remaining 18 were given failing grades.
1 in 3 U.S. Homebuyers Are Paying All Cash, the Highest Share in Nearly a Decade
The data in this report is from a Redfin analysis of county records across 40 of the most populous U.S. metropolitan areas, going back through 2011. The national numbers in this report refer to those 40 metros. September 2023 is the most recent month for which data is available. An all-cash purchase is one in which there is no mortgage loan information on the deed. All-cash purchases are making up a bigger piece of the homebuying pie for two major reasons. Affluent Americans who can afford to pay cash are more apt to buy homes in such an expensive housing market, when the income necessary to buy a home is higher than ever before, and elevated mortgage rates make buying a home in cash and avoiding interest altogether more attractive.
Investor Michael Burry of 'Big Short' fame has closed bets against S&P 500, Nasdaq
Burry's hedge fund Scion Capital disclosed Tuesday in a federal filing with the SEC that it had closed out "put" positions on the SPDR S&P 500 ETF (SPY) and Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100 index, as of the end of September. Those bearish bets amounted to more than $1.6 billion as of the last trading day of the second quarter. The indexes fell 3.6% and 3%, respectively, during the third quarter. Burry gained fame for his moves during the 2008 crisis, a severe downturn that began with a US housing bust. Burry predicted a collapse in residential real estate prices as early as 2007 and then shorted a number of subprime deals through the use of credit default swaps. He became a central figure in Michael Lewis’s 2010 book "The Big Short," and Christian Bale later portrayed Burry in a 2015 film adaptation of the Lewis book.
David Einhorn’s Greenlight Capital snaps up gold as it cuts stake in top two holdings
David Einhorn’s Greenlight Capital cut its stakes in its top two holdings, U.S. housebuilder Green Brick Partners and Pennsylvania coal miner Consol Energy , and instead plowed millions into gold in the third quarter, the New York hedge fund’s 13-F filings show. The hedge fund, which was founded by David Einhorn in 1996, increased its investment in the SPDR Gold Trust GLD by 89.22% in the third quarter, as he channeled $34.9 million into the exchange traded fund which tracks the price of gold bullion. Greenlight first bought shares in the SPDR Gold Trust in the second quarter of 2020, during a gold price rally driven by investors seeking to protect themselves against the economic chaos wrought by COVID-19. Any investments in gold through futures contracts wouldn’t show up in this regulatory filing.