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Saturday, 20 June 2015
Wall Street Unmoved By Trade Deal Setback & More
Yet when the surprise vote failed, not only did the stock market as a whole barely react, but the stock prices of large American pharmaceutical companies — the most obvious beneficiaries of these proposals — also remained largely unchanged.
Representatives of the International Monetary Fund, the European Central Bank and the European Stability Mechanism are waiting in the wings to join the negotiations if progress is made between Greece’s envoy and Juncker’s chief of staff. The aim is to reach a deal before markets open on Monday, the EU official said.
Iowa and Minnesota have taken some of the biggest hits from avian flu, but the outbreak has spread far beyond those two major egg-producing states, all the way to California, Oregon and Washington on the West Coast. It has yet to hit the East Coast, but in North Carolina—which has an $18 billion poultry industry—officials are already taking precautionary measures, including banning all poultry shows and public sales scheduled for mid-August to mid-January, ABC reported.
“We are not talking Fort Knox. But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository. People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold.”
But isn’t New York, where most of the world’s gold is stored, also big and powerful? Why does the state of Texas want to go through the trouble of building its own storage facility?
First, it takes a lot of patience to be contrarian. You also need to have a lot of discipline. Probably more important than anything else, you need sticky investors. That's the hardest thing to get on the planet right now, an investor willing to stick it out.
Contrarian investors have to have the stomach to buy when the market is in the midst of a violent selloff, and they have to have the wherewithal to ride the volatility of the storm.
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