Daily Reads 5/15/2019
Hi, everyone. Mid-week we’re seeing what the outcome might mean for key consumer items in the wake of the China trade war. We see that retail sales declined in April. We learn what it’s like being a “quant” trader. And we gain insights from compelling studies that show that 62% of millennials live paycheck to paycheck, and that only 13% of adult children use their parent’s financial advisor.
As trade tensions between the U.S. and China escalate, with both sides increasing tariffs on a widening selection of products, American consumers will see higher prices as soon as this summer.
Consumer spending declined in April, brning a sluggish start to the second quarter.
Cliff Asness is a well-known quant manager and co-founder of AQR Capital. He’s well-positioned to offer an honest assessment of what it’s been like to be a quant investor in recent months. And in his words, it’s been “crappy.”
Almost two-thirds of millennials say they’re living paycheck to paycheck and only 38% feel financially stable, according to a new survey from Charles Schwab. Millennials, more than any other generation surveyed by Schwab, feel the most insecure when it comes to their finances.
Here’s a sobering statistic for advisers who believe they will serve the adult children of aging clients — only 13% of affluent investors report that they choose to work with that adviser, according to new research from Cerulli Associates.