Market Update

 Market Update for Friday March 10, 2023

Negatives this week were

• President Biden's budget proposal to tax billionaire wealth at 25% a year.  To pay this excessive tax, billionaires would have to sell 25% of their stock each year to raise the funds. This selling would cause their stock prices to crash and hurt public and private pension funds that own stocks to pay retired workers.  Nobody with a clue believe this will reach debate level in the GOP controlled House of Representatives, much less pass in a vote, so why waste our time other than create further political divide?
• The Failure of The Silicon Valley Bank that has backed most startups here in the Silicon Valley and I've been told many wineries, restaurants and small businesses in Napa County, California as the VCs look to diversify their holdings. See my article "SIVB Silicon Valley Bank Fails - FDIC Steps In"
• The war in Ukraine continues after a full year with no end in sight.  As a taxpayer, it feels like we are burning money to benefit arms dealers (yes, US companies that make arms) rather than forcing the two sides to sit down and settle things.

US Stock Markets (Log Scale) vs. Fed Funds Rate 

Kirk Lindstrom's Investment Letter

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