By Clem Miller, Senior Portfolio ManagerJanuary 18, 2018— Amidst all of the market excitement about U.S. tax reform, many investors fail to appreciate the mounting risk that President Trump could soon announce U.S. withdrawal from the North American Free Trade Agreement (NAFTA).
December 5, 2017— The Senate tax bill contains a provision that would force individual investors to use first-in-first-out (FIFO) tax treatment for sales of the shares of most stocks. Markets have risen substantially in recent years, making management of taxable gains an important consideration in delivering after-tax returns to investors.
November 10, 2017— Saudi Arabia is planning an IPO for 5% of ARAMCO, the state-owned oil company, for 2018 or 2019. With an estimated value ranging from $50-$100 billion, the IPO would be the largest-ever IPO. The proceeds are slated to fund a capital increase in Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. New York and London are competing to be the listing venue – President Trump even promoted New York by tweet.