This. The Market has been doing FANTASTIC over the past year, small drops here and there based on the news of the day are totally normal, the market dropped multiple times in the past month more than it did today.

And hey, if millionaires are going to be taxed a few percentage more, it's not like they are going to pull their money out of the market and to try to make less money.

That is your Pacific Northwest bias showing. I know a bunch of millionaires in other parts of the country not happy with this.

Well....I'm sure you've heard people vote with their wallets, so I bet they'll be plenty of unhappy people about their taxes going up. I point out facts not fiction or feelings. I3% tax on capital gains is ludicrously low, as pointed out by Warren Buffet himself, who is not exactly a liberal.

Um....not sure what prompted that political diatribe? I didn't say anything about democrats or their polices. Defensive much? I was simply pointing out the 50s market and today's market are entirely different and a cap gains increase will affect it differently

Forgive my pedantic nature, but this isn’t going to directly affect millionaires writ large. It’s going to affect those that earn a million or more a year.

Much smaller subset. (Earnings vs net worth)

The context of the statement was Amazon and Tesla millionaires. I live in the city where Amazon is located and easily has the most Amazon millionaires. I certainly wasn't talking about anyone else beyond the younger 20-40 something tech millionaires set, who, are definitely more progressive than other millionaires.

Sorry that wasn't completely directed to your post...it was about the whole Biden post

All good!

Let me clarify: I know a bunch of people that make a mil a year and they are not happy. I wish I had that problem.

I just saw a TBL listed for $40K. If that sells well all be millionaires soon if you own pinball machines.

Pretty impressive that I (internet) know someone who knows a bunch of the 0.1%.

Now to go prepare my casual name drop speech for when quarantine ends.

I’m in tech sales and in the DC area. It is not uncommon.

I learned last year that news and even my own opinions don’t matter and became a better investor and worry a lot less along the way because of it.

I look at the tax increases like this - It likely won’t matter for the market. Joe Biden gets elected and market goes up and now he may raise taxes, no surprise, so he makes the market go down? He helps and hurts the market! That’s odd.

Overall SaP is still in an upward trend. And VOO is what I have now with boring QQQ and alot of dividend stocks I bought after I pretty much purged all my Momentum stocks at the end of February. Paid off my house also. I feel with the SaP 4350 is coming not next week or even next month but soon. Maybe Bidens infrastructure bill or vaccine program will be the reason? If it drops along the way to 4000 it will be because of the taxes or Covid cases in India.......China? Taxes or not SaP will be higher by year end and higher for next 3-4Ish years, but not 2020 type ups. Those are over. Then the party will end though and Fed can’t save us from that drop nor fuel a quick comeback. Nut wait the Fed controls the market right? Do they let it drop big sometimes on purpose? That’s Cruel!

Any way I know my opinions and views don’t matter. I didn’t think the market should have gone up so much last year but I participated heavily from May on anyway. I didn’t let the negative news get in the way of the wave I was riding up. Have you noticed most of the nespws leans negative anyway? Like I also think crypto is dumb also but will likely add a few holdings for long term. So I don’t think things like news or even my own opinions, matter too much. I take what is in front of me and follow waves and trends as they go and try to make money along the way.

The best part about all this is if you disagree that’s ok with me. I said my views don’t matter. Things will play out as they play out no matter what you are or I think.

Oh and pretty this much sums up what news does for the market. I thought of this today after the tax hike news. Had to let this out after seeing 2000 posts about a tax increase. Things will be ok. Unless you are selling your 40 year old business next year to retire. Then no.
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I guess it would depend on what is making them unhappy. The work, or the complications of making that much money and managing it.

The problem with new or “off and on” millionaires making market based gains is that you wouldn’t always be able to predict how much you are going to make in a given year.

Maybe 1m. Maybe 300k. Maybe completely bust.

Now imagine every year is like that. It would be super difficult to plan your tax liabilities up front and know if you will owe, get back, need to make quarterly payments, etc.

You could even have years where you owe on gains from the previous year and haven’t the money in the current year to cover it without selling assets at a huge loss thereby making the government owe you most or all of that money back the next year.

That’s not a problem I would want to have.

You guys still holding HITIF?

So if you had to put some money into 2 stocks today, what would they be?

Sorry, I hate when people quote Buffet on Tax policy.
Billionaires are out of touch with reality.
He is free to make donations to the IRS above what is required.

I am....pot sector overall is down if thats what worries you. Im still in Hitif and Hexo and plan to be for the next year or two.

Yeah, it's easy for billionaires to say take half my money....cause they will still be billionaires. Just means their charitable foundarions will get less because don't think for a minute they'll be forced to sacrifice their private jets, staff, vacation homes, etc. Take half my money, and i would be forced to make lifestyle changes as I'm sure many of you fellow traders would as well.

Yeah, I hear ya...he's significant because he is who he is. The message remains true nevertheless

We were talking about the proposed tax increases. They are not happy with those.

Even if they go up, it only impacts you if you sell. Just don't sell

A good 10-15% drop is healthy, needed, and coming soon. Especially considering the overvaluation of so many stocks.

Almost every sector of the economy is facing severe supply chain disruptions and inflation is going to explode, if even for a short time. Heck, the market may even drop 20% for the summer. But I believe it will be short lived (3-4 months)

Let's get that correction, inflation, supply issues over with and move on to the upside!

I agree...20% is a bit steep but 10-15% is a solid guess

Yeah, I talked myself into that 20% figure as I typed lol.

Yes! Staying in until it gets listed and maybe longer.

bought some TME, someone on the board mentioned it a while back.
Thinking this is a decent entry point

Me and nw bought some about a month ago after a mini crash. I sold mine for a couple bucks profit a share. Was in at 17 something out at 20 or so. A little of the old in and out.

I am, 1100 shares. It was my 4/20 play that didn't happen, it's 3rd time I've owned it.

Let me know how they feel about high taxes when they retire. Especially if thier high paying tech jobs disappear before they retire.

If I'm still alive that is...

Yeah, I think $17-$18 is a good entry point for either a short term sell when it hits the low to mid 20s or a longer hold play. Chinese companies have a lot of volatility that can be a bit scary, but the company seems to be doing well and signing deals with Sony and other partners.

Also ask them why the heck they are pulling a cool mil from their taxable accounts and not other revenue streams.

Bonus points: what the heck kind of lifestyle are they trying to sustain for a mil yearly in retirement expenses?

keep thinking I should sell STX - but it keeps hitting new 52wk highs while paying a nice dividend along the way

I personally added to my positions in Kroger’s and Pfizer.

Anyone thinking about playing the silver squeeze that is targeted for 1 May? I might pick up some pslv and be ready at the trigger monday morning to dump on a spike. I wouldn't expect huge moves, but if they move silver one or two bucks that would be enough to make some quick money. Then they can hold their silver while I sell out.

I'm big on Pfizer right now, it's been a slow steady climber for months. The vaccine, it's booster, their research into Covid treatments and their lead on mRNA vaccines is all super promising.

I wish I had jumped on this early on..MRNA is the future

Thank you! Feel much better now

Hoping it gets listed this year

I got 3,500 in HITIF

It will. Supposedly everything checks out just need the rs.

Money flowing out of bitcoin and going somewhere...low volume today so maybe sidelines? Or are they pulling it to buy silver on May 1st?

Really? I'm almost back to where I was last week. At least at the moment. Nearly everything is way green.

low volume does not equal a down day, just lack of conviction

Another interesting note - ALL my miners are up today even with the metals down, something is getting ready to happen.

Intel disappointed on earnings and profit margins, I hope it’s a minor setback and they can get back to strength in the field.

I’m with you on this call

doubt there is a big overlap of bitcoin / silver buyers

What's the significance of May 1st?

I have no idea, just the day wall street silver is targeting