Tax Freedom Day Underestimates How Long You Work For The Government Authored by Jonathan Newman via The Mises Institute, Tax Freedom Day, calculated by the Tax Foundation , “represents how long Americans as a whole have to work in order to pay the nation’s tax burden.” It appears that they stopped publishing this in 2019, but others have picked up where they left off. The idea is that the income e...
Tax Freedom Day Underestimates How Long You Work For The Government Authored by Jonathan Newman via The Mises Institute, Tax Freedom Day, calculated by the Tax Foundation , “represents how long Americans as a whole have to work in order to pay the nation’s tax burden.” It appears that they stopped publishing this in 2019, but others have picked up where they left off. The idea is that the income earned by taxpayers over a certain proportion of the year goes to Uncle Sam. In 2025, that date was April 16th. But the burden of government is much larger than the amount we pay in taxes. The government spends much more than it collects in taxes, diverting valuable resources away from where they would be used in the private market economy, subject to the profit and loss test of the market. The difference is made up by new government debt. Much of that debt is purchased by the Federal Reserve with new money, resulting in price inflation, exacerbated income inequality, booms and busts, and financial fragility. The cost of government is much more than what we pay in taxes. Rothbard suggested a measure of “total government depredation on the economy” that involves starting with net national product (like GDP but takes capital depreciation into account) and deducting all government spending at all levels, including transfer payments, government officials’ salaries, and the salaries of those employed by government enterprises. Rothbard considered all government activity as a depredation. In 2025, this total fiscal burden was $11 trillion . Net national product was $25.7 trillion , which gives us a ratio of 42.7%. When we turn that ratio into a date on the calendar, we get June 5. In short, while Tax Freedom Day is mid-April, Rothbard’s measure of the government’s fiscal burden reveals that Americans don’t truly start working for themselves until June 5, over seven weeks later. Tyler Durden Wed, 04/15/2026 - 14:40
A US Treasury Department program that shares cybersecurity intelligence with financial institutions is set to end this month after the agency cut its funding, according to records seen by Bloomberg News. Banks and other financial organizations were told in late March that the threat information feed would cease updating and their login credentials would stop working on April 24, according to an em...
A US Treasury Department program that shares cybersecurity intelligence with financial institutions is set to end this month after the agency cut its funding, according to records seen by Bloomberg News. Banks and other financial organizations were told in late March that the threat information feed would cease updating and their login credentials would stop working on April 24, according to an emailed “notice of service termination.” The cyber threat intelligence program, known as the Automated Threat Information Feed, was launched in 2024 as part of Treasury’s “Project Fortress” initiative to boost cybersecurity in the financial sector. It’s set to end weeks after Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned Wall Street leaders to a meeting in Washington to emphasize that the latest artificial intelligence model from Anthropic PBC, Mythos, will usher in an era of greater cyber risk. Even as the information-sharing initiative ends for financial institutions, Treasury is starting a similar program for digital assets firms. Last week, the agency announced an information-sharing plan that will give such companies free access to “the same actionable cybersecurity information Treasury regularly shares with traditional US financial institutions.” It’s unclear why the Treasury stopped funding the existing program. Treasury officials didn’t respond to questions seeking comment. In an interview on CNBC Wednesday morning, Bessent downplayed the urgency of his meeting with Wall Street leaders, saying it was “a bit overdramatized.” He said it was called because all the bank leaders were in Washington for a separate event. In the “notice of service termination” reviewed by Bloomberg, an official with the Pacific Northwest National Laboratory told subscribers that they’d reach out if “opportunities arise to resume” it. The laboratory had a role in running the program, but its scope is unclear. A Pacific Northwest National Laboratory spokesper...
Fermi (NASDAQ:FRMI) , a developer of energy and data center infrastructure for AI, reported an insider sale amid ongoing sector expansion. Hamilton Charles Lynn, Chief Site Development Officer at Fermi, reported the sale of 774,090 shares in multiple open-market transactions on April 8 and April 9, 2026, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purc...
Fermi (NASDAQ:FRMI) , a developer of energy and data center infrastructure for AI, reported an insider sale amid ongoing sector expansion. Hamilton Charles Lynn, Chief Site Development Officer at Fermi, reported the sale of 774,090 shares in multiple open-market transactions on April 8 and April 9, 2026, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($4.74); post-transaction value based on April 9, 2026, market close ($4.82). Continue reading
Robert Way/iStock Editorial via Getty Images 2026 hasn't gone well for Compagnie Financière Richemont SA's ( OTCPK:CFRUY ) ( OTCPK:CFRHF) so far. It's seen a bigger decline than both the S&P Global Luxury Index ( SPGLGUN ) and the S&P 500 ( SP500 ) (see Chart 1 below). Disappointing as this is, two trends provide some comfort: CFRUY's drop is better placed than the other three big luxury fashion s...
Robert Way/iStock Editorial via Getty Images 2026 hasn't gone well for Compagnie Financière Richemont SA's ( OTCPK:CFRUY ) ( OTCPK:CFRHF) so far. It's seen a bigger decline than both the S&P Global Luxury Index ( SPGLGUN ) and the S&P 500 ( SP500 ) (see Chart 1 below). Disappointing as this is, two trends provide some comfort: CFRUY's drop is better placed than the other three big luxury fashion stocks, Hermès (OTCPK: HESAY ), LVMH ( OTCPK:LVMUY ), and Kering ( OTCPK:PPRUY ), in that it has seen a smaller drop (see Chart 2 below). The weakness in price performance for the luxury set started in earnest only from February end, when the US-Iran war began, indicating that it's more event- than fundamentals-driven. These raise the question of whether CFRUY can see a turnaround now. This question acquires validity in light of the notable 12% gains for the stock in the past month, even as it still trades below levels seen at the start of 2026. The answer is both yes and no, as there are arguments on both sides. These arguments are based on three key factors that can determine what's next for the stock are discussed below. Chart 1: Price Returns (YTD): CFRUY, SPGLGUN and SP500 (Source: Seeking Alpha) Chart 2: Price Returns (YTD): CFRUY, HESAY, LVMUY and PPRUY (Source: Seeking Alpha) #1. Luxury Industry in the Macro Context As peace still remains elusive, increased macroeconomic uncertainty that has already shown up in an inflation uptick calls for a relook at the best stocks to buy. Luxury stocks' relatively slowdown-proof nature certainly makes them attractive, but there's another side to the story too. As discussed below. The Upside: Unlike other consumer discretionary stocks, luxury stocks are ones to watch, if not outright buy, in times of macroeconomic uncertainty. Like right now. This uncertainty's first sign was the oil price shock, which then resulted in a jump in inflation numbers in March . From a big picture perspective, even though inflation is still in check, u...
Key PointsQSM Asset Management Ltd bought 197,104 shares of ManpowerGroup during the first quarter; the estimated transaction value was $5.9 million based on quarterly average pricing.
Key PointsQSM Asset Management Ltd bought 197,104 shares of ManpowerGroup during the first quarter; the estimated transaction value was $5.9 million based on quarterly average pricing.
Despite persistent recession fears and consumer pessimism, the stock market has actually done quite well for investors over the last three years. Even if you include the March drop prompted by the war in Iran , the S&P 500 is still up nearly 30% in the past year alone. But all that could change. Even though stocks have proven resilient to inflation, both inflation and private credit are flashing w...
Despite persistent recession fears and consumer pessimism, the stock market has actually done quite well for investors over the last three years. Even if you include the March drop prompted by the war in Iran , the S&P 500 is still up nearly 30% in the past year alone. But all that could change. Even though stocks have proven resilient to inflation, both inflation and private credit are flashing warning signs right now. Here's how that could spell trouble for your portfolio. Most corporate lending takes place in the public markets through bank loans or bonds, which can then be sold and traded. But there's another way for a business to access capital: Private credit from an asset manager, hedge fund, or other financial company. Continue reading
FREDERICA ABAN/iStock via Getty Images By Elisa Mazen | Michael Feldman, CFA | Michael Testorf, CFA | Pawel Wroblewski, CFA Resetting as Growth Becomes More Attractive Market and Performance Overview International equities declined meaningfully in March as the U.S. and Israel’s military conflict with Iran escalated materially through the month, leading to mixed results for the first quarter after ...
FREDERICA ABAN/iStock via Getty Images By Elisa Mazen | Michael Feldman, CFA | Michael Testorf, CFA | Pawel Wroblewski, CFA Resetting as Growth Becomes More Attractive Market and Performance Overview International equities declined meaningfully in March as the U.S. and Israel’s military conflict with Iran escalated materially through the month, leading to mixed results for the first quarter after two positive months. The core benchmark MSCI EAFE Index finished down 1.2% yet extended its leadership over the S&P 500 Index (-4.3%). Value stocks outside the U.S. continued to exhibit strength, with the MSCI EAFE Value Index managing a gain of 2.0% for the quarter, outperforming the MSCI EAFE Growth Index (-4.7%) by 670 basis points. Value is ahead of growth by over 1,700 bps for the trailing 12 months. While international markets had been preparing for a period of lower rates, which would have been beneficial to growth stocks generally, rates began to move higher following the start of the Middle East conflict. Equity markets are still grappling with long-term implications of these moves and, most importantly, their duration. Exhibit 1: MSCI Growth vs. Value Performance As of March 31, 2026. Source: FactSet. With continued headwinds from value leadership, especially in energy, the ClearBridge International Growth ADR Strategy underperformed its primary MSCI EAFE benchmark but outperformed its secondary MSCI EAFE Growth benchmark. The biggest obstacle affecting relative performance was a lack of traditional energy exposure in a three-month period which saw the energy sector soar 40%. Given the selloff in March, higher-beta names in areas such as financials, consumer discretionary and information technology (IT) names were most impacted. "We are seeking out companies supporting energy security and benefiting from increased fiscal spending in Europe." The Iran conflict created immediate oil and gas supply disruptions that directly affect an energy-dependent Europe already s...
Morgan Stanley (NYSE:MS) recently provided more insight into the state of the AI boom and the infrastructure deficit that could define it in the near future. As a part of their annual thematic outlook, they cited AI-driven power demand growing significantly faster than the supply. The energy shortfall was to be expected, but the scale ... AI Compute Demand is Running Way Ahead of Supply — A Stock ...
Morgan Stanley (NYSE:MS) recently provided more insight into the state of the AI boom and the infrastructure deficit that could define it in the near future. As a part of their annual thematic outlook, they cited AI-driven power demand growing significantly faster than the supply. The energy shortfall was to be expected, but the scale ... AI Compute Demand is Running Way Ahead of Supply — A Stock I’d Buy on That Signal
Colombia’s government is buying up dollars this week as authorities gear up for an external debt buyback, triggering losses for the nation’s currency. The Finance Ministry bought more than a net $290 million on Tuesday, according to estimates by BTG Pactual in Bogota and BBVA in New York. Traders project officials were also active on Wednesday, pushing the peso down more than 1% in one of the wors...
Colombia’s government is buying up dollars this week as authorities gear up for an external debt buyback, triggering losses for the nation’s currency. The Finance Ministry bought more than a net $290 million on Tuesday, according to estimates by BTG Pactual in Bogota and BBVA in New York. Traders project officials were also active on Wednesday, pushing the peso down more than 1% in one of the worst performances in emerging markets . Public credit director Javier Cuellar signaled to investors on the sidelines of the IMF-World Bank spring meetings that more dollar purchases were to come, according to people who attended the event but are not authorized to speak publicly. His office is taking advantage of the strong peso, which was trading at a five-year high before the purchases began. A press official for the finance minister didn’t immediately respond to request for comment. The move takes place as the government prepares to repurchase around $4 billion of outstanding global bonds as part of a broader strategy to lower the debt burden and reduce borrowing costs. Cuellar has led two similar operations in the past year, along with a controversial total return swap in Swiss francs, which he expects to pay off before presidential elections in May. Read more: Colombia Credit Chief Eyes $4 Billion Buyback of External Bonds Even with the recent slide, the Colombian peso is among the best performing currencies in emerging markets this year, boosted by the recent surge oil prices due to the conflict in the Middle East. The currency has so far shrugged off domestic risks, including a recent rupture between the finance minister and the central bank, as traders focus on expectations of government change following the election later this year.
Getty Images With the sharp rebound in the stock market to positive territory for the S&P 500 amid uncertain outcomes in Iran, I continue to believe that now is a better time than ever to be an active investor. There are few stocks in my portfolio that I consider to be “buy and hold forever” names, as I’m constantly reshuffling my holdings as valuations and fundamental trends change—especially ami...
Getty Images With the sharp rebound in the stock market to positive territory for the S&P 500 amid uncertain outcomes in Iran, I continue to believe that now is a better time than ever to be an active investor. There are few stocks in my portfolio that I consider to be “buy and hold forever” names, as I’m constantly reshuffling my holdings as valuations and fundamental trends change—especially amid software stocks, where I think AI will impact individual companies in very different ways. Uber Technologies, Inc. ( UBER ) is one of the few exceptions here. I continue to believe that the leading rideshare company has tremendous growth potential beyond what its current market value would suggest, especially after a ~10% correction since the start of the year that leaves the stock at compelling EBITDA multiples. Data by YCharts I last wrote a "Buy" article on Uber in January, when the stock was trading higher at $85 per share. I’m not worried about the erosion in Uber’s share price since the start of the year, and though it’s been an underperformer in my portfolio recently, I’m gladly taking the opportunity to boost my stake in what I view to be a 10+ year winner. I’m reiterating my "Buy" rating here. Uber’s correction opens up a buying window at attractive multiples Let’s first begin with a checkup on the major shift that has happened in Uber stock over the past few months: its valuation multiples. My thesis is that Uber’s stock has eroded for no good reason, especially as the company is expecting acceleration in growth and the bottom line in 2026. At current share prices near $76, Uber trades at a market cap of $155.72 billion. Netting off the $15.44 billion of cash and investments (excluding restricted cash and equity investments) on the company’s latest balance sheet against $8.35 billion of debt gives us an enterprise value of $148.63 billion. The company doesn’t guide to specific full-year targets, but we note that for Q1, Uber is expecting $2.37-$2.47 billion in a...
US economic activity continued to increase at a slight-to-modest pace across most regions as the war with Iran generated a new wave of uncertainty and higher energy costs, the Federal Reserve reported in its Beige Book survey of regional business contacts. Mike McKee reports. (Source: Bloomberg)
US economic activity continued to increase at a slight-to-modest pace across most regions as the war with Iran generated a new wave of uncertainty and higher energy costs, the Federal Reserve reported in its Beige Book survey of regional business contacts. Mike McKee reports. (Source: Bloomberg)
bombermoon/iStock via Getty Images SolarEdge Technologies ( SEDG ) down 12.7% in Wednesday's trading as Goldman Sachs downgraded to Sell from Neutral with a $31 price target, trimmed from $36, based on the bank's fundamental view that the company's core end markets are not growing nearly as fast as current consensus expectations would imply. Goldman analyst Brian Lee said SolarEdge's ( SEDG ) sale...
bombermoon/iStock via Getty Images SolarEdge Technologies ( SEDG ) down 12.7% in Wednesday's trading as Goldman Sachs downgraded to Sell from Neutral with a $31 price target, trimmed from $36, based on the bank's fundamental view that the company's core end markets are not growing nearly as fast as current consensus expectations would imply. Goldman analyst Brian Lee said SolarEdge's ( SEDG ) sales and margin recovery is more than fully appreciated in the stock's valuation, which currently trades at the highest price-to-earnings multiple among solar equipment peers. The stock's recent rally also suggests expectations for potential upside from a material improvement in European demand, stemming from rising energy prices following the outbreak of war in Iran, appear to be creating a higher bar of expectations, Lee said, instead seeing downside risk to consensus earnings estimates in 2026-27. Separately, Bank of America analysts said they see a negative read-through for SolarEdge ( SEDG ) from the Chapter 11 bankruptcy filing by Freedom Forever, the largest U.S. residential solar installer by market share, with an estimated 8.5% national share and 25% share in California. More on SolarEdge Technologies SolarEdge Technologies: Up 200% In 12 Months And Room For More Ahead SolarEdge Technologies Discusses Solid-State Transformers and Infrastructure Solutions for AI Data Centers Transcript SolarEdge Is Showing Early Signs Of A Turnaround
The US Space Force is still dealing with the near-term implications of the second grounding of United Launch Alliance's Vulcan rocket in less than two years. The experience is likely to influence how the Pentagon buys launch services in the future, a three-star general said Tuesday. The Vulcan rocket is one of the two primary launch vehicles the Space Force uses to put satellites into orbit, along...
The US Space Force is still dealing with the near-term implications of the second grounding of United Launch Alliance's Vulcan rocket in less than two years. The experience is likely to influence how the Pentagon buys launch services in the future, a three-star general said Tuesday. The Vulcan rocket is one of the two primary launch vehicles the Space Force uses to put satellites into orbit, alongside SpaceX's Falcon 9. Despite a backlog of nearly 70 launches, ULA's Vulcan has flown just four times since debuting in January 2024. On two of those flights, the Vulcan launcher suffered anomalies with one of its solid rocket boosters. One of the booster's exhaust nozzles blew off in the first incident in October 2024. The same problem appeared to occur again on a Vulcan launch in February of this year. The rocket continued flying after both incidents, ultimately reaching each mission's targeted orbit. Read full article Comments
An early investment in SpaceX has positioned Alphabet Inc. for a 12-figure windfall, a new filing shows, underscoring the vast wealth likely to be created by the rocket company’s market debut. Google LLC owned a 6.11% stake in Elon Musk ’s company at the end of 2025, according to a new disclosure the space startup filed this week in Alaska, where firms must report holders with stakes of 5% or more...
An early investment in SpaceX has positioned Alphabet Inc. for a 12-figure windfall, a new filing shows, underscoring the vast wealth likely to be created by the rocket company’s market debut. Google LLC owned a 6.11% stake in Elon Musk ’s company at the end of 2025, according to a new disclosure the space startup filed this week in Alaska, where firms must report holders with stakes of 5% or more. At a $2 trillion valuation, which SpaceX hopes to exceed in its initial public offering, a holding of that size would be worth $122 billion. Google’s stake has likely been diluted following the February merger of SpaceX with xAI, Musk’s artificial intelligence and social media company. It now likely owns roughly 5% of SpaceX following the transaction, according to Bloomberg calculations, which would be worth $100 billion at a $2 trillion IPO valuation. While Google has previously disclosed its stake in SpaceX, the precise size hasn’t been reported before. Google and Musk himself — with a roughly 40% stake — were the only entities required to disclose their holdings in the filing, but several other individuals and firms are also poised to make billions off the listing. SpaceX has filed confidentially to go public, targeting a June listing, and is expected to raise as much as $75 billion in what would make it the biggest-ever IPO, Bloomberg previously reported. If it achieves a market valuation of $2 trillion, a 0.05% stake could turn a shareholder into a billionaire overnight. Read More: SpaceX Is Said to Target More Than $2 Trillion Valuation in IPO The listing would also cement Musk as the world’s first trillionaire and lift the personal fortunes of long-time lieutenants, including President Gwynne Shotwell . Its earliest backers will likely see huge returns on their money, but even those who got in five years ago will still be happy with the outcome, said PitchBook senior research analyst Franco Granda, who covers SpaceX . “The investors who got in at 2021 will have lif...
Objection, a Thiel-backed startup, aims to use AI to judge journalism, letting users pay to challenge stories. Critics warn it could chill whistleblowers and reshape how media accountability works.
Objection, a Thiel-backed startup, aims to use AI to judge journalism, letting users pay to challenge stories. Critics warn it could chill whistleblowers and reshape how media accountability works.