Author: Press Room
To Doug, the end point was near and clear. He saw retirement within the next three years. With a sparkle in his eye, he pointed to where he and his wife, Sue, were to retire. Looking out, Doug spread his arms as if to hug the distant pine-covered mountains, he declared, “Yep! Sue and I will be retiring to our second home over there near our favorite hiking trails, plenty of fishing, and skiing.” The look of satisfaction on Doug’s face was short lived. Sue, Doug’s wife of 40-plus years, briskly moved from his side, blocking his path, stopping Doug…
April 7 marks the day that beer was allowed to be legally manufactured and sold following a long, dry Prohibition. On March 22, 1933, President Franklin Roosevelt signed the Cullen–Harrison Act into law, which moved the US away from Prohibition by allowing the manufacture and sale of beer that was approximately 4% alcohol by volume (just a little less than the average today) and some wines. After he signed, Roosevelt reportedly remarked to his aide Louis Howe, “I think this would be a good time for a beer.” Prohibition would officially remain in place for a few more months, but…
When families suddenly find themselves with a massive influx of cash due to a liquidity event, like the sale of a business, receiving a large inheritance, or simply find that their growing wealth exceeds their ability to manage it internally, they may decide it’s time to join a multi-family office. Multi-family offices handle the wealth administration of ultra-high-net-worth families and typically are either a registered investment advisor, which is regulated by the SEC, or a trust company, regulated by the states. Due to the growing ranks of wealthy individuals and families in recent years, many financial services firms are now…
It’s a bit early in 2023 to talk about record real estate prices, yet here we are. A 10-acre estate in Southern California’s prestigious Rolling Hills Estates recently sold for $12.5 million, the highest home price on the Palos Verdes Peninsula so far in 2023. The home on Georgeff Road was snapped up in one day. “The first person who saw it bought it — full price,” says selling agent Suzanne Dyer of Strand Hill Properties. The ranch-style home behind gates in Rolling Hills Estates is a sprawling hilltop property in the middle of horse country. Residents have access to…
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. Based on data compiled by Credible, mortgage rates for home purchases have risen for two key terms, remained stable for one term, and fallen for another term since yesterday. Rates last updated on April 6, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a…
Bank collapse background If you’ve been following the banking crisis that’s unfolded over the last month, there’s a good chance you’ve heard about “unrealized losses.” An unrealized loss is a decline in the price of a security that you haven’t sold. For banks, unrealized losses can eat into the amount of liquidity that they have to cover potential withdrawals. Unrealized losses got a lot of publicity in the 2023 banking crisis. Many of the banks that failed, such as Silicon Valley Bank (OTC:SIVBQ), were stuck with large amounts of unrealized losses that left them incapable of handling withdrawal requests. The…
Italian officials are racing to review a deal to sell the country’s largest refinery after the US government privately raised concerns about the sale of the Russian-owned site to a little-known fund in Cyprus.Russia’s Lukoil agreed in January to sell its Sicilian ISAB refinery to GOI Energy, a newly established branch of the Cypriot private equity group Argus. The €1.5bn deal, which overtook a competing offer from US-based Crossbridge Energy Partners and oil trader Vitol, also involves commodity trader Trafigura. Trafigura will provide working capital and crude oil to the facility, and market the refined fuels its produces.The transaction was…
A conservative Texas judge on Friday put a dent in the blue wall of abortion rights protections, issuing an order that could suspend approval of a drug used in medication abortions by women across the country – including in states with robust protections in place. The decision from District Court Judge Matthew Kacsmaryk could represent the biggest blow to abortion rights in the US since the Supreme Court overturned Roe v. Wade last summer. That ruling upended the 2022 midterm elections, prompting a backlash that helped Democrats outperform expectations at almost every level of government. Kacsmaryk paused his ruling for…
Even after oil prices surged this past week following a surprise OPEC production cut, oil traders don’t seem convinced prices will keep rising. In fact, oil futures seem to expect prices to retreat after the near-term price shock. While the nearest-term Brent crude futures, the international benchmark, were up 6.6%, to $85.05 per barrel, on the week through Thursday, futures expiring in December 2023 rose 4.6%, to $81.50. The fact that December futures are trading at lower levels than today’s prices looks bearish: Why buy oil stocks if oil prices will fall by year end? But the current trading pattern,…
Assured Guaranty Ltd. stock is up 4% in premarket trade Wednesday after the credit product provider to the financial sector said it’s creating the world’s fifth largest asset management business that handles collateralized loan obligations in a transaction with Sound Point Capital Management. Assured Guaranty AGO, +1.51% said the deal that will immediately add to its earnings per share and return on equity and will result in 30% ownership of the combined entity in exchange for 100% of its equity in Assured Investment Management LLC (AssuredIM). Sound Point Capital Management will acquire AssuredIM, which has $15.2 billion in assets under…
