Helping our clients achieve superior risk-adjusted portfolio performance
is Merk's mission

Warsh's goal today is to establish a new sheriff is in town.
* Most unlikely to change rates
* Likely to repeat 'inflation remains too high, more work needed' from nomination hearing.
* cut forward guidance, e.g. by cutting the statement shorter, eliminating dot plots x.com/DeItaone/statu…

Tax thee, not me.
Tax the rich is joined by tax the young as retirees want to preserve benefits.
How about a rule you can't impose taxes on others that you don't pay yourself? If so, how does one put such rule into practice? x.com/GreenPlusAnE/s…

Saba is pushing a plan that could expose ASA shareholders to punitive tax consequences while generating management & profit-sharing fees for Saba.

ASA is a gold fund. Key decisions may be finalized within days.

Did shareholders get a real say?

Act now: saveasa.com

France repatriated its gold, upgraded from nonstandard bars vaulted at NY Fed to London Bars in France. The swap turned a profit due to the fear of tariffs at the time.

Bon échange!

ft.com/content/c71647…

Unpopular opinion: “fair” is a four letter word

Politicians must always be relevant, always appeal to their base. As such, it's not surprising some vilify Musk for becoming the world's first trillionaire.
For everyone else: we should celebrate that someone can sell a vision and create tremendous wealth for many along the way.

Billionaire's problem: avoid California's wealth tax, if it passes:
* donating unvested shares
* delaying fund raising rounds at higher valuations
* buying a yacht out of state
* buying Treasuries
--> taxing the rich yields a fraction of expected revenue
wsj.com/personal-finan…