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Our CEO and Founder, Stephen Butler, writes columns and articles on the subject of retirement planning and investing.  His columns are syndicated in most of the San Francisco Bay Area newspapers.  Subject matter includes basic investment concepts and how they should be applied in the context of current financial and world events.  Over the past 16 years, more than 800 of his weekly columns have generated a loyal following among Northern California readers who benefit from his objective, insightful advice --- a counterpoint to the flood of self-serving advertising from the financial services industry.


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Wages: What happened to the labor unions?
Aug. 28, 2017

The Federal Reserve and most economists are struggling to understand why we don’t have increased inflation as the unemployment rate drops to a record low percentage. Anything less than 5 percent is generally considered to be “full employment.” The theory is that when employers can’t find enough people to meet their needs, they simply raise wages until job seekers are beating down the doors. Rising wages prompt the need to increase prices, and an upward inflationary spiral is set in motion. So why is it not happening today?

How is commercial real estate taxation unfair to other investors?
Aug. 22, 2017

Next up in Washington will be tax reform since an easy, no-brainer like infrastructure improvement has been put on hold until sometime later in 2018. Fixing roads and bridges awaits the findings of the new committee formed to study the subject — which really means a fight over which states deserve to receive the forthcoming pork.

Time-tested alternatives to simplify your retirement planning
Aug. 15, 2017

Hardly a month goes by without financial advice publications (MONEY, Kiplingers, AARP, etc.) running articles about how to prepare for retirement. And, so much of this advice is needlessly complex.

For example, I just read the recommendation for a couple about to retire who had $1,200,000 and who had determined that they needed $5,000 per month, or $60,000 per year, in income to supplement their Social Security. The combined income would enable them to pay what they estimated their expenses to be.

Political rancor as stock market heads toward summer doldrums
Aug. 8, 2017

We’re coming up on the “summer doldrum” phenomenon whereby the stock market offers a long history of a downdraft at some point over the summer months. A quick look at a graph of the S&P 500’s last 10 years illustrates that the market experienced a correction every year, starting in 2009, at some point between July and the end of September. It hasn’t happened this year yet, but you just wait.

The last time I wrote about the doldrums was in July of 2010. Greece had imploded and the BP oil spill was upon us.

Debt delinquencies are down, offering a silver lining
Jul. 31, 2017

Yogi Berra said, “It’s tough to make predictions — especially about the future.” But, we never hesitate to try. The economy and, more importantly, its resulting stock prices are the issues commanding endless speculation. It’s a preoccupation fueled by endless hope.

So the Institute of Trend Research weighed in recently with an analysis of consumer debt, which can be a forward indicator of sorts.

Guarding against excessive retirement-plan fees
Jul. 24, 2017

The average annual investment cost for an index fund far exceeds the low-cost alternative.

I’m disappointed to learn that Bill McNabb is retiring from the senior post at Vanguard after heading that company since 2008.

He and I happened to meet in Washington back in the late ’90’s when we both testified at a U.S. Department of Labor hearing. The subject matter, upon which we had both been called to speak as experts, was the destructive effect of excessive fees charged to participants in retirement plans.

Financial services reform: Sign first, then we negotiate
Jul. 17, 2017

A breath of fresh air has wafted over the financial services community as the Department of Labor’s new fiduciary rule has clicked into place, in spite of all the kicking and screaming by the industry. Empty claims of “extra expense of compliance” and “loss of cost-effective advice” have mercifully fallen on deaf ears.

A conservative mix of investments is the way to go
Jul. 11, 2017

On Nov. 29, 2000, I wrote about the “inverted yield curve.” This term refers to the phenomenon where investors will receive higher interest for loaning money for short periods than they will receive when taking more risk by loaning for longer periods of time. Normally, those taking more risk expect to be paid higher interest. To be paid more interest for taking less risk is weird — inverted yield curve is the chosen euphemism in the arcane world of bond markets.

Caveat emptor: Health care hardship if limits return for pre-existing conditions
Jul. 3, 2017

Charlie Finley was the unloved owner of the Oakland A’s back in the days when, toward the end of his ownership of the team, a crowd on a sunny Saturday afternoon might number about 3,500 fans. Mr. Finley had accumulated the wherewithal to buy a major league baseball team by selling health insurance policies that covered specific diseases only — like cancer. They were cheap to buy, but a terrible deal when insurance companies armed with known odds could unload “protection” on a gullible, frightened public.

Making your portfolio go — without fossil fuels
Jun. 16, 2017

While there is much talk about the “death spiral” of the Affordable Care Act, a greater death spiral may be confronting the fossil fuels industry — despite prodigious efforts by the government to prop it up.

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