Postcards: The Fiscal Oppression of Time and Capital

There's a new capital gains tax proposal floating around... let's challenge this narrative for the 88th time.

Market Update: Another day of deviation bands, price swings, and the S&P 500 slumping below its 50-day and 20-day moving averages. The longer this weakness goes, the more dangerous things become on the back of the month with the PCE Inflation numbers and the refocus on the Fed’s interest rate chatter. Keep a close eye on the MACD for the S&P 500 SPDR ETF (SPY). A positive bump would attract some capital… but the Russell 2000 is still deeply under pressure. Bad day in the small-cap space, especially for names like Wayfair (W) and XPO Logistics (XPO), which are breaking much lower.

Dear Fellow Expat:

One of the most dishonest debates in modern U.S. politics centers on “record profits” for oil producers. Not only did anti-oil politicians leave many energy players to die during the onset of COVID-19, but they also grossly omit the almost comical winners when it comes to U.S. gasoline consumption.

The average gas station makes seven cents per gallon in the margin. Gas stations earn most of…