3 things I'm thinking about this week...

 
1 - Cockroaches in the Coal Mine. Howard Marks’ latest memo of the same name addresses the current world of high yield investing. He’s a good source of long-term perspective – something often missing from the financial media. Marks notes that bond prices fluctuate more than the value of the investments themselves…because people are involved! He calls it “the extreme volatility in the way people feel about risk.” Also, Marks sees what’s happening in high yield investing today as being more systematic (regularly recurring, cyclical) than systemic (indicative of a breakdown of the system).
 

2 - A Costly Error to Avoid.  At our firm, we encourage and remind clients to work with their estate planning attorney to build and update their estate plans. But like a lot of things in life, it takes more than a few steps to get everything right. It’s also vital to “fund” your plan – move assets over to the name of the trust as your attorney directs. And to talk with your attorney about beneficiary designations on IRAs, 401(k)s, and other similar accounts. Why? Because those designations dictate where your money ends up going. And for many these accounts represent a significant portion of net worth. This article goes into more detail but it’s a vital step. Do yourself (and really your family) a favor and make sure your beneficiaries are properly designated to reflect your current wishes.

3 - Ace is the Place. I’ve got a problem, and it’s not pretty:

 

It’s whitefly. And it’s attacking my hedge. How do I know this? I visited Ace Hardware in Newport Beach and as usual received expert, specific advice and terrific service (as well as a bit of an education in whitefly). Service is an afterthought at many retailers…but not Ace. They hire experienced people who make it a point to ask you what you need when you enter and have the answers at hand to back it up. Started 101 years ago in Chicago, locally franchised, they’ve built up a competitive moat with me keeping me away from visits to Home Depot, Lowes, etc. A brief profile here.

...and one more thing

As I hunt for items for this “4th thing,” this resonated (and made me laugh):