There are many pundits and thought leaders that I listen to, but I have a certain fondness for one in particular, i.e., Jeremy Siegel of Wharton. Unfortunately, he is having serious health issues, and he is in my prayers. During his treatments, he is visited weekly to capture a few thoughts for those of us who appreciate him. Here are two of his latest:
“Professor Siegel still believes that there will be corporate tax reform this year—personal tax reform is going to be much harder with all the sacred cows on deductions that will need to be negotiated. Siegel also believes Trump will sign any tax legislation the Republicans put in front of him—so the key is for the Republicans to get past the debt ceiling discussions in September and then hammer out the details of these tax plans.
On the economic front—retail sales news came in above expectations and Michigan Consumer Sentiment index came in very strong—highest levels since January.”
His first point, about tax reform, is not surprising, and I agree. His second point about the retail sector is more important. Stocks in the retail sector have been badly trashed this year. It may be time for some bottom-fishing . . .