Young's World Money Forecast

I was recently asked some questions about Vanguard's Wellesley Income Fund by a business associate. Below is a short summary of the questions and my answers.  The first question was, "Who manages Wellesley Income Fund?" The answer is Wellington Management Company, which I have had dealings with from my earliest days in the industry at Model Roland & Co. on Federal St. in Boston, where I began work in August of 1971. Wellington was founded in 1928 in Boston, and is one of America's oldest institutional money managers. The two Wellington managers currently tasked with managing the Wellesley Income Fund are Loren L. Moran, who has been with the fund for six years, and Matthew C. Hand, who … [Read More...]

At the Cato Institute, Norbert Michel and Nicholas Anthony explain that a "CBDC (central bank digital currency) is not 'just another form of money,' as some of its supporters have claimed." No other form of money gives governments the ability to control what you spend your money on, how much you spend, or even to take money back out of your account at a moment's notice. Michel and Anthony slam the recent defense of CBDCs by Paul Krugman. They write: This April Forbes column describes why central bank digital currencies (CBDCs) are a fundamental issue related to Americans’ freedom and much bigger than just politics. It argues that New York Times columnist Paul Krugman, famous for being … [Read More...]

  I wrote in the October 2015 issue of Intelligence Report: As you know, I do not check the prices of my investments daily, weekly, or even monthly. I do an annual checkup only at tax time. When I make a significant investment, I have no intention of liquidation anytime soon. I am in for the long haul. Thus, short- or even medium-term volatility is of zero concern to me, beyond keeping an eye out for a name on my watch list that may have taken a temporary beating due to no particular fault of its own. So, then, successful investing is a mindset based upon a master plan that allows an investor to find comfort through thick or thin. … [Read More...]

I designed the Retirement Compounders (RCs) using the dividend and interest model explained in Ben Graham's books while still a student at Babson College. The RCs went on to form the basis of my two decades long Young's World Money Forecast and Richard C. Young's Intelligence Report. Using my research, I spoke around the country at investment management conferences. In 1978, in Newport, RI, I started what became the award-winning Richard C. Young & Co. Ltd. (Barron’s (2012-2022) and CNBC (2019-2022) Disclosure). My son Matt has now run our family business for nearly three decades, and Debbie’s and my daughter, Becky, is CFO.   Our son-in-law, E.J. Smith, has become known in the … [Read More...]

With air travel once again growing rapidly, air freight companies are looking to avoid clogged major airports by flying into smaller regional airports. Paul Berger reports for The Wall Street Journal: Freight forwarders are increasingly looking to fly around America’s congested air hubs. A combination of shifting manufacturing supply chains and bottlenecks at big airports is leading the freight middlemen to hire their own aircraft and seek alternative gateways, establishing operations that are boosting business at smaller, regional sites like Greenville-Spartanburg International Airport in South Carolina and Chicago Rockford International Airport.  Forwarders say they can move cargo … [Read More...]

Profits are rising at GE as demand for its jet engines and power equipment remain strong. The company's CEO Larry Culp, has planned a number of spinoffs to what was once America's most renowned conglomerate. Thomas Gryta reports in The Wall Street Journal: General Electric Co. GE 0.52%increase; green up pointing triangle reported strong demand for its jet engines and power equipment in the fourth quarter, lifting the manufacturer to a quarterly profit and higher revenue than a year ago. The final quarter of the year is typically the strongest for the company, which generated cash flow of $4.3 billion in the period, bringing its total to $4.8 billion for the year. The latest results … [Read More...]

Originally posted on May 13, 2021. Back in February, I wrote to you about how I started in the institutional research and trading investment business at Model Roland & Co. on Federal St. in Boston in August 1971. Just up the street from Model were Fidelity Investments, and Wellington Management, both of whom I called on from my very first hours on the job. Over five decades ago, Ned Johnson, aka “Mister Johnson,” ran the show at Fidelity. At Wellington, Jack Bogle, “Mr. Mutual Fund,” had not yet left Wellington to start Vanguard.    My focus in the initial going was international research and trading, and remains so today all these decades later.  I still consider Fidelity and … [Read More...]