Stocks bolted higher after China indicated it would think things over before responding to the US’s latest tariff moves. Gurus saw this as a sign that China might soften its trade stance sparking global markets to move higher with the Dow ending the day up 326 at 26,352 on heavier trading volume. The world is a crazy place these days. Currently there are three significant trade disputes around the globe. The biggest is US/China. Next is a rising trade spat between Japan and South Korea and the third appears to be between Britain and Germany/EU over Brexit. All of these are injecting volatility into equity markets.
Tesla announced it was rolling out its own version of car insurance in the state of California saying that it’s policies to Tesla drivers will be 30% less than those of other companies like GEICO. Warren Buffet, who, through Berkshire, owns the “GEICO Gecko” said Musk was making a mistake and did not know what he was getting into. We will see how this plays out, but Musk has been complaining for some time that traditional insurance companies have mispriced policies issued to Tesla owners. Meanwhile Elon is in China at an AI conference with Alibaba founder Jack Ma. Some who work at Tesla however are saying that while the company is excited about the opportunity in China, they are also wary of the risks if suddenly a cheap knockoff appears on Chinese highways. After all, the same thing happened to GM, Land Rover, BMW, VW, Ford etc etc. Check out the article on our Faceplant page about the Tesla Shanghai Gigafactory.
Troop 100 is suddenly homeless. We were expecting to move our base to a new church north of Ballard but at the last minute they pulled the invite citing conflicts over a planned remodel. We are now scrambling to find a meeting place for the 40 or so lunkheads that we have at each meeting. Our new scoutmaster Patrick is social media savvy and as a result we have gotten many new “walk-ons’” who want to be part of our dynamic group and experience the joys of general miseries like being hungry, tired, wet, cold and now……homeless! If anyone knows someone who has a line on a meeting place in the Ballard area please let me know.