Legal Developments

Tangible personal property, or “your stuff,” is the type of property we commonly describe as chattels or the hard assets in your house. They are often the root of family conflict in the event of a death. Florida law permits an exception to the law of wills, permitting a non-witnessed but signed list to suffice if it states unambiguously who you would like to receive such property. If you would like to discuss how best to deal with your “stuff,” please let us know.

Economic Developments

Cash is in the news, with its surplus at an all time high. Much of this is owed to repatriation of offshore earnings. Uses of this cash are adding to the dramatic rise in interest rates, with corporations needing to liquidate government short term positions to fund stock buybacks and CAPEX spending. This results in a surplus of short bonds, lowering their price and increasing their yields. The yield spread continues to fall, but hasn’t  inverted. The yields on cash equivalents are now competing with the yields on the S&P 500 and perhaps impacting equity market valuations.