POCKETBOOK: Week ending March 25, 2017

NEWS FLASH: It’s official, on March  27, 2017, the statue of the “Fearless Girl” was awarded more standing time. She will continue to be a symbol of strength,  female power and  ballsiness for the next full year. (Photo from an NBC tweet.)

• Of course we keep the “Fearless Girl” statue on Wall Street

In a world where women outnumber men yet at the same time are considered second-class citizens in many circles or aren’t paid the same as men for doing the same work, it’s crazy how overlooked one simple fact is: When it comes to money, it’s women who control most purse strings.

Way too many guys on Wall Street or Main Street still don’t want to not face up to that reality even though more often than not it’s her final word that decides whether a computer or car is purchased, which house to buy, how to dress the kids, what school they go to, what’s for dinner—- and the list goes on.

So of course the “Fearless Girl” statue ought to be a permanent feature on Wall Street.

How could it not be?

If the bull is the symbol of the strength of the markets, what better way to send the positive and oh-so-true statement that it’s women, young and old, who manage –directly or indirectly– billions of dollars in our economy and in economies around the world.

It takes guts to stare down anything. And America has a long history of creating vital, strong, bright and gutzie women who know that nothing can stand in their way once they are on a mission—even a 3000 pound, old, smelly snorting bull.

Thank you State Street Global Advisors for your part in creating this here-to-stay-if-I-have-my-say, “Fearless Girl” statue.

 

• Market Quick Glance

The arrow pointed down for the major indices at the close of business on March 24, 2017, according to data from CNBC.com. One, the Russell 2000, even has a year-to-date return in minus territory. The first time we’ve seen that in a very long time.

Raymond James’ chieft investment officer, Jeffrey Saut, is expecting stocks to come under continued pressure and do some damage to what’s been referred to as the “Trump Rally”. He wouldn’t be surprised to see a five to 10% pullback in the S&P 500.

Re the long-term, on CNBC’s “Futures Now”, Saut said, “Secular bull markets tend to last 14, 15,16 years. We’re eight years into this one. It suggests there are years left to run.”

“Suggests” is the operant word to keep in mind here.

Below are the weekly and 52-week performance results— including the dates each has reached its high according to data from CNBC.com. Data is based on prices at the close of business for the week ending March 24, 2017.

-Indices:

-Dow Jones +4.22% YTD, down from last week’s 5.83%

• 1yr Rtn +17.59% down from last week’s 19.64%

The DJIA reached an all-time high of 21,169.11 on March 1, 2017.

 

-S&P 500 +4.70% YTD down from last week’s 6.23 %

• 1yr Rtn +15.13% down from last week’s +16.55%

The S&P 500 reached an all-time high of 2,400.98 on March 1, 2017.

 

-NASDAQ +8.28%YTD down from last week’s +9.62%

• 1yr Rtn +22.11% down from last week’s 23.58%

The Nasdaq reached its all-time high of 5,928.06 on March 21, 2017.

 

–Russell 2000 -0.18 YTD% down seriously from last week’s +2.53%%

• 1yr Rtn +25.28% down from last week’s +27.52%

The Russell 2000 reached its all time high of 1, 414.82 on March 1, 2017.

-Mutual funds

Up and down and up and down and up and down.

At the close of business on Thursday, March 23, 2017, the average total return for U.S. Diversified Equity Funds closed at 3.49%, according to Lipper. That’s down over 2% from the previous week’s close of 5.23 %. Ouch.

That said, World Equity Funds continued to be rewarding—the average fund under its broad heading was up 8.34% at the close of business on Thursday. That’s down a tad from the previous week’s close of 8.46%.

Last week’s top five winning World Equity Funds continue to be the same this week as last–although their performance order has changed. The three funds with the highest ytd returns were: China Region Funds, up 12.86% ( up from last week’s 12.3%); Pacific Ex. Japan Funds , up 12.69% ( up from last week’s 11.83%); and Emerging Markets Funds, up 11.56% ( up from last week’s 11.09%).

Region Funds, up on average 17.21% (last week 17.53%); Latin American Funds, up 11.13% (last week 12.41%).

Visit www.allaboutfunds.com for more information about how various equity and fixed-income funds have rewarded investors over the short-and long-term, based upon Lipper data. Short-term meaning weekly and monthly performance returns; longer-term includes quarterly, year-to-date, 1-yr, 2-yr, 3-yr and 5-yr returns.

• Social Security Question #3

Straight from the mouth of the Journal of Accountancy comes the following question about Social Security:

“Richard just turned 60 and is thinking about upcoming decisions regarding Social Security, particularly, when he might need to start receiving his Social Security benefits. While there is flexibility on when an application can be made, which of the ages below is NOT an age that triggers a significant change in the amount of Richard’s Social Security benefits?

1. Age 62
2. Age 65
3. Age 66
4. Age 70 “

And the answer is: B.

“The correct answer is b. Age 62 is the earliest age that Richard can request a reduced Social Security benefit. From age 62 to 66, the benefit gradually becomes larger until age 66, Richard’s FRA (the age at which the full retirement benefit will be paid for people born between 1943 and 1954). If his benefit is not taken at FRA, the benefit continues to grow at 8% (noncompounded) until age 70. This is the latest age Richard can defer his Social Security benefit and receive an increased benefit. Age 65 is a significant decision age for applying for Medicare coverage, regardless of when Richard files for Social Security. “

See more at: http://www.journalofaccountancy.com/news/2017/mar/social-security-quiz.html#sthash.5XB5DHqT.dpuf

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Trump and the sick,poor and aged

Only one word accurately describes the Trump  administration’s proposed budget: Disastrous.

Ironically, while that is one of president’s most frequently used words when he has honed in on criticising/describing any one of a variety of previous administration’s programs, it is the one  word that best describes his  first-go-at-it re a budget—-particularly when you look at some of the details.

Looking only at the impact the suggested budget has on the elderly, what follows is a MUST READ.

It is the official statement from James Firman, president and CEO of the National Council on Aging (NCOA) and is in response of the Trump Administration Budget Blueprint. A budget that certainly has no heart for the poor, sick or aged. Or the health care of millions of Americans.

Below  is Firman’s statement as posted at NOCA.org and dated March 16, 2017. Read it and weep. Then, if you find it unsettling, contact your state Senators and voice your opinion:

“The following is a statement from James Firman, National Council on Aging (NCOA) President and CEO, on the Trump Administration Budget Blueprint:

“The Trump Administration’s budget blueprint for fiscal years 2017 and 2018 would eliminate programs that help older adults find work, keep them safe while aging in their homes, and provide opportunities for them to give back to their communities, among many others.

“The blueprint eliminates the Senior Community Service Employment Program (SCSEP), which provides job training and placement for adults 55 and over who have limited incomes and are trying to make ends meet. Among these are individuals who have taken time off to care for aging parents or family and are now trying to return to the workforce. Last year under SCSEP, 70,000 older adults received on-the-job training while providing nearly 36 million hours of staff support to 30,000 organizations. The value of this work exceeded $800 million, or nearly twice the program’s appropriations. It is ironic that a budget proposal focused on job creation would eliminate the only program dedicated to job training and placement for older, lower income Americans.

“The blueprint also eliminates the Low-Income Home Energy Assistance Program (LIHEAP), which provides assistance to low-income households to meet the costs of electricity, heating, and cooling. About a third of the nearly 7 million households receiving LIHEAP benefits include an older adult aged 60 or older. For these families, LIHEAP benefits often mean they do not have to choose between paying for utilities, food, or medicine.

“Also on the chopping block is the Community Services Block Grant (CSBG), which provides states and localities with funding to improve community health and living conditions for low-income families and seniors with incomes below $15,075. For 2.4 million people 55 and older, these services include home care the keeps them out of nursing homes, congregate and home-delivered meals to keep them healthy, and transportation to doctor appointments.

“Finally, the blueprint eliminates the Corporation for National and Community Service (CNCS), which provides volunteer programs that serve distressed communities and vulnerable populations. This includes three Senior Corps programs—the Foster Grandparent Program, Senior Companion Program, and Retired Senior Volunteer Program (RSVP). Together, these programs provide the nation with approximately 96 million hours of service, with a value of $2.1 billion.

“All of these cuts would be part of the $18 billion taken from non-defense discretionary programs for FY17 and $54 billion for FY18. The blueprint eliminates the long-standing bipartisan agreement to spread funding cuts across defense and non-defense programs. And it comes at a time when non-defense discretionary spending is already on track to fall to the smallest amount as a share of the economy in history.

“Taken together, these proposals would be a serious blow to the health and safety of all older Americans and their families.”

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POCKETBOOK: Week ending March 18, 2017

• Social Security and your taxes

It has been estimated that each day 10,00 Baby Boomers retire. Many, while not all, then begin looking forward to and accepting their well-earned Social Security checks.

But that new income isn’t always tax-free. No, no Nanette. A lot depends upon the age at which you begin collecting, the state in which you live  and of course any other work-related income.

To make us smarter than ever, here is one of the five questions included from a Journal of Accountancy “How much do you know about Social Security? “ quiz . I found it at their website, journalofaccountancy.com, and thought the info valuable.

I will publish the other four questions at a later time but until then you can test your Social Security smarts here:

“Andy chose to file for his Social Security worker’s benefit in 2016 when he turned 62. However, in February 2017 he decided to take a part-time job to earn some extra income. He earns about $2,000 per month before taxes and receives about $500 per month in dividend payments from his investment portfolio. Which statement is correct about the impact on his Social Security benefits?

1. His Social Security benefits will all be taxable because he has earned income over $1,500 per month prior to his full retirement age.
2. His Social Security benefits will be reduced by $1 for every $3 of earned  income over a monthly threshold of $1,410 in 2017.
3. His Social Security benefits will be reduced by $1 for every $2 of earned income only over a monthly threshold of $1,410 in 2017.
4. His Social Security benefits will be 85% taxable because he has earned income over $1,500 per month prior to his full retirement age.”

To find the correct answer, scroll down to the last entry –found under Mutual Funds— in this week’s Pocketbook.

• Market Quick Glance

Mixed returns for the major indices over the past week with one bright spot: NASDAQ did reach a new high at the close of business on –of all days—Friday, March 17, St. Patrick’s Day.

Below are the weekly and 52-week performance results— including the dates each has reached its high according to data from CNBC.com. Data is based on prices at the close of business for the week ending March 17, 2017.

-Indices:

-Dow Jones +5.83% YTD, up a tad from last week’s 5.77%

• 1yr Rtn +19.64% down from last week’s 22.99%

The DJIA reached an all-time high of 21,169.11 on March 1, 2017.

-S&P 500 +6.23% YTD up from last week’s 5.97%

• 1yr Rtn +16.55% down from last week’s +19.25 %

The S&P 500 reached an all-time high of 2,400.98 on March 1, 2017.

-NASDAQ +9.62YTD up from last week’s +8.89%

• 1yr Rtn +23.58% down from last week’s 25.731%

The Nasdaq reached its all-time high of 5,912.61 on March 17, 2017.

–Russell 2000 +2.53 YTD% up from last week’s +0.60 %

• 1yr Rtn +27.52% down from last week’s +28.32%

The Russell 2000 reached its all time high of 1, 414.82 on March 1, 2017.

-Mutual funds

A better week for the equity funds as, at the close of business on Thursday, March 16, 2017, the average total return for U.S. Diversified Equity Funds was  5.23%, according to Lipper. That’s up from the previous week’s close of 4.02%.

It’s still World Equity Funds that are bringing home the bacon with the average return on the 4,500+ funds under its heading were up on average 8.46%. That’s over a 300-basis point gain in one week.

Fund types making money under that heading include: India Region Funds, up on average 17.53%; Latin American Funds, up 12.41%; China Region Funds, up 12.3%; Pacific Ex. Japan Funds , up 11.83%; and Emerging Markets Funds, up 11.09%.

Visit www.allaboutfunds.com for more information about how various equity and fixed-income funds have rewarded investors over the short-and long-term, based upon Lipper data. Short-term meaning weekly and monthly performance returns; longer-term includes quarterly, year-to-date, 1-yr, 2-yr, 3-yr and 5-yr returns.

• And the answer is: C

“Prior to full retirement age (FRA), earned income above a threshold ($16,920 per year or $1,410 per month in 2017) reduces the Social Security benefit by $1 for every $2 earned. The first year of earning, this is tested monthly, with subsequent years tested annually. In the year in which you reach your FRA, the benefits are reduced by $1 of every $3 eanred over a monthly threshold of $3,780. After FRA, additional earnings have no impact on the mount of benefits received. Taxability of benefits is a separate issue, but neither indicated above is correct.”

And you thought things would be simpler in retirement.

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pbTrumpBits#6

And there you have it: Parked right outside Bethesda-by-the-Sea Episcopal Church on Barton Avenue this Sunday morning was the “Trump Mobile”. (3/19/17)

I couldn’t believe my eyes when I saw this over-the-top and way too Trumpy Trump Mobile parked across the street from the church as I left the  10 a.m. Sunday Morning Forum.

BTW, Bethesda-by-the-Sea is the church that Trump was married in. And the one he and his family attended services at on Christmas Eve.

As for who owns this vehicle, or, whether or not they were inside for the 11 a.m. service, I haven’t a clue.

All I know for sure is, the site of it  was an  OMG moment.

POCKETBOOK: Week ending March 11, 2017

• High on stocks

Some sources report it’s the “dumb money” that’s bought most seriously into the Trump Bump party on Wall Street. The “smart money”  folks,  (they are considered to be the professional money managers and not the ordinary everyday “dumb money” investor), are apparently said to be sitting with more cash, on the sidelines, rebalancing portfolios and  well aware that investing comes with risks. Extended bull markets and frothing highs being two of them.

Market highs are one thing, the likelihood of a market correction is quite another. But without an accurate crystal ball, it’s pretty tough telling the short-term future.

One future that’s had a rewarding past and not gone up in smoke could be cannabis stocks. While there are mixed messages coming out of Washington with respect to cannabis, one industry-related Canadian stock has provided the kind of highs its investors enjoy.

Canopy Growth (OTCPL:TWMJF) is Canada’s largest grower of weed. Over the past year the stock is up over 245% and grew its revenues by 180% during the most recent quarter, according to Jason Hamlin, a SeekingAlpha contributing columnist. Hamlin thinks that there is room for this company to grow.

While the high is appealing, there is plenty of smoke surrounding this relatively new  company. Considered the largest non-pharmaceutical marijuana stock in the world, TWMJF closed Friday, (3/10/17), at $8.07 and over the past 52-weeks has traded as low as$1.84 and high as $14.39.

Whether pot is a smart money or dumb money play, is anybody’s guess. Unless, of course, you are in the business.

• Market Quick Glance

A chink in the armor?

Look at the year-to-date and 1-year returns on the four stock indices followed here show some changes: Returns are lower, albeit not by much, but still lower.

As we enter the Ides of March week, words out of Washington regarding the debt ceiling and direction of interest rates could signal more moves in a  southerly direction. We shall see come next Friday.

Below are the weekly and 52-week performance results— including the dates each has reached its high according to data from CNBC.com. Data is based on prices at the close of business for the week ending March 10, 2017.

-Indices:

-Dow Jones +5.77% YTD, down from last week’s 6.29%

• 1yr Rtn +22.99% down from last week’s 23.97%

The DJIA reached an all-time high of 21,169.11 on March 1, 2017.

-S&P 500 +5.97% YTD down from last week’s 6.44%

• 1yr Rtn +19.25% down from last week’s +19.55 %

The S&P 500 reached an all-time high of 2,400.98 on March 1, 2017.

-NASDAQ +8.89% YTD down from last week’s +9.06%

• 1yr Rtn +25.73% up a lot from last week’s 24.71%

The Nasdaq reached an all-time high of 5,911,79 on March 1, 2017.

–Russell 2000 +0.60 YTD% down from last week’s +2.73 %

• 1yr Rtn +28.32% down from last week’s +29.56%

The Russell 2000 reached its all time high of 1, 414.82 on March 1, 2017.

-Mutual funds

Slip sliding away.

The average total return for U.S. Diversified Equity Funds closed at 4.06 % at the close of business on Thursday, March 9, 2017, according to Lipper. That’s down from the previous week’s close of 5.22%.

There are 8,518 funds that make up the U.S. Diversified Equity Funds broad heading that includes 20 different types of funds from various cap and strategy funds to Equity Leverage and Alternative Active Extension Funds.

But there’s more in  the Lipper’s weekly performance report than U. S. diversified Equity Funds. Other headings include: Sector Equity Funds, 2,310 funds fall under this heading with roughly 27 different fund types included in it. At the close of business on Thursday, the average Sector Equity Fund was up 1.88?

World Equity Funds were up on average 5.56 %, with 4.518 funds falling with its 26 different types.

Add all the funds falling under those three large categories of funds together and for those 15,346 funds, their average YTD return was 4.16%.

Makes you kinda wonder what the birthday parties and Trump Bump celebrations are all about as 4.16% is nothing to really crow  much about.

That said, any plus-side return is better than a minus.

Visit www.allaboutfunds.com for more information about how various equity and fixed-income funds have rewarded investors over the short-and long-term, based upon Lipper data. Short-term meaning weekly and monthly performance returns; longer-term includes quarterly, year-to-date, 1-yr, 2-yr, 3-yr and 5-yr returns.

• Jobs

Here’s a thought about the jobs situation in the US that may make you rethink a thing or two. I received it last week from PNC Bank’s Florida and Texas Economists Mekael Teshome and Kurt Rankin respectively: “Job growth has averaged 196,000 over the past year, but is unlikely to maintain that pace throughout 2017. The issue is not one of demand for workers, but supply; it is unclear how many people there ae still standing on the sidelines who can come back into the workforce.

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pbTrumpBits#5

Gotta be one of the best aerial shots of PB property ever. But these lots aren’t just idle pieces of beachfront that have been sitting vacant for years. No. No. No. Once upon a time this land housed one sprawling mega-mansion that belonged  Abe Gosman,  then it was  bought by  Donald Trump, who sold it to  Dmitry Rybolovlev  and now it could be yours.

Fabulous photo. Fantastic opportunity —for a privileged few.

Need a grounded connection between Trump and the Russians? Okay, the links have not been totally proven but the stories swirling make for interesting reading, if nothing else.

But forget the reading and rumors, there aren’t many chances left in America for anyone to own some breathtakingly beautiful beachfront property in the one-and-only town of Palm Beach. And that’s no fertilizer bull.

Lawrence A. Moens Associates, Inc.  is the fortunate Palm Beach licensed real estate firm  with the exclusive listing. In a recent full-page ad about the listing it was described it as follows: “There is no greater opportunity on the eastern seaboard on the Continental United States”.  The Moens ad makes a good point; the property is indeed  a rare find.

With that said, each lot is currently priced under 40 million dollars. Yes, that’s 40 with six zeros after it.

Some might consider that a deal—or the art of a deal. Others, maybe not.   Trump bought the property from bankrupt  Grosman  for $41.35 million in 2004 then sold it to Dmitry for $95 million in 2008. Now with Dmitry divorced–not even sure he ever lived in it but know Trump didn’t — the house has been demolished and the property divided into three lots. The first of which sold a few months ago for $34.34 million.

You do the math.

(Source: I took this picture and to see the full-page ad, see page B8  of the Palm Beach Daily News, March 10, 2017.)

pbTrumpBits#4

The ladies of Mar-a-Lago?

Ever wonder what the ladies who party,  lunch and those who are members of Trump’s private Mar-a-Lago club look like?

Well….this morning when I saw that photo line-up of Barbie’s, the first thing I thought of was how much those dolls resembled the femme fatales in Trump’s private world.

So yeah, that’s fake news. But then again, resemble has got to count for something. Right?

BTW the photo is from History.com. Today, as it happens, (3/9),  is the day that the first Barbie doll went on display at the American Toy Fair in NYC in 1959, according to that same source.

Anybody notice a Kellyanne among them?

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POCKETBOOK:Week ending March 4, 2017

• A winning high in no time at all.

 It only took 24 days for the DJIA to gain 1000 points  when it closed for the first time over 2100.

The only other time that has happened in the history of the DJIA was in 1999 when the Dow rose from 10,000 to 11,000. And that was during the internet boom, according to CBSMoneyWatch.

 

• Market Quick Glance

 More ups. More records. Even a birthday…..

Let’s begin with the birthday. On Saturday, March 4, 2017, the S&P 500—-the world’s biggest stock market index—-turned 60!

Investors turn to the S&P 500 index because it provides them with a better overall look at how large-cap stocks are doing than the snapshot the 30 stocks that make up the DJIA do.

Back to the mores….last week  still more highs for the major indices were reached as the  week  came to a close. Details below.

Below are the weekly and 52-week performance results— including the dates each has reached its high according to data from CNBC.com. Data is based on prices at the close of business for the week ending March 3, 2017.

-Indices:

-Dow Jones + 6.29% YTD, up from last week’s 5.36%

• 1yr Rtn +23.97% down from last week’s 26.31%

The DJIA reached a 52-week high of 21,169.11 on March 3, 2017. (Previous all-time high of 20,840.7 was reached on Feb. 23, 2017.)

 

-S&P 500 +6.44% YTD up from last week’s 5.74%

• 1yr Rtn +19.55% down from last week’s +22.67 %

The S&P 500 reached a 52-week high of 2,400.98 on March 1, 2017. (Previous all-time high of 2,368.26 was reached on Feb. 23, 2017.)

 

-NASDAQ +9.06% YTD up from last week’s +8.59%

• 1yr Rtn +24.71% down a lot from last week’s 28.68%

The Nasdaq reached a 52-week high and its all-time of 5,911,79 on March 1, 2017. (Previous all-time high of of 5,867.89 was reached on Feb. 21, 2017.)

 

–Russell 2000 +2,73 YTD% down a hair from last week’s +2.76 %

• 1yr Rtn +29.56% down considerably from last week’s +36.44 %

The Russell 2000 reached its 52-week high and its all time high of 1, 414.82 on March 1, 2017.( Previous all-time high of 1,410.04 was reached on on Feb.21, 2107.)

 

-Mutual funds

Still on the upswing.

The average total return for U.S. Diversified Equity Funds closed up at 5.22% at the close of business on Thursday, March 2, 2017, according to Lipper. That’s up from the previous week’s close of 4.82%.

World Equity Funds were up on average 6.16% with India Region and Latin American Funds continuing to lead the way— up 11.97% and 10.41% respectively, on average.

Looking at the 25 largest mutual funds around (based upon assets), PowerSharesQQQ Trust1 was up the most at 10.50% year-to-date, as of March 2, 2107. Next in performance line  iShares Russ 1000 Gr ETF, up 8.43% and then the American Funds Growth:A, up 7.68%.

The puniest returns out of this group were seen in funds with substantial fixed-income holdings: As in the iShares: Core US Agg Bond fund, up 0.18; the DoubleLine: Total Return; I shares, up 0.24%; and the Met West: Total Return up 0.33%.

Visit www.allaboutfunds.com for more information about how various equity and fixed-income funds have rewarded investors over the short-and long-term, based upon Lipper data. Short-term meaning weekly and monthly performance returns; longer-term includes quarterly, year-to-date, 1-yr, 2-yr, 3-yr and 5-yr returns.

 

• Like defense?

If you’re a believer that the new administration is going to increase defense spending big time in the near future, Morningstar covers a half-dozen defence contractor companies that you might to investigate as well.

The Chicago-based investment research group considers these companies as “fairly valued to overvalued” and include Lockheed Martin (LMT); Northrop Grumman (NOC); Raytheon (RTN); General Dynamics (GD); Boeing (BA) and L3 Technologies (LLL).

Make sure to do your own research and homework before investing in these companies. Or anything, for that matter.

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pbTrumpBits#3

 

He’s back. And so are his long red ties.

Expect long delays today through Sunday on all three of the bridges that lead in to and out of Palm Beach as President Trump makes his fourth weekend visit to his private club/residence Mar-a-Lago.

The three bridges include the Flagler Memorial Bridge, the northernmost one, and a one-laner as it’s still under construction;  the Royal Park Bridge located in the center of the island; and the Southern Boulevard Bridge. It’s the southernmost bridge that connects West Palm Beach to Palm Bridge. It’s also  the one for-and-against protesters and the media use. And  the bridge  that the  presidential motorcade takes from the airport, PBI, to  Mar-a-Lago.

Additionally,  earlier today television coverage of the prez  coming down the stairs of Air Force One in Orlando  showed  him back to sporting a long red tie.

Someone ought to suggest that that look isn’t his best. Then again, a great title for a book about his presidency  could be “The Long Red Tie”. Putin might  love it.

 

 

pbTrumpBits#2

Let the world know how you feel in this Poverty Sucks pair of Stubbs & Wooton’s.

Or how about the Dollar Hunter.

Maybe the Market Blacks says it best for you.

Let the world know how you really feel about money by wearing a pair of Stubbs & Wootton’s. From left to right is a loafer named “Poverty Sucks”, followed by the “Dollar Hunter” and the “Market Black”. Check out the Stubbs & Wotton shop on Worth Avenue for details.

It’s all about money, you know. At least that’s pretty much how it is in Palm Beach where our new president seems to adore  staying at his private club/residence home. And  a town where even the basics can cost plenty of cha-chings.

Take ice cream, for instance. A small dulce de leche cone and a small cup of butter pecan ice cream at Sprinkles will run you about 13 bucks for the two. Move up to an absolutely fabulous 50-minute massage at The Spa at The Breakers and you’ll have to pony up nearly 250 smackeroos—205 is the cost of a basic 50-minute message for one person—that I will attest to is worth every penny. To that price a  20% is then added  for  the tip.

But ice cream and body rubs are only temporary delightful and seductive pleasures.
If you’d like something a little longer lasting, consider a pair of Stubbs & Wootton’s.

I mention them only because the company offers three different money-based designs on their velvet, made-especially-for-you loafers. Each foot- friendly message makes a fashion statement that only the monied –and wannabee richies—can truly appreciate.

Consider what your toot-toot-tootsies will solefully telegraph to the world when you set out in a provocatively named “Poverty Sucks” pair. Or walk the avenue in the “Dollar Hunter” sneaker. Or if you’ve made a bundle thanks to trading the greenback and the euro, how about the pair named “Market Black”?

I can’t think of any under $500 item that says more about money and Palm Beach than sporting a pair of Stubbs & Wootton’s. Can you?

For the record, the manager at their 340 Worth Avenue shop told me that to the best of his knowledge, President Trump does not own a pair. Nor do any of the ladies or other guys in his tribe. Yet.

But given that the shoes can only be purchased in PB or NYC, both places he calls home,  (oh, and online), and with  all the stories about his huge financial world-wide business successes, a pair of the green velvet Dollar Hunter loafers might be a perfect fit. Or maybe he’d prefer a pair of Poverty Sucks. Not that he would have any first-hand knowledge about that.

 

 

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