Millennials still think stocks are for 'rich, old, white men'

wealthy men vintage cars 2
wealthy men vintage cars 2

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Millennials still think stocks are for "rich, old, white men" (FA Magazine)

A new survey commissioned by Stash, a New York-based RIA and mobile application provider, found that millennials still aren't loving Wall Street.

79% of the 489 survey's respondents said they're not currently investing in the market, although only 13% cited paying off student debt as the reason for this, reports Christopher Robbins. Moreover, 41% of respondents felt they didn't have enough money. 70% of respondents believed they need at least $100 to start investing, while 38% believe they need at least $1,000.

Additionally, 76% of millennial women surveyed found investing confusing, and 60% said that a typical investor was an "old, white man," according to Robbins.

The DOL rule might cause a shift of $1 trillion into ETFs (InvestmentNews)

"[T]he ETF industry ... stands to gain about $1 trillion in assets if the [DOL fiduciary] rule takes effect," writes John Waggoner. "What part of the new rule will make ETFs so attractive for advisers who oversee retirement accounts? Primarily, low cost — although that's not limited to ETFs."

The fiduciary rule will require advisors and wealth managers to place their clients' interests above their own when advising on retirement accounts.

“If the rules pass in the way they're written, it's going to drive people to low-cost passive products,” Dave Nadig, director of exchange-traded funds for FactSet, told InvestmentNews. “That's 100% the case.”

The first quarter was crazy, and volatility spasms are likely to continue (Charles Schwab)

"The first quarter was the proverbial roller coaster, with stocks experiencing extreme volatility, but ultimately ending up back where they started. We continue to believe U.S. stocks are in a secular bull market; but in a more mature phase which will be dotted with volatility and pullbacks," argue Liz Ann Sonders, Brad Sorensen, and Jeffrey Kleintop.

"Corporate earnings likely need to recover before stocks can move demonstrably higher. More clarity from the Fed and a better political environment would help, but both seem unlikely in the near term. However, a more dovish tone from the Fed has aided in some recent dollar weakening, which has boosted emerging markets’ performance. While it is an encouraging development, stay disciplined and diversified as we watch to see if global growth can improve," they added.

Here are the cities with most and least efficient public spending (WalletHub)

Personal finance website WalletHub released a new survey identifying which local governments were using taxpayer dollars the most efficiently among the 78 largest cities in the US.

According to their ranking, the top 5 most efficient public spending programs were in New Orleans, LA, Miami, FL, Philadelphia, PA, Cleveland, OH, and Houston, TX. On the flip side, the cities with the least efficient spending were Washington, D.C., St. Paul, MN, Santa Ana, CA, Fremont, CA, and St. Petersburg, FL.

A 20 year old USC basketball player has $3.5 million under management (CNBC)

USC junior and walk-on to the basketball team Sam Dhillon is the CEO of Quest Investment Firm, which he created in 2014. Dhillon has over 40 clients and $3.5 million in assets under management, reports Jane Wells. He says Quest outperformed the S&P last year by 9.8%.

"Funny thing I've actually never taken a finance class in my whole life," he told Wells.

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