MoneyWeek 1047

MoneyWeek is a weekly magazine that enables you to become a better-informed, smarter investor and enjoy the rewards of managing your money with confidence. Week-in, week-out we'll guide you through the financial world as it changes, alerting you to all the opportunities to profit and dangers to avoid, as they appear. Income strategies, rising-star companies, the best funds and trusts, clever ways to preserve your wealth during market turmoil... you will get the best ideas from the sharpest financial minds and investing professionals in Britain.

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United Kingdom
Dennis Publishing UK
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in dieser ausgabe

3 Min
from the editor-in-chief...

This week is all about cryptocurrencies. In the US, crypto platform Coinbase is listing (see page 18). Bitcoin is hitting regular new highs (around $64,000 now – see page 5) as is ethereum (up 6% on Wednesday alone). And the idea that these new currencies are here to stay is gaining ground. They might be. But before you rush out to buy too much of them (John and I both have smallish holdings – we like to hedge our opinions) bear in mind that while the tech behind digital currencies is new, the existence of private currencies operating parallel to those issued by national authorities is not. Take the tokens that circulated in 17th century London. Post-civil war – and the removal of the Royal Prerogative to mint base-metal coins –there…

1 Min
hollywood’s risky investment allure

Aspiring Hollywood actor Zachary Horwitz (pictured) was arrested in the US this week on suspicion of running a $690m Ponzi scheme, says the BBC. Horwitz, 34, was accused of “scamming millions from film investors by tricking them with fake Netflix deals to fund a lavish lifestyle”. Horwitz, whose stage name is Zach Avery, was charged with wire fraud and could be jailed for up to 20 years if found guilty. Investor funds paid for “extravagant” trips to Las Vegas, high-end cars and a $5.7m mansion in Los Angeles. Horwitz “has not had the most illustrious career”, appearing mostly in “low-budget films with mediocre ratings”, but investors were lulled into a false sense of security by the use of Netflix and HBO names. The scheme collapsed when Horwitz’s company, 1inMM Capital LLC, began defaulting on…

1 Min
good week for

Former vice president Mike Pence (pictured) signed a two-book deal for his memoirs reportedly worth millions of dollars, making him one of the first of Donald Trump’s “inner circle to announce such a lucrative arrangement”, says The Guardian. Pence’s currently untitled autobiography, to be published by Simon & Schuster, is scheduled to come out in 2023, and is thought to be worth somewhere between $3m and $4m. French drivers who own bangers will have the chance to trade in their “old, exhaust-belching cars” for more environmentally-friendly electric bicycles, reports Reuters. The National Assembly approved a plan to offer a €2,500 trade-in grant in a preliminary vote this week as a part of aclimate bill that hopes to cut greenhouse emissions by 40% (from 1990 levels) in 2030. If adopted, it would…

1 Min
bad week for

Tyson Foods, the biggest US meat producer, lost more than $200m after buying “ghost cattle” from a rancher who was issuing “phoney invoices for never-purchased animals” and gambling the money “on cattle and corn futures”, says Jeremy Hill on Bloomberg. Tyson had been paying Easterday Ranches to buy and fatten up cattle for slaughter since 2010, but five years ago the ranch’s president, Cody Easterday, began covering the steep losses from his futures trading with the meat producer’s money. Whirlpool spa owners beware, says Andrew Ellson in The Times – hot tub thefts are soaring alongside demand. Auction site eBay says that searches for inflatable spas rose 1,000% last year, and thieves have wasted no time “creeping into gardens” to steal them. One group “used a wheelie bin to smuggle a…

3 Min
uk stocks enjoy life after lockdown

British shares are enjoying the prospect of life after lockdown, says Danni Hewson of AJ Bell. The mid-cap FTSE 250 has soared by 63.5% since its nadir in March last year, and hit an all-time high at the end of last week. Shares in everything from cruise ship business Carnival to shopping-centre owner Hammerson registered double-digit gains in the space of seven days. FTSE 100 plods along Investors in the blue-chip FTSE 100 are not feeling so jubilant, says Julien Ponthus for Reuters. The index is up by 4.5% so far this year but has underperformed other major markets for yet another quarter. It is still 7.5% short of its February 2020 level; trading around 6,880 points this week it also remains below the 7,000 level that it fell through as Covid-19…

2 Min
the greenback will soon start to slide

Don’t bet against Uncle Sam. Market analysts were sure of one thing at the start of 2021: the dollar was due a fall. A strong global recovery, combined with fears of government overspending in Washington, meant investors were expected to swap their greenbacks for a more colourful collection of international currencies. Instead, the US dollar index, which measures the currency’s value against a basket of six major trading partners’ currencies, has gained 2.3% so far this year. The greenback enjoyed its best quarter since 2018 in the first three months of this year, says Eva Szalay in the Financial Times. It gained an impressive 7.2% against the Japanese yen. The dollar’s strength has been driven by higher US Treasury bond yields. The US ten-year yield has risen from 0.9% at the…