FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Americans hide bank accounts and credit cards from their spouses (CreditCards.com)
A recent poll conducted by CreditCards.com found 13 million Americans, or 1 in 20, is in possession of a secret bank account or credit card their spouse doesn’t know about. According to CreditCards.com, most of the hidden accounts and credit cards result from “misunderstandings about how to manage money in the relationship” rather than from sinister motives. The data says the younger the respondent, the less honest they were with their partner or spouse.
The state-owned ChemChina announced it was buying the Switzerland-based Syngenta for $43 billion. Reuters reports the deal will give China access to the technology and expertise needed to help secure its food supply. The deal was described as “very appropriate and attractive” by Syngenta CEO John Ramsay. Last year, Monsanto failed in its attempt to buy Syngenta.
Bill Miller says “almost everything is a buy” (Bloomberg)
Legendary investor Bill Miller has had a rough start in 2016 with Legg Mason Opportunity Trust down 23% year-to-date through Tuesday. According to Miller, industries that benefit from low oil prices, such as airlines and home builders, are some of the more undervalued places in the market right now. “All of that on-the-ground information is telling you there’s nothing wrong with the U.S. economy,” Miller told Bloomberg’s Betty Liu. “What’s telling you there’s something wrong is the stock prices.”
Phoenix Marketing International released its 2015 annual Global Wealth Monitor-U.S. affluent market size estimates. The list ranked US states in order by millionaires as a percentage of the population. Maryland topped the list with 7.7% of it’s population holding $1 million or more in investable assets. Connecticut (7.3%) and Hawaii (7.25%) rounded out the top three.
The small business environment is improving (Balboa Capital)
Independent financing company Balboa Capital surveyed small business owners, and found the environment is improving. According to the results, 55% of small business owners reported “moderate to significant revenue increases” for 2015, an eight-point jump from the 47% in Q3. Additionally, of the small businesses that needed capital in 2015, the most popular options were credit lines (18%), equipment leasing (17%) and small business loans (15%).
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