Newsletter Nov 11, 2021

Happy Veterans Day! The stock markets are closed for the occasion, and that's probably a good thing after Wednesday's inflation-fueled full retreat.

3 things you must know

Wall Street retreats following more bad news on inflation
Sorry for sounding like a broken record, but the economy keeps breaking records for inflation -- and investors are reacting to the news. After Wall Street posted a string of record highs not seen since 1997, inflation went even farther back in time to make history.
One day after the PPI tied a record high of 8.6% for year-to-year October, the CPI set an even scarier mark Wednesday when it hit a 30-year high of 6.2% for the same time period. The numbers threw cold water on Wall Street as the three major indices finished down.
The unlikely trio of gold, silver and bitcoin saw gains as crypto seems to be a popular new hedge against inflation. But the markets are keeping an eye on the data and on the Fed's actions as inflation and other factors like supply chain issues hover over the recovery.
FIND OUT WHY BITCOIN HAS BECOME AN INFLATION HEDGE

Opportunities abound in repurposing commercial real estate
One of the great ironies of the Amazon revolution that crushed the brick-and-mortar retail industry can be found in the traditional shopping mall. Sitting vacant during the pandemic while Amazon was expanding its operations, some malls were turned into shipping centers -- the literal belly of the beast that put them out of business.
Such opportunities for repurposing commercial real estate abound as America transitions from an in-person to an online economy. There will always be a need for commercial space, and creative-minded developers and investors can find some prime properties for repurposing malls, strip centers and hotels into office space, service centers or housing far more affordably than building from scratch.
SEE WHAT'S HOT AND WHAT'S NOT IN REPURPOSING CRE

IRS cracking down on payment apps for lost tax revenue
If you are using one of the many popular payment apps like Venmo and Paypal to make large transactions, the government wants to see you bill. That's part of the IRS's plan to crack down on those using payment apps to transfer money and avoid paying taxes on income.
A new law that goes into effect in 2022 requires those payment apps to issue users Form 1099s to report income of more than $600. That doesn't include purchases or other transactions that do not qualify as income, but the new rule is sure to scare some away from the apps.
FIND OUT WHAT TYPES OF TRANSACTIONS WILL BE TAXED

Markets

DJIA	36,079.94	-0.66%
S&P 500	4,646.71	-0.82%
Nasdaq Composite	15,622.71	-1.66%
Japan: Nikkei 225	29,277.86	0.59%
UK: FTSE 100	7,359.82	0.27%
Crude Oil Futures	81.41	0.09%
Gold Futures	1,863.40	0.82%
Yen	114.06	0.16%
Euro	1.15	-0.19%
* As of market close

Sad details emerge from Astroworld tragedy

The death of eight concert-goers at Houston's Astrworld over the weekend has grown even more tragic this week as details about the planning and security for the event emerge. The Travis Scott show that saw audience members crushed by a crowd surge was filled with flaws.

Among the more troubling reports are a 9-year-old boy who is battling for his life after being trampled; the lack of safety planning, and word that Scott spent the rest of the night partying with Drake rather than mourning those who died while failing to stop the show to end the lethal stampede.

SEE WHAT VICTIMS' FAMILIES ARE SAYING ABOUT THEIR LOSS

Musk sells Tesla stock on SpaceX launch day

Wednesday proved to be another eventful moment for multi-billionaire Elon Musk. He sold more than $1 billion of stock in his Tesla juggernaut while his SpaceX enterprise launched another NASA crew into space -- you know, just another day in the life of an eccentric multi-billionaire.

After allowing his 62 million Twitter followers to vote whether he should sell Tesla stock in protest of a proposed billionaire's tax, Musk sold nearly 1 million shares, padding his position as the world's wealthiest individual. As icing on the cake, SpaceX sent four astronauts to the ISS to conduct experiments designed to benefit the human race -- and Musk's net worth.

READ ABOUT THE CREW'S OUT-OF-THIS-WORLD EXPERIMENTS

Arby's moves over from meats to liquor aisle

Arby's -- We have the vodka? You read correctly; the fast-food chain that brought roast beef to the hamburger-joint table is shifting lanes into alcoholic beverages with its own line of liquors featuring some of the restaurants famous flavors -- primarily potato-vodka that tastes like fries.

Just as Arby's customers must choose between curly or crinkle-cut fries, so too will those brave enough to drink the 80-proof liquid version. The vodka comes in Crinkle or Curly Fry flavors and features drink recipes that use a hint of Arby's famous Horsey Sauce and Arby Sauce. We'll pass.

FIND OUT WHAT PROMPTED ARBY'S TO HIT THE HARD STUFF