Wednesday, June 20, 2018

How CEO's Spend Their Time

Ever wonder how the boss spends his or her time (in truth, you probably don’t care). But some people do….

In a brand new study, Michael Porter and Nitin Nohria (who work at a tiny place called the Harvard Business School) studied the calendars of 27 CEOs over a three month period.

And here's what they found:

You didn't think we'd just tell you, did you? Nope—, here's a quiz to see how well you know how a CEO spends her time (answers at the bottom of the story).

1) How many hours a week do CEOs work, on average?


2) How many hours a night do CEOs sleep, on average?


3) CEOs spend nearly three quarters of their time at company HQ: True or False?

4) Fill in the blank: On average, CEOs spend 72% of their total work time ________.

- writing/replying to emails
- in meetings
- playing Farmerama

Answers: 1) 62.5 hours,  2) 6.9 hours  3) False (47%)  4) in meetings

POP QUIZ: Can you identify this building?

Michigan Central Station in Detroit.

It's been abandoned since 1988, but today, we get a glimpse of its bright future:

Ford Motor Corporation bought the building in May, and it's announcing its ambitious plans in a celebration this morning.

The company, which also bought up nearby properties, will eventually occupy 1.2 million sq ft in the station's neighborhood (called Corktown). The Corktown campus will be "an innovation hub for Ford's vision for the future of transportation."

Michigan Central Station is more than a building—it's a symbol of Detroit's rise and fall...and current renaissance. For Ford to come in and open it again is a really exciting moment for the city.

“I’LL TAKE THREE TO FIVE FOR FIFTY DOLLARS” - A seven-time “Jeopardy!” winner who taught history at a small Michigan college faces up to five years in prison for sneaking into the email accounts of other professors, administrators and students.

Stephanie Jass, who taught at Adrian College in southern Michigan, pleaded guilty Wednesday in Lenawee Circuit Court to a charge of unauthorized computer access. Her sentencing is scheduled for July 20.

Authorities said Jass logged into other people’s email accounts without permission over a four-day period last year after the college reset everyone’s passwords and assigned everyone the same temporary password. Another professor learned what Jass had done and told school officials.

State police wrote in a report that the professor told a detective that Jass had a document that listed “notes and comments and problems” of faculty members, according to the Jackson Citizen Patriot.

The 48-year-old Jass, of Tecumseh, was later fired.

“Privacy rights are a fundamental principle of our American democracy and Adrian College stands with those who protect these rights,” the school said after Wednesday’s plea.

Jass’ seven-episode “Jeopardy!” winning streak in 2012 was a record at the time for a female contestant. It was later broken.

Defense attorney Raymond Correll said in court Wednesday that he intends to seek a delayed sentence which would push back Jass’ sentencing to see how she follows bond conditions set by a judge, according to the Daily Telegram of Adrian. Good luck with that.

HAPPY HALF YEAR: Congress officially sent the Tax Cuts and Jobs Act to Trump's desk six months ago today — and you can probably expect both commemorations and denunciations of that fact throughout this week.

As we've noted here before, it's going to take quite awhile to make a full accounting of the tax law. (And even then, we'll bet that the two parties might still find stark differences of opinion about just how much of a success the TCJA has been.)

POLITICS 101 - Days until the 2018 election: 139.

Upcoming election dates — June 26: Colorado, Maryland, New York (congressional), Oklahoma and Utah primaries and Mississippi and South Carolina primary runoffs.

"How California's Primary became a giant scam.''  The California governor's race was once ballyhooed as a proving ground for Democratic Party ideas in the Trump era, a blockbuster contest in which Democrats would not only pick the chief executive of the nation's most populous state, but begin to shape the party's agenda heading into the 2020 presidential primary.

-- Instead, it has devolved into a king-size flop. One day of the primary election here, the leading candidates sit largely indistinguishable on issues of substance, with little evidence of any intra-party, values-laden clash.

-- Rather, election day will culminated a contest that has morphed into a bizarre exercise in gaming California's unusual, top-two primary system. Confronted with a primary in which the top two vote-getters advance to the general election regardless of party affiliation, supporters of the leading Democrats in the race, Lt. Gov. Gavin Newsom and former Los Angeles Mayor Antonio Villaraigosa, focused their attention on elevating one of two lesser-known Republican candidates in an effort to manipulate the election's outcome.

-- In a state where Republican registration has cratered — it now hovers at about 25 percent statewide — Newsom has a far greater chance of defeating the leading Republican, John Cox, than Villaraigosa. So the lieutenant governor has aired advertisements highlighting Cox's conservative credentials for Republican voters to bolster his chances of finishing second.

-- "Nobody even cares who wins," said Steve Maviglio, a Democratic strategist in Sacramento. "It's about who comes in second.

Gavin Newsom
John Cox
Antonio Villaraigosa
4,773,850 votes, 100% reporting (21,486 of 21,486 precincts)
Percent voter turnout = 35.1%

DOW DROPOUT - General Electric will drop out of the Dow industrials next week, a milestone in the decline of a company that once ranked among the mightiest of blue chips and was a pillar of the U.S. economy. It will be replaced by drugstore retailer Walgreens Boots Alliance, the latest sign of the rise of the global consumer economy and the post crisis boom in debt issuance that has fueled a global deal-making frenzy. The decision to drop GE, an original member of the Dow that has been a part of the 30-stock index continuously since 1907, marks the latest setback for a conglomerate that once was the most valuable U.S. company, but has been hit hard in recent years by the unraveling of its finance business and competitive problems. GE shares have tumbled 55% over the past 52 weeks, erasing more than $100 billion in wealth.

TWITTER JOINING S&P 500 — Twitter has made it into the S&P 500. S&P Dow Jones Indices said Monday that the social media company will replace Monsanto on its index of top US public companies. The company's stock jumped more than 3 percent after hours following the news. Last week, the Justice Department approved the sale of Monsanto to Germany's Bayer, so long as the merged agrochemical company divests approximately $9 billion in businesses and assets. Bayer said Monday that the deal was worth $63 billion.

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to Danny Aiello (85) Brooklyn, N.Y.; Jody Bomba …happiness and health in retirement;  Sir Paul McCartney (76) London, England; Kathleen Turner (64) Hilton Head, S.C.; Brian Wilson (76) Laguna Beach, CA.

CALIFORNIA TROUBLES? - On the surface, four-term Gov. Jerry Brown, 80, seems to have fixed the state: a $6 billion budget surplus, 3 million new jobs, and real action against climate change. But dig deeper and problems abound: The highest income tax rates in the country. ... A system so dependent on capital gains that when the inevitable next recession hits, we’ll plunge into fiscal catastrophe. ... If the nation catches a cold, California’s budget gets typhoid fever. ... A nearly $1 trillion gap between the retirement promises politicians made to public workers and the funding available to cover them.

The biggest problem of all is an affordability crisis that drives people out. Despite the good times, more people are leaving than moving in.

McKinsey recently ranked California as having the worst quality of life in America.

$600K – For the first time on record the average selling price of a home in California (state wide) is now $600,860. Good Lord, I have to get out of here….
Price MTM% Chg
Price YTY% Chg
Sales MTM% Chg
Sales YTY% Chg
CA Condo/Townhomes
Los Angeles Metropolitan Area
Inland Empire
S.F. Bay Area

COLLEGE CHRONICLES - Catholic University's Board of Trustees approved a plan to trim faculty by 9 percent, and potentially lay off full-time professors.

WHEN ADJUNCTS UNIONIZE - What happens after adjunct faculty members form unions? In The Chronicle Review two professors at Notre Dame de Namur University, in California, examine 35 collective-bargaining agreements around the country to see what the adjuncts gained. The results range from major achievements, such as pegging adjuncts' pay to 80 percent of tenure-track professors' salaries on one campus, to smaller things, such as greater access to office space and reimbursement for classroom expenses. But collective bargaining made little progress for adjuncts in three areas: true pay parity with colleagues on the tenure track, inclusion in shared governance, and stemming the overreliance on part-time, contingent faculty members.

SUMMER TRAVEL - Fueling Prices:  Jet-fuel prices have surged more than 50% over the past year, pushing carriers to raise fares and Delta Air Lines to cut its profit expectations. The nation’s No. 2 carrier said it could take six to 12 months to recoup the extra fuel costs via pricier tickets. Fuel is again the single-largest expense for most airlines, accounting for about a quarter of operating costs. The recent run-up in prices echoes the 2009-11 jump, which first spawned stand-alone surcharges on many international flights. Investors are edgy about the impact of fuel prices on airline profits. Airline shares were mixed last week, with those of Delta, which bought an oil refinery in 2012 to minimize volatility in fuel costs, down 1.5%.

TEMPERATURE - Every area of the globe has warmed since instrument records began in 1880, NASA data shows.

The planet isn't warming equally, however — the fastest temperature increases are taking place at the poles. That Arctic, for example, is warming at more than twice the rate of the rest of the globe, melting sea ice, glaciers and permafrost.

Due largely to human emissions of greenhouse gases, there is virtually no such thing as a cooler-than-average year on Earth anymore. (The last cooler-than-average month was 30 years ago, in December 1984).

PERSONAL FINANCE  -  Rule of 72—Ditch the TI-89 (calculator) and use this simple method to calculate how long it'll take your investment to double. How? Just divide 72 by the fixed annual return and you'll get a rough estimate of how many years it'll take to 2x.

Ex: With a 6% return, your money will double in...(72/6)=~12 years.

MARKET WEEK – Raking in $180 million at the domestic box office, Incredibles 2 set a record for the highest grossing opening weekend for an animated movie. What'd it pass? Finding Dory, which topped $135 million in 2016.

Brushing off its recent flop—Solo: A Star Wars Story—Disney has built up a cinema power house.

It's got brands: Lucasfilm (Star Wars), Marvel, Pixar, Disney.

It's got money: Nine of the top 10 highest grossing domestic box office weekends belong to Disney.

It's just getting started.

Disney agreed to a $52 billion (all stock) deal for a chunk of Fox's media assets. If it goes through—Comcast laid down a competing $65 billion (all cash) offer last week—Marvel would finally meet Fox's X-Men. Then consider the potential for live-action Disney remakes.

The bull market is facing its next test. U.S. corporate earnings growth looks poised to slow from a blistering pace, posing a new challenge to a long bull market that is already contending with an uncertain global economic outlook.


MLB Game of the Week – Saturday June 23; Seattle Mariners (46-27) vs. Boston Red Sox (49-25). Two playoff bound American League teams collide in Fenway, Red Sox win 6 – 3.

World Cup Soccer (Football)  – Group Winners: A - Uruguay | B - Spain | C - France | D - Croatia | E - Brazil | F - Germany | G - Belgium | H - Colombia

Group Runners-Up: A - Egypt | B - Portugal | C - Peru | D - Argentina | E - Costa Rica | F - Mexico | G - England | H – Senegal

Belgium to win over Spain in the Final on July 15 in Moscow.

Season to Date (17 - 11)

DRIVING THE WEEK – House will continue its immigration fight against the backdrop of rising outrage over family separations at the border with the administration taking a myriad of positions on the issue (Trump says separations are not White House policy while Attorney General Jeff Sessions and senior advisor Stephen Miller say they very much are). This one is going to come to a head because the creation of new detention camps and images of children being ripped from their parents and held in cages is not a tenable situation for anyone ...

President Trump on Monday meets on immigration issues with Sens. Shelly Moore Capito (R-W.Va.) and Richard Shelby (R-Ala.)... Trump on Tuesday delivers remarks at the National Federation of Independent Businesses' 75th anniversary celebration and attends a House GOP conference meeting on immigration ... He holds a MAGA rally on Wednesday in Duluth, Minn. ...

Senate Finance this week marks up the Financial Services and General Government Appropriations Act ... SIFMA/Clearing House prudential regulation conference on Tuesday at 7:45 a.m. features remarks from Senate Banking Chair Mike Crapo, OCC's John Otting and FDIC's Jelena McWilliams, among others.

Next Blog: Summer Reading and lollygag.

Until next time, Adios

Claremont, California

June 20, 2018

CARTOON OF THE WEEK – The New Yorker, Mike Twohy


What is Transformational Leadership?

____ Working to change the system.
____ Minimize variation of the organization.
____ Bringing in the right-handed relief pitcher in the ninth inning.
____ Solving challenges by finding experiences that show old patterns do not fit or work.
____ All of the above.

QUOTE OF THE MONTH – " It doesn’t make sense to hire smart people and then tell them what to do, we hire smart people so they can tell us what to do." – Steve Jobs

Rink Rats is a blog of weekly observations, predictions and commentary. We welcome your comments and questions. Also participate in our monthly poll. Rink Rats is now viewed in Europe, Canada, South America and the United States.

Posted at Rink Rats The Blog:

Monday, June 4, 2018

I Have a Problem

I have a problem with bacon wrapped dates.

I have a problem with The Vegas Golden Nights in the Stanley Cup Finals, remember New York Islanders 1972-73: 12-60-6. Now that is an expansion team.

I have a problem with students who don’t study…if you only knew me as a student…heee,heee.

I have a problem with our California Governor candidates, really!

I have a problem with the cheapest ticket at Dodger Stadium is $28.00, and you need oxygen to survive the heights watching the game.

I have a problem with (here we go again) “reply all” emails.

I have a problem with Coors Light.

I have a problem with professional golfer Jordan Spieth, boring.

I have a problem with hitting 16 in Blackjack, “the book” says to but I always lose.

I have a problem with Boards of Trustees losing control of their higher education institutions: University of Southern California, Michigan State University, Penn State University, etc.

I have a problem with the drivers in the City of Claremont, CA. on Friday afternoons. God save us.

I have a problem with Fox News.

I have a problem with Interstate 15, Interstate 405, Interstate 210, Interstate 5, need I say more.

I have a problem with sea salt in chocolate.

I have a problem with too few faculty members attending Commencements.

I have a problem with the infield shift in major league baseball.

I have a problem with Dominos Pizza, it has changed.

I have a problem with why no one reads a newspaper any more.

I have a problem with summer being too short.

I have a problem with Canton, New York being so far away.

I have a BIG problem with Clarkson University.

I have a problem with my golf game, out of bounds.

I have a problem with the following cabinet members: Wilbur Ross (Commerce), Betty DeVos (Education), James Perry (Energy), Scott Pruitt (EPA).

I have a problem with why I cannot win the Lottery.

I have a problem with (here we go again) people especially law enforcement officers never using their turn signals.

I have a problem that this has gone on too long…

SCOTUS - The Supreme Court has 29 cases to decide by the end of this month, including all of the term’s biggest blockbusters.

The big questions the court still has to resolve:

          Is President Trump’s travel ban constitutional?
          Can a Christian baker refuse to bake a cake for a same-sex couple?
          Can the police track the location of your cell phone without a warrant?
          Can public-sector unions collect fees from non-members?
          Can states collect sales taxes from online retailers?
          Can purely partisan gerrymandering — not racial gerrymandering — be unconstitutional?

All of these cases have enormous political implications. Some, like the gerrymandering challenges, could directly and immediately affect the actual practice of politics.

POTUS WEEK - Monday: Trump has lunch with VP Mike Pence and Defense Secretary James Mattis. Trump also participates in the Gold Star Families Memorial Day reception.

Tuesday: Trump meets with Secretary of State Mike Pompeo and UN Ambassador Nikki Haley. Trump also hosts the Super Bowl champions, the Philadelphia Eagles, at the White House.

Wednesday: Trump will sign S. 2372, the “VA Mission Act of 2018” and he'll visit the Federal Emergency Management Agency Headquarters and attend the "2018 Hurricane Briefing." He's also expected to host a dinner at the White House to recognize the Muslim holy month of Ramadan.

Thursday: Trump meets with Secretary of State Pompeo.

Friday: Travel to Charlevoix, Canada. (Per the AP, Trump is expected to attend a meeting of the Group of Seven major industrial nations in Quebec, Canada, through June 9.)

500 DAYS- Everything changed:

          Trump has wiped out a large portion of Obama’s legacy. He’s exited the Paris climate deal; signed major tax cuts, especially for corporations; confirmed an ultra-conservative Supreme Court justice and record numbers of circuit court judges; deregulated like crazy; exited the Iran deal; exited the TPP trade deal; repealed the Affordable Care Act's individual mandate; and moved the U.S. embassy to Jerusalem, recognizing it as Israel’s capital.

          New hardline immigration enforcement is in place, including separating children from parents of illegal immigrants. An extraordinary percentage of Trump’s senior staff has quit or been fired.

          Only one campaign original remains on Trump’s staff: social media director Dan Scavino.

          A national security adviser who began with bombastic high hopes of enforcing a new hard line against radical Islam — Mike Flynn — is now at personal peril in the Mueller investigation.

          Trump no longer talks about wiping out the national debt by ending “waste, fraud and abuse.”

          Trump no longer talks about shutting down federal agencies.

Nothing changed:

          Family survives despite many premature obituaries about Jared and Ivanka (Javanka).

          Trump still watches a ton of TV, views everything through a media lens, and obsesses over negative coverage.

          Trump still views foreign negotiations as zero-sum games with a clear winner and loser. The scorecard is the bilateral trade deficit; Trump’s hardline instincts on trade and immigration are unchanged from the campaign trail.

          There’s no trillion-dollar infrastructure package.

          Mexico hasn’t paid for the wall — and Congress has only given Trump a pittance so far.

          The national debt has climbed ever higher under Trump’s stewardship.

          Trump still lies, exaggerates, distorts and responds to paper cuts by butchering his enemies.

          Vice President Pence remains — and nobody I’ve spoken to has ever seen him criticize or debate the president in any meaningful way.

          Trump has the same media diet: heavy on Lou Dobbs, Sean Hannity and "Fox & Friends" (with a sprinkling of hate-watch channel-surfing to CNN and MSNBC), and the same core diet of print newspapers, led by his hometown New York Times and New York Post.

Be smart: In 500 days, Trump’s hijacking of the formerly conservative GOP is complete — an astonishing accomplishment. The majority party in America is fully defined by his policies, his popularity with the base, his facts-be-damned mentality, his ability to control and quiet virtually all Republican elected officials.

          Oh, don’t forget: He has 962 days left in this term.

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to Johnny Depp (55) Oceanside, CA; Paul Giamatti (51) Brooklyn, NY; Tom Jones (78) London, England; Seth Kogan …famous UCLA Doctor; Boz Scaggs (74) Maui, Hawaii;  Nancy Sinatra (78) Rancho Mirage, CA; Mike Zazon …famous owner of the “Z” Ranch.

NETFLIX RISE - Netflix Inc. has firmly established itself as the world’s most valuable media company:

          An 11-year-old app that charges $11 a month is worth more to investors than the legacy conglomerates that earn billions more from TV advertising, box-office hits and cable and internet packages.

          Netflix leapfrogged at least one traditional media giant in market value each year since 2015, when it became twice the size of ... CBS.

TARIFF - A tariff is actually the U.S. government charging a U.S. buyer to buy a foreign good. It's not charging the foreign country anything.

MARKET WEEK – The Trump administration showed no sign of backing down from tariffs in the face of resistance from allies and China over the weekend, isolating the U.S. and complicating the president’s meeting this week with leaders of Washington’s staunchest partners. Top finance officials from the Group of Seven leading nations met in Canada, where the non-U.S. members—the host country, along with France, Germany, Italy, Japan and the U.K.—publicly rebuked Washington for its new steel and aluminum tariffs. Beijing said it won’t abide by any agreement to buy more American products if the U.S. goes ahead with trade sanctions. President Trump now must face leaders of countries who have termed his policies extreme, unwise and in some cases illegal when he arrives in Quebec for a summit of G-7 leaders scheduled for Friday and Saturday.

The global growth story is fading. Stock indexes that rode accelerating growth to fresh records in January are now hamstrung by a moderate but unmistakable slowdown in economic momentum in Europe and elsewhere. The Dow industrials have struggled to push past 25000 since March. Hardly anyone expects a recession soon. But with government-bond yields near record lows in many countries and the median S&P 500 stock trading at a price/earnings multiple seen only rarely in the past century, many investors are buying government bonds and other lower-risk assets in a bid to brace against what is expected to be a volatile market year.

ON THIS DATE - June 5, 1968:

Tuesday marks 50 years since the assassination in Los Angeles of senator and presidential candidate Robert F. Kennedy, age 42, who had been attorney general for his brother, President John F. Kennedy.

          For 12 weeks he traveled the country, up and down the coasts, to Indiana the day Martin Luther King Jr. was killed; to Nebraska, where he won a vital primary in a devoutly conservative state; to Oregon, where he suffered the first political loss by any member of his family; and then to California, where he vowed to go on to the Democratic convention 'and let’s win there,' only to walk through a hotel kitchen where it all — the campaign against a long war, the campaign for a new sense of national purpose — tumbled to an end with an outstretched arm and spray of gunfire.

          He might have won the presidency, he might have brought the Vietnam War to an earlier conclusion, he might have healed a broken nation. Or he might have lost to Richard Nixon (Hubert Humphrey, a more experienced and in some ways more sophisticated politician, did lose), he might have found the conflict in Southeast Asia much more difficult to wind down than he expected (as Barack Obama discovered in Iraq and Afghanistan), he might have stoked resentment from his foes and produced a furious conservative backlash (as Obama, as fluent a campaigner as RFK, surely did).

          Robert Kennedy was perhaps the most religiously driven of the Kennedy men, and certainly the most self-examining ... By 1968, Kennedy — drowning in despair and inflamed with anger — felt free to speak and act for himself.

          Jeff Greenfield, the TV journalist, who was an RFK speechwriter: "The Bobby Kennedy campaign was an investment in hope, in the hope that if Bobby were elected, we could end the Vietnam War and bring the country together."

          Mark Shields, the syndicated columnist, who organized 40 Nebraska counties for Kennedy: “He’d have been a more revolutionary president than Trump ... We have never had a tough liberal. He was the last tough liberal. Every one after him was a can’t-we-get-along, bleeding-heart liberal."

          Peter Robinson, the conservative Hoover Institution scholar who wrote Ronald Reagan’s “tear-down-this-wall’’ speech: "Bobby is the pivot of the Kennedy family."

          That is the ultimate meaning of Robert Kennedy — not so much his accomplishments but his legacy as a man whose changed voice changed the American conversation.

SPOTTED – 1,582 University of La Verne graduates this weekend at beautiful Campus West in La Verne, CA. This writer was fortunate to work with 224 of these graduating students, all wonderful, hard working men and woman. Much success to all.

POOR TRAINING IN AMERICAN COMPANIES - The most successful job training through the decades has been organized by companies finding smart people, then skilling them up for specific positions.

But this tradition is long passé. American companies today are only rarely prepared to spend the money to train their own workers.

          Instead, they want fully formed workers to show up at the door.
One person vexed by this paradox is Kim Arnett, a software developer at Expedia. Arnett posted an open letter on LinkedIn to technology companies, tut-tutting them for setting up a potential future crisis by failing to create enough entry-level positions.

          Her suggestion: "As an organizer of a meet up that aims to help beginners and marginalized people, I ask you to back up. Start a training program, add internships and entry level positions to help fill the gap. People are here, give them a chance."
Edward Alden, a Council on Foreign Relations fellow, tells Rink Rats that European companies naturally train their own workers but "that hasn't permeated U.S. companies" as yet.

          But, Alden said, some seem to be starting to grasp that they will have to take the lead on training for their own workforces.

OUT AND ABOUT – St. Lawrence University Reunion this past weekend saw some old SLU hockey boys from the 70’s: Gary “Nik and the Nice Guys” Webb ‘73, Terry “The Original Bugsy” Moran ‘71, and Peter Brennan ‘72. Wish we were there to hoist a couple. A thank you to Bruce Carlisle, St. Lawrence ’78 for the picture. Bruce is our west coast St. Lawrence hockey version of Wally “White Shoes” Johnson. He keeps us up-to-date on all the St. Lawrence hockey information.

Stay tuned this summer for Rink Rats Special Edition, "The Way We Were".


MLB Game of the Week – Saturday June 9; New York Yankees (37-17) at New York Metropolitans (27-30), Mets suck, Yanks win this one 7 – 3.

The Belmont Stakes – Saturday June 9; Elmont, New York:
1). Bravazo               2). Hofburg               3). Justify

STANLEY CUP FINALS – Though The Swami picked Nashville and Pittsburgh to be in the Stanley Cup Final, we now select the Washington Capitals to win in five games over the Vegas Golden Knights (too much like Clarkson).

NBA FINALS – We are sticking to our original picks of Cleveland Cavaliers vs. Golden State Warriors Final. With The Warriors winning in six games.

Season to Date (15 - 10)

DRIVING THE WEEK – Tariffs will remain the center of attention all week with a list of Chinese goods to be subjected to the new levies expected by mid-June at the latest ... G7 meetings begin Friday in Quebec following a rare rebuke of the U.S. from G7 finance ministers ... House Financial Services subcommittees hold hearings Wednesday at 10:00 a.m. homeless youth and 2:00 p.m. on the CFPB ...

ISM Non-manufacturing on Tuesday at 10:00 a.m. expected to tick up to 57 from 56.8 ... Productivity and Unit Labor Costs on Wednesday at 8:30 a.m. expected to rise 0.7 percent and 2.7 percent.

Tuesday (June 5): Midterm primaries in eight states, including California; Tesla's annual shareholders meeting.

Wednesday (June 6): 74th anniversary of D-Day

Next Blog: Summer Reading and lollygag.

Until next time, Adios

Claremont, California

June 4, 2018

CARTOON OF THE WEEK – The New Yorker, Alex Gregory