The World's Biggest Electric Vehicle Company Looks Nothing Like Tesla


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18 April 2019



Video commentary for April 17th 2019



Eoin Treacy's view

A link to today's video commentary is posted in the Subscriber's Area. 

Some of the topics discussed include: Nasdaq-100 makes a new high and is led higher by semiconductors, India also hit a new high, Indonesia firms and China holds its gain, Europe looks to be a on a recovery trajectory, bonds ease, oil and gold quiet, 



Instability at the Fed

Thanks to a subscriber for this report by Daniel Oliver for Myrmikan Research may be of interest to subscribers. Here is a section:



Eoin Treacy's view

A link to the full report is posted in the Subscriber's Area. 

There is a consensus view among bond fund managers that the ability of Fed to ease in the next recession will be constrained by the zero bound. That s supported by the belief it has nowhere near as much room for easing as it had in other cycles. In turn that will create the much foretold “pushing on a proverbial string” where efforts to stoke inflation and asset prices will be ineffectual.



Mapping the Global Migration of Millionaires

Thanks to a subscriber for this article by Nick Routley for Visual Capitalist. Here is a section:

Time-honored locations – such as Switzerland and the Cayman Islands – continue to attract the world’s wealthy, but no country is experiencing HNWI inflows quite like Australia.

The Land Down Under has a number of attributes that make it an attractive destination for migrating millionaires. The country has a robust economy, and is perceived as being a safe place to raise a family. Even better, Australia has no inheritance tax and a lower cost of health care, which can make it an attractive alternative to the U.S.

In 2018, Australia jumped ahead of both Canada and France to become the seventh largest wealth market in the world.

Greece, which was one of the worst performing wealth markets of the last decade, is finally seeing a modest inflow of millionaires again.


Eoin Treacy's view

People move for all sorts of reasons but chief among them are to either benefit from the tax and economy of the destination country, to find a better place to rear children and escape an overbearing or overtaxing regime.

Personally, I moved to the USA because of its open welcome for people of all races, the weather, the time zone, the attractive tax structure for businesses as well as my belief that Wall Street is in a secular bull market. I’ve since learned the USA is one of the most attractive tax havens for overseas investors.  



The World's Biggest Electric Vehicle Company Looks Nothing Like Tesla

This article by Matthew Campbell and Ying Tian for Bloomberg may be of interest to subscribers. Here is a section:

In automotive circles, Wang’s predictions of the combustion engine’s imminent demise often meet profound skepticism. Chinese sales of new-energy vehicles, a category comprising plug-in hybrids, pure EVs, and fuel-cell cars, more than tripled from 2015 to 2018, but they still account for only 4.5 percent of the total. The doubters, he argues, underestimate the country’s capacity for reinvention. “The Chinese way is to replace everything at once,” Wang says. “When we switched from black-and-white to color TVs, it took three years. In the West it was 10. Going from feature phones to smartphones took about one year. In Europe it was three. Cars will be the same. It will go very fast.”


Eoin Treacy's view

China is a massive oil and gas importer but has abundant coal reserves. It therefore has a clear incentive to use less gasoline and natural gas and more coal. Electric vehicles fit squarely into that equation. Since coal is massively polluting nuclear energy is another growth industry in China.











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