Friday Fast Five - 9/2/2022
by Hodges Investment Team, on Sep 2, 2022 7:00:00 AM
Five interesting things that Hodges Capital research analysts discovered this week...
#1 MILLIONAIRES: According to a recent study by research firm Ramsey Solutions, 74% of millennials and more than half of baby boomers believe most millionaires inherited their money. However, of the 10,000 millionaires surveyed by Ramsey Solutions, 79% did not receive any inheritances and instead accumulated wealth by consistent investing, avoiding debt, and frugal spending.
#2 UP VS. DOWN: The split between “up” and “down” trading days for the S&P 500 over the last 50 years (1972-2021) is 53/47, and the realization that in spite of the near “every-other-day” volatility, the S&P 500 still generated an +11.1% per year return (source: BTN Research).
#3 THE MICK: From the Daily Upside - Mickey Mantle’s salary (a league-high $75,000 in 1961, equivalent to around $680,000 today) may be laughable by modern standards, but no one’s card is more valuable. Recently, a mint condition 1952 Mickey Mantle Topps baseball card sold with Heritage Auctions for $12.6 million, the highest price ever paid for any sports memorabilia item.
#4 PROFITABLE OIL & GAS: The Energy sector’s earnings contribution for the S&P 500 in 2Q22 was 16% despite only representing a 4% market cap weight, according to Strategas.
#5 CRYPTOCURRENCY: The Electric Reliability Council of Texas recently said cryptocurrency miners have applied to connect to Texas’s power grid to use up to 33 gigawatts of electricity. That’s enough to power all of New York State, per the Dallas Morning News.
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