SCARY
From an article by Paul Lim (one of my favorite columnist) in Money:

“A new survey released this week by Fidelity Investments shows that wealthy young millionaires have staggeringly high expectations for market returns for the coming year. Millionaires who are either millennials (roughly 20 to 36 years old) or Gen X (37 to 52) expect their investment portfolios to return 16.4% next year, according to Fidelity’s 2017 Millionaire Outlook Study.

To put that in perspective, that’s double the historic average annual return for a 60% stock/40% bond portfolio since 1926. What’s more, that’s nine percentage points higher than what older millionaires (specifically, baby boomers) expect to gain next year.”

ON THE OTHER HAND
Bill McNabb, Vanguard’s CEO, quoted in Financial Advisor in late November: “Valuations are starting to get pretty rich,” he says. “You certainly worry about a flash point. A 10 to 15 percent move in equities would not be unprecedented in history from these kinds of valuations. And whether that happens in 6 months, in 12 months, or in 18 months … sooner or later it’s going to happen. To deny that and think some policymakers can navigate things so that we never have another correction again, that won’t happen. The markets need to cleanse.”

WHO KNEW
Ninety percent of Texas wine grapes are grown on the South Plains. Of course, until I moved to the South Plains, I didn’t even know Texas made wine. Turns out there are lots of them.

SOMETHING ELSE I DIDN’T KNOW
From FastCompany: 12 Incredibly Useful Things You Didn’t Know Google Maps Could Do Some of the best features of Google’s mapping app are among the hardest to find — until you know where to look. These are some VERY useful tips.

http://bit.ly/2nZ42Ou

I’LL BET YOU DIDN’T KNOW
From my friend Leon:

• More people live in New York City than in 40 of the 50 states.
• The word “Pennsylvania” is misspelled on the Liberty Bell.
• There is enough water in Lake Superior to cover all North and South America in one foot of water.
• It would take you more than 400 years to spend the night in all of Las Vegas’s hotel rooms.
• There is enough concrete in the Hoover Dam to build a two-lane highway from San Francisco to New York.
• The entire Denver International Airport is twice the size of Manhattan.
• The number of bourbon barrels in Kentucky outnumbers the state’s population by more than two million. I guess we won’t be running out of bourbon any time soon.