In The Bag!Jun 13, 2017 | Wealth Management
Typical story of boy meets girl, boy falls in love with girl, boy marries girl, boy dies, girl claims she found her deceased husband’s will in a bag of Doritos.
Yes, the thing of fairy tales. And in this case, the only fairy tale is the will.
Marsha Cunningham married a man 50 years her senior, Newton Davies, in 2004. In 2013, Mr. Davies died at the age of 85. Mr. Davies’ daughter claims she had the only valid will but enter the widow with a claim she found a will up in his loft in a Doritos bag. You can probably guess where this case went. Judge Gerald tells it best in his ruling:
“'It will obviously strike anybody as being somewhat eccentric to put an important document such as a will into a Doritos bag, but there are eccentric people in this world. So that, of itself, does not cause me to be disbelieving, although it does cause me to consider how a man in his early eighties, who according to (a friend of his who gave evidence) does not eat Doritos, would put this document into an empty Doritos bag and then put it in the loft.”
“It is inherently unlikely that the deceased would go into the loft in November 2011, find an empty Doritos bag and put his will in it.”
“There is eccentric and there is ridiculous – and this is ridiculous.”
For Ms. Cunningham, the glass slipper didn’t fit after all.
Regarding Cinderella, why would anyone wear a glass slipper? I’m sure Cinderella would have ended up in the ER with multiple foot lacerations had she tried to dance in glass slippers. Certainly the slippers would have shattered during her first pirouette. And, if they were such a perfect fit, why did one fall off??? These are the questions that keep me up at night.
Below is our recent Market Update.
Have a great week!
Senior Wealth Advisor
June 12, 2017
TWO MAJOR INDICES RETREAT; A THIRD RISES
Last week, the Nasdaq Composite fell 1.55% to 6,207.92, while the S&P 500 dipped 0.30% to 2,431.76. On the other hand, the Dow Jones Industrial Average managed to gain 0.31% on its way to a Friday close of 21,271.28. The CBOE VIX volatility index soared 17.03% for the week, settling Friday at 11.41.
AN UPBEAT REPORT ON THE SERVICE SECTOR
The Institute for Supply Management’s May non-manufacturing purchasing manager index displayed a reading of 56.9 last week, showing expansion in U.S. service industries for an eighty-ninth straight month. Although the gauge declined 0.6 points from its April mark, it signaled a solid pace of growth. The index’s employment component rose 6.4 points to a mark of 57.8, as 15 industries added workers in May. The PMI has averaged a reading of 55.9 over the past 12 months.
FACTORY ORDERS DECLINED IN APRIL
According to a new Census Bureau report, they decreased 0.2%. That marked their first month-over-month retreat of 2017. The 0.2% gain for March factory orders, however, was revised up to 1.0%. Orders increased by an average of 0.7% per month in the first quarter.
ABUNDANT SUPPLY HURTS OIL
WTI crude lost 3.8% during June 5-9, tumbling to a $45.83 settlement on the NYMEX Friday. The U.S. rig count rose again last week, as it has every week for the past five months. While OPEC has vowed to reduce production by 1.2 million barrels per day, daily American oil output has increased by almost 600,000 barrels, so far, this year.
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