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BEHIND THE MONEY: How To Retire in 360 Years
There is still a ton of money in cash and cash equivalents getting barely any return. Using current rates for 3-month Treasury Bills [US@?TB3MY
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], it will take 360 years to double your money in cash, according to a note this morning by Michael Hartnett, Bank of America Merrill Lynch Chief Global Equity Strategist.
About 21 percent of global high net worth wealth is still in cash, according to Hartnett, who was recently named to that position after a successful stint as the emerging markets strategist. This wealth will soon be clamoring for higher return and that should reignite this equity rally in the second half of the year, Hartnett writes.
The other side of this argument is that the financial system is still broken and that we are caught in a deflationary spiral that will continue to reduce the value of everything. The bears argue that money is coming back into the market already, but companies are issuing so many new shares that the new inflows are just soaking up this new supply. We ran statistics on the show Friday from Charles Biderman's TrimTabs, which showed that $10 billion went back into the stock market in May, but that was more than swallowed up by a whopping $63 billion in corporate selling.
If more wealth does come rushing back into the market and companies and insiders respond by selling even more shares, we'll end up where we are now: little changed on the year.
Let's hope Hartnett is right, because 360 years is a long time to wait for those golden years.
John Melloy is the Senior Editorial Producer for Fast Money. Before joining CNBC, he was an editor for Bloomberg News, overseeing the U.S. Stock Market coverage team.______________________________________________________
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Trader disclosure: On June 25th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (LM) Call Spread;’ Najarian Owns (PALM) Call Spread; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (MSFT); Finerman's Firm And Finerman Own (FLS), (RIG); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (IWM), (IYR), (IJR), (MDY), (SPY), (USO); Seymour Owns (AAPL), (BAC); Seygem Asset Management Owns (FCX), (MOS)
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