- Warren Buffett invested $ 377 million in REIT Store Capital which caused the stock to rise 11% on the news. This REIT has a portfolio of leases that are primarily held by services companies that require human interaction. These types of businesses are generally pretty Amazon-proof which makes it an interesting play.
- Business Insider global editor-in-chief Henry Blodget questions why health insurance in America is tied to employment. Blodget goes through the interesting history of how these two got tied together.
- UBS strategist Julian Emanuel called this tech correction before it even started. Emanuel says there there is still room for tech to fall more pointing out that tech volatility is currently way too low. He expects tech stocks and the broader market to end the year higher and says this is a dip you should buy into.
- Fundstrat co-founder Thomas Lee expects the market to end the year lower. Though he thinks this drawdown is part of a larger bull market that won’t end for a few more years. Lee’s short-term concerns for the market revolve around nominal GDP, which he expects to be at about 3% next year. Lee recently cut his earnings estimate for the S&P for this year.