Prop 13 in the late 1970s set a maximum annual percentage cap of assessed value increase at 2% per year. Since then, houses have appreciated far and above this number, and the state enacted a few other acts to help retirees relocate to a home of equal or lesser value and still carry over their tax base. Prop 19 allowed this for specific counties. Prop 60 and 90 were expansions to other areas of the state and included family members who later could inherit properties without resetting the assessed value. The key to your question is to ensure the home you would move into would be equal or lesser value. There are more nuances that would need a call to discuss further from here.
~ Brian T. Szytel, November 14, 2024

Screening for dividend growth along with share buybacks and debt reduction in this' shareholder yield' strategy mentioned is fine. I would just say the former is the surest way to capture what we are after in compounding rising income from growing free cash flow, and the latter two are more subcomponents. Share buybacks alone can raise dividends per share per a lower divisor but wouldn't reflect the entire dividend growth ethos of tethering growing Free cash flow to a dividend CAGR. Liability management is also a component of proper corporate stewardship, but again, that is already captured in the former (and a given).
~ Brian T. Szytel, November 13, 2024

The 10-year went to 4.30% on Monday (intra-day) and closed Friday at 4.30%, after hitting 4.46% on Wednesday.  Most notably, the inflation expectations in TIP spreads did NOT move higher, so higher yields are more indicative of growth than inflation expectations. But the bond market did not start pricing things in on Wednesday; bond yields had been moving up for two months before the election.  Markets are always discounting mechanisms.  How much of what bonds (and stocks) are pricing is related to Trump, let alone one policy (tariffs)?  No one can answer that.  And if tariffs are a part of market discounting, what does it mean that there is not huge upward pressure in bond yields or inflation expectations?  Does it mean that markets believe tariffs are NOT inflationary, or does it mean that markets do not believe the tariffs (as threatened) will come to pass?  Based on the clear confirmation of stock market behavior, it is far safer to conclude that bonds are (also) assuming the tariffs do not come to be.

And that brings me to the answer to your first question: Why were tariffs not inflationary in the first term?  This one is pretty simple – they didn’t end up happening.  Some did, and those things were inflated, but 90% of the tariff threats never happened (or happened for a very short period and then were lifted; or, my favorite, were implemented but with DOZENS of carve-outs for certain companies and sectors that requested exceptions).  Where there were tariffs and where China countered, prices did increase.  But we are talking about a grand total of $75-80 billion in tariffs in his first term, not the $525 billion of ANNUAL new tariffs that have been alluded to now. A good way to say it is that the argument should be ACTUAL tariffs are inflationary, not the mere THREAT of tariffs or imposition of a short-term flex.
~ David L. Bahnsen, November 12, 2024

You are correct; there most certainly was discussion of either 50-year or 100-year Treasury bonds at the point of low rates throughout the first Trump term. Secretary Mnuchin ultimately concluded they didn't have the time, resources, or demand to see it through. In hindsight, obviously, plenty of people wish it had been done (for various reasons). In fairness, it is not like trillions of dollars were ever going to be bought; it is unclear if hundreds of billions even would have. A 20-year treasury issuance they did was only able to find $20 billion of buyers. I believe when the curve was inverted or when we were at a 0% ZIRP (two distinct moments), there was a great reason to do it, and any part of the term structure that takes out that risk is worthwhile to the borrower and any vehicle that creates such an instrument for hedging deflation is worthwhile to the lender. Fingers crossed for another bite at the apple.
~ David L. Bahnsen, November 11, 2024