A Little IRS Humor
Here’s a reader’s take on ultra-simple taxes:
“My grandfather once showed me an income tax form you should have to submit every year. I think it would also help stimulate the economy:
- What did you earn:
- What did you spend:
- Remit the difference!”
And if you spend more than you earn? Hmm.
The reader brings to mind this tongue-in-cheek tax form that fits on a postcard:
Last, a little more hectoring…
“In the grand scheme of things, the government thinks that making taxes complex actually helps maintain jobs. It keeps CPAs and tax lawyers fully employed.”
Your Rundown for Tuesday, Sept. 10, 2019:
Why Beyond Meat is Faux-Value
Beyond Meat — purveyor of a plant-based meat substitute — is 2019’s IPO sweetheart with an astonishing 840% gain since it made its debut.
But shares are down about 37% from a July peak of $234.90 and analysts believe there’s more where that came from.
One factor that BYND has to contend with is some stiff competition in the faux-meat space. Here’s just a few of the companies horning in on Beyond Meat’s territory:
- Tyson Foods
- Kellogg (favorite name: Incogmeato)
- Grocery chain, Kroger
Another factor is Beyond Meat has an enormous valuation problem: BYND already trades at 57 times sales and will have to sell about $3.7 billion worth of product — or over 22 times last year’s revenue — to compete with its peers.
Meaning BYND’s gross sales would need to increase by roughly 40% each year for the next 10 years. Quite a task. Some would say impossible.
We’d sell BYND before a further 20% decline analysts expect in the near term. Take the profits and, if you want to buy in this space, we’d recommend a company we didn’t mention above, Restaurant Brands (QSR).
Market Rundown for Tues. September 10, 2019
S&P 500 futures are up 6 points to 2,972.
Oil is up 58 cents to $58.43 per barrel.
Gold’s down $11.90 per ounce to $1,499.20.
Bitcoin is down $52.76 to $10,264.60.
Have a great day; we’ll talk tomorrow.
For the Rundown,