Christmas Price Index up 5.7%

Back in 1984, a bank economist came up with the fun idea of measuring inflation by annual changes in the cost of the gifts in “The Twelve Days of Christmas.” PNC has continued the whimsy, and this year’s index shows significant price increases. (To avoid distortions in 2020 prices caused by the coronavirus, PNC compared current costs with those from 2019.)

How much would you need to to spend this year to purchase the gifts mentioned in the song and hire twelve drummers drumming, eleven pipers piping, etc.? $179,454.19.

Most expensive gift by far: those seven swans.

Unhappy news for financial advisors

 Rich millenials are apparently succeeding without them.  The Wall Street Journal reports that:

About 70% of households with a net worth of $500,000 or more headed by a person under 45 had an investing style that was either strongly or mostly self-directed in 2019, up from 57% in 2010

Will the coming inflation change their perspective?