Bull market’s largest hopes for 2022 relaxation with millennial millionaires

If the millennial and Gen Z investing generations’ biggest, boldest bull market calls are best represented by the star turn of ARK Funds’ Cathie Wood, her funds’ struggles in 2021 are a microcosm of where risk-on investing runs into the reality of a market that, at least in the short-term, can’t always go gangbusters — or even up.

Americans born into the millennial and Gen Z generations came of age as investors — and some millennials, now in their fourth decade of life, also into considerable wealth — during a period of extremely muted inflation and a decade-plus bull market. If they have never known a Cathie Wood stock call that can go south, inflation as the No. 1 topic of concern for the economy is a new experience for them as well. And fears of an inflationary environment the U.S. has not seen since the 70s and early 80s isn’t only new to them in the form of rising prices. The low-inflation world contributed to a high return world for growth stocks that is now being threatened, and that leads to a question about whether young investors have enough experience with the inevitable ups and downs of the stock market.

Are young investors prepared to see double-digit equity market gains as the exception, rather than the rule, for the S&P 500?

Not yet, according to a recent survey of millionaire investors conducted by CNBC.

The bi-annual CNBC Millionaire Survey finds the youngest among America’s wealthy investors much more bullish and aggressive headed into 2022 than their investing peers from older generations. While the overall outlook from millionaires on the economy and stock market is “barely bullish,” according to the survey data, millennials see major potential for stocks gains and continued interest in risk-on trades including cryptocurrencies.

Covid ended the longest bull market in history, but stocks picked right back up and have since posted extraordinary gains in what amounts to a 13-year run for U.S. equities. Even if it doesn’t end, can this level of market returns last?

Drew Angerer | Getty Images

By the numbers:

  • 48% of millennials expect to increase their crypto investments in the next 12 months.
  • For many, that is a doubling down on crypto, as the survey finds more than half of the millennial millionaires said at least half of their wealth is in crypto.
  • 52% of millennials think the S&P 500 will be up by at least 10% next year (39% are even more bullish, expecting those gains to be above 15%). This is more than triple any other generation’s expectation for stock gains over the next 12 months.
  • 61% of millennials believe the economy will be much stronger next year; in all 93% believe the economy will be stronger, versus 41 percent for all millionaires.

The CNBC Millionaire Survey was conducted by Spectrem Group and surveyed 750 Americans with investable assets of $1 million or more. Caveat: Millennials are by far the smallest demographic sample in the survey. With the least time among generations to accumulate wealth, it follows there are many more Gen X, baby boomer and World War II millionaires in the data to accurately map the millionaire population of the U.S. The CNBC Millionaire Survey presents a snapshot of millennial millionaires, but it is only 31 out of the 750 wealthy Americans surveyed.

“Millennials are not a huge sample,” said Tom Wynn, director of research at Spectrem Group. “It’s enough to get some direction, but not huge, and we find that always in our surveys, they are way out there. I don’t know whether they are idealistic or just have an unrealistic view of things, but they are always extremely different,” he said.

And this is no different for investing than it is for taxes, or even religion.

Inflation, the Fed, stocks, and “stonks”

Some of the differences between millennials and the rest of the survey audience are stark. Inflation is the No. 1 economic concern among millionaires in the survey, while the millennial millionaire subset isn’t worried about it at all. And that finding highlights the generational nuances in the data and the question of whether younger investors are prepared for what inflation — and a Fed worried about inflation — can do to the stock market.

Lew Altfest, CEO of Altfest Personal Wealth Management, said most investors do think that in a Fed rate tightening cycle there is a greater chance of a correction next year, and overall, a lower return from the market.

Fed rate hike cycles haven’t been disastrous, but they have not been very good for stocks. Across the 17 previous Fed tightening cycles back to World War II, the Dow Jones Industrial Average and S&P 500 Index have struggled to post gains, according to CFRA Research. “Minor price increases for the equity market,” according to CFRA chief investment strategist Sam Stovall. In the 12-month period once the Fed starts raising rates at least three times, the S&P 500 rose a median of approximately 3.5%, and whether it gained or lost in any single period was little better than a coin flip: stocks gained in price 56% of the time.

The 1970s period of inflation was known as a “lost decade” for stocks because the compound annual growth rate in the S&P 500 was 1.6% — the index posted a 5.8% total return, but that is including dividends being reinvested and accounting for over 4% of the gain.

“They’re not thinking of double-digit returns and they are hoping they don’t get retribution for higher stock market prices,” Altfest said, referring to the price-to-earnings ratios which value-oriented investors such as himself find difficult to justify. “Value will have a run … stocks are going to go back to what are reasonable rates,” he said. “The question is the timing.”

A big millennial mistake and the market

There is some merit to the discussion about younger investors and inflation, says Doug Boneparth, president of Bone Fide Wealth, a wealth advisory firm, and a millennial himself. “The generation has not experienced an inflationary environment, and a boomer will be quick to point to 70s and 80s. When I talk to my own dad he doesn’t necessarily have the best memories of the 70s and 80s from an investment standpoint. Even myself, as an older millennial, I can’t recall investing or living through a non low-interest rate environment, so there’s something to say there.”

But this doesn’t mean he thinks 1970s-style inflation is about to repeat itself, and millennials may live in a world which they know is less likely to repeat that experience. “Anyone saying it’s going to be the 70s or 80s all over again, I’m not buying it. It’s a different world,” Boneparth said. “You didn’t have the internet or Amazon bringing goods to your door in 48 hours. It’s hard for young people to relate to what they do know historically about high inflation regimes,” he added.

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Even though millennials did not cite inflation as a risk to the economy, millennials in the survey were almost evenly split with 45% saying inflation would be temporary and 48% saying it would last a long time. This split within the generation itself brings to mind a point Boneparth says needs to be made when we start talking about “millennials”: the idea that millennials are a monolithic generation is a mistake.

“There are 80 million millennials and some can be viewed as just becoming adults, to full-fledged adults with children,” said Boneparth, who is closer to 40 than 20 and a homeowner with children.

It is an even bigger mistake, he says, when people assume that all millennials believe the stock market will only go up.

“It is a pretty big range and does mean some have been through different market cycles,” Boneparth said. “I’m old enough to know what a bad market looks like, in 2008-2009. For older millennials, the feelings and thoughts are alive and well. They shaped the older end of the millennial generation,” he said.

Though for millennials and Gen Z investors in their 20s who were just becoming teenagers during the Great Recession, recent performance could lend itself to overconfidence in the stock market. “And that could shape how they are investing their money,” Boneparth said. “I don’t think that stigma of 08-09 will ever escape my mind at 37. But you almost certainly get a ‘stocks are stonks’ often out of Gen Z, who are all about everything in a good way.”

Long-term returns and low returns

Market experts are worried that the extraordinary returns stocks have produced in recent years cannot be sustained. A recent survey of 400 investment professionals conducted by CNBC finds more than half (55%) expecting the S&P to return less than 10% next year. And more think the index will either be flat or down than up by more than 10%.

Most millionaires taking the CNBC Millionaire Survey believe their assets will be the same at year-end 2022 and they anticipate a rate of return between 4%-5% in 2022 — though since many are retired, they have a much more conservative asset allocation. Millennials believe their rate of return will be higher, with 39% predicting 10%-plus in 2022, and another 32% expecting at least 6% to 10% from their investments.

Every year, the major fund companies, such as Vanguard Group, release their investment return assumptions, and in recent years, the predictions for a lower return world haven’t been proven correct. For the record, Vanguard’s 2022 outlook says U.S. stocks are more overvalued than any time since the dotcom bubble, but there is no clear correlation in the historical data saying that inflation and rising rates will necessarily cause an abrupt end to the valuation momentum. “Our outlook calls not for a lost decade for U.S. stocks, as some fear, but for a lower-return one,” Vanguard concluded.

“It’s always best to be as accurate as you can, but since being accurate is hardest thing to do, the next best thing is to overdeliver,” said Mitch Goldberg, president of investment advisory firm ClientFirst Strategy. “In next 10 years, we expect a positive return of anywhere from 5%-8% annualized. I’m comfortable saying that, but I’m not comfortable saying next year only expect 5%.” 

There is an important distinction in how investors think about the rate of return. A diversified portfolio is not a 100% stock portfolio. When firms assume a 4% to 6% annual rate of return, that is assuming a mix of stocks and bonds, even if stocks are the majority. The S&P 500 has averaged an annual return of 9% since World War II, according to CFRA.

Boneparth says regardless of how well the stock market has been doing, issuing conservative return assumptions for clients is the proper communication to make annually. When he does forward-looking returns, he pegs a 5.3% return on a risk-adjusted basis for an 80-20 equity-bond portfolio. “When the market keeps pumping out returns, you have to go back to the 60 to 80 years history,” he said. History is only “wrong” right now, he said, because of the microenvironment of the past 10 years, from recession to expansion and Covid and through it all, multiple phases of monetary stimulus.

“Professionally speaking, you want to temper expectations about what returns can look like,” he said. “Every year S&P predictions are wrong, so millennials may be thinking ‘their guess is as good as mine, but when I am doing planning, I am being conservative in assumptions on rates of return in market portfolios,” Boneparth said. “Because I am trying to build a margin of safety, so if you are up 10%, you are way ahead of the curve.”

Younger investors have more time than any other generation to accumulate wealth, and tied to that, more reason than any other generation to remain aggressive in their portfolio allocations. This doesn’t mean their short-term optimism will be proven right, but staying in the market with a significant allocation to equities over the long-term is the right decision, as long as short-term success in the market does not breed hubris.

How to become a great investor

“Ask any fabulously successful entrepreneur how long it took them to become a competent investor and they will say five years; incredibly, it takes five years before you get your sea legs,” said Michael Sonnenfeldt, founder and chairman of Tiger 21, an investing network for the wealthy. He learned the hard way that early success in stock market investing does not ensure continued success. “The worst thing that ever happened to me in college was I bought options as my first investment and they doubled or tripled. That was the most expensive financial lesson I ever had because it completely inflated my confidence,” he said. “I had to lose many times what I made to understand those bets I made were luck and nothing more than luck.” 

Yet the current world is one in which investors have been forced, by economic and market conditions, to learn that equities are the way to generate market wealth. A generation ago, when there were much higher interest rates, debt investments could do a better job of helping a balanced portfolio beat inflation.

“In the low interest rate environment, a subset of people are learning how to drive returns through equity, whether private or direct or public,” Sonnenfeldt said. Even with rates set to rise in 2022, they will remain at what are very low levels compared to history. “They really have to work those assets and that may be part of what’s going on, people learning how to work their assets to beat inflation will have a very different view than we had a generation ago,” he added.

One finding that is consistent across members of the Tiger 21 affluent investing network is less reliance on the stock market for returns. In the past few years, venture capital has become much more prevalent among members and, in general, stocks do not make up the majority of an investor’s portfolio. Even as younger investors have high hopes for the S&P 500 next year, and generate a significant portion of their wealth from cryptocurrency, the CNBC Millionaire Survey did find their portfolios to be much more diversified than older investor peers — who tend to stick more to a traditional equities, fixed income and cash mix — millennial allocations to international, alternative assets and private markets are similar to public stock market weightings.

“My returns won’t mirror public market returns, and if I didn’t know any better I would say, geez, I should be unhappy,” Sonnenfeldt said. “But if I am north of 10% and still dramatically less than the public markets, it could be an incredible year, knowing no matter what happens in the market I may duplicate those returns again.”

Whether the S&P 500 repeats its nearly 30% gain of 2021, or reverts to its long-term annualized average of 9% in 2022 — or takes it on the chin — being realistic about the long-term, and having a plan for it, is more important than being remembered as the one who got next year’s S&P 500 call right. 

Preserving wealth, while covering living expenses and taxes, is the No. 1 goal, and that requires a realistic understanding of what can be earned from investments year in and year out. And over a longer period of time, with more time in the market, the best young investors will learn to adjust expenses to that realism.

“Optimism and realism are not the same thing, and many people are optimistic but not every realistic,” Sonnenfeldt said.

‘Model Edina’ trend occasion hopes to showcase Edina retailers

EDINA, Minn – Style Edina is back for her 2021 fashion show.

Stylist Jodi Mayers, who hosts and produces the show, visited KARE 11 on Saturday to talk about the event and share the latest fashion trends and styling tips for fall.

Mayers said Style Edina is a partnership between retailers from Galleria, Southdale Center and 50th & France, as well as more than 30 volunteer models.

Style Edina 2021 takes place on Sunday, September 26th at the Westin Edina Galleria. It runs from 10 a.m. to 1 p.m., with pop-up shopping and an annotated fashion show. In addition, Mayer added, there will be mimosas. Tickets are available online.

The event benefits a different Edina non-profit organization every year. That year Mayers said the nonprofit partner was Edina ABC, a local branch of a national organization that provides educational opportunities for color students.

Daniil Medvedev ends Novak Djokovic’s hopes of Grand Slam

Russia’s winners Daniil Medvedev (R) and Serbia’s Novak Djokovic hold their trophies after the men’s final of the 2021 US Open tennis tournament at the USTA Billie Jean King National Tennis Center in New York on March 12.

Hit by Betancur | AFP | Getty Images

Novak Djokovic’s hopes for a calendar grand slam and the 21st major came to an end after Daniil Medvedev put in an impressive performance to defeat the world number 1 in the US Open final.

Djokovic dreamed of becoming only the third man, after Don Budge (1938) and Rod Laver (1962 and 1969), to sweep all four majors in the same year.

To increase the weight of the story on his shoulders, with the victory he would have left his great rivals Roger Federer and Rafael Nadal behind and would have been the first man to ever have won a 21st individual slam title.

But Medvedev put an end to his chances with a phenomenal performance and made it into a Grand Slam final 6: 4, 6: 4, 6: 4 for the third time, in order to at least hit the younger generation with a real blow against the old guard offset.

Medvedev said: “First of all I want to apologize to you fans and Novak because we all know what he was up to today and I just want to say what you have achieved this year and throughout your career – I never said that to anyone.” but I’ll tell you right away, for me you are the greatest tennis player in history.

“I want to thank my team. It is not an easy journey to win a slam, but I am really grateful to you for helping me throughout the journey.”

The Russian turned to the crowd and added: “Then I want to thank you guys. Today you may have been a little more for Novak, but that’s totally understandable. All week you gave me a lot of energy. It helped me today It wasn’t easy, but thank you very much.

“Lastly, I want to end my speech on a very sweet note. Today is my third anniversary for me and my wife and during the tournament I couldn’t think of a present or anything. When I won, the only thing I thought was if I’m losing, I don’t have time to find a gift so I have to win this game. I love you Dasha. “

Medvedev was beaten well by Djokovic in the Australian Open final in February, but he showed in the opening set that he wouldn’t make the same mistakes by setting up a clinic and only giving up three points on serve.

Djokovic dropped his opening game by 40-15 and was unable to touch Medvedev afterwards. The Russian never gave up his lead and became the fifth player in a row at the US Open to drop Djokovic’s first set.

Things did not go according to plan for the Serb, whose service and volley tactics did not worry Medvedev in the battle for the top two seeds.

Medvedev played in his third and second Grand Slam finals that year after losing to 34-year-old Djokovic at the Australian Open. He got into the match after losing just one set while putting on a show of brutal tennis along the way.

The rhythm just wasn’t in Djokovic’s legs and he seemed physically impaired, be it tension, fatigue, or a combination of both.

It wasn’t long before his frustration boiled over in game four of the second set. After failing to implement a few breakpoints, he repeatedly destroyed his club on the court and received a warning.

Medvedev took advantage of the moment with a break to 3: 2 and served the set to slip on one of the first Grand Slam titles.

His aggressive game seemed way too much for Djokovic and he broke through the resistance of the top seed again, this time in the opening game of the third set.

Djokovic looked worn down when Medvedev sealed a second break from his serve to take a 3-0 lead. The Russian served for the title but collapsed at the finish to give the break back to the world number 1.

An emotional Djokovic covered his face with his towel and sobbed before he turned 10.

Medvedev made a double fault again on his second match point, but Djokovic scored on the third and Medvedev fell to the field to cheer and was the first man since Rafael Nadal in 2010 and the second since Ivan Lendl in 1987, who only had one on the way to the title Lost sentence in New York.

In tears, Djokovic, whose insatiable desire to win was always accompanied by an extremely commendable grace in the event of defeat, said: “First of all, I would like to congratulate Daniil, great game, great tournament.

“If there is anyone now who deserves a Grand Slam title, then you are so good at it.”

He turned to the crowd and added, “I’ve been thinking of both scenarios, imagining how I’m standing here in front of you and what I would say.

“I want to say tonight that even if I didn’t win the match and I’m the happiest man in the world, my heart is full of joy because you made me feel very special on the pitch.”

Lake Metropolis hopes federal cash will convey new life to empty, deserted properties

LAKE CITY, SC (WMBF) – Lake City neighbors are fed up with the empty and abandoned homes in their area, and the city’s mayor is hoping federal money can change that.

The City of Lake City requested a community development bloc grant that the mayor intends to use to revitalize the neighborhoods.

Lake City Mayor Lovith Anderson said many of the vacant and run-down lots in the area have caused problems for neighbors.

He said he would use the grant money to demolish and rebuild houses and rehabilitate the neighborhoods.

“Housing is a huge need in South Carolina. And rural areas are no less inundated with people looking for a place to stay than the larger communities, and we need people in solid structures in the wind zone we are in, “said Anderson.

He added that his goal is to make Lake City more attractive to people who want to live there.

“We lost a little population during the last census, not a lot, so we want to bring that back in and gain a lot more,” said Anderson.

A scholarship public hearing will be held Tuesday at 6:00 p.m. at the Lake City Senior Center.

Copyright 2021 WMBF. All rights reserved.

Fauci says he hopes U.S. could have ‘some good management’ by spring 2022

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, makes an opening statement during a Senate Committee on Health, Education, Labor and Pensions hearing to discuss the ongoing federal response to COVID-19 in the U.S. Capitol in Washington, DC , May 11, 2021.

Greg Nash | Swimming pool | Reuters

The Chief Medical Officer of the White House, Dr. Anthony Fauci said he hopes the US will have some control over Covid-19 by spring.

“If we can get through this winter and get the majority, the overwhelming majority of the people who haven’t been vaccinated, vaccinated, I hope we can get a good control in the spring of 2022,” Fauci said in an interview on CNN on Anderson Cooper 360 . “

Many scientists are now predicting that Covid will continue to circulate around the world for the foreseeable future, obliging nations to reintroduce public health measures on an ad hoc basis.

US health officials claim vaccinations are the nation’s best hope to dramatically reduce the number of new cases and end the pandemic. According to the Centers for Disease Control and Prevention, more than 171 million Americans, or 51.5% of the total US population, are fully vaccinated as of Monday.

“When we get into spring, we could go back to some degree of normalcy, which is to resume the things we hoped we could do, restaurants, theaters and the like,” Fauci told CNN.

That prediction comes with a major caveat, he said, noting that U.S. officials originally thought Covid would be pretty well contained by July 4, before the Delta variant showed up and derailed those projections.

“If we go any further without vaccinating the people who were supposed to be vaccinated, this could continue and lead to the development of another variant that could complicate things,” he said.

On Monday did the Food and Drug Administration full consent given to Pfizer and BioNTech‘s Covid-19 vaccine – first in the US to receive the coveted award.

US officials and health experts hope that full approval will convince some unvaccinated Americans that the shots are safe. A survey by the Kaiser Family Foundation found that 3 in 10 unvaccinated adults said they would be more likely to be vaccinated if one of the vaccines got full approval.

In a separate interview Tuesday on NBC’s “Today Show,” Fauci said there will also be a lot more “enthusiasm” for prescribing the vaccine, which will lead to a surge in vaccination rates.

Shortly after the FDA approved, New York City officials said they would all need 148,000 public school teachers and employees to get her Covid-19 vaccinations in the fall. They had previously said that employees could avoid the vaccines if they had regular weekly Covid tests.

The Pentagon said it will be need service members receive the Pfizer vaccine now after full approval.

With full approval, companies can now advertise the vaccine on television and other media platforms, which could also help with vaccinations, Fauci said.

“You’re going to be doing a lot more publicity, which you weren’t allowed to do unless you got full consent,” he said.

Joe Biden Wounds Cuba, Venezuela and China’s Hopes of Obama-Type Detente

president Joe BidenFull support for large anti-government protests in Cuba appears to have dashed Havana’s hopes for an Obama-style detente between the two nations.

The Biden administration also keeps its predecessor Donald Trumpthe confrontational stance towards Venezuela and China, two of Cuba’s closest allies.

The president broke his silence on the Cuba protests on Monday after criticism of regime change republican suggesting the president and his top officials were too slow to comment on the wave of demonstrations that swept across the island.

“We stand by the Cuban people and their call for freedom and liberation from the tragic grip of the pandemic and from the decades of oppression and economic suffering they have been subjected to by Cuba’s authoritarian regime,” Biden said in a statement from the white House.

“The Cuban people bravely stand up for basic and universal rights. These rights, including the right to peaceful protest and the right to freely determine one’s own future, must be respected. The United States urges the Cuban regime to listen to its people and serve their needs at this important moment, rather than enriching itself. “

Biden’s remarks disappoint leaders in Havana. Before Biden came into office, they hoped he would become president Barack Obama‘s footsteps and thawing relations with the island, undoing Trump’s actions that tightened the US Cold War embargo.

During the election campaign, Biden said he would reverse policies against Cuba, which “harmed the Cuban people and did nothing to promote democracy and human rights”.

The embargo failed to overthrow the communist leadership in Cuba, and critics say the policy unnecessarily hampered the island’s economic development and the quality of life of its citizens. Among these critics is the progressive Sen. Bernie Sanders (I-VT).

“All people have the right to protest and to live in a democratic society,” tweeted Sanders on Monday. “I call on the Cuban government to respect the rights of the opposition and to renounce violence. It is also long time to end the unilateral US embargo against Cuba, which has only harmed the Cuban people, not helped.”

In January, Carlos Fernandez de Cossio – Cuba’s top diplomat overseeing US links – said he hoped for positive action from the new president, telling Reuters: “Everything could be rolled back in the short term if the government wanted it to be. This team has more experience than anyone in the past 60 years. “

Cuban leaders have dismissed the protests as a foreign conspiracy to undermine the government. President Miguel Diaz-Canel said in a televised address on Monday that the protesters at their demonstrations were “counter-revolutionaries” and “completely vulgar”.

“The approach was not peaceful yesterday,” Diaz-Canel said, but acknowledged that given the recent food shortages and power outages – which he attributed to the US blockade – and the impact of the COVID-19 pandemic, “it is legitimate to be dissatisfied to feel “.

Biden’s failure to show a clear break with Trump’s “maximum pressure” strategy will come as no surprise to Venezuela and China, two important Cuban allies. All three nations have long been in the crosshairs of American foreign policy hawks, who see their close ties as a threat to American security in South America and the Caribbean.

All three also have ties to Russia and Iran, two nations whose foreign policy ambitions are unsettling Americans on both sides of the Ganges. Both Beijing and Caracas had hoped that Biden’s election would ease Trump-era tensions.

The former president started a major trade war with China, supported pro-democracy protesters in Hong Kong and used the COVID-19 pandemic as yet another opportunity to attack Beijing, where Communist Party leaders were accused of covering up the origins of the pandemic and the extent of its early spread.

Senior Chinese officials warned the new Biden team that the conflict between the world’s two largest economies would be a “disaster” and called for cooperation, while warning the White House to stay out of China’s domestic affairs.

But a split summit between senior American and Chinese diplomats in Anchorage, Alaska, in March set the tone for the Biden administration’s approach to Beijing.

Foreign Minister said during a lengthy spit on camera Antony Blink said Chinese actions “threaten the rules-based order that maintains global stability” and said the US would “address our concerns, our priorities directly, with the aim of moving our countries forward with clearer eyes.”

National Security Advisor Jake Sullivan added: “We are not looking for conflict, but we welcome fierce competition and will always stand up for our principles for our people and for our friends.”

Chinese officials rejected the criticism. “It was the United States that first provoked and provoked the dispute,” said Chinese Foreign Ministry spokesman Zhao Lijian.

“When the members of the Chinese delegation arrived in Alaska, they felt not only the cold Alaska weather but also the hospitality of the American host,” he added.

President Joe Biden will host a gun violence reduction meeting in the Roosevelt Room of the White House on July 12, 2021 in Washington, DC
Chip Somodevilla / Getty Images

In Venezuela, President Nicolas Maduro remains in power despite the Trump administration’s efforts to oust him. The US still recognizes the self-proclaimed interim president Juan Guaido as Venezuela’s legitimate leader, but the 37-year-old’s attempts to seize power have repeatedly failed, despite American and European support.

The Biden government has reiterated its support for Guaido, who was reportedly threatened by armed security forces at his home on Monday. Blinken spoke to Guaido in March to reiterate American support for free and fair elections, while Biden wrote to the opposition leader last week.

“Under your leadership and in coalition with civil society leaders, you are upholding these ideals of freedom, democracy and sovereignty,” Biden wrote in the letter sent through the Venezuelan Affairs Bureau in Colombia, AFP reported.

Years of corruption, mismanagement, falling oil prices and international sanctions have undermined Venezuela’s economy and left the authoritarian left government dependent on its Chinese, Russian and Cuban supporters. Millions have fled the deteriorating conditions in Venezuela as Maduro and his loyal military officials suppress dissent.

A senior White House official told Reuters in May that Maduro had sent “signals” to the new administration in hopes of easing crippling sanctions.

“We are monitoring these developments very closely,” said the official. “We see Maduro sending signals, but here too we will act on the basis of really concrete measures.”

In February, a White House official told Reuters that the government was “in no rush” to ease Trump’s tough sanctions against Venezuela.

“If the regime takes confidence-building measures that show it is ready and willing to have real talks with the opposition … official said.

In June Maduro appealed directly to Biden to end the “demonization of Venezuela” and lift the sanctions.

But a State Department spokesman said later Bloomberg that the pressure would not ease as long as “repression and corrupt practices” persisted by Maduro and his supporters.

With Cuba, Venezuela and China, Biden seems to be in no hurry to break away from Trump’s militant and sanction-driven foreign policy playbook.


Cuban Americans demonstrate outside the White House in support of the demonstrations in Cuba on July 12, 2021 in Washington, DC
Win McNamee / Getty Images

Pindustry, a brand new leisure venue, pins hopes on Greenwood Village redevelopment – The Denver Submit

A 54,500 square foot restaurant and bar opened in Greenwood Village on Sunday, marking the first new venture in the city’s recently established Arapahoe Entertainment District.

Pindustry is a two-story entertainment venue at 7939 E. Arapahoe Road that offers traditional bowling, duckpin bowling – a version of bowling that uses smaller pins and balls with no finger holes on a shorter lane – pinball and other arcade games, as well as Italian. offers -inspired dishes to share. It also has an outdoor beer garden and a 16,000 square foot roof terrace.

The Arapahoe Entertainment District was established by the city in late 2019 and is expected to include business, retail and entertainment developments between Syracuse Way and I-25 north of Arapahoe Road.

Lucy Peterson, BusinessDen

The 54,500 square foot Pindustry Restaurant and Bar in Greenwood Village.

Centennial-based Kelmore Development, which has been developing along Arapahoe Road for 30 years, suggested the city of Pindustry to mimic similar concepts popping up across the country combining multiple categories of entertainment. The building in which it was developed was formerly Greenwood Automotive.

“We worked with the city early on to try to have our opinion on this,” said Kelmore owner Bob Koontz. “We’re only part of it, but we’re the first piece to be re-developed in the Arapahoe Entertainment District.”

Just a block from Fiddler’s Green Amphitheater, Pindustry hopes to serve as a venue before and after concerts, as well as putting on their own live music. It opens on weekdays at 4 p.m. and on weekends at 11 a.m. and only allows entry after 8 p.m. from 21 years of age

Lucy Peterson, BusinessDen

The venue has pinball machines and other arcade games.

Pindustry has an 8,500-square-foot outdoor beer garden and will use the garage doors installed with the former auto repair shop to open up its indoor dining areas to the outside. The location can be reserved for private or semi-private events on the roof terrace or in the outdoor beer garden.

“This is of course the first prototype of a new concept and we hope it does well for this area and the entertainment project,” said Koontz. “If it goes well and is as unique as we think it is, it may be something we do elsewhere.”

Kelmore Development’s previous entertainment developments include Celebrity Lanes and Regal Theaters. It also operates on the stock exchange in Lowry’s Boulevard One retail complex, which has attracted Target and Clark’s Market as tenants. The company is developing this project with Denver-based Confluent Development.

Newport hopes 3M cash pays for Mississippi entry – Twin Cities

Newport wants a closer relationship with the Mississippi and turns to 3M for help.

The city is considering a package of river-friendly proposals – buying an island, removing a dam, adding boat docks, and building two riverside parks.

But Newport will need part of the $ 850 million settlement from a 3M lawsuit, according to city manager Deb Hill.

“We couldn’t do this alone,” said Hill.

The city council discussed the proposals in a workshop on Thursday. Hill said the proposals are preliminary and there are no cost estimates or timetables for the work yet.

The proposal involves the purchase of an undeveloped 22-acre island west of Cedar Lane, which a nonprofit called Peacebunny Island bought for $ 35,000 in 2018. The proposal contained no potential improvements for the island.

A new park would be built across Cedar Lane across from the island.

To do this, a dike built in 1965 would have to be breached so that the floodwater can flow into an area of ​​around one block.

The city would buy and demolish the last home on the flood plain – a two-story home at 1651 Cedar Lane. The city is seeking help from the Federal Emergency Management Agency in purchasing this home, which has an estimated market value of $ 341,000.

The park would have a canoe and kayak launch and parking for up to 10 vehicles.

South of that park, near Ninth Street, another park would be built on a lot called Mill Pond.

This park would have a deck for fishing and parking for 10 cars. The new park would include the historic Mississippi survey on 10th Street, which would be expanded and improved.

3M paid $ 850 million in 2018 to resolve an environmental damage lawsuit. The attorney general accused 3M chemicals of harming the environment when they spilled from landfills to groundwater and river water in the area.

Of the $ 850 million, $ 20 million was earmarked for improving “outdoor recreation.” City Administrator Hill said the Newport projects may qualify.

Two advisory groups have met regularly since 2018 to make recommendations on how to use the 3M settlement money, of which $ 700 million remains after legal costs.

The Minnesota Pollution Control Agency and the Department of Natural Resources will have final authority over the distribution of the money. The dispute settlement provides for projects to be selected that will protect the quality of drinking water and improve the area’s natural resources.

Proprietor of stolen meals truck hopes to boost cash to get again on the highway

The owner of Turner’s Beltway Bistro – a food truck stolen in Montgomery County, Maryland – is hoping to raise money to get his business back on the road.

The owner of a stolen food truck in Montgomery County, Maryland, is hoping to raise funds to get his business going again.

James Turner was only days away from serving customers from his truck when he was stolen, gutted, and found in Charles County.

“It’s a shell of what it used to be,” said Turner. “It’s damaged a lot, it was stripped off, it was painted over.”

Now, a GoFundMe page has started and Turner hopes to start over. But he needs a little help since he spent $ 50,000 of his savings on the first truck.

“I plan to finish a truck. Unfortunately not the truck that I had, ”he said.

He’s waiting to get the truck back from the police to see the overall extent of the damage.

The GoFundMe page has a goal of $ 25,000 and raised approximately $ 5,000 at 2pm on Sunday.

Turner has been a chef and worked in kitchens for over 30 years, and since restaurants have been hit hard by the pandemic, he thought a food truck would be a great way to serve restaurant-quality food to the public.

“I’ll be out there again. I am determined to be out there. I’m not giving up, ”said Turner. “I have to dig deep and do the same thing all over again. It’s just work. “

The Turner’s Beltway Bistro food truck disappeared from Block 8800 on Brookville Road in Silver Spring on Memorial Day.

Turner said the police didn’t tell him much about how the $ 50,000 truck got to Charles County.

“The theft of the truck affects not only me, but also the people who would work with me.”

WTOP’s Matt Small contributed to this report.

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Diego Luna hopes Star Wars return will impress his son | Leisure

Diego Luna hopes a return to Star Wars will put him back in his son’s “Top 10 Cool List”.

The 41-year-old actor, who has Jeronimo (12) and Fiona (10) with ex-wife Camila Sodi, is delighted to be playing “Rogue One” as Cassian Andor in the new spin-off prequel series “Andor” to repeat. because his children’s excitement about him collapsed in the 2016 film when his character was killed.

He told SFX magazine: “I am glad to be able to return to a galaxy far, far away. It’s a dream come true.

“I’ll tell you how it felt. I was the coolest dad when I told my kids I was doing this movie.

“When my son, who is most connected to this universe, saw the movie he made: ‘My father is the best! ‘

“Then in the end we will die. My son just looked at me … “But you died.”

“So it’s like, ‘Well, you’re cool, but not that cool!’ And now I can tell him that I can be back on his top 10 list of coolness. “

While filming ‘Rogue One’, Diego often hoped that something would go wrong and a scene would require a different take because he had so much fun piloting the spaceships.

He said, “In the film, I had a session with a real pilot and I got a lot of information from him.

“The only thing I can tell you is that there is no other feeling about going into hyperspace. When you go, ‘Whoosh!’ and the thing goes crazy, it feels amazing.

“With every shot I said, ‘Oh please, I hope someone did something wrong, I want to go again.’ I mean it was the nicest thing.

“The cockpit has this system underneath that sets it in motion. And then you have this huge projection showing you what you are about to fly through.

“So it’s as close to flying as possible and quite an experience.”