Market historical past says omicron volatility is not a cause to promote

As stock market investors have learned over the past week, it’s tricky to time the next move in the Dow Jones Industrial Average after a big selloff. Buyers stepped in Monday after the 900-point Nov. 26 dive, but there were signs of weakness. Stocks tanked Tuesday, soared back Wednesday before whipsawing into the close, and then had a huge day on Thursday before ending the week’s trading with another loss for the Dow.

“Always tricky,” says Keith Lerner, co-chief investment officer and chief market strategist at Truist.

Looking to market history can help.

Some are betting on the Santa Claus rally for a big December, even as clarity on the omicron variant threat remains lacking and cases spread, including in the U.S. And even after a week in which Fed Chair Jerome Powell surprised the market — with timing that was “curious,” according to Mohamed El-Erian — saying the Fed’s taper may be accelerated and inflation should no longer be described as “transitory.”

Traders work in the S&P 500 options pit at Cboe Global Markets Inc. in Chicago, Illinois.

Daniel Acker | Bloomberg | Getty Images

Lerner is looking to market history, and he sees an environment in which the patient investors will be ahead, if not in December, a year from now.

“We want at least a 12-month trend, because even if your entry point is not exactly right, you have greater chances of success in that timeframe,” he said. 

The “Black Friday” Nov. 26 spike in the VIX volatility index of 54% was among the five biggest single-day volatility moves in the past three decades. Since 1990, there have been 19 trading sessions during which the VIX spiked by 40% or more. In 18 of those 19 instances, or 95% of the time, the S&P 500 Index was higher one-year later, and the gains were large — an average of 20%.

With the U.S. market still up more than 20% this year even after the recent volatility, another 20% might be aspirational. Lerner noted that before the recent market whipsaw, stocks had gained 9% since early October, and that is a negative as far as having confidence the market will move up substantially in the short-term. That implies the immediate future is “vulnerable” to more moves down.

But the more important data point is the longer-term trend in the VIX history: there isn’t any instance across the 19 biggest VIX spikes of the past three decades after which stocks weren’t positive a majority of the time one month, three months, six months, and one year later. One month later, stocks were only up an average of 1%, but were positive 70% of the time, and the numbers get better with time.

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The caveat: Covid is a type of risk that the markets have not seen often over the past three decades, and two of the biggest VIX spikes came as Covid first hit the U.S. in February 2020. After both, the one-month period for stocks was brutal. That implies a market that remains on edge for now, and that should not come as a surprise — especially after the past week of trading. But the only of the 19 instances in which stocks were still down a year later was at the onset of the financial crisis. That data point gives Lerner more confidence in remaining bullish.

Volatility will remain the headline before the dominant trend returns, but that trend, he says, will be an economy that continues to expand and support further stock gains.

“In the last decade, we’ve had these V-shaped recoveries. They have been more normal,” he said. “Go back to the pandemic low, when you had a sharp move down and you get a kick back rally and a battle between greed and fear ensues. But in general, over the last 5 to 10 years, we’ve seen more of these come-down and go-back-up markets, as if nothing happened,” he added.

The last time was the end of September when the financial issues at Chinese property giant Evergrande sent the global equity markets into a tailspin.

Fear of missing out in a Covid market

The base case, Lerner says, is more of a tug-of-war until more of the news filters out and the market is able to get a better gauge on this new variant. This doesn’t change his view that investors are more likely to be rewarded by sitting tight rather than sitting out the market. In a “fear of missing out” era, that’s a lesson many investors learned from Spring 2020, the fastest bull market in history based on S&P 500 price gains.

“For people who missed out that time, it is a reminder about becoming too negative too fast,” Lerner said. “Even if you had had all the news on the pandemic, you would have been better staying in the market. By the time we have the all clear the market has moved,” he said.

The stock market was at a record shortly before Nov. 26, and when markets come off new highs, history says investors should be prepared for more downside over the next one to three months. A pandemic may heighten that volatility since the science is a type of uncertainty the market isn’t accustomed to analyzing. But the market does now have the 2020 Covid playbook to learn from.

“In February 2020, it was all new,” Lerner said. “We didn’t know how businesses would adapt, and now there is playbook. We saw they become more digital. There will be winners and losers, no matter what, but companies and consumers have adapted and will again.”

The Federal Reserve is on record as saying one of the lessons of the Covid era is that the economy has gotten better at adapting to pandemic during each successive wave. When Fed Chair Powell outlined a more hawkish position during Senate testimony this week, some market pundits pointed to the inflationary risks from an economy that is too hot as being the larger concern than a new Covid variant.

Like many market experts, Lerner says on the margins inflation may become even worse because of an exacerbation of the existing supply chain issues, which were starting to show signs of easing and now with a new variant unknown could go back up again on new factory shutdowns and delays in transportation.

“It is a risk to the market,” he said, and another reason volatility may remain elevated in the near-term.

Fed Chair Powell said this week that the omicron variant “complicates” the inflation picture.

But another difference between now and Spring 2020: the economy is not in a recession, which it quickly entered during lockdowns and stay-at-home orders during the initial Covid wave. “Now we know, even with this variant, it may slow activity down, but I still think recession risk is low. That’s a key difference from February and March 2020 when a recession happened so quickly,” Lerner said.

Apple, mega-cap tech stocks and the S&P 500

For investors who maintain broad exposure to the U.S. stock market through S&P 500 funds, composition of the U.S. stock market is a reason for riding out the current period of volatility. While Apple, the market’s largest company, took a dip on Thursday after a report its holiday sales of iPhones might disappoint, earlier in the week Apple shares, and tech more broadly, were a bright spot for the market in its rebound attempts. Apple, in particular, had the characteristics of a “flight to safety” trade. And with Apple and its mega-cap tech peers representing close to one-quarter of the S&P 500, the omicron overhang on stocks may do more damage below the surface of the index than at the surface gain or loss level.

“Especially in the U.S. market, composition does matter,” Lerner said.

Reflation trades may ultimately benefit if omicron doesn’t turn out to be as bad as feared and the economic expansion remains on track, but “right now, the strongest sector is tech and that’s the most important sector for those investing at the index level,” he said. “If the big mega-cap tech stocks hold up, you may see the headline index hold up better and more bifurcation below the surface. The knee jerk is investors will rotate to companies that can still create a lot of cash flow and have bigger balance sheets, so if there is a slowdown, they have enough to get through. They’ve become more defensive in some ways,” he added.

This view also makes Lerner in favor of continuing a tilt to U.S. equities versus peer markets around the globe, even as international and emerging markets trade at significant discounts to U.S. stocks. He noted that international equity prices are making fresh lows relative to the U.S., and in the case of the EAFE index versus the S&P 500, a relative price that is at the lowest level in history.

The sector composition of the S&P 500 and outsize role of mega-cap is a major reason for that versus the European market and the EAFE universe, in which financial and industrials are the top two sectors. Lerner stressed that this doesn’t mean gains won’t eventually come to those who enter early into discounted overseas equities trades. In fact, he has told clients that part of sticking with a U.S. equities tilt and technology for now likely means missing the onset of an investor rotation that is inevitably going to favor overseas markets as earnings power improves, but it’s a price he is willing to pay.

“Valuations are cheap overseas but that hasn’t been a catalyst,” he said. “We will miss the turn, but we are willing to wait for stability and earning trends, and that has served us well in being overweight U.S. … If there is a sustainable move, there should be sustainable upside,” he added. “You don’t need to be a hero trying to buy those markets.”

Short-term market headwinds, longer-term stock catalysts

Equity market strategists remain cautious on any sustainable bounce in the U.S., too, based on this past week’s action. Monday’s big really featured an advance/decline breakdown of 1,834 winning stocks versus 1,502 losing ones — “not a resounding up day.” Lerner said. But Thursday’s big bounce was more encouraging. Advances: 2,525. Declines: 868. “You want to see an advance-decline that is three-to-one,” Lerner said, and the market delivered that on Thursday — though that confidence didn’t last.

The Russell 2,000, a broader look at the U.S. market and domestic economy than the large-cap S&P, broke it’s four-day losing streak on Thursday, but by Friday’s close was 12% of its 5-week high. Lerner’s says the action in the small-cap Russell 2000 is an example of the “nice kickback but more mixed below the surface” market action investors will need to keep an eye on, and not let themselves be fooled by any “all clear” signal amid the stock nibbling and, most importantly, continued uncertainty over the course of the omicron variant.

The market had its best day since March 2021 on Thursday, but strategists remain wary. Tom Lee’s Fundstrat Global Advisors, which called for “aggressive buying” early in the week, said after both the Monday and Thursday rallies that the market wasn’t sending an all-clear signal.

According to Bank of America and FactSet Research Systems, headed into Friday’s trading action only 32 S&P 500 stocks were off their highs less than the S&P 500 Index.

“Thursday’s rally, similar to Wednesday’s bounce, failed to show sufficient strength to think a low is in,” Fundstrat Global Advisors wrote to clients on Thursday night. “This rally could still weaken further into next week. … Given the extreme drop off in breadth in recent weeks, a monumental effort is necessary along with broad-based participation to have confidence.”

On Friday, the S&P 500 barely avoided its sixth-consecutive trading session with a move of 1% or more, declining by 0.8%.

Lerner pointed out in a note to clients last Thursday that the percentage of retail investors with a bullish view has dropped to just 27% versus 48% a few weeks ago, according to the latest survey from the American Association of Individual Investors (AAII), while the percentage of bearish investors jumped to the highest level in more than a year. He sees investor patience as being as important as confidence. Corporations and consumers have adapted to Covid, pent-up demand remains, and the economy remains on solid footing, all which leads him to that bottom-line takeaway that the primary market trend is higher, but it will likely continue to be a rocky near-term road.

On Friday, the World Health Organization said the omicron variant had spread to 38 countries and early data suggested it was more contagious than the Delta variant. The tech sector led losses on Friday, with the Nasdaq Composite down 1.9%, and below the surface of the mega-cap tech leaders, many price-to-earnings ratios in the software sector remain vulnerable to revaluation even amid bets on the return to a more virtual, stay-at-home world, with the selling in DocuSign after its weak outlook an example.

While the S&P 500 is below its peak from a month ago; the ARK Innovation ETF that made fund manager Cathie Wood a star in recent years and during the pandemic: now down 40% from its February high and its largest pullback since the onset of the pandemic. The iShares Tech-Software ETF, which includes DocuSign, was below its 200-day moving average for the first time since May on Friday, and more than 14% below its intraday all-time high from November.

The one factor investors should not let set their investment course is fear. Fear in the market right now is being driven by a factor that is real, and to get to the other side of that fear can takes weeks, if not months. But fear can also rotate from a market headwind to market tailwind, and that is what the history of big spikes in the VIX index shows. “The same fear becomes the catalyst,” Lerner said.

After the “Black Friday” selloff, Lee said the lack of an inversion in the VIX, when the nearer-term risk is being priced higher than the outer risk, was a positive sign. But by this past Friday, the VIX curve had inverted, which is a sign of portfolio stress. While that “can occur near the climax of a selloff, as fear peaks,” the VIX will have to un-invert again for more confidence.

“We have to say with humility what we know and don’t know,” Lerner said, but he added that if the catalyst for the S&P being down is renewed Covid fears, and we find out these concerns are overblow and won’t disrupt the economic trajectory and won’t effect corporate profits, the headlines that had people braced for negative news become a positive catalyst for the market because expectations were reset lower.

“There are times like 2007 when investors weren’t fearful enough,” he said. “But our baseline view is that we’re not going into a recession, this doesn’t change the economic expansion materially.”

Friday’s monthly jobs report was below expectations in number of jobs added by the U.S. economy in November, but it was a mixed report, with the unemployment rate falling and labor participation rising, both encouraging signs for the economic outlook.

A “garden-variety” correction in stocks, was how S&P 500 technician Ed Yardeni described it early last week.

By Friday’s close, the Nasdaq was down more than 6% from its 52-week high; the off Dow over 5%; and the S&P less than 5% from its annual high.

5% to 10% corrections are the admission price to the market,” Lerner often says. “Investors are better served by focusing on the longer term trend.”

Son Seok Gu Talks About His Splendid Sort And Courting Type + The Uncommon Cause His Dad and mom Despatched Him To Examine Overseas

Son Seok Gu had his very first variety appearance in the latest episode of “My little old boy“!

Son Seok Gu made a guest appearance as Special MC in the broadcast of the SBS reality show on November 21. After introducing him to the Panel of Prominent Mothers, Shin Dong Yup pointed out, “It’s been about five years since he made his acting debut, but this is the first time he has appeared on a variety show.”

“I was on a radio show once,” explained Son Seok Gu, “but this is my first appearance on a variety show on television.”

host Seo Jang Hoon then brought up the fact that the actor had studied abroad in Canada during elementary school – and that his parents had decided to send him abroad because he was an unusually shy student.

“When I look back today on how I was then, I am a little amazed myself,” said Son Seok Gu. “Well, I’m not that shy, and when I started working as an adult I got a lot better. But looking back how [shy I was], even I feel like it was almost like a disease. As soon as school was over, I went home straight away, and on the weekends I just stayed home and didn’t go out. Even if my parents took me somewhere, for example to a department store, I couldn’t say a single word until I got home. “

“So my father was very worried about me,” the actor continued. “And at some point I also had the feeling that something had to change too.”

Later, when asked about his real life dating style, Son Seok Gu replied, “When I lived in Canada, I had a girlfriend and it was Valentine’s Day. Saw a photo of this really cool restaurant on an island that needs a boat to go to and I decided to take it there based on that one photo I saw. So we took the boat to the island, but when we got there the island itself was completely shrouded in darkness so we had to take the boat and come right back. It was then that I realized: ‘Dating is not easy.’ “

“After that, in order to prevent such a situation in which I apologized, [my date], I try to plan my appointments in advance, ”said Son Seok Gu. “But I don’t think I’m very good at it.”

As for his ideal type, Son Seok Gu revealed that he wants to date someone who is funny and humorous. When Seo Jang Hoon urged him whether that’s the only thing that matters to him, the actor replied playfully, “It’s one of about 25 things that are important to me. But someone who has fun and a sense of humor is really important to me. “

See Son Seok Gu in “Jirisan”With subtitles here …

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… and watch the full episodes of “My Little Old Boy” below!

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Taxes aren’t the one purpose Elon Musk is promoting Tesla inventory

Elon Musk’s sales of Tesla Stock last week came as little surprise to those who followed its history potential tax burden of $ 10 billion to $ 15 billion on stock options granted in 2012. However, according to accountants, most of his sales don’t appear to be tax-related – which could mean he’ll be offloading far more shares than expected.

The options on Musk’s 23 million shares expire in August, which is the deadline for filing taxes with California and the Internal Revenue Service. Musk began exercising the options on November 8th. He exercised $ 2.5 billion in stocks and sold $ 1.1 billion of those exercised options to pay taxes.

“The common stock was sold solely to meet the tax withholding obligations of the reporter in connection with the exercise of stock options,” said a footnote from its Securities and Exchange Commission submission for November 8th.

On Monday, Musk sold an additional $ 930 million in shares to pay taxes on options he exercised on 2.1 million shares. This brings his total option exercise to approximately $ 4.6 billion and his shares sold to meet tax withholding obligations to $ 2 billion.

Most of the sales over the past week, however, were for another reason. Instead of selling by exercising an option, Musk began selling his existing shares. Auditors said it would be impractical for Musk to use these existing stocks to pay the tax on his options because they carry a much higher tax burden.

Musk’s options are taxed as normal income as they are considered compensation. The combined state and California rates could be up to 54%. The exercise price of the options is $ 6.24 per share, and Tesla’s share price was over $ 1,160 per share on Monday, so he would pay higher taxes – more than $ 10 billion on his earnings of over $ 20 billion U.S. dollar.

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Typically, executives sell the exercised stock immediately after purchase to pay taxes in what is known as the “cashless” exercise. Since the shares are sold immediately, there is no additional capital gains tax on the shares sold.

Since Musk’s sales were pure stock sales with little or no cost base as of Nov. 9, he would owe long-term capital gains taxes of up to $ 1.3 billion. Using these proceeds to pay option tax would amount to paying taxes twice – once on capital gains and once on options.

“It would not make sense for him to use this income for the option tax from a tax perspective,” said Toby Johnston, partner in charge of the Silicon Valley office of Moss Adams, an accounting, advisory and wealth management firm.

Musk acknowledged that the regular stocks are less tax efficient than selling the option stocks. “An attentive observer would find that my share sales rate (low base) significantly exceeds my option exercise rate of 10 billion (high base), closer to tax maximization than minimization,” he tweeted on Sunday.

Given the relatively high tax cost, why is Musk selling the non-option stocks? Tax experts and Tesla analysts say he will exercise the options before August, as their expiry would leave billions on the table, along with additional ownership of the company even after taxes are paid. That means he has billions left to exercise and billions to sell to pay taxes.

The $ 5.7 billion and any additional non-option stocks he sells are direct payouts. While he owes state capital gains taxes on the sales, he likely does not need to pay state taxes on the profits since he is likely now a Texas tax resident. However, the same rule does not apply to his option taxes as these are considered employee benefits and were earned during his stay in California.

Accountants say the sales are likely not to charity as he would have simply donated valued stocks instead of selling and paying a capital gains tax first. He could use the proceeds for Space X, its privately held space company, or for another private company. Or he might just want to take money off the table after years of being stock rich, cashless and borrowing his stock price to fund his lifestyle. Federal taxes are also likely to rise next year, which creates an additional incentive if he’s already thinking about a payout.

Whatever the reasons, Musk will likely end up selling way more than the $ 10 billion to $ 15 billion he needs in taxes. He conducted a Twitter poll on November 6th in which he asked his followers to sell 10% of his shares and said he would stick to the results. When he voted, 58% of respondents said he should sell 10% of his stock, which could add up to over $ 20 billion in sales.

“Taxes aren’t always the main driver behind investment decisions for people his level,” said Johnston. “It still feels like the puzzle is missing a piece that we may not know about.”

Elon Musk faces a $15 billion tax invoice, which is probably going the true motive he is promoting inventory

Tesla boss Elon Musk visiting the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, 13 August 2021.

Patrick Pleul | Reuters

Tesla CEO Elon Musk faced a tax burden of more than $ 15 billion on stock options in the coming months, making a sale of its Tesla stock likely this year regardless of the Twitter vote.

Musk asked his 62.7 million Twitter followers over the weekend to sell 10% of his Tesla inventory. “A lot has been done lately with unrealized gains being a means of tax avoidance, so I suggest selling 10% of my Tesla stock,” he tweeted.

The Tesla boss said he would “stick to the results of this survey, no matter which direction it goes.” The results were 58% for the sell and 42% against, suggesting he will sell the shares.

Regardless of the poll results, Musk would likely have started selling millions of shares this quarter. The reason: an impending tax bill of more than 15 billion dollars.

Musk were granted options under a compensation plan in 2012. Since he does not receive any salary or cash bonus, his fortune comes from stock bonuses and the price gains from Tesla. The 2012 grant was for 22.8 million shares at an exercise price of $ 6.24 per share. Tesla stock closed at $ 1,222.09 on Friday, which means its earnings from the stock are close to $ 28 billion.

The company also recently announced that Musk has taken out loans with its shares as collateral, and with the sales, Musk may be looking to repay some of those loan obligations.

As Tesla noted in its 10-Q filing with the Securities and Exchange Commission for the third quarter this year, “If our common stock drops significantly, Mr. Musk could be forced by one or more banking institutions to sell. to sell Tesla common stock to meet his loan obligations when he couldn’t do it another way. Such sales could cause the price of our common stock to decline further. “

The options expire in August next year. However, in order to exercise them, Musk must pay income tax on profits. Since the options are taxed as benefit or compensation to employees, they are taxed on the highest ordinary income, or 37% plus the net investment tax of 3.8%. He will also have to pay the highest California tax rate of 13.3% as the options were granted and largely earned while he was taxable in California.

The combined state and federal tax rate is 54.1%. So the total tax burden on his options would be $ 15 billion at the current price.

Musk has not confirmed the size of the tax bill. But he tweeted, “Note that I don’t get any cash or bonus anywhere. I only have stocks, so I can personally pay taxes by selling stocks.”

With CEOs having limited windows to sell stocks and Musk likely looking to stagger sales over at least two quarters, analysts and tax experts expect Musk to begin selling in the fourth quarter of 2021.

Speaking at the Code conference in September, Musk said, “I have a number of options that expire early next year, so … a huge chunk of options will be sold in the fourth quarter – because I have to or they will expire.”

Musk could of course borrow more against his Tesla stock, which is now over $ 200 billion. Still, he has already pledged 92 million shares to lenders to raise cash. When asked at the Code conference about borrowing from such volatile stocks, he said, “Stocks don’t always go up, they go down.”

Musk is still collecting options beyond those granted over Tesla’s 2012 salary package. In March 2018, Tesla’s Board of Directors presented him with an unprecedented “CEO Performance Award” consisting of 101.3 million stock options (adjusted for the 5-for-1 share split in 2020) in 12 milestone-based tranches.

– CNBC’s Lora Kolodny contributed to this report.

Toronto-style style and decor tops checklist of developments on Pinterest for some cause

Pinterest and its seemingly endless wealth of content has been inspiring housewives, artisans, fashionistas, foodies and more for more than a decade, with millions of user-created vision boards growing and changing all the time.

These boards can be used for all sorts of things including style and interior design, which a UK-based financial comparison site researched to see what aesthetics consumers prefer when it comes to home decor and fashion.

And strangely enough, it seems Toronto, the people who call it home and the rooms they live in all have a look that people all over the world seek.

During the examination 34,000 public clothing and home style boards on Pinterest, money.co.uk found that Toronto is one of the coolest and most famous cities in the world in the eyes of many.

While LA was named the top city for fashion and decor inspiration because of this crowdsourced data, Toronto surprisingly also landed pretty high on both lists, beating such major fashion clubs as Paris and Madrid (places like Milan and New York City kind of). didn’t make either list).

When it comes to clothing, Toronto appears to be the fourth-chicest city, with 787 Pinterest boards devoted to city fashion alone (compared to 997 for LA), though those of us who live here are ours Maybe not able to imagine a city with its own defined – and coveted – atmosphere.

As for home furnishings, people found Toronto’s interiors to be the third most inspirational of all cities, with 646 panels dedicated to the city’s decorating trends (compared to the cool 1,000 for LAs).

As the company notes, TO is currently “leading the way in bringing the wellness benefits of the great outdoors into our own homes, with lots of pins showing trends like dark-stained wood and biophilic wallpaper”.

While the exercise was more fun than anything official, it’s nice to know that when people all over the world think of Toronto, they think of sophisticated outfits and well-appointed interiors, not just “COVID-19 lockdown capital of the world” and “Crack-smoking Mayor. “

Common Collects Fountain Cash For One Particular Purpose

When guests visit the Universal Orlando Resort, they can spend their money on a variety of things, such as: including charity!

Whenever guests visit Disney World or Universal Orlando Resort, they may find that many coins have been tossed into all waters. The idea of ​​tossing a coin in the water and making a wish has been a trend for ages, and when diners are doing that trend at theme parks, the money can really add up.

Photo credit: Universal

In addition to several lagoons and fountains surrounding Universal Studios Florida and Islands of Adventure, the Universal Orlando Resort also has many waterways where coins are thrown in. If you’ve always wanted to know where the money goes, it’s not going back into Universal’s pockets, it’s about giving the world to kids!

When we at Universal noticed that the Seuss Landing fountain announced that all of the money thrown into Universal’s waters will be donated to Give Kids the World. Although the plaque may need a bit of tweaking, we can see that it has a note “All proceeds for the good of the children of the world”.

GIVE THE WORLD TO CHILDRENPhoto credit: ITM

Below is one of the many fountains at Universal littered with coins donated to Give Kids the World.

GIVE THE WORLD TO CHILDRENCredit: Inside the Magic

Give Kids the World is an Orlando-based charity that brings sick children and their families the ultimate vacation by providing them with accommodation in their quirky village that allows them to enjoy all of the local theme parks. Her website describes her as:

Give Kids The World Village, rated four-star by Charity Navigator, is an 89-acre, whimsical, nonprofit resort in Kissimmee, Florida that offers critically ill children and their families from around the world who want a week-long, free dream vacation around central Florida to visit.

Give the world to childrenCredit: Give the world to children

A stay in the Village is much more than a vacation. During a transformative week, you want families to laugh, play, and create priceless memories together, away from hospital visits and medical procedures. It’s a magical “YES” week where intended children can experience the simple joys of childhood and families can regain some of the precious moments that may have been missed due to illness.

Since 1986, Give Kids The World Village has welcomed more than 176,000 families from all 50 states and 76 countries. The village is made possible by the support of generous donors and community partners as well as thousands of passionate volunteers who use their time and talent to make wishes come true.

accessible attractionCredit: Give the world to children

To find out more about where Disney World is donating their money, click here!

Have you ever tossed a coin in a water area at Universal Orlando Resort or Disney Word?

Cowboys’ Dak Prescott ought to take much less cash because of this, ex-quarterback Carson Palmer says

The Dak Prescott The contract situation will warm up for a second off-season after five games for the season Dallas Cowboys in 2020 before an ankle injury at the end of the season.

Former NFL quarterback Carson Palmer, who was essentially the Cincinnati Bengals Organization and to the Oakland Raiders before joining the Cardinals of Arizona, told 105.3 The fan on Thursday, Prescott should consider taking less money when negotiating his contract.

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“I love Dak’s game. I think it’s great. I think he shouldn’t be shooting at the moon,” said Palmer. “There’s a lot financially involved as a quarterback for the Dallas Cowboys, so you don’t have to be the highest-paid quarterback in the league.

“You can make as much as the highest paid quarterback in the league if you are the Dallas Cowboys quarterback if you take less. Because if you win in Dallas, watch today’s TV channels. You have Troy Aikman, Jason Witten and Tony Romo all in nationally televised games. Partly because of their career as a player, but a lot of it is because they played for the Dallas Cowboys. They are a household name. They have seen Dak in tons of commercials and endorsements You can make the same top notch money by being Dak and taking a little less and you keep all the players around you within the salary cap structure. “

COWBOYS ‘JERRY JONES SAYS DAK PRESCOTT HAS ALL “LEVERAGE” GOING INTO NEGOTIATION

Prescott was the best cowboys quarterback since Romo. He emerged as a top quarterback in 2019 when he set career highs at passing yards (4,902) and touchdown passes (30).

Dallas was 2-3 when he started but finished 6-10 between Andy Dalton and Ben DiNucci, who played for him.

Prescott received the franchise tag last off-season and signed the 1-year contract for $ 31.4 million. Depending on the 2021 salary, the franchise day for quarterbacks could be lowered in 2021.

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Either way, Dallas and Prescott made the decision to go for this off-season.