Dec

30

The Hobo may count cig butts: I count private jets at the Kona airport where the richest people in the world come to vacation and live. As you recall last year the fixed base operator was overflowing jets with over 75 with overflow routed to Maui. This year there are only about 30 jets. Mostly small jets. I guess the top 1% is worried about the higher taxes of about $80 per mil which is about the cost for jet fuel for a private jet to fly to Hawaii. So this year the rich were flying at the beginning of the year, and the market was up nicely. Next year doesn't look so good by this forward looking indicator.

Richard Owen writes: 

I think it was Andrew Smithers who noted that the IMF when flying their jets over latitude generally made good decisions, and over longitude bad decisions. Thus attributing the difference to jet lag and the importance of sleep.  


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