Recent tax probe in Italy gives one more reason to be cautious with P&G
On Wednesday, Bloomberg published an article titled “P&G Is Under Investigation in Italian Tax Probe.” In it, the world’s largest consumer-products maker is being investigated for routing revenue through Swiss and other units to avoid paying taxes in the country. Joining the likes of Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG) and Amazon (NASDAQ:AMZN), P&G(NYSE:PG) would, if guilty, probably need to pay a little bit more than what Google had paid. According to the article, Google was allegedly underpaying taxes totaling $277 million from 2009 and 2013, representing some 20% of Italy’s sales.
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Seeking value in a health care real estate investment trust
Conservative investors must probably be buckling up for a soon, already started, bumpy ride in the market.
The BREXIT event had nothing to help in terms of stabilizing the cash market. The event did not fail to wreak havoc across global market indices on Friday. Further, the event pushed most market movers (hedge funds and money managers) to place their bets on precious metals. Reuters indicated that this is the most net long positions in both gold and silver since records became available (2006). On the same day, the volatility index (VIX) rose 50%, highest since 2011, indicating presence of market turbulence (uncertainty).
This speculation of possible recession in the United Kingdom, magnified market turmoil, renewed political tension, among others, should not dictate that an investor “sell first and ask questions later.” In a Bloomberg interview, Howard Marks (Trades, Portfolio), Oaktree Capital co-chairman, does not believe that the event is not a financial catastrophe.
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