ACTIONABLE ADVICE FOR FINANCIAL ADVISORS: Newsletters and Commentaries Focused on Investment Strategy

Articles 2010

Vol 4 no 1 (January 5, 2010)

Paul Krugman on Deficits, Taxes and Recovery
Risk Management through Costless Collars
The Falling Dollar: Should We Worry?
A Lesson from Lawrence of Arabia
Perspectives on 2009 and Beyond
Capture Ratio as a Tool to Measure Investment Performance
Another Sample End-of-Year Letter

Vol 4 no 2 (January 12, 2010)

Bruce Berkowitz on the Keys to Success for the Fairholme Fund
The True Cost of Insuring the Uninsured
The Financial Crisis Post-Mortem: Suicide, Accident or Murder?
Olivier Blanchard on Global Stability
How to Use LinkedIn When Your Compliance Department Says No
Competing for Referrals
Letter to the Editor - Paul Krugman

Vol 4 no 3 (January 19, 2010)

Steve Leuthold: The Market will Rally This Year
Shiller PE's and Modeling Stock Market Returns
John Cochrane on the Dangers of Current Economic Policies
Ten Tips to be More Likeable
A Market for Contrarians
To Trust or Not To Trust, That is the Question
Letters to the Editor

Vol 4 no 4 (January 26, 2010)

Diversification Really Does Pay Off
Using Alternative Investments to Build a Stronger Portfolio
Robert Merton on Regulating Derivatives
The Potemkin Market
Punctuated Equilibrium
Buffett's Gold
Karma Marketing 
Letters to the Editor - Krugman, Cochrane, Health Care and Trust 

Vol 4 no 5 (February 2, 2010)

Stiglitz: U.S. Economy Will Falter without More Stimulus
Return Distributions and the Shiller P/E Ratio
A Question that Motivates HNW Prospects
Change - The Only Constant
Martijn Cremers on Active Management
Chuck Akre on the Akre Focus Fund
Who will Pay for the Burlington Acquisition? 
More Government in the Financial Sector to Save Capitalism 
Stuck in One Dimension 
Letter to the Editor 

Vol 4 no 6 (February 9, 2010)

Six Ways to Make the Most of your Web Site
Building High Net Worth Client Loyalty with Social Security
Transforming Your Business with an Integrated Solution
China's Quest for a Shortcut to Greatness
The China Conundrum
Overconfidence and Excessive Trading Harm Investor Returns
It's Not My Fault
Letters to the Editor - Stiglitz and Shiller PEs

Vol 4 no 7 (February 16, 2010)

How to Squander $170 Billion
2010 Outlook: More Growth on the Horizon for Emerging Markets
Changing the Rules: The Roth IRA Conversion Opportunity
The $100,000 Challenge to Passive Managers
Boom and Bust
Seven Steps to Making 2010 a Breakthrough Year for your Business
Robert Shiller on Trills, Housing and Market Valuations 
How Professionals Select Investments
Letter to the Editor

Vol 4 no 8 (February 23, 2010)

Interest Rates, Inflation and the PIMCO Total Return Fund
Jason Zweig on Protecting your Wealth
The $2 Million Charity Challenge to Active Investors
Rethinking the Fundamentals of Client Communication
Drilling for Dummies
An Analysis of the Risk and Return of Small/Mid-Cap Growth
Letter to the Editor

Vol 4 no 9 (March 2, 2010)

Asset Allocation for Grantham's Seven Lean Years
Asset Allocation Perspective
Massachusetts Pensions in Crisis
The Elusiveness of Persistence
It's No Shell Game
Nine Essential Lessons from Olympians
Robert Pozen on the Financial Crisis, Social Security, and the Mutual Fund Industry (transcript)
Robert Pozen on the Financial Crisis, Social Security, and the Mutual Fund Industry (video replay)
Letters to the Editor

Vol 4 no 10 (March 9, 2010)

A Looming Lack of Liquidity
Communicating with Ease
Healthcare, Unions and the Next Bull Market
Lessons from an Investing Time Machine
Modeling the Active versus Passive Debate
The New Rules of Marketing - A Roundtable
Letters to the Editor

Vol 4 no 11 (March 16, 2010)

The New Investment Paradigm: Graham Meets Markowitz
Implications of the Current Shiller P/E Ratio
Greeks Bearing Gifts
How a Small Change Made a Big Difference
Rational Deficit: An Interview with Dan Ariely
Paul Romer: What Drives Economic Growth?
The Lake Wobegon Defect
No Shell Game? Then What Is It?
Letters to the Editor - A Charity Challenge and the Cassandra Portfolio

Vol 4 no 12 (March 23, 2010)

The Best Books on Passive Investing: The Earth Does Revolve Around the Sun
Fixed Income Short Duration Bonds
Quadrophobia: Predicting the Next Enron?
Tobin's Q: A Stone's Throw from a Sell Signal
Hard Lessons from a Lost Account
A Tale of Two Depressions: What the New Data Tell Us
Financial Reform and the Fiduciary Standard
Three Ways to Enhance Your Facebook Business Page
Game On!

Vol 4 no 13 (March 30, 2010)

America's "Failing" Infrastructure?
Surprising New Research on Diversification from Emerging Markets
Seven Tips for a Successful Family Foundation
Making the Sale
Not a Lost Decade for Diversified, Balanced Portfolios
Your Clients' Lives Are NOT a Game
Get More Bang for Your Charitable Buck
Letter to the Editor

Vol 4 no 14 (April 6, 2010)

Liz Ann Sonders on the US Economic Recovery
Municipal Bond Advantages Remain
A Q1 Letter to Send Clients
A Review of 'The Big Short' by Michael Lewis
Emerging Markets: High Growth does not mean High Returns
Follow-up to the Folly of Peer Group Analysis
Insights and Foresights into 2010
Ten Steps to Get Started with New Media Marketing

Vol 4 no 15 (April 13, 2010)

Why We Make Bad Decisions
Yield Opportunities Still Exist in Bonds
Today's Number One Way to Demonstrate Your Value
Are Public Employees Bankrupting the Nation?
Shameless: Michael Lewitt on the US Economy and Other Topics
Unforeseen Pitfalls of Social Media Success
James Heckman on the Drivers of Human Success

Vol 4 no 16 (April 20, 2010)

Lessons from Yale's Endowment Model and the Financial Crisis
Investment Implications for Government Policy and Intervention
Is Your Fiduciary Standard a Core Value?
Letter to the Editor - The Interest Rate Debate
The Random Walk Spoiled: A Flawed Assumption for Long-term Equity Portfolio Simulation
A Simple Step to Get More from Your Day
Unconventional Wisdom: An Interview with Robert Shiller
When There's No There There
A Short-Term Buying Opportunity for Long-Term TIPS

Vol 4 no 17 (April 27, 2010)

Paul McCulley's Design for Financial Regulation
Gary Shilling: America's Lost Decade
China: House of Cards or Emerging Superpower?
The Four Horsemen of Growth: David Kelly's Guide to Markets
Investing Insights from Doctors
Writing in Plain Speak
Four Reasons to Keep Sending Your eNewsletter that No One Reads
The Hidden Risk in Target Date Funds

Vol 4 no 18 (May 4, 2010)

Lacy Hunt: Keynes was Wrong (and Ricardo was Right)
Investors Face a New Health Care Landscape
Timely Market Insights
Iran, Iraq and Embracing the Devil
The Quants
The Future of Consumer Financial Protection
Four Words of Advice from a Top Advisor
Alternative Centers of Influence
How Much is that Investment Worth in Real Money?

Vol 4 no 19 (May 11, 2010)

Lacy Hunt: Keynes was Wrong (and Ricardo was Right)
A Historical Perspective on the Slight Depression
Why Some Hedge Funds Made Money in 2008
God Is Dead: The Implications of the Goldman Sachs Case
Predicting Financial Crises
Talking to Clients about Expected Returns
A Coming Wave of M&A?
Inspire Client Trust by Delivering Clear, Insightful Investment Communications
Join a Professional Association - Just Not Your Own Profession
Tagline, You're It

Vol 4 no 20 (May 18, 2010)

Jeremy Grantham Guarantees Gold will Crash
Tony Boeckh on the Great Reflation
Spain: After the Bubble
The Number One Way to Stay Motivated
Actively Passive or Passively Active?
Slime, Crime, Nickel and Dime
Enhance Your LinkedIn Profile through Applications
Search Engine Marketing for Financial Advisors

Vol 4 no 21 (May 25, 2010)

Seth Klarman is More Worried than at Any Time in his Career
Ken Rogoff Expects Slow Growth and Sovereign Defaults
The Prospecting Approach that Works Today
Measure the Success of your Marketing through your CRM
Sleeping with the Enemy
Letter to the Editor

Vol 4 no 22 (June 1, 2010)

Three Ways to Improve Safe Withdrawal Rates
Equity Income Targets Utilities
Municipal Bond Market Insights
Europe: Value or Value Trap?
The Essential Quality that Sets Top Performers Apart
The Burden of Choice
Social Media & Reputation Management for Financial Advisors
Our Three-Year Anniversary

Vol 4 no 23 (June 8, 2010)

Five Strategies for a Rising Rate Environment
What's Driving Investment Management Outsourcing
Dan Fuss: What Keeps Bond Managers Up at Night (Transcript)
Dan Fuss: What Keeps Bond Managers Up at Night (Video)
Three Words to Blow Away Clients
Why Wall Street Won't be Reformed
Ten Ways to Improve Manager Selection
The First Thing We Do, Let's Kill All the Quants
Barfing Your Way to Investment Success

Vol 4 no 24 (June 15, 2010)

Asset Allocation Matters, But Not as Much as You Think
BlackRock Examines an Altered Fiduciary Landscape
Today's Top Economic Historian: The Path to European Stability (Transcript)
Today's Top Economic Historian: The Path to European Stability (Video)
Strategy Advice from Apple and Google
Three Steps to Start Building a Powerful Center-of-Influence Network
The Great Thank-You Note Debate
Letter to the Editor - Strategies for Rising Rates

Vol 4 no 25 (June 22, 2010)

Low-Cost Protection Against Rising Rates
Know Your Fixed Income Manager
Rethinking Morningstar Ratings - Moving Beyond Past Performance
Getting Clients to Read Your Emails
Niall Ferguson on Japan, China, and the US (transcript)
Niall Ferguson on Japan, China, and the US (video)
Three New Ways to Use LinkedIn to Market Your Business
The New Roth Rules: Are Your Clients Converting? Survey Results - April/May 2010

Vol 4 no 26 (June 29, 2010)

Timber as an Asset Class: If a Tree Falls in the Forest, Should you Buy It?
Jeff Gundlach:The US will 'Politely Default' on its Debt
Five Minutes to Drive Your Day
The Zero-Dollar Marketing Plan
Winning Clients - By Being Dumb
Inflation Protection Investment Strategies
Letters to the Editor

Vol 4 no 27 (July 6, 2010)

The Ultimate Income Portfolio
Currency Management Series Part Two: Currencies as an Asset Class and Source of Alpha
How to Calculate Your Personal Safe Withdrawal Rate
Template for a Mid-Year Letter - Navigating through this Calamitous Decade
And the Winner Is...
A Marketing Guide for RIAs
A Marketing Guide for RIAs: Part 1 - Pick a Niche
Stock Markets and a Sea of Change

Vol 4 no 28 (July 13, 2010)

Nouriel Roubini on Crisis Economics
Learn more - Download the Fiduciary Opportunity Toolkit
How to Fix the SEC
The Retirement Readiness Checklist
Fake Diversification Exposed: Does Asset Allocation Work?
Deficits Monetary and Moral
Chronicle of the Quarter
Part 2 - Craft Your Message
Part 3 - Build a Website
Letter to the Editor

Vol 4 no 29 (July 20, 2010)

Martin Leibowitz' Failed Defense of the Endowment Model
Considerations for Investing in a Low Interest-Rate Environment
Jeremy Siegel on Why Stocks are Undervalued (transcript)
Jeremy Siegel on Why Stocks are Undervalued (video)
Beyond The Stars: Improving Active Fund Selection Based On Manager Skill
The Opportunity in Build America Bonds
Lessons from a $1 Million Misunderstanding
A Marketing Guide for RIAs: Part 4 - Create Marketing Collateral
A Marketing Guide for RIAs: Part 5 - Become an Expert
Letter to the Editor

Vol 4 no 30 (July 27, 2010)

Why Immediate Annuities Make Sense
Robert Shiller: A Cautious Outlook for Stocks (transcript)
Robert Shiller: A Cautious Outlook for Stocks (video)
Important New Research Talking to Seniors About Risk and Market Volatility
Rediscovering Your Listening Skills
Active Managers Add More Value in Bull than Bear Markets
Raisin' Hell on Bagel Street
A Marketing Guide for RIAs: Part 6 - Develop a Networking Strategy
A Marketing Guide for RIAs: Part 7 - Implement a Centers of Influence Referral Strategy

Vol 4 no 31 (August 3, 2010)

Woody Brock: How to Achieve Growth without "Bad" Deficits
"Fiduciary": Much Ado about Nothing!
Rebuilding Confidence in Stocks
Ten Retirement Lessons from the Smartest People I Know
Richard Koo: Lessons from Japan's Decline (transcript)
Richard Koo: Lessons from Japan's Decline (Video)
A Marketing Guide for RIAs: Part 8 - Implement a Client Referral Strategy
A Marketing Guide for RIAs: Part 9 - Create a Drip Marketing System for Prospects
Letter to the Editor

Vol 4 no 32 (August 10, 2010)

When Active Management Matters
Three Steps to Talk About Risk
Zvi Bodie on Stocks and Annuities in Retirement (transcript)
Zvi Bodie on Stocks and Annuities in Retirement (video)
Public Pension Showdown: Actuaries vs. Economists
Taking Exception: "Fiduciary" is Much Ado about Something!
Confessions of a First-time Manager
Is the Market Efficient?
Performance that Plan Sponsors Value Most
A Marketing Guide for RIAs Part 10 - Develop a Written Marketing Plan

Vol 4 no 33 (August 17, 2010)

Misconceptions about Risk and Return Uncovered
A Double-Dip Recession Looks Unlikely - A Mid-Year Update
A New Framework for Retirement Income Planning
Cerulli Survey Results: New Themes in Advisors' Portfolio Strategies
A Proven Path to Gaining Client Assets
Refining Core-Satellite Investing
Letters to the Editor: Harold Evensky, et. al.
A Request for a Proposal from the Federal Reserve Bank

Vol 4 no 34 (August 24, 2010)

What Investors Really Want
Improving on Buy and Hold: Asset Allocation using Economic Indicators
Telling Your Team Story to Prospects
This is No Way to Run a Railroad
Build America Bonds Power the US States
Should I Stay or Should I Go Now?
How to Choose the Right Social Media Archiving Strategy

Vol 4 no 35 (August 31, 2010)

The Riskiest Pension Assets (and the Implications for Muni Bonds)
Why Mid-Caps?
The Alternative to Big Bonuses
An Unexpected Route to Ecstatic Clients
Double 'Bubble,' Toil and Trouble
David Blitzer on How Indices Work (transcript)
David Blitzer on How Indices Work (video)
Evaluating Unconstrained Managers
Five Steps to Choosing the Right Marketing Firm

Vol 4 no 36 (September 7, 2010)

Jeffrey Gundlach on Bonds, Stocks and Gold
Why Active Fixed Income
A Modest Alternative to the SEC's Proposed 12b-1 Solution
Responding to Clients who Drive You Crazy
The Three Factors of Fear
Mistake Management, Symphony Style
The Free Lunch Illustrated

Vol 4 no 37 (September 14, 2010)

A Better Way to Invest in Gold
Identifying Opportunities in the Municipal Bond Market
HCM Market Letter: The Centre Cannot Hold
Municipal Bonds: Much Healthier than Feared
What the Taylor Rule Says about Interest Rates
How to Star in a TV Special on Retirement Challenges
Use Client Loyalty to Drive Profitable Growth
The $100 Million Nightmare

Vol 4 no 38 (September 21, 2010)

America's Demographic Advantages
Getting off the Sideline: Investing in the Smart Risk Zone
The Housing Elevator: Going Up or Down?
Jeffrey Gundlach: No Double-Dip Recession ... but
Two Compelling Articles to Send Clients
The One-Sided Fallacy
A Bass Player's Perspective on Leadership
Say What You Need To Say

Vol 4 no 39 (September 28, 2010)

The Future of Oil
A Better Alternative - Natural Resource Equities
Dodd-Frank Reform Bill and Amendments to the SEC custody rule - what do they mean for you?
Lessons in Ethics: The Incredible Story of Patrick Kuhse
Three Traps that Chew Up Your Day
Unraveling the 12b-1 Debate
Improving on Buy and Hold: The Updated Signals
Building your Digital Identity through Blogging

Vol 4 no 40 (October 5, 2010)

The Information Risk Premium: A New Danger to Client Portfolios
Thinking Bond-Market Bubble? Consider Short-Term Bonds
The Misguided Promise of 529 Plans
Low-Volatility Equity Funds: Crafting an Asset Allocation Core
Five Strategies to Land a $50 Million Client
Leadership Lessons from the Dance Floor
Charles Brandes on Investing Lessons from Benjamin Graham (transcript)
Charles Brandes on Investing Lessons from Benjamin Graham (video)
The Myopic Bond Market
A September to Remember
Improving on Buy and Hold: Don't Buy Yet

Vol 4 no 41 (October 12, 2010)

Misconceptions in the Great Bond Bubble Debate
Gold Continues to Glitter
Simon Johnson on Why This Crisis Wasn't the Last
Understanding the Most Critical Items to the Obama Administration
Why Warren Buffett is Optimistic: A Quarterly Letter to Send Clients
Beggar Thy Neighbor, Beggar Thyself
Does Your Marketing Match Your Business Structure?
The Perfect Storm: Threat or Opportunity
Letter to the Editor

Vol 4 no 42 (October 19, 2010)

Developed Markets and Capitalism in Crisis
Bond Bubble Fears Overblown
Bernanke's Impossible Dilemma
Advising Boomers in a World of Higher Taxes
Allen Sinai: US at the Crossroads
Understanding the Most Critical Items to the Obama Administration
The Key Decision that Drives Million Dollar Books
Harvard Experts: Economy is Like a Bus Careening Down a Mountain Road to a Successful Practice
Letters to the Editor: 529 Plans

Vol 4 no 43 (October 26, 2010)

An Exceptional Resource for Asset Allocation
What Drives High-Yield Bonds (and Why You Should Listen to the Ratings Agencies)
Investing $15 to Create an Unshakeable Client Bond
Identifying - and Overcoming - Obstacles
Having Skin in the Game on Kill Haole Day
20 Ideas to Market Your Business this Holiday Season
Improving on Buy and Hold: Buy

Vol 4 Special Issue (October 29, 2010)

Greg Valliere: The U.S. Political Outlook
Henry Paulson: An Inside Look at the Financial Crisis
BlackRock's Rieder: The US Faces a Structural Dilemma
Cliff Asness: Understanding Managed Futures
Asset Allocation in an Uncertain Economy
Four Critical Investment Themes for the Next Decade

Vol 4 no 44 (November 2, 2010)

Flaws in Vanguard's Withdrawal Strategy
Gold and the Decade to Come
A Top Economist's Nightmare Scenario
Why Client Events Aren't Appreciated
The SEC's 12b-1 Proposal is Based on Misguided History, Flawed Economics
Tax Location in Today's Uncertain Environment
Identify the Human Factor
Four New Ways to Beef Up Your LinkedIn Profile
Letter to the Editor

Vol 4 no 45 (November 9, 2010)

New Strategies in Alternative Investing
How Modern is Your Portfolio Theory
Waiting for Superman: The Fate of Teachers' Unions
A Reading List for 2010
Navigating Post-Financial Meltdown Reviews
Keynesian Confusion
Bogus Numbers
Finding Your Alternatives
The Most Neglected Marketing Principle
Serenity Now

Vol 4 no 46 (November 16, 2010)

Jeremy Siegel on the Upside for Equities and the Virtues of QE2
Take Your Client Relationships to the Next Level
Through the Looking Glass with Steven Rattner
Are You Billing Enough on Held Away Accounts?
Making Your Case to Prospects
A Reading List for 2010: Part 2
Reducing Portfolio Risk through Sustainable Investing
Using Buy-Side Analytics to Improve Stock Selections
Take Disciplined Action
Skin in The Game, Part II
Letters to the Editor: Waiting for Superman

Vol 4 no 47 (November 23, 2010)

Why Three Top Bond Managers Like Equities
Ned Davis - Still Positive on Stocks
Five Words that Get Emails Opened
Will Municipal Bonds be the Next Disaster?
Stop Front-Running the Fed
The Kings of Cash Flow: Investing in Tomorrow's Potential Winners Today
Why Diversify?
Seeking Beta in the Bond Market: A Math-driven Investment Strategy for Higher Returns
Letter to the Editor

Vol 4 no 48 (November 30, 2010)

Black Gold, Texas Tea
Why Bubbles Inflate and How to Avoid Them
Why You Aren't Getting Referrals - And What to Do About It
QE2: Beware the Perils of its Success
The Word that Defines Effective Communication
Investment in Life Settlements: Certainty in Uncertain Times

Vol 4 no 49 (December 7, 2010)

The Dangers of Rebalancing
Research-Driven Market Insights: 4Q Market Perspectives
An Uncertain Future for Housing Prices
Are You Billing Enough on Held Away Assets?
Why You Aren't Getting Referrals - And What to Do About It (Part 2)
Real Return Expectations
The Worst Boss in the World
The Silver Bullet of Marketing
Creating a Mirage of Economic Growth
Turkeys, Cheerleaders and Buzz Lightyear's Butt

Vol 4 no 50 (December 14, 2010)

The End of the Asian Bull Market
US More Likely to Learn From (Than Repeat) Japan's Mistakes
Looking Back at a Year of Policy Mistakes
Year-end Letter to Clients: Investment Advice from Winston Churchill
Five 2010 Tax Tips for a Time of Uncertainty
What the Music Business Taught Me about Selling
Five Things to Look for When Hiring a Marketing Coordinator
Letter to the Editor

Vol 4 no 51 (December 21, 2010)

Debunking Ken Fisher
Gundlach: Are Taxes Too Darn Low?
Ed Hyman: We Are Not Japan
Two Words that Get Prospects' Attention
Three Ways to Tweak Your Marketing
Challenging John Hussman's Forecast
How Much Smid-Cap Exposure is Best?
Letter to the Editor

Vol 4 no 52 (December 28, 2010)

The Ten Most-Read Articles in 2010
The Ten Best Articles You Probably Missed
The Squam Lake Report: Reforming the Financial System
Incorporating a Signature Charity into Client Communication
Letter to the Editor

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