Search Results
Results 9,401–9,450
of 10,168 found.
(Yawn)...As Equities Advance Another 2%
by Bob Doll of Nuveen Asset Management,
U.S. equities advanced again last week, with the S&P 500 increasing 2.1%. Global stocks are reaching new highs in this cycle and the U.S. market is at an all-time high. Bonds were hurt in the move, dragging credit down, while commodities fell slightly on weaker manufacturing data. The unrelenting equity rally and an environment without positive news about earnings and the economy is making many investors uncomfortable.
Developed Europe: Regional Economic Review 1Q 2013
by Team of Thomas White International,
After withdrawing into the background in late 2012, the Euro-zone sovereign debt crisis resurfaced in the first quarter with the Italian elections and Cyprus banking crisis. In late February, Italys national elections resulted in a fractured mandate, and Italians voted out the incumbent, the main architect of the countrys austerity and reforms agenda.
DC Plan Sponsors Should Look Further than Their Own Backyard
US defined contribution (DC) plan sponsors large and small are seeking ways to help plan participants achieve better outcomes. Over the last 30 years, compelling evidence has accumulated that suggests currency-hedged global bonds may be an important part of the solution.
ProVise Bullets
When the President put forth his proposed budget for the 2014-15 fiscal year which begins October 1st, he went out of his way to offer an olive branch to the Republicans on entitlement programs - especially Social Security and Medicare. The President proposed changing the cost of living adjustments in such a way that, over time, there would be significant savings to the government, but of course, take the money away from the recipients.
Alpha, Beta!
by Jeffrey Saut of Raymond James,
I had a somewhat lengthy conversation with Rich Bernstein last Friday. I have been on TV with Rich over the years, but have never really had a one-on-one talk with him. Recall that Richard Bernstein was the Chief U.S. Strategist at Merrill Lynch for years before becoming the eponymous captain of Richard Bernstein Advisors (RBA). I was speaking with Rich because I have developed an interest in a few of the funds he manages for various entities. Rich began by stating he is extremely bullish, believing we are in one of the biggest bull markets ever.
All Japan, All the Time
This week we again focus on Japan. Their stock market has been on a tear, and their economy grew 3.5% last quarter. Is Abenomics really the answer to all their problems? Is it just a matter of turning the monetary dial a little higher and voila, there is growth? Why doesnt everyone try that? And what would happen if they did?
Saving for College: A Family Affair
The language of personal finance isnt especially racy, but debt certainly has taken on the negative tone of other four-letter words. Even so, with college costs on the rise and many parents feeling especially pinched in this challenging economic environment, student loans rather than college savings have become the solution for many.
Is Japan's Sun Rising Again?
by Kenichi Amaki of Matthews Asia,
Japans stock market continues to rise while its currency heads in the other direction. Its new leaders, now enjoying high approval ratings, are battling deflation and trying to jump-start its economy with a new determination. This month Kenichi Amaki takes a look at what, if anything, is different this time.
Speaking of a Great Week...
by Blaine Rollins of 361 Capital,
I left the office each day thinking that I just saw another walk off game winning home run by the S&P500. The bears were given their chance in April with the weak economic data and slightly less than exciting earnings, but they just couldnt break it. In return, the employment data was a bit better, the global central banks came out swinging (ECB, Australia, and South Korea), then the markets broke the Yen, Bonds, and Gold, and the Bulls absolutely skinned the Bears.
Framing the Referral Discussion
Last week, I was training a group of very successful Florida-based advisors who brought up what is a common issue with regard to client referrals. Even the best advisors, with the most satisfied clients, offering the highest levels of service often struggle with obtaining referrals.
Cyclical and Emerging Market Strength May Be Pointing to Better Growth
by Bob Doll of Nuveen Asset Management,
Last week U.S. equities advanced as the S&P 500 increased by 1.3%. We have been amazed bythe markets ability to continue to rally in an environment in which sales growth has been anemic and earnings gains have been largely based on companies abilities to manage margins and utilize financial engineering.
The Resistible Fall of Europe: An Interview with George Soros
by George Soros of Project Syndicate,
The politics of the eurozone countries is European politics, and European politics is not serving these countries well. In an extended interview, George Soros explains why and what should be done about it.
Nassim Taleb on the Anti-Fragile Portfolio and the Benefits of Taking Risks
by Ben Huebscher,
As we recover from the most recent financial crisis, how we can we learn from the mistakes to best prepare for the future? Nassim Taleb tackled this very question in his latest book, Antifragile: Things That Gain From Disorder, which built off his previous works and applies the lessons learned to today’s biggest challenges. Taleb examined how small doses of volatility can help systems handle larger disruptors in the future.
Nouriel Roubini: Four Reasons Investors Should be Worried
by Robert Huebscher,
Despite a modest recovery from the nadir of the financial crisis, the global economy still faces tail risks, according to Nouriel Roubini. Roubinis forecast is not as gloomy as the one that earned the moniker Doctor Doom, when he correctly predicted the housing market collapse and the ensuing global recession. But, in a talk May 1, he identified todays biggest danger points in Europe, the U.S., China and geopolitics which he said threaten to destabilize the global economy.
Americas: Regional Economic Review 1Q 2013
by Team of Thomas White International,
Weaker global demand and prices for energy and commodities, as well as softer than expected domestic consumption have restricted the growth outlook for most economies in the Americas region during the first three months of the year. Fewer monthly job additions in the U.S. have dented consumer confidence, and growth for the current year is now forecast to be moderately lower than earlier expectations.
The Importance of Being Different
In his latest essay, Francois Sicart, Founder and Chairman of Tocqueville Asset Management, writes about how superior investment managers outperform their market benchmarks -- by taking advantage of volatility, among other things -- as well as how to properly evaluate investment performance.
Symptoms Don't Lie
by Peter Schiff of Euro Pacific Capital,
A good doctor will not simply make a diagnosis based on measurements. The symptoms and complaints expressed by the patient are at least as important in making a determination as the data provided by diagnostic tools. When the data says one thing and the symptoms continuously say another, it makes sense to question the reliability of the instruments. This would be particularly true if the instruments are furnished by a party with a stake in a favorable diagnosis, say an insurance company on the hook for treatment costs. The same holds true for the U.S. economy.
A Tale of Two Markets: Equity Bulls and Bond Bears
Surging equity markets absent an accompanying rate rally is a red flag, as Treasury yields remain well below normal. While investors renewed enthusiasm for equities is warranted, they must be careful to avoid the folly of gaming diversification. Corporate earnings have impressed, though revenue has struggled due in part to a moribund Europe. Divergent markets mean investors should stay broadly diversified in equities and real bonds not near-cash and ever alert to the fundamentals.
Earnings: Why Capex Will Be the New Driver of Business Growth
This is the second in a three-part series on the economy, earnings and equities. The first post examined the US Federal Reserves gross domestic product (GDP) goals. Here, we discuss how those GDP goals set the stage for businesses to increase their capital expenditures.
The Effect of Negative Interest Rates in Europe
by Zach Pandl of Columbia Management,
In his press conference last week, European Central Bank (ECB) President Mario Draghi signaled that policymakers may be more open to a cut in the central banks deposit rate. Although Mr. Draghi acknowledged this move could have negative side effects, he added we will be able to deal with the negative consequences we will look at this with an open mind. Several major central banks considered negative deposit facility rates during and after the financial crisis, but so far, all have determined that the idea did not pass the cost/benefit test.
6.7 Million Missing Workers Where Did They Go?
Today we will touch several bases. We begin with last Fridays unemployment report which was hailed by the mainstream media, but had a lot of bad news to go with the good. From there we look at the estimated 6.7 million missing workers in this economy and ponder if theyre permanently gone from the employment rolls.
Europe (and Italy's Rivals) Appear on Road to Recovery
When Europes debt disease spread to Cyprus, accompanied by bank runs and public unrest, some doubted the European Central Banks (ECB) ability to contain the contagion. And, even more recently, Slovenia turned up sick, warning of escalating debt problems and faltering banks. But with the setbacks have come some surprising steps forward, too, including progress in Italy, which recently formed a new coalition government.
Germany Under Pressure To Create Money
by John Browne of Euro Pacific Capital,
Currently, central banks around the world are walking in lock step down a dangerous path of money creation. Led by the Federal Reserve and the Bank of Japan, economic policy is driven by the idea that printed money can be the true basis of growth. The result is an unprecedented global orgy of currency creation. The only holdout to this open ended commitment has been the hard money bias of the German-dominated European Central Bank. However, growing political pressure from around the world, and growing dissatisfaction among domestic voters have shaken, and perhaps cracked, the German resolve.
Are Recent Market Highs Merely Rhymes, or Something More?
by Joe Kringdon of Pioneer Investments,
As someone smarter than me once observed, history never repeats itself, but it does rhyme. Oftentimes those rhymes, like my familys dinner bills, are simply head fakes curious coincidences with no residual meaning. Other times, however, they do carry meaningful implications. Consider, for example, whats going on in the markets right now.
Breakaway Brokers: What the Data Really Say
by Bob Veres,
For the past 15 years, and especially since 2008, few assumptions have been accepted as widely or confidently in the financial services world as the idea that brokers are leaving the wirehouse environment in increasing numbers ? and taking their clients with them. Underlying that assumption is another: that the trend is accelerating, and will continue to do so until the brokerage industrys retail footprint has been severely diminished. The more extreme projections see the entire brokerage asset gatherer/sales model following Lehman, E. F. Hutton and Bear Stearns into extinction.
Weekly Commentary & Outlook
Financial markets got the news they wanted last week as Europe cut interest rates, while here at home the Federal Reserve hinted they might do even more when it comes to money printing. To top it off, Fridays employment report showed improvement from March although the details caused most to discount the excitement.
Central Banks Steal the Spotlight Once Again
Central banks around the world continue to provide increased stimulus to their respective economies. Increased conviction over pro-stimulus policies comes in light of recent flaws found in the Reinhart, Rogoff January 2010 paper, which suggested that government debt of more than 90% of GDP is detrimental to economic growth. The latest week brought another round of news in the world of central banking, although it seems the number of options left on the table is running short. What central bankers hope for now is that economies will finally enter recovery mode.
Quarterly Letter
by Team of Grey Owl Capital Management,
In his April 2013 commentary, PIMCOs Bill Gross wrote, PIMCOs epoch1, Berkshire Hathaways epoch, Peter Lynchs epoch, all occurred or have occurred within an epoch of credit expansion What if an epoch changes? What if perpetual credit expansion and its fertilization of asset prices and returns are substantially altered? What if a future epoch favors lower than index carry or continual bouts of 2008 Lehmanesque volatility ?
And That's the Week That Was
by Ron Brounes of Brounes & Associates,
The trend is your friend (and the current trend is a friend with benefits for investors). After a record-setting first quarter for stocks, analysts were skeptical that the party would continue. And yet, the Dow Jones enjoyed a fifth straight month of gains in April, while the S&P 500 and Nasdaq one-upped the Blue Chips with six month winning streaks.
Mutual Fund Companies Need to Prepare for a Changing Environment Fund Industry Turbulence Ahead
by Paul Franchi,
The mutual fund industry grew explosively from the 1980s on a rare tonic of a low-inflation credit expansion powered indirectly by international trade flows. That run reached a peak in 2008 when the application of quantitative easing (QE) served to prevent industry collapse with a softer form of transition, which continues today but must end when inflation returns.
The Satisfaction Gaps that Cost You Clients
by Dan Richards,
Most advisors recognize that clients are unhappy with returns in the last decade, but believe they are satisfied with communication and the relationship as a whole. That’s why three recent conversations I’ve had with investors and advisors should set off alarm bells.
Soros versus Sinn: The German Question
The ongoing euro crisis has been a source of increasingly heated debate worldwide. Now, George Soros and Hans-Werner Sinn, two regular Project Syndicate contributors and leading figures in the discussion, debate the cause of Europes crisis and how to overcome it.
Global Bonds: A Flexible Solution for an Uncertain Market
The recent rallies in both safe-haven and risk assets have left many investors in a quandary. We believe alpha, or above-market return, will have to play a greater role for investors seeking to meet return targets. In our view, the current environment affords many opportunities for generating alpha.
The Economy: Why Interest Rates Shouldn't Rise Anytime Soon
Real is irrelevant. The US Federal Reserve (the Fed) is unconcerned about real GDP the inflation-adjusted measurement of US economic growth. Rather, without inflation in our economy, the Fed is focused on raising nominal GDP. And that priority means that interest rates should stay low for the foreseeable future.
Don't Sell in May: Here are Reasons to Extend Your Stay
During the first week of May every year, the maxim, Sell in May and Go Away, gets taken out, dusted off and powered up as a reason to sell stocks. The rhyme is more than just a catchy urban legend: June, July, August and September have historically been the weakest months of the year for the S&P 500 Index.
Pring Turner Approach to Business Cycle Investing
by Team of AdvisorShares,
Like the seasons of the year, the environment for bonds, stocks, and commodities progress in a repeatable and sequential fashion. A gardener understands it is difficult to plant in the winter because nothing grows. The same is true for the financial seasons in the business cycle, where investors can use knowledge of the sequence to create a financial market roadmap. This paper from Pring Turner Capital Group, one of our valued sub-advisors, takes you through the six-stages of the business cycle.
Gold Recovers Amidst Uncertainty
by John Browne of Euro Pacific Capital,
The selloff in gold that captured the worlds attention in mid-April has revealed some truths about how the market trades and the sentiments of many of the investors who have piled into the trade over the past few years. While the correction does highlight a higher degree of uncertainty than many of the most ardent gold advocates had anticipated, it does not represent the historic "end of an era" reversal that the many in the media have so gleefully suggested. In many ways, the market has shown a resiliency that its detractors do not understand.
The Great Gold Redemption
The most puzzling part of the investment business is seeing how the vast and largely economically illiterate masses interpret any given piece of news. Take the recent gold selloff: many large players were motivated to sell by news that Cyprus will have to liquidate its gold stockpiles to pay off acute debt obligations. But just a moments reflection shows this reaction to be knee-jerk. The real story behind Cyprus deal has much more profound ramifications - and they are positive for gold.
Results 9,401–9,450
of 10,168 found.
