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On My Radar: Why? Because We Need the Eggs
by Steve Blumenthal of CMG Capital Management Group, 9/7/16
Woody Allen closes “Annie Hall” with a joke: This guy goes to a psychiatrist and says, ‘Doc, my brother’s crazy; he thinks he’s a chicken.’  And the doctor says, ‘Well, why don’t you turn him in?’  The guy says, ‘I would, but I need the eggs.’

What the New Real Estate Sector Means for Investors
by Melda Mergen of Columbia Threadneedle Investments, 9/7/16
Real estate just became the 11th Global Industry Classification Standard sector. The move validates real estate as a distinct asset class and may prompt investors to rethink their equity allocation decisions going forward.

A Value Fund with an Outstanding 10-Year Track Record
by Robert Huebscher, 9/6/16
Over the last 10 years, the Intrepid Capital Fund (ICMBX) has returned 7.59%, which is 172 basis points ahead of its benchmark and 221 basis points ahead of its Morningstar peer-group average, placing it in the top 3rd percentile of that peer group. It has also outperformed the S&P 500 and Russell 2000 over that time period. I spoke to Mark Travis, its manager, on August 30.

Does Wall Street Rip Off Your Clients?
by Michael Edesess, 9/6/16
Wall Street traders are a nasty lot, out to beat you at a zero-sum game. Seth Klarman, founder and president of the Baupost Group, who should know, has said, “I know Wall Street will always try to rip our eyeballs out.” Now, a new book confirms that view from close quarters. How, then, do investors avoid being these traders’ victims?

Apple Gets a Shakedown from the EU. Is Ireland Next to Bail?
by Frank Holmes of U.S. Global Investors, 9/3/16
“Total political crap.” That’s how Apple CEO Tim Cook described the European Commission’s ruling that the iPhone maker must pay 13 billion euros ($14.5 billion), plus interest, in back taxes to Ireland, its longtime European host. Meanwhile, the island-nation is being accused of giving Apple an “illegal” sweetheart deal in exchange for jobs.

Get Ready for the End of the Summer Slumber
by Liz Ann Sonders, Brad Sorensen and Jeffrey Kleintop of Charles Schwab, 9/3/16
Volatility is likely to pick up and investors should consider using volatility to tactically rebalance around longer-term strategic allocations. We believe a near-term pullback is possible but that the longer-term bull market is intact. Individual investors are showing signs of returning to the stock market and investor behavior analysis suggests that may continue to aid a continued upward trend.

A Deeper Look at the Rise in Libor
by Anthony Valeri of LPL Financial, 9/1/16
Libor has been on the rise in recent weeks and for many borrowers, the increase is almost equivalent to a Federal Reserve (Fed) rate hike.

Are the Returns of Jeremy Siegel’s “Superstar” Funds Likely to Persist?
by Larry Swedroe, 8/30/16
If historical returns provide useful insights when it comes to identifying skillful active managers, then surely those funds with the longest track records of success are most likely to be the “winners” of the future. I tested this hypothesis using data from Jeremy Siegel’s Stocks for the Long Run.

Real Estate Breaks New Ground
by Wilson Magee of Franklin Templeton Investments, 8/30/16
The promotion of the real estate sector in headline Global Industry Classification Standard sectors for top indexes reflects investors’ long-standing acceptance of liquid real estate as an asset class and their awareness of its appealing characteristics.

On My Radar: The Little Engine That Could
by Steve Blumenthal of CMG Capital Management Group, 8/29/16
In the tale, a long train must be pulled over a high mountain. Larger engines, asked to pull the train, for various reasons refused. A request is sent to a small engine, who agrees to try. The engine succeeds in pulling the train over the mountain while repeating its motto: "I think I can."

Picks and Shovels: The Changing Tools of Investment Research
by David Robertson of Arete Asset Management, 8/26/16
The landscape for investment research has changed a great deal over the last twenty years. In many ways, these changes portend a great deal of opportunity to improve investment outcomes.

DOL’s Fiduciary Rule Poses New Litigation Threat to IRA Advice
by Shelby George of Manning & Napier, 8/25/16
401(k) lawsuits have been a large topic of conversation in the retirement planning space, however the conversation is starting to take a different shape with the DOL’s Fiduciary Rule.

The Importance of Structural Reform
by Pablo Echavarria of Thornburg Investment Management, 8/24/16
India’s tax reform could create a nice tailwind for the country’s economy, companies and investors for years to come.

The Virtues of Bond Laddering
by Larry Swedroe, 8/23/16
Bond ladders are frequently criticized in the financial media and even among some professional advisors (who are often able to use only bond mutual funds or ETFs). But there are many advantages of owning them.

Evermore Global Advisors: Alpha through Corporate Catalysts
by Robert Huebscher, 8/23/16
The Evermore Global Value Fund (EVGIX) has a five-year annualized return of 8.14%, versus 4.62% for its benchmark, the MSCI All Country World ex-US index (ACWI ex-US). I spoke with David Marcus, the founder of the firm, on August 12.

A Fictitious Letter to Benjamin Graham, ERPs, Dudley Do-Right, Obamacare, & GaveKal
by Jeffrey Saut of Raymond James, 8/23/16
Dear Ben, I recently read an article that suggested a lower earnings yield may explain why the stock market can continue to go up even though the economy and the S&P 500’s earnings remain sluggish. Moreover, how would you explain the Equity Risk Premium to an investor without a finance degree?

College Savings Savvy: 529s Versus Roth IRAs
by Tom Rowley of Invesco, 8/22/16
In-state or out-of-state school? Public or private? Small or large? Long before families grapple with such college-related decisions, parents — and often grandparents — confront an important choice that could largely determine these later ones: how to save for college. And the earlier you decide the how, the better, because ABCs turn into SATs faster than you think.

On My Radar: “In the Realm of Economics, No Government Can Play God.”
by Steve Blumenthal of CMG Capital Management Group, 8/22/16
I came across today’s intro quote during the week while sitting in my beach chair facing the Atlantic Ocean. The title seems apropos to the world we find ourselves living in today.

The Calm Before the….
by Liz Ann Sonders, Brad Sorensen and Jeffrey Kleintop of Charles Schwab, 8/19/16
The summer lull shouldn’t allow complacency to set in. We expect the U.S. bull market to continue, but risks remain and volatility is likely to pick up. But with a solid U.S. consumer, and modestly improving economic and earnings growth, we think the general equity trend will be higher. Although EM stocks have had solid summer gains, we caution investors against chasing returns and to rebalance as needed.

LIBOR: Checkered Past, Pressured Present
by Carl Tannenbaum of Northern Trust, 8/19/16
The London Interbank Offering Rate sounds like something the financial gentry might discuss in a back room at the Oxford and Cambridge Club.

Thornburg Strategic Income Fund Second Quarter 2016 Commentary
by Team of Thornburg Investment Management, 8/18/16
With the recent passing of the U.K.'s "Brexit" referendum to leave the European Union, markets and investors were reminded that seemingly unlikely events can, do, and certainly will continue to occur.

On My Radar: The Best Looking Dude at the Dance
by Steve Blumenthal of CMG Capital Management Group, 8/16/16
Let’s take a look today at just how attractive U.S. interest rates are relative to most of the world.  To wit, the title of today’s piece, “The Best Looking Dude at the Dance.”

They walk the line...
by Blaine Rollins of 361 Capital, 8/11/16
The press continues to write stories of the billionaires bearish on the financial markets. I have no idea if a bond or a stock market crash is close at hand but every time one of them appears in the press or pens a bearish note, I get a few emails asking if now is the time to sell everything. I try to consistently respond with comments noting how the billionaire has valid points, but that it is typically wise to keep a diversified investment portfolio and avoid trying to 'all or nothing' time the markets based on what they have seen or read.

Returning to balance in supply and demand
by David Ginther of Ivy Investments, 8/11/16
The crude oil market is a clear reflection of supply and demand for a major world commodity. Changes in key factors can happen quickly or develop slowly over time, but they eventually are reflected in prices. We now believe the oil market is very close to a global supply/demand balance.

Loans: The Floating Rate
by Heather Rupp of AdvisorShares, 8/10/16
We see investing in the loan market as predominantly a way to expand our investment universe. Again, high yield debt issuers have the option to issue bonds, loans, or both. We see cases where companies take out bonds with loans or vice versa, take out loans with bonds, so by having the option to include both, investors are able to access companies with attractive metrics and yield no matter the security, and in cases where a company issues both bonds and loans, loans are secured and rank higher the company’s capital structure so can allow for the ability to invest in a lower levered piece of the capital structure.

How “Tactical Allocation” Mutual Funds Fared Over the Last Five Years
by Luke F. Delorme, 8/9/16
The question is whether tactical-allocation mutual funds have outperformed a simple, passively managed 60/40 portfolio.

Avoiding the Traffic Jam in High-Dividend Stocks
by James T. Tierney, Jr., Dan Roarty, Frank Caruso of AllianceBernstein, 8/9/16
Many investors are seeking safety in higher-yielding dividend stocks. But what if they all change their minds at once? We think there are better ways to invest in equities without getting stuck in a traffic jam.

On My Radar: Taking the “E” Train South
by Steve Blumenthal of CMG Capital Management Group, 8/8/16
Let’s take a look at the most recent market valuations and what they are telling us about forward returns over the next ten years.

World Gone Backwards
by John Mauldin of Mauldin Economics, 8/7/16
This week Patrick discusses another aspect of globalization, one that has a direct bearing on questions of equity. He explores the technologies that allowed globalization to take hold and the new technologies that are actually allowing production to “re-shore.”

Last Week’s Highlights on APViewpoint
by Marianne Brunet, 8/2/16
The top conversations on APViewpoint last week were started by Michael Edesess and Manish Malhotra. They generated thoughtful discussions on why DALBAR is “dead wrong” on investor versus fund performance, and a powerful new tool to comply with the DOL's fiduciary rules.

A Solutions-Oriented Fund Family
by Robert Huebscher, 8/2/16
As executive vice president and head of Northern Trust’s funds and managed accounts business, Shundrawn Thomas oversees the development, management and distribution of Northern Funds, Northern Institutional Funds, FlexShares Exchange Traded Funds and its proprietary managed account solutions. I spoke with Shundrawn on July 22.

On My Radar: Bubble Trouble
by Steve Blumenthal of CMG Capital Management Group, 8/1/16
“Last week, market conditions joined the same tiny handful of extremes that defined the 1929, 1972, 1987, 2000 and 2007 market peaks.” – John P. Hussman, Ph.D.

Weekly Market Summary
by Urban Carmel of The Fat Pitch, 7/31/16
US equities are trading at all-time highs. The trend is higher, supported by strong breadth, resilient economic data and improved corporate financials. Even after the strong advance, longer term measures of sentiment continue to show skepticism among investors. Together, this is a set up for higher equity prices in the month(s) ahead. All of this said, there are reasons to be on the alert for a retracement of recent gains in August. The SPX consistently reacts negatively as it approaches each "round number" milestone (like 2200) for the first time. NDX has returned to its late 2015 resistance level. Some measures of shorter sentiment are heady. And August is seasonally weak and prone to a larger interim drawdown. Importantly, none of this is likely to be trend-ending.

Novel, New Technologies Creating Investment Opportunities
by Zachary Shafran of Ivy Investments, 7/31/16
We are excited about the innovation and growth taking place across the globe, and believe many stocks in the information technology sector remain relatively inexpensive and are well positioned going forward. Despite our optimistic outlook, we think it is important to understand why and how the Fund underperformed recently.

Political Risk Spikes in Turkey, Roiling Asset Prices
by Charles Roth of Thornburg Investment Management, 7/27/16
For longer-term investors, sudden drops in the country’s stock prices can create attractive entry points.

Last Week’s Highlights on APViewpoint
by Marianne Brunet, 7/26/16
The top conversations on APViewpoint last week were started by thought leader Michael Edesess and member Adam Butler. They generated thoughtful discussions on why DALBAR is dead wrong on investor versus fund performance and the art and science of portfolio optimization.

Does Socially Responsible Investing Work? And How to Do It
by Adam Jared Apt, 7/26/16
Since the 1990s, there has been a movement—a very, very small movement, and mostly foreign—to produce the data needed to evaluate the social responsibility of corporations, by integrating measures of their social responsibility into financial reporting.

On My Radar: Junkyard Dogs
by Steve Blumenthal of CMG Capital Management Group, 7/25/16
One of the best reads for me this week came from the creative pen of Danielle DiMartino Booth.  She was an analyst at the Dallas Federal Reserve for Richard Fisher and, boy, do I admire her wit and moxie.

Second Quarter 2016 Economic & Capital Market Summary
by Gregory Hahn of Winthrop Capital Management, 7/21/16
Leading up to this past month, the focus of the capital markets was on global economic growth, the weakened condition of the European banking sector and the potential improvement in domestic earnings. The general wait-and-see attitude of the recent initiatives to stimulate economic growth in Japan and Europe combined with signs of improvement in China’s economy helped to provide some stability to equity trading levels. Yet, at the same time investors were trying to digest negative interest rates in Germany, Denmark, Switzerland, Sweden and Japan.

Why I Don’t Believe Trump or Hillary Would Tax this Important Asset Class
by Frank Holmes of U.S. Global Investors, 7/21/16
U.S. municipal bonds have had a spectacular first half of the year. As of July 1, they returned 6.2 percent on a tax-adjusted basis, compared to the 2.7 percent for the S&P 500 Index, placing them among the top performers of 2016 so far. Last month was munis’ best June performance since 2000, according to Bloomberg, spurred largely by negative bond yields around the globe and investor uncertainty following the Brexit referendum in the U.K.

Gundlach: The Once-in-a-Career Moment in the Bond Market
by Robert Huebscher, 7/20/16
In a career spanning more than three decades, Jeffrey Gundlach had never seen the conditions the bond market faced last week. Indeed, he said the “setup for the 10-year Treasury was the worst in his career.”

The Fallacy behind Investor versus Fund Returns (and why DALBAR is dead wrong)
by Michael Edesess, 7/19/16
There is no way to determine if investors underperform the mutual funds they own, either because of bad timing or for any other reason.

Thornburg Income and U.S. Government Bonds Second Quarter 2016 Commentary
by Jason Brady, Lon Erickson, Jeff Klingelhofer of Thornburg Investment Management, 7/19/16
"(A)nd therefore never send to know for whom the bell tolls; it tolls for thee." John Donne, the writer, was certainly not referring to U.S. Treasury rates when he penned those words so long ago. In fact, he was discussing how all living beings are connected to one another as well as to the world. But today, this sentiment seems quite fitting as we contemplate the world of U.S. dollar–denominated fixed income.

On My Radar: I Don’t Know How To Love Him
by Steve Blumenthal of CMG Capital Management Group, 7/18/16
We have four interns this summer and today I took them to lunch.  One asked what I wrote about today.  I said the title of the piece is, “I Don’t Know How to Love Him” and, of course, they gave me a funny look.

Managed Futures and Multi-Strategy Funds: The Search for Diversification
by Justin Blesy, Ashish Tiwari, Chris Santore of PIMCO, 7/18/16
Manager selection is critical: Only a subset delivered when it counted most.

Rabidly Risk Averse
by Richard Bernstein of Richard Bernstein Advisors, 7/13/16
Fear of market volatility and a repeat of 2008/09 have led many investors toward becoming overly cautious. Investors who cling to ‘safe’ investments might soon realize that there are unforeseen risks in being extremely risk averse.

Warren Buffett and the Superinvestors of Graham-and-Doddsville: A Performance Update
by Larry Swedroe, 7/12/16
Should advisors expect legendary value investors, like Warren Buffett, to deliver alpha? A look back at Buffett’s 15-year track record, as well as the two funds he identified in 1984 as “superinvestors,” shows that passively managed alternatives offer better prospects for the future.

Last Week’s Highlights on APViewpoint
by Marianne Brunet, 7/12/16
Last week’s top conversations were started by Larry Swedroe, Wade Pfau and Adam Butler. They generated thoughtful discussions on: the myth of private equity and venture capital outperformance; Dimensional Fund Advisors’ target­date retirement income funds; and exposing the “active risks” of passive portfolios.

How Fidelity is Positioning Its Index Fund Offerings
by Robert Huebscher, 7/12/16
Two recent announcements from Fidelity Investments, well-known for its actively managed mutual funds, show that it intends to strengthen its competitive positioning and grow its market share in the index fund business. I spoke with Colby Penzone, the senior vice president for Fidelity’s Investment Products Group, about those announcements.

Municipals: Safe Port in a Storm
by Guy Davidson of AllianceBernstein, 7/11/16
In an uncertain world, safety is in high demand. US municipals benefited from Britain’s contentious vote to exit the European Union. Could anything knock them off course?
Results 2,151–2,200 of 3,303 found.