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One of the Most Notable Stories of the Year: Energy Renaissance in the U.S.A.
Only a few years ago, we were contemplating the supply constraints facing the petroleum industry, as many major oil fields around the world were facing a decline in production. Now, with the disruptive technology in shale oil and gas, we may be looking forward to decades of drilling.
Payment Industry - Follow the Money
by Team of Baird Investment Management,
The substantial growth in credit and debit card usage is a multi-decade trend driven by increased global consumer activity and a shift in behavior to less transactions completed by cash or check. As the buzz of the holiday season takes hold, consumers wouldnt think twice about leaving home with just a debit or credit card in hand. The simple act of a purchase followed by swiping a plastic card occurs a staggering several hundred million times each day, with a step up in activity during the holiday season.
The Fed, Inflation, and the Perfect Storm in Gold Miners
Neither hopes of job creation nor fears of inflation (based on the massive expansion of the monetary base since late 2008) have thus far materialized. Total credit creation (i.e. money supply) during most of the last five years either shrank or barely grew despite massive growth in the monetary base. Nominal GDP (growth plus inflation) grows in response to total expansion of credit (both from the Fed and the banking system), not just the monetary base.
How Service Screw-ups Can Create Happier Clients
by Dan Richards,
Companies mess up and let us down. And chances are at some point you’ve dropped the ball with your clients, where an unintended mistake caused frustration and inconvenience. But a recent conversation highlighted a four-step plan to turn service problems into client satisfaction success stories.
Did the Government Shutdown Help the Economy?
Take the government shutdown in October, when the House and Senate fought over the debt ceiling. Economic data wasn?t released, services were halted, national parks were closed, and "non-essential government workers were told to stay home. As a result, GDP was expected to collapse. Yet, data released this week reveal a different, stronger image of the U.S. economy. I think Shakespeare would deem the media?s fear mongering tactics as Much Ado About Nothing.
Running Out of Time
by Jeffrey Saut of Raymond James,
Well, so far the Federal Reserve is winning out over my timing models that continue to suggest caution should be the preferred strategy in the short-term; and last week that strategy was wrong footed as the D-J Industrial Average notched another new all-time high.
Why Investing in High Quality Companies is More Important Today than Ever
by Kendall Anderson of Anderson Griggs,
One of the first rules a new financial advisor learns is that success in the business has nothing to do with how well your clients do in creating or maintaining wealth. Success is measured by how much wealth the advisor creates for him or herself. The same rule extends beyond the local advisor to the great halls of institutional management.
Supersize EM: Obesity Matters for Emerging-Market Investors
by Sammy Suzuki of AllianceBernstein,
Modern lifestyles are closely linked to rising obesity. As emerging markets follow the lead of the US, expanding waistlines could provide a guide to consumption-related investment trends in emerging markets.
The Race is On
Theres a race to the bottom going on, reflecting a widespread reduction in the level of prudence on the part of investors and capital providers. No one can prove at this point that those who participate will be punished, or that their long-run performance wont exceed that of the naysayers. But that is the usual pattern.
Weekly Market Commentary
This particular time of year is often a time of contemplation and reflection. As families and friends gather for the holidays, many pause to consider the year almost past, and perhaps the year to come. Whether its tax-lot accounting for securities bought and sold, or healthcare issues left unattended, or simply holding ourselves accountable for goals unmet, we tackle these issues as an annual right of passage each year.
Understanding the Rise of China
If the sweeping economic reforms planned by Chinese leaders during the Third Plenum can be our guide, it looks to be a promising decade for global investors. Details released this week confirmed President Xi Jinpings concerted efforts to move China toward a market-based economy that mirrors the West.
The Fed and the Economy: Don't Shoot Until You See the Whites of Their Eyes
The Federal Reserve has started to highlight forward guidance as a way to keep interest rates lower for longer and get the exhausted hamster off the treadmill of quantitative easing. We still think tapering remains farther off than most investors expect.
Why I Sell the Dollar: From Dollar Strength to Dollar Weakness
by Axel Merk of Merk Investments,
To those that say the U.S. has the cleanest of the dirty shirts, we would like to point out that it hasnt helped the greenback, as evidenced by the euro outperforming the dollar both so far this year, as well as last year. Yes, we have a mess in the Eurozone that wont be resolved anytime soon. But we also have a mess in the U.S., Japan, and many other places around the globe.
Currency Markets Show Signs of Reversal
by Chris Maxey, Ryan Davis of Fortigent,
A mixture of surprising economic data and changing central bank policy led to sharp moves in currency markets last week. This came after several gyrations in FX markets earlier this year. Looking forward, volatility is likely to remain, but many signs point towards a strengthening U.S. dollar.
Three Ways to Turn Casual Contacts into Clients
by Dan Richards,
Most advisors routinely cross paths with people who are attractive prospects, whether at their golf club, get-togethers with neighbors or through charitable activity in their community. The challenge is how to raise the possibility of working together without appearing to be one of those stereotyped hustlers who give salespeople everywhere a bad name.
Big Ideas in the Big Easy
This is likely a contrarian view to the folks in the White House, but I think investors benefit from being contrarian and thinking differently. In preparation for my presentations in New Orleans as well as for the Metals & Minerals Investment Conference in San Francisco and the Mines and Money in London in a few weeks, I?ve been pulling together this kind of research that we can all put to use now.
Global Inflation: A Mixed Picture
Many investors and global macro economists have been on vigil for a ramp up in global inflation spurred by immense central bank QE and other forms monetary stimulus. All of the money printing from around the globe has helped keep the financial system functioning, and it continues to help weak developed economies get back on firmer growth footing. However, it has not translated to rapidly rising prices for goods and services that many expected.
Letters to the Editor
by Various,
Several readers respond to Bob Veres’ article, Why Deficits Don’t Matter, which was published last week. A reader responds to Adam Apt’s article, Is Gold Overpriced?, which was published Oct. 15, and a reader responds to the commentary, Scrooge McDucks, by Bill Gross of PIMCO, which appeared Oct. 31.
Third Quarter Letter
by Team of Grey Owl Capital Management,
Despite the recent shenanigans in Washington concerning funding the government and raising the debt ceiling, as well as the constant news coverage of the quantitative easing taper that the Federal Reserve may or may not begin, we are going to spare (at least for this quarter) both you and us another long discussion of these very real issues.
The Markets in a Tug of War in the Short Run
As the damage to sentiment that was brought about by the Washington Drama Club, a somewhat cautious number has come about. On October 21, 2013, the Wall Street Journal had an article detailing margin debt hitting new highs which counteracts some of the investor sentiment numbers that are detailed by several sources. To get a better understanding, we ran the margin debt as a percentage of corporate equities over the last 25 years.
The Grand Superstition
by John Hussman of Hussman Funds,
One thing that separates humans from animals is the ability to evaluate whether there is really any actual mechanistic link between cause and effect. When we stop looking for those links, and believe that one thing causes another because it just does we give up the benefits of human intelligence and exchange them for the reflexive impulses of lemmings, sheep, and pigeons.
Why Growth is Deep in the Heart of Texas
TIME Magazine?s cover this week features an engaging collage of the 50 states reassembled to fit within the boundaries of Texas. With a growing number of solid-paying jobs, affordable housing, and low taxes, ?the Lone Star State is America?s Future,? declares economist and writer Tyler Cowen.
Can Kicked Down the Road Once Again...
by Blaine Rollins of 361 Capital,
Donkeys 1, Elephants 0, Congress -535. The can was kicked down the road once again. We would all like to think that Congress will avoid another last minute battle in early 2014, but unfortunately we cant put it past the current list of non-negotiators. The only thing that is certain in the future is that it will be many election cycles before a member of Congress makes it into the World Series of U.S. Presidential ballots.
At 40 I'm Half Dead
So goes comedian Louis CKs bit about hitting middle age. Not old enough for anyone to care that youre old. Not young enough for anyone to be proud of you or impressed. And as we head into the backstretch of this economic cycle, that same cynicism and resignation seems to be settling right in. The glory days of riding the upward slope when almost everything was screamingly cheap in 2009 are behind us.
How Many Monkeys Does it Take to Find a Successful Strategy?
Give a monkey enough darts and she will eventually hit the bulls-eye on a dartboard. We wouldn’t dare consider that monkey an expert dart thrower, but investment professionals have been using essentially that same logic to assert that their strategies ? often called “smart betas” ? will outperform the market. New research exposes the faulty mathematics upon which such claims are based.
ProVise Bullets
Last month, a Wells Fargo/Gallup survey of non-retired investors showed just how lingering the hangover is from the financial crisis five years ago. Much like the Great Depression financially scared their great grandparents and grandparents, the Great Recession is impacting investors expectations about the future.
Trying to Stop a Bull Market Has Risks
U.S. stocks have been on a tear. The S&P 500 Index has climbed a surprising 20 percent so far this year, as a global synchronized recovery takes shape and funds flow back to equities. As I often say, investors take risks when they try to stop a bull run, and plenty of data suggest you might regret taking that action this year.
Just Like Yesterday
In his latest essay, Francois Sicart, Founder and Chairman of Tocqueville Asset Management, with help from Chetan Parikh, of Indias Capital Ideas Online, provides excerpts from and commentary on a 1971 speech by iconic investor David L. Babson. He begins by noting: "It is eerie how timely this speech, delivered 42 years ago, remains today."
ProVise Bullets
Last month, a Wells Fargo/Gallup survey of non-retired investors showed just how lingering the hangover is from the financial crisis five years ago. Much like the Great Depression financially scared their great grandparents and grandparents, the Great Recession is impacting investors expectations about the future. 41% indicated they were concerned about another global crisis during their retirement years, and 28% were convinced they would have a lower standard of living during retirement.
The U.S. Can't Default On Its Debt. Right?
The Treasury Secretary has warned that his agency will exhaust the extraordinary measures it has used to fund the government on October 17. On the Sunday talk shows, he warned of catastrophic consequences if Congress doesnt raise the statutory debt ceiling by then. So, over the next nine days, youll be hearing ominous forecasts of what will happen if the US defaults on its nearly $17 trillion national debt, or even some of it. Sound familiar?
The Market May Be Signaling a Return to a More Typical Recovery
by Whitney George of The Royce Funds,
Despite the Feds indecision about whether or not to taper, we see evidence that business activity is normalizing and the global economy is getting healthier. Co-CIO, Managing Director, and Portfolio Manager Whitney George talks about how economically sensitive sectors have begun to benefit from rising rates in the small-cap rally, how recent news coming out of China has affected certain portfolio investments, where he is currently seeing long-term opportunities, and stocks in which he has high confidence.
Maybe Mark Twain Said It Best...
by Blaine Rollins of 361 Capital,
President Barack Obama and his top economic officials appear to be pushing for some market unrest to exert pressure on the GOP to throw in the towel. Asked in his CNBC interview Wednesday whether Wall Street is right to remain calm over the standoff, Mr. Obama replied: No.
The Only Story in Town
Its strange times in the United States. The government is partially shut down and isnt releasing any statistics. Even John Muir wouldnt be allowed to hike in a national park. All the while, the President and the Treasury Secretary are predicting an economic calamity for the US (and maybe the globe) if the debt ceiling isnt raised. Yet, they refuse to negotiate to prevent that from happen.
Introducing the Tortoise Economy
All things considered, large U.S. companies that operate globally appear to be particularly attractive right now. Because many of these companies are generating significant portions of their sales outside the U.S., investors are effectively getting some international exposure with what I consider to be more-quantifiable risks.
The Fire Fueling Gold
For patient, long-term investors looking for a great portfolio diversifier, a moderate weighting in gold and gold stocks may be just the answer. And, today, when looking across the gold mining industry, you?ll find plenty of companies that have paid attractive dividends, many higher than the 5-year government yield.
The Math is Pretty Straightforward...
by Blaine Rollins of 361 Capital,
Congress and the White House must be pretty fired up that D&D2 started filming last week. The new movie might be the only thing more stupid than our elected leaders failing to negotiate and reach a deal. Most everyone either wants to spend our tax dollars like drunken professional athletes or hold our economy and financial markets hostage via a government shutdown and failure to raise the debt ceiling.
The Key Succession Issues for an Advisory Practice
by Bob Veres,
Succession planning has moved to the top of the practice management priority list for tens of thousands of advisory firms. As the average age of founder/advisors creeps ever closer to traditional retirement age, the profession is asking itself a lot of hard questions about how to keep these businesses alive ? and take care of clients ? after the founder retires.
Results 3,851–3,900
of 4,353 found.
