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Results 3,951–4,000
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Gundlach ? Dont Sell Your Bonds
by Robert Huebscher,
Dont sell your bonds just yet, according to Jeffrey Gundlach. Global economic growth is slowing, he said, and the U.S. will be competing for a larger slice of a shrinking worldwide pie. A weaker economy dims the prospects for higher interest rates. The benchmark 10-year Treasury yield ? currently 2.08% ? will be 1.70% by the end of the year, according to Gundlach, providing profits for holders of long-term bonds.
How Specialist Advisors Earn Twice as Much
by Dan Richards,
In any profession ? medicine, dentistry, law, accounting ? the average income for specialists is more than double that of generalists with the same years of experience. My experience with successful financial advisors who’ve built a niche practice confirms this, but first they had to overcome three common myths about developing a niche positioning.
Letters to the Editor
by Various,
A number of readers responded to Adam Kanzer’s article, Exposing False Claims about Socially Responsible Investing, which appeared last week. Kanzer’s article was in response to Adam Apt’s article, Measuring the Cost of Socially Responsible Investing, which appeared the week before. Several readers responded to other articles as well.
Growth in GDP, A Quick Look at Droughts (Yes, Drought) and Pension Data
by Gregg Bienstock of Lumesis,
Im simply not going to take the bait and respond to the Employment Situation report. Regular readers know my thoughts around this monthly report that garners way too much attention (take a look back at the May 6 commentary and others around employment data). This week I focus on how and where State economies are growing, remind you of the availability of some critical data points and pass on some observations and opportunities around Pension data.
2009 vs. 2013
by John Hussman of Hussman Funds,
One of the most strongly held beliefs of investors here is the notion that it is inappropriate to Fight the Fed reflecting the view that Federal Reserve easing is sufficient to keep stocks not only elevated, but rising. Whats baffling about this is that the last two 50% market declines both the 2001-2002 plunge and the 2008-2009 plunge occurred in environments of aggressive, persistent Federal Reserve easing.
Harleys and Leather Jackets
We are just about done with Proxy Season and with summer in full swing, there is nothing more that we would like to do than kick back and indulge in the 75 pages of shame, greed, ignorance, and political correctness-with only the occasional bright light of shareholder friendly corporate governance-that make up SEC Form 14A, aka the Proxy Statement. I would postulate that this document remains an underrated and under-read part of the investment puzzle as it is the factual record of managements incentives.
Woody Brocks Challenge to Krugman and the Keynesians
by Bob Veres,
A polarizing choice confronts policymakers. Either they side with Paul Krugman and the Keynesians, and advocate for aggressive fiscal measures to stimulate Americas economic growth rate, or they align themselves with the so-called austerians, who argue that budget cutbacks are necessary to eliminate deficits. A third option is rarely discussed. Its most outspoken proponent, Horace Woody Brock, says that America should continue to borrow, but spend wisely ? and develop new policy instruments that would eliminate asset bubbles and stimulate economic activity.
What's the Answer to Unprecedented Policies and Ultralow Rates?
So what?s the answer to unprecedented central bank policies that have been driving stocks higher and ultralow rates? I believe investors need to stick to a strategy that includes dividend-paying stocks that offer the opportunity for both income and growth.
And That's the Week That Was
by Ron Brounes of Brounes & Associates,
All good things must come to an end (hopefully just temporarily). After a nice month-long weekly winning streak, stocks gave back some ground as investors over-analyzed Fed comments and worried about future monetary policy. (The stimulus will end at some pointthats not necessarily a bad thing.) Japan took the over-analysis the hardest as its market suffered a serious setback, though the rally for the year had been significant and some watchers expected a pullback at some point (just not all in one day).
Are We There Yet?
I started writing my first book, Active Value Investing: Making Money in Range-Bound Markets, in 2005; finished it in 2007; and published the second, an abridged version of the first (The Little Book of Sideways Markets), in 2010. In both books I made the case that there is a very high probability that we are in the midst of a secular sideways market a market that goes up and down, with a lot of cyclical volatility, but ends up going nowhere for a long time.
State and Local Pensions: What Now?
by John Minahan,
Alicia Munnell’s book, State and Local Pensions: What Now? is a comprehensive introduction to public pension funds for the newcomer and a useful reference for seasoned professionals. Munnell stakes out a position on an important debate between economists and actuaries regarding liability valuation, and develops a background narrative portraying economists as impulsive, argumentative and clueless.
Cyprus and the Eurozone...Still Stuck in the Middle
The debt crisis in the Eurozone turned another chapter as Cyprus finally reached the point of requiring a bailout from the European Union. The wisdom of Gerry Raffertys hit song Stuck in the Middle with You which was written in 1973, rings true today as we watch the EU and the European Central Bank navigate the mess in Europe. With each attempt at containment, there appears some plot twist, the proposed Cyprus bank bailout is no exception. While the bailout of Cyprus and its banks is not large in size, only 10 billion, relative to the Cyprus economy, it is significant.
Malaysia's Post-Election Investment Outlook
by Scott Klimo of Saturna Capital,
Earlier this year we identified ASEAN as the most attractive region within the emerging markets universe. That prediction has proved accurate. Market indices (USD returns) year-to-date through April in the Philippines, Thailand, and Indonesia are 23%, 22%, and 16%, respectively. Singapore (which we do not consider an emerging market) gained 6%, while Malaysia rose only 3.9%. So whats the outlook for Malaysia?
A Cry for Help from Income Investors
Confronted with the stark realities of income investing now, affluent investors all over the world are rethinking their approach, notes Legg Mason’s just-released Global Income Survey. Yet the Survey also found income investors hungry for more knowledge and ideas -- creating opportunities for savvy financial advisors.
Do Annuities Reduce Bequest Values?
by Joe Tomlinson,
The widely held view that annuities reduce bequest values is too narrow. Adjustments can be made in retirement portfolios to reduce retirement risk without sacrificing the value of ones bequest. Heres how retirees can purchase annuities, adjust allocations in remaining assets and achieve improved retirement outcomes.
Global Real Estate Is Hot Again, but Where Are the Best Opportunities?
by Joe Rodriguez of Invesco,
In this low interest rate environment, yield-hungry investors have been moving out of bonds, and many are opting for real estate investment opportunities. Combine that with a structural undersupply of institutional quality real estate in many key cities across the globe, and an attractive case for investment starts to emerge. Heres where we see the most attractive and promising opportunities by region this year.
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?
Where Are the Bears? Evidence vs. Anecdotes in Assessing Market Sentiment Over a Full Market Cycle
Imagine the stock market as a national park with just three kinds of animals: bulls, bears, and pigs. The saying bulls make money, bears make money, pigs get slaughtered conveys the idea that one can be bullish or bearish and be successful depending on the market environment, whereas greedy pigs are almost always set up for catastrophe.
Guide to Working with Monetary Napalm
Napalm is a highly incendiary form of jellied fuel. It was used extensively in the Vietnam War to quickly ignite massive fires over large areas of land. In the world of financial incendiaries, the Feds overwhelming monetary stimulus has ignited asset prices in the United States with the force and effectiveness of napalm. Is the fire short lived? Are the gains in asset prices temporary or can they be believed? Are the housing and stock markets on fire just because of the Feds quantitative easing (QE) or could there be a much more fundamental reason?
New Normal ... Morphing
by Mohamed El-Erian of PIMCO,
The New Normal has morphed to include consequential elements of a "stable disequilibrium." In the midst of notable multi-speed dynamics, the global economy as a whole is muddling along a road that will give way over the next three to five years to one of two stark alternatives: either sustainable global growth, institutional and political renewal in the West and safe deleveraging; or growth shortfalls that cause financial instability, fuel greater social tensions, accentuate political dysfunctions and complicate debt traps.
An Idea Around Disclosure and Something to Consider on Pension Reform
by Gregg Bienstock of Lumesis,
A fair amount was written this week regarding the SEC Cease and Desist Order against the City of Harrisburg (Order) and, while certainly not privy to all that was said, we want to take a slightly different perspective. Before getting there, a very brief summation of the Legal Discussion from the Order and the SECs Report of Investigation (Report).
Monthly Letter to Our Clients and Friends
by Kendall Anderson of Anderson Griggs,
It has been years since we have seen new highs on the Dow Jones Industrial Average and the S&P 500. Although the wait can be traumatizing, its nice to get proof that market prices ultimately recognize growth of business value.
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.
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.
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.
Asia's Resource Riches vs. Reform
by Sharat Shroff of Matthews Asia,
In recent years, the rate of acquisitions of local Asian firms by multinational companies has generally increased, particularly in China. This has happened across many industries such as industrials, medical devices and consumer staples. In many cases, if the multinational firms are not acquiring an entire company outright, they are taking a controlling stake, rather than a minority stake as a passive shareholder.
The Best Solution for Protecting Retirement Portfolios: Put and Call Options versus GLWBs
by Joe Tomlinson,
Retirees cannot be exposed to severe ? or even modest ? market losses. They need to protect their savings in a cost-effective manner. I will compare the projected outcomes for two types of strategies: options, which can reduce volatility, and products that guarantee lifetime income, such as variable annuities with guaranteed lifetime withdrawal benefits.
Zebras?!
by Jeffrey Saut of Raymond James,
We saw many outside zebras gorging themselves on stocks in late 2007 as the D-J Industrial Average (DJIA) made a new all-time high and then registered a Dow Theory sell signal in November 2007. Subsequently, those outside zebras ended up as lion lunch when the senior index shed an eye-popping 53% over the ensuing 17 months.
Developed Asia Pacific: Regional Economic Review
by Team of Thomas White International,
After facing subdued economic conditions for the most part of 2012, developed Asia Pacific economies started 2013 on a cautious note. While most countries opined that downside risk to GDP growth declined substantially, challenges to growth arose from a recessionary scenario in key developed economies, especially from the European Union.
A Playbook for Investors: How to Shoot, Score, Win
So, in the competitive spirit of the NBA playoff season, I?ve gathered a series of plays that investors can use to shoot, score and win during this year?s market. I?m happy to say they include all the elements of an exciting game, including a comeback kid, an upset and an underdog.
Changing the Conversation
by Peter Schiff of Euro Pacific Capital,
It has been estimated that if the government used the same methodology to measure inflation that it used during the 1980s, we would be currently dealing with official inflation that would be many times higher than todays official 1.5% rate. But now the government appears ready to distort the figures even further.
Value Investing and the Philosopher's Stone
When J.K. Rowling finished her first manuscript of Harry Potter and the Philosophers Stone in 1995, she submitted it to 12 publishers, who all rejected the book. In time, those publishers would regret missing the chance to back an unknown author who would later take the world by storm. Like the publishers who passed over Harry Potter, we believe that many investors today risk missing a historic opportunity to invest against the grain in attractively valued stocks across the globe.
Q1 2013 Market Commentary
The country now in the news is tiny Cyprus, which received a bailout for its banks from the European Union (EU), but only after agreeing to steep losses for those banks large depositors. Hitting up bank deposits represents a new dimension to the European debt crisis and illustrates how in a crisis, leaders can and often will resort to whatever means are necessary. When the Cypriots first requested a bailout from the EU and were told their depositors had to suffer, they balked and said that was unacceptable...
Surf's Up!
by Jeffrey Saut of Raymond James,
Last month I was reminded of Surfs Up! while rereading said report from my departed friend Stan Salvigsen of Comstock Partners fame. While that is the organization Stan, Michael Aronstein, and Charles Minter formed in the late 1980s, Stans investment career actually began in 1964 as an analyst with the Value Line Investment Survey. Subsequently, he was an equity strategist at a succession of firms, including Dreyfus, Oppenheimer, C. J. Lawrence, and Merrill Lynch.
Will Abenomics' Ensure Japan's Revival?
by Team of Thomas White International,
According to a World Bank (WB) report, global growth in 2013 will remain sluggish as economic recovery in the developed nations is likely to be slow. Lower business and consumer confidence, government spending cuts, as well as high rates of unemployment may delay the recovery, the report says. The report has also noted that developing nations may experience slower growth due to structural and monetary policy challenges.
The 5% Problem: Double Jeopardy for Traditional Bond Investors
by Nathan Rowader of Forward Management,
Investors have suffered with low yields, but profited from rising bond values during the 30-year bull market for bonds. We believe the bond market is moving into a bearish phase, putting the value of existing bond holdings at risk. A variety of income-producing options are available for those who want to diversify bond portfolios and seek better yields. Historical analysis shows that a diversified portfolio would have outperformed traditional bonds during the last bear bond market and in periods of rising interest rates.
An Awesome Gift For Your Kids, Grandkids, or You
This week, I veer from our usual economic and investment themes to tell you about what I believe is one of the greatest gifts you can ever give your children, grandchildren or others who are dear to you (or maybe even yourself). What I am about to describe is something that has literally changed the lives of dozens of my friends and relatives over the last 30+ years.
Middle East/Africa: Regional Economic Review
by Team of Thomas White International,
According to a World Bank (WB) report, global growth in 2013 will remain sluggish as economic recovery in the developed nations is likely to be slow. Lower business and consumer confidence, government spending cuts, as well as high rates of unemployment may delay the recovery, the report says. The report has also noted that developing nations may experience slower growth due to structural and monetary policy challenges.
Results 3,951–4,000
of 4,316 found.
