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How to Create an Outstanding Culture
by Michael Golub of The Golub Group,
How do you create and nurture a truly great company culture? The answer is outstanding ingredients. That is the secret of great wines and also of great company cultures. The people the company draws to itself reflect the values of the company.
Getting Clients to Read Your Emails
by Dan Richards,
Today, we're seeing a sea change in how clients and prospects respond to information. Everyone is swamped by the sheer volume of email and communication. Dan Richards offers suggestions for how to get your emails read and your voice mail returned.
Niall Ferguson on Japan, China, and the US
by Dan Richards,
Harvard's Niall Ferguson is arguably today's leading economic historian. In part two of this interview, Ferguson explains why he fears the future is bleak for Japan, why China may someday be the leading global superpower, and what all this means for the US. We provide a video and a transcript.
Europe: Value or Value Trap?
by Dan Trosch, CFA,
European equities seem much cheaper than in the US, says Dan Trosch of Fortigent in this guest contribution. Europe trades at a 26% Price to Book discount and a 20% Price to Cash Earnings discount to the US. Some European industries and stocks are deservedly cheap and value traps; other industries and stocks are attractive and will benefit from global growth in exports and other macro trends.
Anthony Boeckh on the Great Reflation
by Robert Huebscher,
Tony Boeckh has been the guiding force behind Bank Credit Analyst, and in this interview he discusses his new book, The Great Reflation. Boeckh stakes out a deflationary forecast, and explains how the flow of liquidity in the financial system will determine asset class performance.
The Rise of the Machines
The author comments on recent volatility due to automated trading programs, on unemployment data, and on the European sovereign debt crisis. "The solution appears obvious ? cut spending and reign in entitlement programs," he says. "Will that happen? Well, there certainly is political upheaval around the globe today and most of it is aimed at governments and political leaders."
European Debt Crisis Keeps Expanding
The European sovereign debt crisis will continue to wax and wane, but will stay with us until European governments take much stronger actions to reign in excessive outlays of all types, including social and military spending. The euro and British pound will continue to fall in value versus the U.S. dollar and other better-managed currencies such as the Australian, Canadian and Singapore dollars, the Chinese yuan and the Brazilian real. Guild remains bullish on the strong currencies mentioned above, oil, gold, several Asian markets and exporting companies around the globe.
Lacy Hunt: Keynes was Wrong (and Ricardo was Right)
by Robert Huebscher,
Underpinning the Obama administration's economic policies is the work of John Maynard Keynes, the legendary British economist who called for large fiscal and monetary interventions to counter the Great Depression. On this critical issue, Keynes was wrong, says Lacy Hunt, the internationally renowned economist with Texas-based Hoisington Investment.
Gary Shilling: America?s Lost Decade
by Robert Huebscher,
The US faces 10 years of slow growth and deflation that could rival Japan's "lost decade" - two words which Gary Shilling did not utter but which unmistakably characterize his forecast. Shilling is founder and President of the New Jersey-based economic consulting firm A. Gary Shilling & Co.
Markets Resume Upward Momentum
by Chris Maxey of Fortigent,
It is clear that more and more people are becoming cautiously optimistic about the recovery unfolding around the globe, but a number of risks remain unresolved and will likely stay that way for years to come. That should provide plenty of fodder for both economic pessimists and optimists. Investors should brace for a bevy of news from every angle this week. The Federal Open Market Committee will meet on Tuesday and Wednesday to discuss the latest state of the economy. Expectations are for the fed funds target rate to remain within a range of 0 percent to 0.25 percent.
Investment Implications for Government Policy and Intervention
Government intervention has stabilized the economy, but policymakers must be careful to draw down their interventions before inflation occurs. Although residential real estate has seen its worst days, a wave of high-yield bonds and loans will soon mature, and the banking system must rebound enough to absorb that bubble. Despite these uncertainties, the range of yields and total annual returns among fixed-income sectors provide investors with multiple opportunities. We thank BlackRock for their sponsorship.
Letter to the Editor ? The Interest Rate Debate
by Various,
As a Treasury bond bear of modest conviction, advisor Martin Weil read with interest Gluskin Sheff's David Rosenberg's piece in our April 12 issue. Though providing little data to support his thesis, Rosenberg makes a solid argument for why it is inflation, not supply and demand, that drives Treasury prices and yields. In taking this position, he pits himself against, among others, Jim Grant, with whom he has been carrying on a running debate.
Shameless
by Michael Lewitt,
The fiscal train wreck in the United States has not been set back on the tracks, and the global imbalances that led to the financial crisis have not gone away. Quite to the contrary, writes Michael Lewittin Shameless, the latest edition of his HCM newsletter. In fact, if progress isn't made with respect to these issues, and if intelligent financial reform is not enacted, future instability is guaranteed.
days of dreck
by tom brakke of the research puzzle,
For whatever reason, it seems that hype is in full bloom right now. While evidence supports the view that post-crisis, the average investor has become more cautious, the claims of easily available riches seem to get wilder by the day. What is common among these schemes is that they all use some movement in price to grab the attention of the electronic village, and then the game is on. 'Some movement in price' can be remarkably easy to come by. The really sad part is that these promotional tactics are common and have been adopted to a degree throughout the investment industry.
Comments Before the Money Marketeers Club: Reflections and Ruminations
by Paul McCulley of PIMCO,
In a technical discussion of monetary policy, McCulley argues the 2 percent real federal funds rate constant in the Taylor Rule should be toast. In a world of deleveraging and cash hoarding, it makes absolutely no sense to reward holders of cash with an after-tax real rate of return. May Wall Street relearn the doctrine of profit-motivated stewardship, he says, and unlearn the false god of speculation-driven avarice.
Another Year Older... And Deeper in Debt?
by Isbitts of Emerald Asset Advisors,
Consumers continue to deleverage around the globe, as they have since 2008, and that deleveraging process is the underlying force behind financial markets. Despite the obvious short-term problems for markets everywhere, however, 2010 will be viewed in retrospect as a time for investors with long time horizons to start angling their portfolios toward a more positive long-term return than in the past decade. Continued low interest rates are starting to spark economic growth, and are making 'risk' assets more attractive.
How a Small Change Made a Big Difference
by Dan Richards,
Dan Richards says that when advisors think about ways to drive their business forward, they often look for dramatic initiatives that hit the ball out of the park. Sometimes, though, it is a seemingly mundane change to your routine that delivers the biggest successes. We also have a link to a webcast of this article.
What's Relevant and What's Not
by Michael Golub of The Golub Group,
One investment strategy stands above all others, and that strategy is to buy shares of enduring businesses at discount prices, and to wait for the underlying value to be reflected in the stock price. This is the long-term strategy followed by successful investors such as Warren Buffett and Benjamin Graham. Even though the principles of this strategy are simple, most people lack the essential trait required to follow it to success: the ability or willingness to ignore the short run.
An Open Letter to the President of the United States
Dennis R. Gibb asks President Obama in an open letter to set up a mortgage refinance workout facility administered by existing banks. Between 5 and 7 percent of homeowners are in foreclosure, while another 9 percent are in default. Many homes are now worth less than the principal of their mortgage. Gibbs also offers suggestions for job creation, financial reform and other policy issues.
The Anatomy of a Recovery
by Michael Golub of The Golub Group,
Blue-chip multinationals now face some of the best opportunities we have seen in decades, supported by high corporate cash levels, strong free cash flow generation, expanding profit margins, manageable debt levels, relatively little need to access capital markets to fund growth, attractive valuations, sound management teams and the ability to capitalize on global growth, particularly in emerging markets. Disciplined focus on business fundamentals will be crucial to investor success.
Massachusetts Pensions in Crisis
by Charlie Curnow,
We wrote in the past about the perilous situation of public pension systems nationwide, and the Massachusetts state pension system is no exception. The severe problems Massachusetts faces - created by years of generous worker benefits and declining asset values - mirror challenges faced by many other states.
2010 Outlook: More Growth on the Horizon for Emerging Markets
by Patricia Ribeiro,
Patricia Ribeiro, Vice President and Portfolio Manager for the American Century® Emerging Markets Fund, believes the emerging markets asset class offers short- and long-term growth prospects and diversification benefits at attractive market valuations. In a recent interview, Ms. Ribeiro shared her views on the current state of emerging markets, what lies ahead in 2010, and how her investment team is selecting equities for the fund. We thank American Century for their sponsorship.
The China Conundrum
by Dan Richards,
Few issues divide investors today more than the investment merits of China, despite that country's tremendous potential. China's strong economic performance through the global financial crisis has reinforced this divide. Dan Richards looks at the cases for and against investment in China, and offers his own opinion.
Buffett?s Gold
by Emilio Vargas,
Warren Buffett's valuation of Burlington Northern and his use of arguably cheap Berkshire Hathaway stock to purchase it have created a bit of a cacophony among analysts. It seems to some very un-Buffett-like to pay top dollar for an asset and to use precious equity currency to get a deal done. What does Buffett see that others do not? Oddly, the argument made by gold bugs for their asset of choice may hold the answer.
The Next Black Swan? Underfunded Public Pensions
by Robert Huebscher,
The plights of California and other states reveal an ominous threat our economy faces: underfunded public pension liabilities. We examine the size and scope of this problem, focusing on whether the underlying assumptions used to calculate liabilities are realistic.
Ten Ways to Connect with Your Clients? Children
by Nancy Opiela,
When you work with a top client throughout his or her life, you have an opportunity to ensure that the client's family stays with your firm beyond the current generation. Financial legacies are often lost when wealth passes from generation to generation, so building intergenerational connections can ensure both a successful transfer of assets - and an advisory relationship that endures after your original client passes on.
Think Like a Marine
by David Raileanu,
Retired Marine Patrick Gould has just published a book, Prudent Decision Making in an Imprudent World, and his theories prove useful for understanding decision-making in all arenas, not just those that involve life-and-death decisions. He applies many of his theories of risk, reward, preparation, security, and asset management to the financial world, working from modern portfolio theory and ultimately offering a practical decision method.
Bruce Greenwald on Positioning First Eagle?s Funds
by Robert Huebscher,
Bruce Greenwald is a professor of finance at Columbia, the Director of Research at First Eagle Funds, and a leading expert on value investing. Last week we published part one of our interview, where he discussed the structural problems in the economy and his forecast for higher unemployment. This week he discusses the positioning of First Eagle's investments, and why Warren Buffett's purchase of Burlington Northern was a mistake.
Letter to the Editor - Leveraged and Inverse ETFs
by Various,
Responding to Tom Lydon's article last week, In Defense of Leveraged and Inverse ETFs, a reader says leveraged and inverse ETFs are not aspirins to be sold over the counter; instead, they are prescription drugs that may cause serious adverse effects and thus warrant a black-box warning.
Green Shoots and Head Fakes in Housing
by Robert Huebscher,
The greenest of all green shoots - the recent rise in housing prices - is little more than a mirage, according to Whitney Tilson, founder and CEO of T2 Partners, a New York-based hedge fund and mutual fund manager. "It's likely the news of home price stabilization will turn out to be the mother of all head fakes," Tilson said. He spoke to a group of financial analysts in Boston last week.
Building a Practice in America?s Fastest Dying City
by Robert Huebscher,
While many - perhaps most - advisors use client appreciation programs as part of their marketing efforts, Mo Young has embraced this idea and made it his sole marketing focus. Young's practice is based in Youngstown, Ohio - which has the distinction of losing population more rapidly than any other city in the US - yet Young has added several hundred new clients over the last four years with his strategy.
Letters to the Editor
by Various,
In our letters to the Editor, a reader responds to Dougal Williams' article last week, A Crash Course in Investing: Six Lessons from the Market Meltdown, and other readers respond to our article on Actively Managed TIPS and to an Advisor Market Commentary on healthcare policy.
Three Easy Steps to Effective Networking
by Dan Richards,
For some, breaking the ice when meeting someone new is a daunting task. Many advisors have confessed to Dan Richards that they are not natural salespeople and aren't comfortable talking to people they don't know. Here are three keys to networking effectively when you're in a setting where you're meeting new people.
Some Signs of Life and Hope for a New Recovery
Calamos Investments' co-CIOs John P. Calamos, Sr. and Nick P. Calamos discuss the current market climate, implications of Fed and government actions, and investment opportunities in the shorter- and longer-term. Global governmental policies have restored a degree of confidence in the financial markets and many key financial metrics are back to pre-Lehman levels. Many investment opportunities will be available in the future. We thank them for their sponsorship.
Getting Prospecting into First Gear
by Dan Richards,
"A year ago, all kinds of new clients were coming on board - I was firing on all cylinders" a veteran advisor told Dan Richards recently. "Today, I'm having trouble getting prospecting into first gear. I feel like I'm stuck in a rut and I'm not sure how to get out." Dan sketched out a plan for two low cost prospecting lunches, with six simple steps taking ten to twelve hours per lunch.
In Search of Unconventional Thinking
by Dan Richards,
Astute investors search out insights that aren't reflected in stock prices. For this to work, though, you have to be prepared to differ from the pack and defy conventional thinking - once an idea enters the mainstream, it no longer gives you an edge. Dan Richards discusses some important positive ideas that unconventional thinking elicits from the news and analysis presented in traditional media.
Simon Johnson on Obama?s Achilles Heel
by Eric Uhlfelder,
While he agrees with much of what the US administration is doing to confront the economic crisis, Simon Johnson, the former chief economist of the International Monetary Fund, fears that present policy is not addressing a key issue: the overwhelming influence of the finance industry in US economic affairs. He likens this imbalance to what we see at the core of many emerging markets crises.
Developing an Optimistic Outlook
by Dan Richards,
An optimistic outlook is the most important trait advisors can bring to the job. Overcoming a negative mindset is the necessary first step that makes everything else we do possible. Dan Richards shows how to put explicit strategies in place to stay motivated - for most of us, motivation doesn't happen unless we make it happen.
Results 4,301–4,350
of 4,353 found.
