July 21, 2008
"Two Boring Weeks… Like Watching Paint Dry"
If you happened to be on vacation the past two weeks and did yourself the ultimate favor of ignoring newspapers, radio, CNBC, network nightly newscasts (and perhaps your favorite bartender if you have one) you might have concluded that so far, July has been slow and boring.
July 7, 2008
"Return of the Bear"
US markets ended the shortened July 4th trading week on a positive note — a needed respite from the carnage in the markets we’ve seen the past two weeks. At least temporarily though, the bear is back, as the Dow Jones Industrial Average and NASDAQ Composite officially reached bear market status on Wednesday July 2nd.
24 June 2008
"Déjà vu All Over Again" (PDF)
While oil swings and fallout from the credit crunch will continue to pressure markets and contribute to the roller coaster ride, it’s important for investors to take a step back, think about where we’ve been the past couple of years, and recognize that issues in the markets do ultimately work themselves out...
24 March 2008
"The Quick Case for International Diversification" (PDF)
Depending on which financial pundits’ theories one subscribes to, investing internationally either offers the greatest method to both diversify an investment portfolio and potentially capture outsized returns, or is completely ineffective at providing any measurable benefit whatsoever...
22 February 2008
"History May not Repeat Itself, but it does Rhyme a Lot" (PDF)
"Recession" remains the hottest, and perhaps most frightening buzzword in the financial press these days; the fear of which has resulted in growing bearish sentiment...
8 February 2008
"Looking Back: Equity Market Performance Following Rate Cuts" (PDF)
There’s no secret that the equity markets love it when the Federal Reserve cuts interest rates, even more so when the size of the cut equals or exceeds the Street’s expectations...
10 December 2007
"Why is the Dollar Sinking?" (PDF)
The US dollar has depreciated in recent years relative to a broad basket of foreign currencies...
23 November 2007
"Ladies and Gentlemen: Goldilocks has Left the Building" (PDF)
To the casual observer, the U.S. economy is humming along. Growth in real GDP in the second and third quarters averaged nearly 4% at an annual rate, well above the economy’s long-run potential by most estimates...
31 July 2007
"The Markets are at it again: Keeping Volatility in Perspective" (PDF)
Last week’s market action was permeated by the typical fears and concerns that many investors focus on when the markets take a breather...
2 July 2007
"Insistence on Persistence" (PDF)
Most investors value consistency, and would prefer that the stock market return 11% year in and year out with little to no fluctuation, rather than average 11% with a great degree of volatility from year to year...
15 May 2007
"Hare vs Tortoise" (PDF)
As human beings, we like to group things into boxes, so the introduction of style boxes and their inherent simplicity resonated with the investment community...
30 April 2007
"Anxious Investor" (PDF)
“When you get this far away from a recession invariably forces build up for the next recession, and indeed we are beginning to see that sign…”
- Alan Greenspan speaking to an investor group in February
March 2007
"Where to Find Alpha in 2007?" (PDF)
Against a backdrop of relatively robust economic data and seemingly insatiable investor risk appetites, most asset classes posted yet another year of strong gains in 2006...
23 February 2007
"Once Again - Timing Counts!" (PDF)
Investors beware - especially those who consume mass-media personal financial publicaations while subscribing to conventional investment wisdom...
8 February 2007
"Caveat Emptor" (PDF)
Consumers in the consumer-driven U.S. economy are keenly aware of the costs of almost everything. We scour malls, searching for the best deals on electronics, cars, clothing and even more mundane items such as gasoline and groceries; we flock to stores for advertised sales and use coupons to save a dollar here and there...
11 January 2007
"Active vs. Passive - the Debate Continues" (PDF)
These days, investors are inundated with information touting the benefits of Exchange Traded Funds (ETFs), index funds and passive investing in general. It seems that some investors have arrived at the conclusion that few, if any active managers can outperform market benchmarks after fees...
6 December 2006
"A Penny Saved" (PDF)
For years, economic pundits and financial commentators alike have expressed concern over the extremely lowpersonal savings rate in the US. Defined as the amount individuals save as a percentage of their disposable income, this measure has actually been in negative territory for six consecutive quarters, for the first time since the Great Depression. At least on the surface, individuals are spending more than they are earning...