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Archives for July 2011

What we’re Reading 7-29-11

July 29, 2011 By Young Research

Conditions for the next crisis are firmly in place Financial Times Larry Summers the Cable Guy The WSJ The End of the Growth Consensus  The WSJ How Spending Cuts—Not Higher Taxes—Saved Canada The WSJ Obama's Debt-Ceiling Scare Tactics The WSJ Why the Fed Is Not Independent The WSJ … [Read more...]

More Alarming than the Debt Ceiling Debate

July 27, 2011 By Jeremy Jones, CFA

While the financial press and many market participants are focused on the debt ceiling issue in the U.S., an equally if even more alarming issue is developing in Europe. After retreating following the latest Greek bailout, Spanish and Italian government bond yields are again rising. Yields and spreads are now only a few basis points away from their pre-bailout highs. It would seem that Europe’s latest attempt at a solution to the sovereign debt crisis hasn’t convinced market participants. Bond yields near 6% in economies that are expected to grow at less than half that rate in 2011 are … [Read more...]

Housing Prices Still in the Tank

July 26, 2011 By Jeremy Jones, CFA

The S&P Case-Shiller home price indices were released this morning. On a non–seasonally adjusted basis, home prices rose for a second consecutive month in May, but are still down 4.5% over the last 12 months. After adjusting for seasonality, home prices are down slightly in May. The Case-Shiller 20-city composite has now fallen in 11 of the last 12 months. To get a better look at the breadth of home prices we’ve set up one-month and six-month diffusion indices of the Case-Shiller 20-city composite. Our diffusion indices measure the percentage of cities in the index showing a gain in … [Read more...]

The Gloves are Coming Off

July 26, 2011 By Jeremy Jones, CFA

Below are two excerpts from Wynn Resorts latest conference call. The speaker is Stephen Wynn the company’s Chairman and CEO. Rarely do you hear so much candor out of the C-suite of one of America’s leading firms. It’s quite refreshing.  On Pricing “It’s where they are and who are the people that are staying in the hotel, and why they’re staying in the hotel that make the difference competitively and create the franchise in our business.” “We did not lower our rates like some of our competitors did. We’ve come to the conclusion here, incidentally, I’d like to add this parenthetically, … [Read more...]

Where It’s Expensive to Die

July 26, 2011 By E.J. Smith

According to Forbes.com: As of June 10, 2011, the District of Columbia and 22 states imposed estate and/or inheritance taxes. Illinois is the latest of the states to adopt a tax; it acted in January. In May Connecticut lowered the amount it exempts from its tax from $3.5 million to $2 million per estate, retroactive to Jan. 1. (As in the federal system, bequests to a spouse are state-estate-tax-free.) States with estate taxes typically exempt $1 million or less per estate from their tax and impose a top rate of 16%. Six states levy only an inheritance tax, with the rate depending on the … [Read more...]

Rail Stock Divergence

July 21, 2011 By Jeremy Jones, CFA

The Association of American Railroads (AAR) put out its weekly rail traffic report today. For the week ending July 16, total carloads fell 0.3% compared to the same week last year. The AAR’s weekly rail traffic data is famously noisy. To get a better read on the underlying trend in rail traffic, it is useful to adjust the data. In the first chart below, you are looking at the year-to-year rate of change of the 13-week moving average in both total carloads and cyclical carloads. Both series have dipped into negative territory. The next chart shows the four-week moving average of total carloads … [Read more...]

It’s the Spending, Stupid

July 20, 2011 By Jeremy Jones, CFA

Just in case you needed more evidence of the seriousness of the federal deficit, these two charts provide some historical perspective. The first chart shows the federal deficit as a percentage of GDP since 1930. The deficit as a percentage of GDP is at a post–World War II record. This administration and Congress are running deficits that are twice as high as those run by FDR during the Great Depression. The profligacy is truly staggering. How did we get here? Is the federal government spending too much or taxing too little? Let’s start with revenues. Revenues as a percentage of GDP are … [Read more...]

Baby Boomers Place Their Bets

July 19, 2011 By E.J. Smith

You may be surprised at how ill prepared baby boomers are for retirement. In his  Wall Street Journal article “Retiring Boomers Find 401(k) Plans Fall Short,” E.S. Browning writes:         The median household headed by a person aged 60 to 62 with a 401(k) account has less than one-quarter of what is needed in that account to maintain its standard of living in retirement, according to data compiled by the Federal Reserve and analyzed by the Center for Retirement Research at Boston College for The Wall Street Journal. Even counting Social Security and any pensions or other savings, most 401(k) … [Read more...]

Consumer Sentiment Sinks

July 15, 2011 By Jeremy Jones, CFA

The Reuters/University of Michigan Survey of Consumer Sentiment plummeted to a post-recovery low of 63.8 in July. According to Bloomberg, economists were projecting a level of 72. The expectations component of the index, which asks consumers about their outlook over the coming 12 months, also fell to a post-recovery low. You can see in Young Research's chart above that sentiment is now clearly rolling over. But the weakness in the Michigan survey is contrary to what the stock market is saying about sentiment. The S&P 500 Consumer Discretionary Index hit a new all-time high this … [Read more...]

Are You Financially Prepared for Retirement?

July 14, 2011 By Jeremy Jones, CFA

I just finished wading through the Employee Benefit Research Institute (EBRI) 2011 Retirement Confidence Survey (RCS). My findings are problematic. The EBRI is a private, non-profit, nonpartisan public-policy market research firm.  The 2011 RCS is the EBRI’s 21st annual retirement survey. The survey attempts to measure the attitudes of working-age and retired Americans regarding retirement, their preparation for retirement, and their confidence in various aspects of retirement. It is based on an interview of more than 1,200 individuals over 25 years old. The survey’s margin of error is +/- … [Read more...]

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