Underestimating Spending in Retirement (WSJ) The Academic Journal Racket (WSJ) Investors Flee the 2 and 20 Funds (WSJ) Chipotle Jumps into Gourmet Burger Fray (Fortune) London Real Estate on Fire (WSJ) The Death Cross Indicator (Marketwatch) Shale is the Odd Man Out in Oil Reckoning (WSJ) Bond Investors Suck at Math says the Bond King (MarketWatch) Majority of Americans Oppose Nuclear Energy (Gallup) … [Read more...]
Archives for March 2016
The Real POP in Investment Returns, Part II
You knew this was coming. Back in February 2010 I wrote to you about Putnam Investments’ full-page colored ad in the WSJ touting their new Absolute Return Funds. I viewed it as a money gathering scheme that would lag the market. Turns out I was right, as noted in this week’s follow-up in the WSJ. Putnam Investments took a bold step several years ago in naming each of its four “absolute return” mutual funds for a specific performance target. But the Boston asset manager hasn’t often delivered on the funds’ aims of beating the return on cash by one, three, five or seven percentage points a … [Read more...]
Yellen’s Hidden Agenda and What it means for Your Portfolio
Wow! That was a shocker of a speech by the head of the world’s most important central bank. And it has some serious investment implications for you. Yesterday at the Economic Club of New York, Janet Yellen put her true colors on full display for the world to see. Chair Yellen announced that she was an unabashed dove on monetary policy. Easy money is her default stance, and activist policy is her forte. Inflation and employment data—once the justification for years of zero rates and quantitative easing—no longer serve the Fed’s purpose. It’s on to new and different “data” to explain to … [Read more...]
How to Become a Millionaire, Part I
You may look at my headline with a touch of disbelief, and, to be honest, I would most often join you in the disbelief camp. But I can assure you without reservation that the steps I am going to outline for you in my “How to Become a Millionaire” series can be truly transformational for you and your family. I have practiced the program I will outline for you for over four decades. Over the decades, I have taken fewer than a handful of significant losses in my personal account. The last such unpleasant outcome occurred over a half a dozen years ago when I cleared out a portfolio position … [Read more...]
Worthy Reads: The Coming Condo Bust
The Coming Condo Bust (WSJ) Shorts Betting Energy Pain Isn't Over (Bloomberg) Why Trade Critics Are Gaining Traction (WSJ) Will Value Investing Stage a Comeback (Financial Times) The Best States for Survivalists (richardcyoung.com) Yellen's List of Excuses for Easy Money Grows Longer (Bloomberg) … [Read more...]
What I Have Learned from Dick Young
You’ve got mail. It’s always nice to get a gem of an email from a client. E.J. If there is anything I have learned from Dick Young, the most important thing is that it is all about compounding. Please note the attached advertisement from Taylor Cadillac which posted in the latest issue of the Self-Starter, the monthly magazine of the Cadillac-LaSalle Club. This classic example backs up everything Dick has always taught us in his writings. Please pass the article on to him. Regards to Becky and the kids. Happy Easter. … [Read more...]
Worthy Reads: Chinese Pile Into Gold
The Chinese Pile Into Gold (WSJ) Central Banks Can't Save Us (Bloomberg) Markets Say Don't Trust this Rally (WSJ) Debt Buybacks in Vogue (Financial Times) Home Prices up 5.7% (CNBC) The Problem with Discretionary Monetary Policy (Zero Hedge) … [Read more...]
The Monday Melee: Troubling Earnings Season Ahead?
Earnings Could Spoil the Party Wells Fargo analyst, John Manley, CFA writes: I don’t think stock market valuation will be a negative (although it probably won’t be a positive, either). By my count, the current S&P 500 Index price to forward bottom-up consensus earnings expectations is between 15.5 times and 16.5 times. That is also between the 30-year and 20-year trailing average of that number. The good news is that valuations are probably not high enough to offset an improvement in the fundamentals. The bad news is that they are not low enough to support us if those fundamentals turn … [Read more...]
Worthy Reads: The Coming Oil Price Shock?
Why We Could see an Oil Price Shock in 2016 (USA Today) What Wall Street Gets Wrong about Amazon (WSJ) Unconventional Asset Allocation Advice in Retirement (Fortune) Putnam Absolute Return Funds Fail (WSJ) The Next Perfect Banking Storm (Bloomberg) Solar-Panel Installers Face Clouded Future (WSJ) Glamour Can Distract Investors (ETF.com) For Oil Companies, It’s All About the ZIP Code (WSJ) An Unemployment Plan: California Aims for $15 Pay Floor (WSJ) … [Read more...]
How to Become a Millionaire, Part I
You may look at my headline with a touch of disbelief, and, to be honest, I would most often join you in the disbelief camp. But I can assure you without reservation that the steps I am going to outline for you in my “How to Become a Millionaire” series can be truly transformational for you and your family. I have practiced the program I will outline for you for over four decades. Over the decades, I have taken fewer than a handful of significant losses in my personal account. The last such unpleasant outcome occurred over a half a dozen years ago when I cleared out a portfolio position … [Read more...]
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