A Great Third Quarter

It was a great third quarter and I’m happy that we will soon be reporting some excellent numbers. Many of our clients tend to view their results in the context of their monthly statements, however, the quarter offers a different, longer-term (but not long term) view of the world. I thought I would offer a…

The Fight in Dollars

In September alone, the U.S. dollar was down 6% which is an annualized loss of 51%. This has led to big precious metals gains for the month as gold advanced 6% and silver soared 13%! The Federal Reserve has continued to monetize debt through permanent open market operations (POMOs) with dollar depreciation and asset inflation…

An Interesting Discussion About Quant

I sometimes have the privilege of hearing from my colleagues in the money management community about the views expressed in my book, Buy and Hold is Dead (Again), as well as other articles that have been published in a variety of professional magazines and journals. The most recent correspondence I’ve enjoyed is with Brian Schreiner,…

Confidence Not Cooperating

Improving confidence is typically seen as an important ingredient for a lasting economic expansion. This morning, the Conference Board released their monthly survey of consumer confidence, and it showed a decline to 48.5, the worst reading in seven months. Both of the main sub-components of the index fell to their lowest levels since February.

Investing or Gambling?

I just returned from a weekend in Atlantic City where I was the guest of a fellow Rotarian, David. David would scoff at the notion that he is a “high roller,” but he does have Seven Star status at Harrah’s casino in AC and without knowing the details, you have to spend a lot of…

Rise of the Machines

In our monthly Investment Committee meeting this week, Ken brought up High Frequency Trading (HFT) as a topic of discussion (using the very witty title I have borrowed for this post). For those of you who do not know about HFT, it is a combination of trading strategies using computer algorithms to make profits on…

No QE 2 for Now

This afternoon brought the latest statement from the Federal Reserve, and the big news is that they’ve decided not to implement any additional quantitative easing (QE) measures for the time being. The 9% stock market rally so far this month has been partly attributed to investors anticipating the possibility that the Fed would unveil a…