ETF Deathwatch
There’s been a tsunami of new ETFs coming to market this year, and we all know that tsunamis cause destruction. There have been far too many new ETFs for the market to absorb. My list of ETF IPOs, new ETFs that made their debut in the past six months, currently contains 137 names. The list would...
What Sectors Will Emerge After The Election
If you were looking for a slow news day, you were disappointed. Barack Obama’s held his historic Greek-column-adorned concert last night in front of 84,000 screaming fans. The first African-American candidate from a major political party accepted his party’s nomination as he assured supporters...
Smart Investors: A Contradiction In Terms
There seems to be an underlying assumption in the markets, whether you read the Wall Street Journal or hear the Fed Chairman issuing assurances from on high. That is, professional investors are very smart people. They always make completely rational decisions based upon the best information available....
15 Round Title Fight
This market seems like a middleweight boxing fight – twelve or fifteen rounds of body blow after body blow, with the occasional head butt! Investing today certainly feels like dealing with uppercuts, haymakers, jabs, jukes, and jives, all the while staggering, swaying, ducking, diving, and staying...
The Rich Get Richer – Others, Not So Much
New data from everyone’s favorite agency, the IRS, reveals that in the year 2006 average income in the U.S. has finally caught up with its most recent peak in 2000. Congratulations all around. First a caveat: keep in mind we are talking about income of which the IRS is aware. The off-the-books...
It was another down day at the exchanges. At the close, the Dow had slipped -241 points and the NASDAQ was off -2.0% as well. Stocks fell amid continued problems in the financial sector. And yes, we suffered with you as well. Stocks = Risk It’s hard to admit, but even experienced investment...
Why is Bernanke in Jackson, Wyoming (or is it Jackson Hole)?
I hear Jackson is lovely this time of year. Today, the small town near the Idaho border boasted a sunny 56° with humidity near 15%. In addition to pleasant weather, there’s much to see in this Rocky Mountain playground. Located near the National Elk refuge and just south of Grand Teton National...
Fannie-Freddie and Paulson’s ‘Bazooka’
Amid the recent Fannie Mae (FNM) and Freddie Mac (FRE) fiasco, Secretary of the Treasury Hank Paulson was called before Congress to help stabilize the situation. His plan, backed by the full faith and credit of the Bush Administration, was to extend a blank check to both government sponsored entities...
Inflation is in the Rear View Mirror
The Daily Reckoning used the word hyper-inflation yesterday. They’re not alone. The headlines everywhere are touting… Inflation! Stagflation! High CPI! High PPI! Ignore them. Headlines are misleading. Dig beneath the surface. The other day I was interviewed by the Pittsburgh Post-Gazette....
Some Rare Honesty
Harvard economist Kenneth Rogoff made the headlines today with an interview of unusual clarity. Before we look at what he said, keep in mind that Rogoff is not some kind of crackpot. Prior to joining the Harvard faculty, he was Chief Economist for the International Monetary Fund and before that spent...
