A Unique Muni ETF (PRB)
We live in interesting times. Despite hundreds of billions in government stimulus, the markets could not be saved. Though all the king’s horses and all the king’s men attempted to piece together some confidence in the indexes, it wasn’t enough. The Dow and S&P are in the process...
Deflation v Inflation
The most frequent question we receive regards inflation. We think that massive government stimulus packages, bank bailouts, ramped-up fed lending facilities, and other similar plans from governments and central banks in Europe and the U.S. will ultimately cause hyperinflation. The derivative question...
Feeling Bad? At Least We’re Not Japan
Feeling a bit down? What happened in the pit of your stomach the last time you saw your statements? Did you already decide you won’t be able to retire in the next 5 years? Just a couple of years ago, you were counting down the weeks until you could leave office politics behind for a cozy home backing...
Understanding the Stimulus
Someone sent me this story by e-mail. I’ll bet it is circulating widely by now. In case you haven’t seen, here is an excellent explanation of why “economic stimulus” is a silly idea. Shortly after class, an economics student approaches his economics professor and says, “I...
Please Put This ETF Out of Its Misery
As I look at my quote screen, I see Claymore US Capital Markets Bond ETF (UBD) with a bid of $44.02 and an ask of $47.99 – just a little ol’ 9% bid/ask spread. However, looking at the depth reveals more: There are only 100 shares available on either side of that that spread. The next...
Another New Bond ETF: ITR
If it seems to you that a high proportion of new ETFs launched recently are bond funds, then you are not mistaken. Of the 15 new exchange traded products introduced so far in 2009, seven of them have been bond ETFs. SPDR Barclays Capital Intermediate Term Credit Bond ETF (ITR) began trading yesterday...
A Bond Fund for Uncertain Times (PTTDX)
On Tuesday President Obama told ABC’s Nightline, “Wall Street, I think, is hoping for an easy way out of this thing and there is no easy way out.” Although he’s pushing a nearly trillion dollar stimulus package, the newly-elected chief executive is still suggesting tough times...
Not a Touchdown, Timmy!
What an appalling day. Our U.S. Treasury Secretary, Timothy Geithner (aka Turbo Tax Timmy – I like that moniker), tells us how the Treasury is fully on the crime scene today, with additional capital injections and some sort of murky public/private program to buy toxic assets. All this noise sounds...
Stressed Banks Need No Test
Today the new Treasury Secretary, Tim Geithner, unveiled the administration’s New & Improved but remarkably non-specific plan to save the banks from themselves. It is simply more of the same throw-money-at-the-banks strategy the Bush team tried last fall. It didn’t work then, and it won’t...
Lifetime ETF Death Toll Climbs to 85
Yesterday, February 9, was the last day of trading for the 17 NETS brand ETFs from Northern Trust. If you have not sold your shares by now, then you get to experience the liquidation process first hand. Northern Trust previously stated its intent to pay all remaining shareholders on February 20,...
