Tag Archives: Financial Media

Employment-to-Pop and CAPE Updates

Readers know there are two statistics that have caused me to worry for the past few years about the health of the economy and the market. The first statistic is a macroeconomic indicator called the Employment-to-Population Ratio (E/Pop, to distinguish … Continue reading

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Natixis Sees a Lack of Realism in Individual Investor Expectations

Natixis published its fourth Global Survey of Individual Investors today. They reached 7,000 investors in 17 countries. http://ngam.natixis.com/docs/265/1012/2015%20Individual%20Investor%20Survey%20white%20paper_FINAL,0.pdf Many of the findings show that individuals are unrealistic and confused. Individual investors say they need 9.7% returns above inflation to meet their … Continue reading

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Profoundly Unpopular: Finding Bargains Among the Unloved or Unknown

Jason Zweig has produced another excellent column exposing truths that hide in plain sight. If you want to buy a dollar of free cash flow for less than one dollar, you are probably not going to find it among the … Continue reading

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“Continued Signs of Financial Market Excess”

From a report on CNBC.com (http://www.cnbc.com/id/102009066): “There was one additional dissenter for the September statement. Philadelphia Fed President Charles Plosser voted against the position in July, and he was joined this month by Dallas Fed President Richard Fisher. ‘President Fisher … Continue reading

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There was No “De-Leveraging”

Ray Dalio of Bridgewater is fond of calling our government bailout a “beautiful deleveraging” (http://www.bwater.com/Uploads/FileManager/research/deleveraging/an-in-depth-look-at-deleveragings–ray-dalio-bridgewater.pdf) probably because he bet correctly that the flood of liquidity would lift all boats in the short run. But, I have been arguing the point in … Continue reading

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How Safe are the Assets that You Trusted to Your Custodian? Jason Zweig

I am a risk manager and credit analyst by training (actually, I think I was born that way), so when I created my hedge fund over three years ago, one of the first questions I asked the partner of (large, … Continue reading

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The Equity Market Annual Return Histogram Updated for 2012

Better late than never. I have updated the equity market annual return histogram for the 16.00% total return generated by the S&P 500 index in 2012. As Michael Mauboussin says, when understanding an investment idea, we should try take an outsider’s … Continue reading

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Top Five Articles from June | Enterprising Investor

Top Five Articles from June | Enterprising Investor. Good Stuff… Continue reading

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My Risk Literacy Test Results (w/ Link)

At the prompting of the Wall Street Journal’s Jason Zweig through a LinkedIn update, I decided to take a risk literacy test that he discovered. I am proud of my results because I take pride in my risk management skills … Continue reading

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Jason Zweig’s New Column on Facebook’s Valuation

The WSJ published today another excellent Intelligent Investor column by Jason Zweig. Today’s piece was on the lure of high-growth, publicly-traded companies (“Glamour Stocks” as Lakonishok, et al. described them) and the probable investor disappointment with Glamour Stocks’ returns. Today’s … Continue reading

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