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Fund Underperformance Takes Its Toll On Investors

March 31, 2015

S&P Dow Jones Indices – SPIVA U.S. Scorecard Starting with this scorecard, S&P Dow Jones Indices has begun reporting the relative out performance or underperformance of actively managed funds against their respective benchmarks over a 10-year investment horizon. The S&P 500 had its third straight year of double-digit gains in 2014, returning 13.69% (returns were… Continue reading Fund Underperformance Takes Its Toll On Investors

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More on Poor Earnings

March 31, 2015

<Click on graphic for larger image> Bloomberg – S&P 500 Profit Reversals Hard to Stop as Bad Quarters Add Up Analysts predict Standard & Poor’s 500 Index profits are about to decrease for three straight quarters. Investors better hope th ey don’t. History shows that once earnings drop for that long, they almost always keep… Continue reading More on Poor Earnings

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More On Ben’s Blog

March 31, 2015

The Financial Times – Matthew C. Klein: Did Bernanke forget about QE? The words “quantitative” and “asset” don’t appear anywhere in Bernanke’s post. Now, it’s possible (likely, even) that Bernanke considers the Fed’s balance sheet programmes as part and parcel of bringing actual interest rates closer to the “level consistent with the healthy operation of… Continue reading More On Ben’s Blog

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Kevin Warsh Speaks

March 31, 2015

Zero Hedge – Former Fed Governor Admits Market Controlling The Fed Is A “Very Dangerous Development” according to former Fed Governor Kevin Warsh … “The markets think they have Yellen’s number,” that she will never allow markets to go down, Warsh warns “that is a very dangerous development.” We must stop QE, Warsh chides, as… Continue reading Kevin Warsh Speaks

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Newsclips

China’s Parabolic Stock Market

March 31, 2015

<Click on chart for larger image> Wonkblog (WP blog) – China’s stock market sure looks like a bubble China’s housing bubble is starting to pop, so, right on cue, its stock bubble is starting to re-inflate. Now they’re nowhere near their 2007 highs—in fact, they’re barely halfway there—but Chinese stocks are still looking plenty frothy… Continue reading China’s Parabolic Stock Market

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Piling Into Junk

March 31, 2015

<Click on chart for larger image> CNBC – Jumping on junk: Investors crazy for high yield bonds Fueled by low default rates and generally favorable credit conditions, investors in 2015 have been pouring money into funds that invest in high-yield debt. In fact, the previous six weeks before the most recent week had the highest… Continue reading Piling Into Junk

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Cartoons

March 31, 2015

None Today

Newsclips

Where Are Rates Heading?

March 30, 2015

The Wall Street Journal – Jon Hilsenrath and Michael S. Derby: Fed’s Janet Yellen Pitches Cautious Tack on Rate Increases First rise from near zero may be warranted later this year, but a gradual pace is likely Ms. Yellen, a bit more than a year into her tenure as the central bank leader, said the… Continue reading Where Are Rates Heading?

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Newsclips

Corporate Profits

March 30, 2015

<Click on graphic for larger image> The Wall Street Journal – Economic Growth, Corporate Profits Slowed as 2014 Ended Profits at U.S. corporations in late 2014 posted their largest drop in four years, a reflection of an economy weighed down by a strong dollar and weak global demand. The Commerce Department’s third estimate of fourth-quarter… Continue reading Corporate Profits

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Saving vs. Spending

March 30, 2015

The Wall Street Journal – Consumers Should Emerge From Hibernation Americans did something unusual in January: They pinched pennies. Despite strong income growth, savings rose sharply for a second consecutive month to 5.5% of disposable income. While much of the windfall from falling pump prices was being spent during the late fall and early winter,… Continue reading Saving vs. Spending

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Newsclips

An Earnings Preview

March 30, 2015

Newsmax Finance – USA Today: The Emerging Portrait of Q1 Earnings Could Be Dismal There might be a train wreck ahead — investors should look out for withering corporate profits when first-quarter results start pouring in, with some companies’ profits expected to vanish entirely, according a USA Today review of S&P Capital IQ data. In… Continue reading An Earnings Preview

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The Impact Of A Rising Dollar On Stock Prices

March 30, 2015

<Click on graphic for larger image> Factset – Earnings Insight For March 27, 2015 Has the Market Punished S&P 500 Companies with High er Global Exposure During Q1? As the start of the Q1 earnings season approaches, there are concerns in the market about the impact of the stronger U.S. dollar and the impact of… Continue reading The Impact Of A Rising Dollar On Stock Prices