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Passive Investors Skip The ETF Fees And Create Their Own Indices

November 24, 2017

The Financial Times – ROBIN WIGGLESWORTH: Mushrooming stock indices reveal market revolution However, a passive investment price war is bleeding into a nascent index war. Big asset managers that sell ETFs are growing increasingly frustrated with the costs of licensing the underlying indices at a time when many are slashing their own prices, leading many to… Continue reading Passive Investors Skip The ETF Fees And Create Their Own Indices

Newsclips

Stocks Continue To Rally

November 24, 2017

The Wall Street Journal – The S&P 500 Record Run No One Saw Coming The S&P 500 has already had a record-busting year. It clinched its 54th closing high on Tuesday—the broad index’s most records in a calendar year in more than two decades. The Nasdaq has also posted the most record closes in a single… Continue reading Stocks Continue To Rally

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Newsclips

Cartoons

November 24, 2017

Charts of the Week

The Longest Risk-On Cycle Ever?

November 22, 2017

The current risk-on cycle has lasted 135 consecutive trading days, one day short of the all-time record. Barring a stock market crash, it will tie the record Friday and set a new record Monday. The chart below measures risk-on/off cycles using BofA’s Global Flow Index, which reveals investor flows between risk and safe assets. As BofA states:   The… Continue reading The Longest Risk-On Cycle Ever?

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Charts of the Week

Presidential Approval Update

November 22, 2017

As the chart below shows, Trump’s approval rating is still the lowest of any President in the first year of his term.     Below is the President’s approval rating updated through November 20. 

Charts of the Week

Stock Seasonality – A Turkey-Induced Coma?

November 22, 2017

The visualization below shows monthly S&P 500 returns in green and the historical standard deviation of each month’s return since data began in 1928. Note that December is typically the least volatile month of the year for stocks.

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Charts of the Week

Breaking Down Foreign Holdings Of U.S. Treasuries

November 22, 2017

The interactive chart below offers a comprehensive look at foreign flows into Treasuries, agencies, corporate bonds and equities. The final tab shows the top foreign holders of U.S. Treasuries by region. While it may not come as a surprise to see Asia as the top regional holder, many would not expect their holdings to be… Continue reading Breaking Down Foreign Holdings Of U.S. Treasuries

Charts of the Week

Dividend Paying Stocks

November 22, 2017

Rather than viewing dividend stocks as a way to capture extra yield, in the past we have stressed that dividend stocks should simply be viewed as a slightly less risky form of stock investing. As such, we should expect dividend-paying stocks to outperform during bear markets and underperform during bull markets. By comparing the S&P Dividends Aristocrats Total… Continue reading Dividend Paying Stocks

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Charts of the Week

High Yield Returns And Flows

November 22, 2017

What Is Declining The left panel of the chart below shows the total return of the major investment grade sectors since January 1. They are not showing signs of rolling over. The right panel below shows the total return of the major high yield sectors since January 1. Signs of this sector rolling over are… Continue reading High Yield Returns And Flows

Charts of the Week

Low Volatility In The Markets

November 22, 2017

The charts below show how low volatility has become across asset classes.  

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Charts of the Week

Commodity Total Returns Since The June 14, 2017 Rate Hike

November 22, 2017

  Commodities are up 7.06% as a group since the June 14 rate hike. The energy sector (pink) leads the sub-groups, up 19.20% while grains (green) are down 8.30%.      The chart below details the energy sector. Crude oil (brown) is up 26.43% while natural gas (orange) is down 6.84%.      For a further… Continue reading Commodity Total Returns Since The June 14, 2017 Rate Hike

Charts of the Week

Stock Total Returns Since The June 14, 2017 Rate Hike

November 22, 2017

  All major stock indices are up since the June rate hike. The DJIA leads the indices, up 10.77% while the Russell 2000 is up 5.87%.      Growth stocks lead value stocks, up 10.76% and 6.67%, respectively.     Financials are up 8.49% since the rate hike in June.      On a normalized… Continue reading Stock Total Returns Since The June 14, 2017 Rate Hike