Green Book December 1987
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Featured Articles
Bond Market Summary
Much has been made about the CRB Index making a new high on November 27. We are very skeptical. Comparisons herein will demonstrate the warping in this index. I think we are now getting an inflation false alarm, but at this point the signals are mixed.
Joke of the Month
This month's winner was submitted by more than one client so I suppose most of you have heard it.
Platinum and Gold
This issue our conventional asset allocation model is shifting part of its catastrophe insurance gold holding into platinum. We are becoming increasingly concerned about a gold glut in the next decade, while quantum leaps in platinum production are not in prospect.
Scanning the Markets
For a change, the Value Line Index and the NASDAQ performed better than the S&P 500 and DJIA. Inflation beneficiaries, High Yield groups and Value stocks did relatively well. Big Growth stocks (especially Drugs) performed poorly. Small technology stocks were also beat up again.
Should You Swear Off Secondary Stocks?
Some of our clients are taking a pledge to never again buy secondary stocks, especially OTC issues. We urge you not to take this same pledge. Since mid-1983 secondary stocks have lagged badly, but this is not typical.
View from the North Country
The Outlook - A Summary of Current Views…Faulty Recollection of 1929…A Crash Still Waiting To Happen…December Bottom Fishing Time…Aussie Bonds…The Leuthold Group Eats Some Garlic
Well…November Was Better Than October
The cyclical bear market appears to be bottoming, but that is only an opinion. Although improved, the Major Trend Index remains negative. Thus, we remain very cautious. We respect the numbers more than our opinion.
Table of Contents
Stock Market
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Bond Market Summary
Much has been made about the CRB Index making a new high on November 27. We are very skeptical. Comparisons herein will demonstrate the warping in this index. I think we are now getting an inflation false alarm, but at this point the signals are mixed.
Joke of the Month
This month's winner was submitted by more than one client so I suppose most of you have heard it.
Platinum and Gold
This issue our conventional asset allocation model is shifting part of its catastrophe insurance gold holding into platinum. We are becoming increasingly concerned about a gold glut in the next decade, while quantum leaps in platinum production are not in prospect.
Scanning the Markets
For a change, the Value Line Index and the NASDAQ performed better than the S&P 500 and DJIA. Inflation beneficiaries, High Yield groups and Value stocks did relatively well. Big Growth stocks (especially Drugs) performed poorly. Small technology stocks were also beat up again.
Should You Swear Off Secondary Stocks?
Some of our clients are taking a pledge to never again buy secondary stocks, especially OTC issues. We urge you not to take this same pledge. Since mid-1983 secondary stocks have lagged badly, but this is not typical.
View from the North Country
The Outlook - A Summary of Current Views…Faulty Recollection of 1929…A Crash Still Waiting To Happen…December Bottom Fishing Time…Aussie Bonds…The Leuthold Group Eats Some Garlic
Well…November Was Better Than October
The cyclical bear market appears to be bottoming, but that is only an opinion. Although improved, the Major Trend Index remains negative. Thus, we remain very cautious. We respect the numbers more than our opinion.