Green Book September 1990
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Featured Articles
Are “Defensive” Stocks Really Defensive?
Not all the groups Wall Street views as defensive are actually defensive. But others have functioned very well as down market protection.
Bond Market Summary
As things heated up in the desert, the bond market swooned. Late in August, Middle East tensions eased somewhat, with the dollar and the bond market staging a rally, trimming the losses for the month. Nevertheless, bond market damage in August was still severe.
Joke of the Month
The winner is from John Dickerson, Chairman of Alpine Capital Management in Denver. Scott Archer of The Leuthold Group says this is in fact, an old joke, but then Scott knows more jokes than anybody (although most are unprintable).
Preparing for the Next Bull Market
Here at The Leuthold Group, we are starting to focus on how we are going to structure our equity portfolio for the next bull market.
Remain Cautious For Now
In terms of amplitude, the bear market could be about half over. Typical cyclical bear markets decline 25%-30%. This is not a prediction, only the profile of a typical bear market decline. The current version may decline more or it may decline less.
Scanning the Markets
A performance run down for our equity market sectors and other measures ranked by August 1990 performance (only the London gold price was up).
View from the North Country
In Memory Of Bob Piper...Changes In Perception II...Common Stock Supply Shortage Thesis: Deja Vu......New Zealand Stock Market Update
What Is Going On With Gold?
Our gold stock holdings can be viewed almost exclusively as a defensive bear market tactical measure. But we are troubled by recent price action in the underlying metal. When viewing the price of gold against currencies such as the Swiss Franc, weakness is far more obvious.
Table of Contents
Stock Market
- Remain Cautious For Now
- Preparing for the Next Bull Market
- View from the North Country
- Are “Defensive” Stocks Really Defensive?
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Are “Defensive” Stocks Really Defensive?
Not all the groups Wall Street views as defensive are actually defensive. But others have functioned very well as down market protection.
Bond Market Summary
As things heated up in the desert, the bond market swooned. Late in August, Middle East tensions eased somewhat, with the dollar and the bond market staging a rally, trimming the losses for the month. Nevertheless, bond market damage in August was still severe.
Joke of the Month
The winner is from John Dickerson, Chairman of Alpine Capital Management in Denver. Scott Archer of The Leuthold Group says this is in fact, an old joke, but then Scott knows more jokes than anybody (although most are unprintable).
Preparing for the Next Bull Market
Here at The Leuthold Group, we are starting to focus on how we are going to structure our equity portfolio for the next bull market.
Remain Cautious For Now
In terms of amplitude, the bear market could be about half over. Typical cyclical bear markets decline 25%-30%. This is not a prediction, only the profile of a typical bear market decline. The current version may decline more or it may decline less.
Scanning the Markets
A performance run down for our equity market sectors and other measures ranked by August 1990 performance (only the London gold price was up).
View from the North Country
In Memory Of Bob Piper...Changes In Perception II...Common Stock Supply Shortage Thesis: Deja Vu......New Zealand Stock Market Update
What Is Going On With Gold?
Our gold stock holdings can be viewed almost exclusively as a defensive bear market tactical measure. But we are troubled by recent price action in the underlying metal. When viewing the price of gold against currencies such as the Swiss Franc, weakness is far more obvious.
Stock Market
- Remain Cautious For Now
- Preparing for the Next Bull Market
- View from the North Country
- Are “Defensive” Stocks Really Defensive?