Green Book July 1998
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Featured Articles
Big Cap Dominance Warping Performance Measures
Institutions' preference for liquid big caps have made it very difficult for most portfolio managers to keep up with the S&P 500 or the NASDAQ year to date.
Day To Day Stock Market Volatility
Volatility increased significantly in June compared to May: 32% of the trading days had moves of 1% or more.
Inside the Bond Market
Bond market getting ahead of itself, fueled by flight to credit quality...But money flows could slow, should Asia outlook improve or Japan act decisively.
Insider Block Measures—An Update
Update on insider big block transactions: latest weekly reading indicates net selling is still near the recent 16 year high, hit May 27.
Joke of the Month
This joke comes from Don Gher, at Coldstream Capital Management. Don has won a number of Blue Ribbons and may be close to matching the fabled Joke Meister, Walter Deemer.
June Mutual Fund Flows
Estimated net inflows into U.S. equity funds increased significantly in June compared to May and nearly doubled year ago flows.
Scanning the Markets
Excellent stock picking combined with good sector performance to drive the live Paid to Play Equity Portfolio to a strong 11.8% gain in June. Only four sectors outperformed our live portfolio.
Should We Believe It This Time?
On June 22, clients received an Interim Memo noting that our composite Major Trend Index had slipped to Negative status. The subsequent calculation lost a few more points and remains marginally negative.
The Asian Grand Opportunity...Buy On Weakness
Small addition to Emerging Country Funds in both portfolios with purchase of Greater China Fund.
The Demise of the Earnings Momentum Investor
The demise of the earnings momentum investor: continuing success of this numbers game is being increasingly threatened by earnings pre-announcements.
View From the North Country
Asia Investing: One of the greatest investment opportunities of a lifetime. Don’t be near-sighted, being “early” can be a virtue.
Was Q2 a Tough One For You?
S&P 500 turned in a +3.3% return for Q2 and not many managers matched it. Only a mere 20% of the Leuthold sectors tracked outperformed it.
Table of Contents
Stock Market
- View From the North Country
- Was Q2 a Tough One For You?
- Should We Believe It This Time?
- The Demise of the Earnings Momentum Investor
- Insider Block Measures—An Update
- June Mutual Fund Flows
- The Asian Grand Opportunity...Buy On Weakness
- Day To Day Stock Market Volatility
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Big Cap Dominance Warping Performance Measures
Institutions' preference for liquid big caps have made it very difficult for most portfolio managers to keep up with the S&P 500 or the NASDAQ year to date.
Day To Day Stock Market Volatility
Volatility increased significantly in June compared to May: 32% of the trading days had moves of 1% or more.
Inside the Bond Market
Bond market getting ahead of itself, fueled by flight to credit quality...But money flows could slow, should Asia outlook improve or Japan act decisively.
Insider Block Measures—An Update
Update on insider big block transactions: latest weekly reading indicates net selling is still near the recent 16 year high, hit May 27.
Joke of the Month
This joke comes from Don Gher, at Coldstream Capital Management. Don has won a number of Blue Ribbons and may be close to matching the fabled Joke Meister, Walter Deemer.
June Mutual Fund Flows
Estimated net inflows into U.S. equity funds increased significantly in June compared to May and nearly doubled year ago flows.
Scanning the Markets
Excellent stock picking combined with good sector performance to drive the live Paid to Play Equity Portfolio to a strong 11.8% gain in June. Only four sectors outperformed our live portfolio.
Should We Believe It This Time?
On June 22, clients received an Interim Memo noting that our composite Major Trend Index had slipped to Negative status. The subsequent calculation lost a few more points and remains marginally negative.
The Asian Grand Opportunity...Buy On Weakness
Small addition to Emerging Country Funds in both portfolios with purchase of Greater China Fund.
The Demise of the Earnings Momentum Investor
The demise of the earnings momentum investor: continuing success of this numbers game is being increasingly threatened by earnings pre-announcements.
View From the North Country
Asia Investing: One of the greatest investment opportunities of a lifetime. Don’t be near-sighted, being “early” can be a virtue.
Was Q2 a Tough One For You?
S&P 500 turned in a +3.3% return for Q2 and not many managers matched it. Only a mere 20% of the Leuthold sectors tracked outperformed it.
Stock Market
- View From the North Country
- Was Q2 a Tough One For You?
- Should We Believe It This Time?
- The Demise of the Earnings Momentum Investor
- Insider Block Measures—An Update
- June Mutual Fund Flows
- The Asian Grand Opportunity...Buy On Weakness
- Day To Day Stock Market Volatility