Green Book August 2010
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Featured Articles
A Dissenting View On Materials
Per our work, sectors like Consumer Discretionary and Technology provide a better way to capitalize on the global recovery now underway.
Basics For Fund Flow Trackers...And Exceptions To The Two Golden Rules
The relationship between equity mutual fund cash flow and performance of the equity markets can be reduced to two basic “golden rules” of interpretation.
Buckle Up For The “Doldrums”
Beware summer doldrums, August has a knack of sometimes being a crazy month. Market continues to be viewed as being in a severe correction mode, rather than a full fledged bear market.
Current Deflation Fears Are Unwarranted
Don’t fear deflation. Leuthold historical studies show mild deflation can actually be a good environment for the stock market.
Dividends Making A Comeback
Jim Floyd presents three screens looking for high (and healthy) dividend paying stocks. With bond yields so low, we believe there is opportunity in these types of stocks.
GS Scores Fighting… But Still Struggling
Our Group Selection work continues to struggle, but there seems to be a light at the end of the tunnel.
Going (More) Global
MSCI Index very undervalued, as the recovery off the March 2009 lows has left valuations still near prior bear market lows. Relative to foreign markets, the U.S. looks expensive. This is why we continue to maintain a healthy exposure to foreign stocks…especially emerging markets.
Irrelevant Factor Performance
During July, there were no factors that added value at a statistically significant level.
Longer Term Concerns About U.S. Debt And Deficit
The kneejerk reaction to worries about excessive sovereign debt has been to bail out of the European sovereign debt and pile into U.S. sovereign debt.
Lookback Blues… Still Depressing Long Term Equity Performance
It’s easy to see why equity investors are so down when looking at updates of the long term stock market performance. It’s even more depressing when long term equity returns are compared to bond returns.
Public Pensions—Changes Beginning
Last issue, we presented an introduction to our thoughts on the problems being faced by public pensions. The following is a look at some initial action by states.
Year End Twelve Month CPI Deflation Reading Unlikely
Looking ahead to 2011, we are keeping a close eye on Housing, Food and Wages, which all could be bottoming out.
Table of Contents
Stock Market
- Buckle Up For The “Doldrums”
- Going (More) Global
- A Dissenting View On Materials
- Lookback Blues… Still Depressing Long Term Equity Performance
- Current Deflation Fears Are Unwarranted
- Basics For Fund Flow Trackers...And Exceptions To The Two Golden Rules
- Public Pensions—Changes Beginning
Of Special Interest
Macro Monitor
Quant
Inflation Watch
A Dissenting View On Materials
Per our work, sectors like Consumer Discretionary and Technology provide a better way to capitalize on the global recovery now underway.
Basics For Fund Flow Trackers...And Exceptions To The Two Golden Rules
The relationship between equity mutual fund cash flow and performance of the equity markets can be reduced to two basic “golden rules” of interpretation.
Buckle Up For The “Doldrums”
Beware summer doldrums, August has a knack of sometimes being a crazy month. Market continues to be viewed as being in a severe correction mode, rather than a full fledged bear market.
Current Deflation Fears Are Unwarranted
Don’t fear deflation. Leuthold historical studies show mild deflation can actually be a good environment for the stock market.
Dividends Making A Comeback
Jim Floyd presents three screens looking for high (and healthy) dividend paying stocks. With bond yields so low, we believe there is opportunity in these types of stocks.
GS Scores Fighting… But Still Struggling
Our Group Selection work continues to struggle, but there seems to be a light at the end of the tunnel.
Going (More) Global
MSCI Index very undervalued, as the recovery off the March 2009 lows has left valuations still near prior bear market lows. Relative to foreign markets, the U.S. looks expensive. This is why we continue to maintain a healthy exposure to foreign stocks…especially emerging markets.
Irrelevant Factor Performance
During July, there were no factors that added value at a statistically significant level.
Longer Term Concerns About U.S. Debt And Deficit
The kneejerk reaction to worries about excessive sovereign debt has been to bail out of the European sovereign debt and pile into U.S. sovereign debt.
Lookback Blues… Still Depressing Long Term Equity Performance
It’s easy to see why equity investors are so down when looking at updates of the long term stock market performance. It’s even more depressing when long term equity returns are compared to bond returns.
Public Pensions—Changes Beginning
Last issue, we presented an introduction to our thoughts on the problems being faced by public pensions. The following is a look at some initial action by states.
Year End Twelve Month CPI Deflation Reading Unlikely
Looking ahead to 2011, we are keeping a close eye on Housing, Food and Wages, which all could be bottoming out.
Stock Market
- Buckle Up For The “Doldrums”
- Going (More) Global
- A Dissenting View On Materials
- Lookback Blues… Still Depressing Long Term Equity Performance
- Current Deflation Fears Are Unwarranted
- Basics For Fund Flow Trackers...And Exceptions To The Two Golden Rules
- Public Pensions—Changes Beginning