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Dear Reader,
April 3, 2012 - Vol 3 No 14
Bob Veres, Editor, Inside Information and Bob Huebscher, CEO, Advisor Perspectives Are Hosting a Complimentary Webinar: How Advisors are Changing their Investment Strategies. The webinar will take place on April 11th at 4PM. Space is limited. Register today!
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 Fewer, Richer, Greener: Why Jeremy Grantham is (Partly) Wrong By Laurence B. Siegel
Is the human experience getting better or worse? This is a big question investors are rarely asked to confront, yet its answer has profound consequences for market returns.
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Senior Loans Attractively Priced Relative to High Yield
Sponsored Content by OppenheimerFunds, Inc.
By restoring confidence in the global financial system, the European Central Bank's Long Term Refinancing Operation has allowed global bond investors to participate in attractive opportunities around the world.
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Gassed Up but No Place to Go
By Geoff Considine, Ph.D.
When a great investor points to a vastly underpriced asset, a natural first reaction is to devise the best strategy for buying it. Sometimes, however, the impediments to that strategy prove too great, something anyone will soon discover who listens to Jeremy Grantham's assertion that 'everyone who has a brain should be thinking of how to make money' long-term on natural gas.
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Featured Video
(click thumbnail to watch video)
ClearBridge's Income Solutions Team
By Harry "Hersh" Cohen and Peter Vanderlee, CFA
ClearBridge Advisors CIO Hersh Cohen and Portfolio Manager Peter Vanderlee discuss income solutions for today's complex market, providing insights on attractive opportunities in high-quality dividend paying stocks.
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Career Opportunities
As a service to our clients, we are posting career opportunities for firms that seek to add financial advisors and planners to their staff.
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A Q1 Letter to Clients: Bernanke, Buffett and Siegel on the Prospects Ahead
By Dan Richards
Here is a template for a letter to serve as a starting point for advisors looking to send clients a summary of what's happened in the past 90 days and the outlook for the period ahead.
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Typically Boyish and Socially Unacceptable
By Robert P. Seawright
When I was a teenager, the girls had a phrase they used often to describe certain members of the opposite sex: "typically boyish and socially irresponsible." Sadly, the two were often synonymous. Sadder still, the same can apply to married men and their finances, particularly as they age.
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Reigniting Your Passion for the Business
By Dan Richards
Successful advisors consistently tell me they've lost enthusiasm and passion for their work compared to 10 or 15 years ago. Advisors have two choices when this happens - either accept it as a sad reality or put in place strategies to rekindle the fire that burned earlier in their career.
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The Easy Money Saloon
By Michael Lewitt
When two of the world's soundest central banks (Israel and Switzerland) start investing their reserves in stocks (the Bank of Israel is run by the highly respected Stanley Fischer for God's sake!), one has to wonder what the world is coming to. Apparently the global saloon is expanding its boundaries. No doubt we will soon hear the ECB is merging with the London Stock Exchange.
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Our Most Read Article from Last Week:
GMO: Two Questions We Can't Answer
By Robert Huebscher
Its reputation was built on stellar returns achieved with long-term bets on undervalued asset classes. Current market conditions, however, pose two unanswerable questions for GMO - leaving the firm with an uncertain strategy for its equities and fixed-income allocations. .
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Highlights from Market Commentaries
Here are the top three commentaries from last week.
 A False Sense of Security
As we examine the present evidence relating to both the financial markets and the global economy, the aspect that strikes us most is the extent to which Wall Street continues to emphasize superficially positive data in preference for deeper analysis, to extrapolate short-term distortions as if they were long-term trends, and to misconstrue freshly printed wallpaper and thin supporting ice as if they were solid walls and floors.
Tags: Bearish US
A False Sense of Security by John P. Hussman of Hussman Funds
 The Great Escape: Delivering in a Delevering World
When interest rates cannot be lowered further or risk spreads significantly compressed, the momentum begins to shift, gradually yields moving mildly higher and spreads stabilizing or moving slightly wider. In such a mildly reflating world, unless you want to earn an inflation-adjusted return of minus 2%-3% as offered by Treasury bills, then you must take risk in some form. We favor high quality, shorter duration and inflation-protected bonds; dividend paying stocks with a preference for developing over developed markets; and inflation-sensitive, supply-constrained commodity products.
Tags: Equities US Inflation
The Great Escape: Delivering in a Delevering World by Bill Gross of PIMCO
Whats Next for Equities?
In 2011, the S&P 500 finished essentially flat on a price-return basis. That return, however, would not have been achieved without a 15% gain over the last three months of the year. Equities have since picked up where they left off and, year-to-date, most major indices are up by double digits. Front-of-mind for investors is whether this momentum can be maintained. We offer the bear and bull cases as well as our thoughts on what may lie ahead.
Tags: Equities Neutral US
Whats Next for Equities? by Matthew Rubin and Justin Gaines of Neuberger Berman
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