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Dear Reader,
April 24, 2012 - Vol 6 No 17
Economic Blogger Mike "Mish" Shedlock's wife has ALS, better known as Lou Gehrig's disease. Mish is not asking for anything for his family, but has sponsored a raffle for ALS research. Please consider buying one or more tickets or making a small donation to the
Les Turner ALS Foundation.
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 Gundlach - Two Dangers for Equity Markets
Don't buy stocks - for real, this time. That was the message Jeffrey Gundlach delivered to investors last Tuesday.
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65+5+Dividends: The case for quality dividend stocks in the first five years of retirement
Sponsored Content by Legg Mason ClearBridge Advisors
Retirees are living longer than ever before, and for many, outliving their money is a real concern. A good reason to consider quality large-cap dividend stocks in the early years of retirement - which have historically offered higher returns than fixed income with lower volatility than equities overall.
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Bruce Greenwald on Structural Imbalances in the Economy
Bruce Greenwald likes to say that he is constituted to disagree with everybody about everything, and he was true to his word at the recent Hyman P. Minksy Conference in New York. Taking immediate exception with the virtually unanimous characterization of the economic crisis as a balance-sheet recession, Greenwald, a professor of finance at Columbia University, argued that, far from being unusual, balance-sheet recessions can in fact be found at the heart of almost all business cycles.
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Why a 60/40 Portfolio isn't Diversified
Maintaining a balanced portfolio is critical, especially when predictions of growth and inflation vary as widely as they do today. Investors are always better off spreading risk than aggressively betting on one economic outcome, and that's especially true when the range of possible economic outcomes is so wide.
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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. Two new opportunities added since last week.
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The Number One Priority for Advisors
What's the single most critical need for advisors to succeed? There are lots of candidates - investment knowledge, communication skills, the ability to sell, and attracting and motivating a strong team.
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Venerated Voices™
Ranks Economic and Market Commentaries Most Read by Financial Advisors
We published our quarterly update for the Venerated Voices awards. Rankings were issued in three categories: The Top 25 Venerated Voices by Firm, The Top 25 Venerated Voices by Author and The Top 10 Venerated Voices by Commentary.
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Letter to the Editor - Jeremy Grantham
A reader responds to Jeremy Grantham's commentary, My Sister's Pension Assets and Agency Problems, which appeared on April 19.
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Our Most Read Article Last Week:
Rethinking Safe Withdrawal Rates: The Meaning of Failure
Merely knowing the probability that an investor's wealth will be depleted at some point is not enough to build a retirement strategy. That is the traditional measure of failure in safe withdrawal studies, and it's time to move beyond it.
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Highlights from Market Commentaries
Here are the top three commentaries from last week.
 No... Stop... Don't
In the classic version of Willy Wonka and the Chocolate Factory, Gene Wilder watches one child after another ignoring every cautionary warning, with predictably bad consequences. His deadpan appeals become increasingly halfhearted and emotionless because he knows they won't listen anyway.
Tags: Equities US
No... Stop... Dont by John P. Hussman of Hussman Funds
 10 More Years of Low Returns
Ten more years of low returns in the stock market. If you are one of the millions of baby boomers headed into retirement-start saving more and spending less because the stock market won't bail you out. I will explain why this is the likely future ahead for investors. In this weekends newsletter I wrote that "If you put all of your money into cash today and dont look at the market for another decade you will be better off..."I realize that this statement is equivalent to heresy where Wall Street is concerned but there is one reason behind my apparent madness - the power of reversion.
Tags: US Investment Themes
10 More Years of Low Returns by Lance Roberts of Streettalk Live
My Sister's Pension Assets and Agency Problems
Investment behavior is driven by career risk. In the professional investment business we are all agents, managing other peoples money. The prime directive, as Keynes knew so well, is first and last to keep your job. To do this, he explained that you must never, ever be wrong on your own. To prevent this calamity, professional investors pay ruthless attention to what other investors in general are doing. The great majority go with the flow, either completely or partially. This creates herding, or momentum, which drives prices far above or far below fair price.
Tags: US Investment Themes
My Sister's Pension Assets and Agency Problems by Jeremy Grantham of GMO
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