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Dear Reader,
June 26, 2012 - Vol 6 No 26
Join Neuberger Berman and three of its selected hedge fund manager partners in the new Absolute Return Multi-Manager Fund for an important live webinar on the benefits of implementing liquid alternatives in today's portfolios. Register today for "Liquid Alternatives: Portfolio Solutions for Volatile Markets" webinar on June 26th at 2pm.
Every advisory firm has no doubt asked itself: Should we consider outsourcing the investment management of our client assets? The decision, the evaluation of providers and the ongoing assessment of the experience is one of the most dynamic issues facing the advisory business today. We invite you to take this survey, which seeks to uncover the experiences and insights of financial advisors-those who are outsourcing, are considering outsourcing and have decided against outsourcing. With your help, we hope to provide the business with a comprehensive, point-in-time report. You'll need no more than 10 minutes to complete the survey, and your comments will be confidential.
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If you have received this newsletter in error, or you do not wish to receive future newsletters, please use the "Safe Unsubscribe" option at the end of this email.
 
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 Jeremy Grantham: US Stocks are Expensive and Bonds are Disgusting
by Robert Huebscher
Jeremy Grantham, who has consistently identified overpricing in the US equity markets - he flagged both the Dot Com bubble and the irrational pricing that preceded the financial crisis, for instance - said last week that US stocks are 'a little expensive' and bonds are 'disgusting.' But his sternest warning to investors concerned the longer-term threat posed by global resource constraints.
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Get in Front of the Fiscal Cliffhanger
Sponsored Content By Eaton Vance
The 2012 election is looming large. The stage is set for a "fiscal cliffhanger" in Washington. Let Eaton Vance help you prepare for the big changes that may lie ahead. Read our latest insight What is the "Fiscal Cliff?".
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Featured Video from Henderson Global Investors
 Positive Greek election results change little as separately Spain continues to reel in pain
by Jenna Barnard - Director of Retail Fixed Income
Jenna Barnard, Director of Retail Fixed Income at Henderson, provides an update on what should have been positive news flow from Greece overnight, but has been shrugged off by markets. Jenna analyzes the reaction while pointing out yet another worrying development: Spanish 10-year government bond yields breached a key threshold this morning, signaling extreme stress in the sovereign's bond market, which is seemingly reaching a breaking point.
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Top Analyst: North America Heading to Energy Independence
by Robert Huebscher
Ed Morse, a managing director of Citigroup Global Markets, said last week that by the end of this decade the US and Canada will have a surplus of oil, leaving it with 'no room for imports.' But the longer-term picture is far less certain, as extraction moves from conventional wells to newer sources, such as deepwater fields and shale-based oil.
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Featured Video from Franklin Templeton Investors
Hasenstab: Not Austerity OR Growth - Austerity AND Growth
by Dr. Michael Hasenstab, Portfolio Manager - Templeton Global Bond Fund
Dr. Michael Hasenstab, Templeton Global Bond Fund Manager: "The debate has been framed so far as austerity or growth. It really needs to be austerity and growth."
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Ensuring That Clients Feel Valued
by Dan Richards
Ask advisors whether they value their clients - especially top clients - and care about their future success, and you'll get a funny look wondering what you've been smoking. The answer is so obvious that the question isn't worth asking. But ask clients the corresponding question and the response is often quite different.
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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. We've added three new job listings since last week.
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As Bev: Lessons from the Human Side
by Beverly Flaxington
Here is the initial installment in what we hope will become a regular column from Beverly Flaxington, a practice management consultant. She answers questions from advisors facing human resource issues.
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Our Most Read Article from Last Week:
Retirement Floors and Implications for Evensky's Cash-Reserve
Strategy
By Wade Pfau
Does sensible retirement planning call for funding basic needs with less volatile assets and investing more aggressively for aspirational goals? Or, with client goals clearly defined and prioritized, does sensible planning call for a total returns approach? Multiple schools of thought have emerged, but there is not yet any consensus about what constitutes a proper retirement income floor. These lingering unresolved disagreements reinforce the benefits of Harold Evensky's and Deena Katz' popular cash-reserve strategy.
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Highlights from Market Commentaries
Here are the top three commentaries from last week.
 It's All a Big Mistake
Mistakes are a frequent topic of discussion in our world. Its not unusual to see investors criticized for errors that resulted in poor performance. But rarely do we hear about mistakes as an indispensable component of the investment process. Im writing now to point out that mistakes are all that superior investing is about. In short, in order for one side of a transaction to turn out to be a major success, the other side has to have been a big mistake.
Tags: US Investment Themes
Its All a Big Mistake by Howard Marks of Oaktree Capital
A Brief Primer on the European Crisis
Europe has repeatedly been successful at addressing its recurring liquidity crises with the help of other central banks, but its still an open question whether they can durably solve the solvency crisis without more disruption and more restructuring of both government debt and troubled banks. In my view, the hope for an easy solution is misplaced, and the likelihood of recurring disruptions from Europe will remain high.
Tags: Europe Monetary Policy Investment Themes
A Brief Primer on the European Crisis by John Hussman of Hussman Funds
U.S. High Yield: A Closer Look at Junk Spreads
Investors are cautious about high yield bonds which have become more volatile following strong performance and inflows earlier this year. We believe the cyclical bottom in default rates is behind us, and based on a tightening in lending standards compared to last year, we expect a gradual increase toward the mean in default rates and credit losses in 2012.
Tags: Treasury Bonds US Investment Themes
U.S. High Yield: A Closer Look at Junk Spreads by Hozef Arif of PIMCO
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