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Dear Reader,
July 17, 2012 - Vol 6 No 29
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 Gundlach - Avoid Riskier Assets By Robert Huebscher
Since early this year, Jeffrey Gundlach has warned investors to avoid exposure to riskier assets - among them, equities, non-dollar-denominated securities and sovereign debt. Still reluctant to move to a more aggressive position, Gundlach said on Thursday that 'substantial opportunities await,' but they may be as much as a year away.
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Featured Video from Henderson Global Investors
Second Quarter Review & Future Outlook
By David Jacob - CIO, Henderson Global Investors
David Jacob, CIO, Henderson Global Investors, provides an update on the past quarter, which can be classified in general as 'risk off', as the concerns in Europe continue.
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Should You Wait to Buy a SPIA?
By Joe Tomlinson
Advisors may be reluctant to recommend single-premium immediate annuities (SPIAs) with interest rates currently so low. It may be better to wait for rates to rise, which will bring more attractive SPIA pricing. But how long should one wait for better pricing? In this article, I'll show how the decision to delay can turn out well or poorly, depending on the timing and size of rate increases.
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Can you Beat SPIAs with Long-Term Bonds?
By Michael Edesess
While single-premium income annuities (SPIAs) guarantee a specific income as long as the purchaser lives, their rates of return generally compare unfavorably with long-term bonds over normal life expectancies. This makes SPIAs look like the inferior investment, notwithstanding their value as longevity insurance. But considering the low level of interest rates and the potential for future volatility, SPIAs are still a good choice for many retirees.
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Breaking Bad
By Michael Lewitt
With our largest business and government institutions - and the individuals running them - committing every conceivable act of legal or moral anomie, we have every right to ask who is going to protect the rest of us from those who have been entrusted with so much power and influence. The institutions that were supposed to be the lifeblood of our economy are the same institutions that inflicted the greatest harm on society - with ample assistance from the willful blindness or flat-out incompetence of the regulators. When the family has to be protected from the man who is supposed to protect the family, the family is in serious trouble.
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The Information Sources that Impress Clients
By Dan Richards
Sending clients a regular email with a link to an article or video from a credible source has a consistently positive impact. Not only does this keep you top-of-mind, but it reminds clients of the ongoing reading and research you're doing on their behalf. But it works only if you use a source that enhances your credibility.
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Happy Clients - But No Referrals?
By Beverly Flaxington
We have very satisfied clients. Our last client satisfaction survey showed a 98% 'high satisfaction' rate. However, we don't get many referrals. It's frustrating because we do everything to serve our clients well - and we ask for referrals. Why don't happy clients refer to us?
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Letters to the Editor
Two readers respond to Bob Veres' article, Why Are Advisory Fees Lower Than They Have To Be?, which appeared last week, and a reader responds to Larry Siegel's article, Benchmarking Your Retirement Portfolio With a Risk-Free Strategy, which also appeared last week.
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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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Our Most Read Article from Last Week:
Why Are Advisory Fees Lower Than They Have To Be?
By Bob Veres
How much should you charge for your services? Is there any way to objectively calculate a fair price? Doctors, lawyers and accountants all charge relatively similar prices for their services. Why does the financial planning profession have fees that are all over the map?
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Highlights from Market Commentaries
Here are the top three commentaries from last week.
 The 4 Biggest Investment Performance Myths - and How They Can Torpedo Advisor-Client Trust
In 26 years in the investment industry, I have seen investor and advisor behavior from many different angles: as an advisor, portfolio manager, strategist, author and proprietor. Two things have been quite consistent during that quarter-century: 1) That clients and advisors both care deeply about investment performance and 2) that investment performance is rarely evaluated with proper perspective.
Tags: US Investment Themes
The 4 Biggest Investment Performance Myths - and How They Can Torpedo Advisor-Client Trust by Robert Isbitts of Sungarden Investment Research
 Email Comments From John Hussman Regarding the Start of a Recession and ECRI Track Record
In view of the ongoing "recession has started" and "there is no recession" debate, I'm cross-posting below a commentary that Mish Shedlock alerted me to a few minutes ago in an email. He received a nice email from John Hussman regarding his post earlier in the day 'Case for US and Global Recession Right Here, Right Now; Recognizing the Limits of Madness; Permabears?'
Tags: US Investment Themes
Email Comments From John Hussman Regarding the Start of a Recession and ECRI Track Record by Mike "Mish" Shedlock of Sitka Pacific
The Real Fiscal Cliff
The media is now fixated on an apparently new feature dominating the economic landscape: a "fiscal cliff" from which the United States will fall in January 2013. They see the danger arising from the simultaneous implementation of the $2 trillion in automatic spending cuts (spread over 10 years) agreed to in last year's debt ceiling vote and the expiration of the Bush era tax cuts.
Tags: US Investment Themes
The Real Fiscal Cliff by Peter Schiff of Euro Pacific Capital
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