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January 31, 2012 - Vol 6 Issue 5
Dear Reader, Join us on February 2, 2012 for a complimentary webinar, "Today's Managed Futures Market," with Arrow Funds. Webinar attendees will gain an insider's perspective on managed futures as renowned commodities trader and index developer Victor Sperandeo shares his market insights.
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 Lacy Hunt on the Roadblock to Recovery By Robert Huebscher
'The fundamental key to prosperity is not governmental financial transactions, or even private sector financial transactions,' according to Lacy Hunt, the widely respected economist at Hoisington Investment Management, who we spoke with last week. 'The key to prosperity is the hard work and creativity of our individuals in businesses.'
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Bob Doll Believes the Recent Equities Rally Could Continue
Sponsored Content by BlackRock
Conditions have improved compared to last quarter, with the US economy showing signs of acceleration and European policymakers moving further along the path of progress. With the bearish tone receding, investors should consider moving into "risk" assets and out of "safe" assets, especially on pullbacks.
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Barry Eichengreen on the End of the Dollar
By Dan Richards
Barry Eichengreen is a professor of economics and political science at the University of California, Berkeley and a former senior advisor to the International Monetary Fund. In this interview, he discusses the future of the dollar as the reserve currency and the role of the IMF in the Eurozone crisis. A video of this interview is also available.
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Complimentary E-Book: The Definitive Guide to Billing on Held-Away
Assets
Sponsored Content by ByAllAccounts
Download this interactive e-book to learn everything you need to know about how to increase revenues by advising and billing on held-away accounts, including; areas of opportunity, compliance considerations, how to charge and where to deduct fees, how to get started, sample client letters and forms from other advisors, and more!
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A 13-Point Plan for Top Clients
By Dan Richards
Time is our scarcest currency. We must be cautious about taking on significant new commitments, and the only exception is when there's absolutely clear cut evidence of a substantial return. That's why a simple way to get your top clients to look forward to your meetings is incredibly important.
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Why Target-Date Funds Fail
By Robert Huebscher
New research explains why target-date funds have failed to meet investors' objectives. While most of the criticism has been directed to overly aggressive glide paths, that is merely a symptom of the underlying problem - the misalignment of incentives between investors and fund companies.
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Letters to the Editor - Reinhart and Rogoff
Several readers respond to Robert Huebscher's article, Beyond Reinhart and Rogoff, which appeared last week.
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Our Most Read Article from Last Week:
Michael Lewis on the True Depth of the Crisis in Europe
By Larry Siegel
Michael Lewis is a financial writer and author, most recently of Boomerang: Travels in the New Third World, in which he reported on the European debt crisis from several of the affected countries. In this interview, he discusses a range of topics, including the future of Wall Street and the challenges of great financial writing.
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Highlights from Market Commentaries
Dodging a Bullet, from a Machine Gun
The interpretation best supported by the data is that recession risk remains very high based on the leading evidence and the typical outcomes that have resulted, but that the rate of deterioration has eased significantly, and it is simply unclear whether this is a temporary pause or a reversal. Rather than overstating the case one way or another, we remain strongly concerned about recession risk, but recognize the recent stabilization and the potential for a low-level continuation of that.
Tags: Bearish US Sovereign Debt
Dodging a Bullet, from a Machine Gun by John P. Hussman of Hussman Funds
New Year, Same Crisis
The measures introduced by the European Central Bank last December have relieved the liquidity problems of European banks, but have not cured the financing disadvantage of the highly indebted member states. Since high-risk premiums on government bonds endanger the capital adequacy of banks, half a solution is not enough.
Tags: Europe Monetary Policy Sovereign Debt
New Year, Same Crisis by George Soros of Project Syndicate
Obama and The Market: The First Three Years
While his critics argue that Obama is one of the most anti-business Presidents in US history, a look at the equity market's performance since Obama was inaugurated shows a different picture. The chart below shows the performance of the DJIA during the first three years of each US President since 1900. As of last Friday, the DJIA has now risen 60% under President Obama, making him one of only five Presidents to see the Dow gain 50% or more in their first three years in office! After last Friday's rally, Obama moved narrowly ahead of Clinton.
Tags: US
Obama and The Market: The First Three Years by Team of Bespoke Investment Group
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