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Advisor Perspectives
Insights into the world of high- and ultra-high net worth investing
September 30, 2008- Vol 2, Issue 40
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George P. Shultz is best known
as the Secretary of State under President Reagan, but he is also an
economist and has written a new book on how to reform Social Security, Medicare, and Medicaid.
In our interview with Shultz, he discusses specific changes that will
ensure the solvency of Social Security without the need to increase taxes.
As the largest banks continue to struggle with the burden of non-performing
loans, far less attention is paid to the 8,500
smaller banks that are the backbone of Main Street
America. We speak with two experts about the solvency of the broader banking system,
and what the data to be reported as of September 30 may reveal.
Six leading scholars from Harvard
University, representing business, economics, and law,
participated in a panel discussion in
response to the credit crisis. Their views provide insight
into the challenges faced by policy makers.
Legendary value investor Jean-Marie
Eveillard was a featured panelist at last week's Schwab Impact
conference. He spoke candidly about the credit crisis and the
probability of a broadening systemic
failure.
In the debate over the role of luck
versus skill among active managers, Tom Howard of AthenaInvest
examines the question of why some studies demonstrate superior management
performance, while others do not.
In case you missed our press release last week, we are pleased to welcome
industry authority Bob Veres to our Board of Advisors.
Lastly, we have a letter to the Editor regarding last week's interview with
Michael Lewitt, and we highlight some recent Advisor Market Commentaries.
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Our Interview with George P. Shultz
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George P. Shultz is the Susan B. Ford Distinguished Fellow at the Hoover
Institute of Stanford University. Shultz discusses his new book, Putting Our House in Order: A Guide to Social
Security and Health Care Reform, and why it is so urgent to
tackle these problems now.
Read the article
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From
Wall Street to Main Street: Bank Insolvency and the Credit Crisis
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While pundits focus on the fate of larger banks like Citibank, Wachovia and
Washington Mutual, far less attention is paid to the 8,500 smaller banks
that are the backbone of Main Street America. Some, but certainly not
all, of these banks are exposed to the same risks in the housing market
that are plaguing their larger counterparts, as loan defaults strain their
balance sheets. A wave of defaults, similar to what occurred during
the S&L crisis, is in many ways investors' worst nightmare and could
cause thousands of these local banks to fail.
Read the article
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Differing
perspectives on the Credit Crisis from Harvard's Top Minds
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In an extraordinary response to events unfolding on Wall Street and Capitol
Hill, Harvard
University
convened a panel of six of its most respected faculty to discuss the credit
crisis. The September 25 discussion revealed a lack of unanimity regarding
the government's planned response, but a strong consensus regarding the
gravity of the situation.
Read the article
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Jean-Marie
Eveillard: The Chances of a Debacle are Zero .. Approximately
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Eveillard, the lead portfolio manager for many of the First Eagle Funds,
recounts the causes of the credit crisis and the choices facing policy
makers. He speaks about the danger of some "unintended
consequences" of the proposed government plans, and some of the investment
opportunities he sees for his funds.
Read the article
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The
Manager Skill Enigma
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Why do some studies show superior performance for active managers and
others do not? In order to unravel this enigma, it is important to
understand the underlying assumptions as well as the institutional and
economic realities affecting the link between manager skill and fund
returns.
Read the article
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Industry
Authority Bob Veres Joins Advisor Perspectives' Board of Advisors
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Bob Veres, editor and publisher of Inside Information, has become a member
of the industry newsletter and database publisher's Board of Advisors.
Read the Article
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Letter
to the Editor and Highlights from Advisor Market Commentaries
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A letter to the Editor comments on last week's
interview with Michael Lewitt.
Read the letter
We highlight recent submissions to Advisor Market Commentaries:
John Mauldin explains the need to approve the government program (we agree
with Mauldin that it shouldn't be called a bailout) and the paralysis in
the credit markets.
Read the Commentary
Rob Isbitts of Emerald Asset Advisors in Florida explains to his clients the challenges faced by
investors in today's markets.
Read the Commentary
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Advisor
Perspectives
Box 380
Lexington, MA 02420
(781) 376-0050
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