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April 27, 2010 - Vol 4, Issue 17
Dear Reader,
If you have not yet had a chance to complete the Outsourcing Investment
Management survey, please take a moment and do so here. The results will be shared in
Advisor Perspectives, please stay tuned.
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Last week's Strategic Investment Conference, sponsored by Altegris
Investments and John Mauldin, featured many of the
foremost thought leaders in the investment industry. The
first three articles are based on presentations given at that
conference, and additional articles will appear next week.
PIMCO's Paul
McCulley parents his 20-year-old son with an overarching
principle: If you want access to the "Bank of Dad," then
you must comply with the regulations of the "Bank of
Dad." Wall Street abandoned similar tenets with in the
run-up to the credit crisis, and now McCulley says that core
principle - to play the game, you must accept regulation -
needs to be restored before another crisis unfolds.
The US faces 10 years of slow growth and deflation
that could rival Japan's "lost decade" - two words which Gary
Shilling did not utter but which unmistakably characterize his
forecast. Shilling is founder and President of the New Jersey-based
economic consulting firm A. Gary Shilling & Co.
Few
topics are as contentious as the fate of the Chinese economy. The
bulls argue that its growth will propel the global economic recovery
and that China will ultimately supplant the United States as the
leading world superpower. According to the bears, the
Chinese economy has been fueled by unsustainable fiscal stimuliand
is a prototypical bubble poised to burst. Five panelists
at the Strategic Investment Conference debated this question.
With unprecedented volatility now largely behind us, J.P. Morgan's
Chief Investment Strategist David Kelly believes that the economy
is entering a period of recovery. To move forward, we must
abandon our negative mindsets and focus on opportunities for
expansion.
Dan Richards works out in the early mornings with a
psychiatrist, who recently forwarded an article in the New York
Review of Books by Jerome Groopman, a physician and frequent
writer on the challenges of modern day medicine. As Dan read it, he was
struck by the parallels between the things that cause doctors and
investors to go wrong.
Wendy Cook specializes in helping advisors write
newsletters and create presentations, and in this guest
contribution she shares a number of tips to improve your writing
skills. Cook is passionate about writing, and her article
covers topics such as the importance of brevity and how to tailor
content to your audience.
If nobody opens your eNewsletter is a waste of time? Not
at all! Having your contacts read your eNewsletter to stay
informed about your business and educate themselves about their
finances is just one possible outcome. Kristen Luke gives
four other reasons why you should continue to send your eNewsletter,
even if no one is reading it.
Choosing the appropriate target date fund (TDF) for an
investor is not easy, given the large number of products in the
marketplace and the lack of tools to easily compare those
offerings. That choice, however, is made a lot easier if one
focuses on the component of TDFs where investors are exposed to the
greatest risk - what guest contributor Ron Surz calls the
"risk zone."
Lastly, we highlight submissions to Advisor Market Commentaries.
We welcome guest submissions from our readers. For more
information, here are our guidelines.
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