December 14, 2010 - Vol 4 Issue 50
If you are experiencing problems opening or navigating through our newsletters, we can send you a text-only version. Please send an email to firstname.lastname@example.org requesting the "text-only" version.
If you have received this newsletter in error, or you do not wish to receive future newsletters, please reply to this message with the word “unsubscribe” in the subject line.
The End of the Asian Bull Market
By Robert Huebscher
A broadly diversified emerging market investor would have earned nearly 12% annually over the last five years, far outpacing investors in the US and other developed markets. Over the next five or even ten years, investors relying on emerging economies will not be as fortunate, however, according to Louis-Vincent Gave, CEO of the Hong Kong-based research and investment management firm GaveKal.
US More Likely to Learn From (Than Repeat) Japan's Mistakes
Sponsored Content By Bob Doll of BlackRock
In this report, Bob Doll, BlackRock's Chief Equity Strategist for Fundamental Equities and head of the US Large Cap Series equity team, homes in on some of the most striking points of comparison between the two countries' situations and experiences to support the contention that the United States will avoid Japan's fate.
Looking Back at a Year of Policy Mistakes
By Michael Lewitt
As we approach the end of 2010, the global economy remains captive to a boom-and-bust cycle resulting from years of pro-cyclical monetary, fiscal and regulatory policies. With very limited exceptions, the same policies that contributed to the 2008 financial crisis remain in place. The only difference is that government balance sheets are far more leveraged than they were heading into that crisis.
Year-end Letter to Clients: Investment Advice from Winston Churchill
By Dan Richards
For the past 18 months, my draft letters have been designed to balance some of the extreme pessimism among many investors with an objective, positive outlook - the draft year-end letter for 2010 continues with that goal. In it, I borrow from Winston Churchill's insight into the difference between optimists and pessimists.
Five 2010 Tax Tips for a Time of Uncertainty
By Glenn Frank
While the posturing and political grandstanding continues in Washington over the fate of the Bush tax cuts, tax season is fast approaching. With the time for long-term planning long gone, here are five questions to ask clients that could prompt some smart tax moves in the closing weeks of 2010.
What the Music Business Taught Me about Selling
By Justin Locke
You provide a service to each of your clients, some of whom may have similar needs but all of whom are unique. Asking your clients what more you could be doing for them is the only way to make sure you're offering the advice they truly want.
Five Things to Look for When Hiring a Marketing Coordinator
By Kristin Luke
A Marketing Coordinator must have diverse talents and the ability to handle the majority of marketing responsibilities required by your firm. Here are five skills to look for on a resume to increase the likelihood you are hiring the right person.
Letter to the Editor
A reader responds to our article, Black Gold, Texas Tea, which appeared on November 30.
Highlights from Market Commentaries
Below are the three most widely read commentaries during the last week:
A Most Important Rule
A decline in bond prices has modestly improved expected returns in bonds, but not yet sufficiently to warrant an extension of our durations. Precious metals have become more overbought, and while we are sympathetic to the long-term thesis for gold, intermediate term risks are now elevated. Finally, we have observed a further deterioration in market conditions for stocks.
A Most Important Rule by John P. Hussman of Hussman Funds
Come On Rich! Our Take On Richard Bernstein's Themes for 2011
It is extremely difficult to judge what part of the economic cycle we are really in. If you look at the unemployment rate, the workweek, the industry CAPU rate, the levels of consumer confidence, housing starts and sales, you would think we were still in a recession. But if you looked at profit margins and the ISM index, you would come to the conclusion that we were mid- or even late-cycle.
Come On Rich! Our Take On Richard Bernstein's Themes for 2011 by David Rosenberg of Gluskin Sheff
Why do investors always do the opposite of what they should do? Individuals tend to chase performance, following recent trends until they go over the edge of the cliff. They always fight the last war. It is a proven prescription for investment disaster. So, of course, they're at it yet again.
Behavioral Finance by Charles Lieberman of Advisors Capital Management