Pensions: peril or profit?
Milking the company Investors abhor companies servicing large defined benefit pension schemes for employees and ex-employees, but therein may lie an opportunity. A defined benefit pension scheme promises a specified [...]
Pensions: peril or profit?
Milking the company Investors abhor companies servicing large defined benefit pension schemes for employees and ex-employees, but therein may lie an opportunity. A defined benefit pension scheme promises a specified [...]
Seen This Movie Before
Among the exercises I occasionally undertake is to dig into the history books and see, in retrospect, how things have played out relative to what the punditocracy had proclaimed (works with punditry on politics, markets, economics, sports, etc.) . With Barron’s releasing its semi-annual “big money” survey, there’s really no better opportunity to page back...
A Tale Told in 3 Charts
Bloomberg puts out an institutional product called “Financial Conditions” that has lots of great charts and commentary. Whenever I get a big run of charts from someone, I like to see if I can find the one thread weaved throughout the carpet reveals a truth in narrative. See if you can identify that story below....
Dividend Paying Stocks meet Rule #7
The following comes from a Colorado Bond Manager: ~~~ Bob Farrell’s Rules # 7. “Markets are strongest when they are broad and weakest when they narrow to a handful of blue chip names.” Most stock market participants can remember back to 2000 if they really try. It was common back then for typically risk-averse investors...
Towards the perfect PE
Exposing Johnson’s beating heart If you scrape away the nasties, the pension fund, the debt and the operating leases, there’s a perfectly viable business at the heart of Johnson Service [...]
Stock Mutual Fund Outflows Increase
click for larger chart > The Financial Times: US equity funds see biggest outflows of 2012: US equity funds suffered their worst outflows of the year in the week to Wednesday as investors became decisively risk-averse following a five-day losing streak for US equities. The S&P 500 fell 4.3 per cent in the five trading...
Trading vs Investing (and Today’s Bounce)
click for updated futures > Let’s not mince words: Yesterday’s market action – down 1.75% on heavier volume — was a shellacking: DJIA 12715.93 -213.66 -1.65% Nasdaq 2991.22 -55.86 -1.83% S&P 500 1358.59 -23.61 -1.71% We are now rather oversold, and are due for a bounce. What I want to look at is the quality of...
Is Stock Picking Back?
Marketbeat notes a research piece from Savita Subramanian of BofA/Merrill (gee, they seem to be coming up a lot lately; I have to stop hanging around with Rosenberg) that mentioned the outperformance by active managers has been getting passed around institutional desks a lot lately. Three different hedgies sent me this excerpt: A good quarter...
