Stocks pulled back a bit last week based on the re-emergence of turmoil in Iraq (did it really ever subside or did we just stop paying attention?) and if you believe some of the pundits, Eric Cantor's loss of his primary in VA. That's the first time a House majority leader has ever lost a primary in trying to retain [...]
The S&P 500 made a new high last week, finally closing over the 1900 level. European stocks were also higher on the week and have continued the rally today even after election results over the weekend showed an uncomfortable gain for some parties that are, well, let's just say that some of their ideas are not exactly in keeping with [...]
Like most investors, investment advisers are a consensus seeking lot. Most of them are not willing or psychologically able to do anything that is outside the accepted current trend. That doesn't make them evil or dishonest or anything else bad; it just makes them human. It is always hard to stick out from the crowd when the consequences of doing [...]
Pride goeth before destruction, and an haughty spirit before a fall. Proverbs 16:18 I spend a good portion of my time trying to figure out the mood of the market. That isn't just so I can bet against it although that is the proper strategy at times. John Maynard Keynes likened the fluctuation of stock prices to a beauty contest [...]
Back in November I wrote a weekly commentary that I called Looking For Silver Linings. The market had been taking a beating in the post election period and I wasn't feeling particularly good about my forecasting skills. I had written a commentary just two weeks before arguing that the election really didn't matter that much and my Republican friends were [...]
American Taxpayer Relief Act of 2012. That's the title of the recently passed legislation to avoid the so called "fiscal cliff". I don't know whether to laugh or cry. It isn't a true oxymoron since that term is generally reserved for things that are surprisingly true and paradoxical but it certainly fits the more common, modern usage of the term [...]
The financial press this year has been filled with stories about the economic slowdown in China and the debt crisis in Europe. Opinions on Chinese growth this year have ranged from dire (a hard landing involving a growth rate most countries would still envy) to bad but not as dire (a soft landing). All the talk of China and its [...]
I’m traveling today (and a little under the weather to boot) so this will be a fairly short update. I’ve spent the last week visiting clients and potential clients in Augusta, GA and Asheville, NC and before I get started, I’d just like to thank our representatives Larry Hogue and Bob Williams in Augusta and Asheville respectively for their true [...]
“It ain’t so much the things we don’t know that get us into trouble. It’s the things we know that just ain’t so.” Mark Twain I've been writing some more optimistic commentaries recently - or maybe just less pessimistic - and the response has been interesting to say the least. I don't remember so many people telling me how dumb [...]
JP Morgan reported their widely anticipated earnings Friday and the losses from the London Whale trading fiasco were huge. The firm had initially pegged the losses at $1 to 2 billion but the quarterly report showed the total has bulged to $5.8 billion. And according to the CFO there may be additional losses of $700 million to $1.7 billion. Naturally [...]
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