Noise

TIPS ?

With the concern about inflation, TIPS (Treasury Inflation Protected Securities) seem to get a lot of attention. These are a bond where your return adjusts over time based upon the CPI rate. At the moment they have a negative real return, i.e. if you account for inflation then these bonds have a negative rate of […]
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Guns and Australia

There is an email circulating about Australia and guns.  Like many emails, it may err from the truth to make a point. I am not a statistician, criminologist or a gun owner.  I just want the facts about gun ownership in Australia to be portrayed somewhat accurately. I’m not making conclusions or taking a stand […]
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Economy vs The Market

One of the most common investor concerns I hear is that they don’t want to invest until the economy improves. If the market and the economy moved together they should have a correlation of close to 1, say 0.8. Correlation is measured on a scale of -1 to 1, with -1 being perfectly negatively correlated […]
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Balance Sheet Recessions

Perhaps the most dangerous words in investing are “It’s Different This Time”.  This is not to be confused with the excellent book by Reinhart and Rogoff. Many wonder, what happened to the recovery that we should be experiencing at the moment. Are we not 4 years into an economic cycle that has had massive amounts […]
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Tax Changes

I have been getting a lot of questions the last few days about changes to the tax code as a result of the recent legislation that was passed.  I have put together a brief email that has some of the salient points and links for further information. I have included some commentary from David Rosenberg, […]
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Noise

With the election being tomorrow – the noise around the markets will reach a cacophony – “Who is the better candidate for the market?”, is a frequently asked question.  Who cares – each party is responsible for the debt and stagnant growth that we now face. Republican/Democrat doesn’t  matter, both useless. With a government that […]
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