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Monthly Archives: November 2012

Banking on Bank Loans

As 2012 comes to a close, bank loans (a.k.a., floating rate funds) are increasingly becoming an attractive alternative to high-yield bonds. While we still continue to find high-yield bonds one of the most attractive sectors in the bond market, the relative appeal of bank loans has improved as we look toward 2013…

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Banking on Bank Loans

Budget Defense

As Congress and the President work together to avoid the looming fiscal cliff during the lame duck session of Congress, a more intransient problem remains in the background: the United States’ structural budget deficit. In our Weekly Economic Commentaries of October 29, 2012 (Budget Debate) and November 19, 2012 (Budget Myths), we wrote about how…

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Budget Defense

Does Black Friday Mean Green for Investors?

Retail sales during Thanksgiving weekend — the traditional start of the holiday shopping season — climbed 13% as more shoppers hit the stores and spent more money, according to the National Retail Federation, wildly exceeding consensus estimates. The news helped to lift stocks on Friday, making for the strongest week for stocks since…

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Does Black Friday Mean Green for Investors?

Anchoring Bias: The Power of Arbitrary Numbers

Have you ever heard an investor say that a poorly performing stock shouldn’t be sold until the price rebounds to its original purchase price? The instinct to use the purchase price of a stock to dictate the level at which an investor is willing to sell is a prime example of anchoring bias…

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Anchoring Bias: The Power of Arbitrary Numbers

Where does the Money Go?

The US Dept. of Labor did a 2010 survey to see where the average consumer spends their annual paycheck. According to their findings the average consumer spends the following…

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Where does the Money Go?

Fiscal Cliff Causing Investors Grief

While there are other issues investors are grappling with — such as increasing tensions in the Middle East, meager prospects for earnings growth, and the return to recession in Europe after only three short years of growth — the one most heavily weighing on the minds of investors is the U.S.’s fiscal cliff…

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Fiscal Cliff Causing Investors Grief

Essential Wisdom for Today’s Market

Sixty years of successfully investing in equities has taught us that long-term investors will inevitably encounter economic and market uncertainty. History shows that uncertainty is the rule, not the exception. Despite these frustrating stretches, the market has continued to grow over the long term…

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Essential Wisdom for Today’s Market

Investors Elect for Municipals

The prospect of higher taxes gave municipal bonds a strong lift following election results last week and keeps municipal bonds on pace to outperform their taxable bond counterparts for the second consecutive year. The re-election of President Obama and status quo in Congress increases the likelihood of higher tax rates on upper income earners. The tax-exempt interest income of municipal bonds becomes…

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Investors Elect for Municipals

Global Gridlock

Last week’s post-election press conferences from the President, Senate Majority Leader Reid, and House Speaker Boehner offered some hope of a bipartisan deal to mitigate the budget bombshell of tax increases and spending cuts known as the fiscal cliff, due to hit on January 1, 2013. The status quo election outcome is likely to result in a deal in the lame duck session, but this is not assured given the gridlocked Congress…

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Global Gridlock

Return of Recession Obsession

The results of last week’s presidential and congressional elections in the United States — and the looming fiscal cliff — provide us with another opportunity to revisit the odds of a recession in the United States in the coming quarters. We will provide a full update on…

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Return of Recession Obsession