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Market Commentary


The Debates – It’s the Economy!

Author: Bob Eisenbeis, Post Date: November 24, 2015

Millions of Americans were riveted by the several recent Democratic and Republican debates. Once one saw through the feeble attempts of some of the moderators to turn the debates into a World Wrestling Federation cage fight, the astonishing thing was how little understanding any of the candidates from either party seem to have about the […]

Paris 3 and Thanksgiving

Author: David Kotok, Post Date: November 22, 2015

A discussion of the events in France and the outlook for the Eurozone can be seen in the November 20, 2015, Bloomberg Business clip, “Why France Is Likely Headed Into Recession.” We see more-negative interest rates as a matter of ECB policy and reduced rates of economic growth in 2016. We have received replies from […]

Paris 2

Author: David Kotok, Post Date: November 19, 2015

On reflection, following our November 16 commentary, “Paris,” we would like to offer some additional thoughts. First, we thank readers for their comments, both in agreement and disagreement. We had suggested that the events in Paris demonstrated the spread of “jihadism” beyond the scope of other, similar experiences in Europe. A reader disagreed and pointed […]


Author: David Kotok, Post Date: November 16, 2015

In “Paris Attacks: The Acuity of Hindsight,”by Stratfor, Scott Stewart started his special commentary (November 14) as follows: Until Nov. 13, the eight attackers… were just a handful of radical Islamists in a large universe of Islamist radicals in France. Many of these radicals are nonviolent, while a small segment of them are extremists who […]

Punditry & The Fed

Author: David Kotok, Post Date: November 12, 2015

Pundits were previously in favor of a Fed move by a small percentage in December. That is now a solid majority. Markets anticipate a Fed move. Hmm? Torsten Slok (Chief International Economist, Managing Director of Deutsche Bank Securities, Inc.) has a wonderful chart series. Here are two, with his permission to share with our readers. […]

The Euro and Investing in the Eurozone’s Recovery

Author: Bill Witherell, Post Date: November 11, 2015

The economic recovery in the Eurozone is accelerating as the final quarter of the year gets underway, with stronger output growth in October for the four biggest economies – Germany, France, Italy, and Spain. Eurozone equity markets as a whole have been outperforming. The one-month return (to November 9) for the iShares Currency Hedged MSCI […]


Author: Comes, Eisenbeis, Kotok, Mousseau, Post Date: November 10, 2015

In the years following the Great Recession, the Federal Reserve’s roles both as bank regulator and financial market participant grew. We can’t help but think the Fed’s actions on the monetary side have been conflicted by its expanding role as bank regulator. The Fed’s expanded balance sheet, with its liquidity provisions and LSAPs, has no […]

Low Short-Term Rates for a Long Time?

Author: David Kotok, Post Date: November 4, 2015

We are likely to have worldwide near-zero short-term interest rates for at least another two years, maybe three or four. The implications for stocks, bonds, and currency exchange rates are huge, as we will explain below. Let’s define worldwide short-term rates as a weighted average (by size of capital markets in advanced economies, not by […]

Who Is Protecting the Shareholders?

Author: Bill Witherell, Post Date: November 2, 2015

Like similar calls in the US following the ENRON debacle and the ’07–’09 financial crisis, the Volkswagen scandal has led to calls of “Where was the board?” In each of these instances, shareholders suffered heavy financial losses. VW shares are down some 35% since the company’s diesel emissions cheating was reported on September 18. The […]

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For a list of all equity recommendations for the past year, please contact Thérèse M. Pantalione at 800-257-7013, ext. 315. It is not our intention to state or imply in any manner that past results and profitability is an indication of future performance. All material presented is compiled from sources believed to be reliable. However, accuracy cannot be guaranteed.