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Market Commentary


The Zika Virus and the US Congress

Author: David Kotok, Post Date: May 23, 2016

While the Zika virus (http://www.cdc.gov/zika/) spreads in the US and other nations, the US Congress has fiddled like Nero in Rome (http://www.bbc.co.uk/history/historic_figures/nero.shtml). The debate has been over a relatively small amount of funding to be used for research and prevention of this mosquito-borne disease. Meanwhile, the number of cases in the US has tripled and […]

Looking North to Canada

Author: Bill Witherell, Post Date: May 19, 2016

As we search for national equity markets that look attractive despite the sluggish tenor of global markets, we are considering the potential now offered by Canada. Recovering from the downdraft from falling oil and other commodity prices last year and early this year, Canada’s equity market has been outperforming, with the iShares MSCI Canada ETF, […]

Dr. Robert Eisenbeis’ Testimony Before the U.S. House Monetary Policy and Trade Subcommittee

Author: Robert Eisenbeis, Post Date: May 18, 2016
Dr. Robert Eisenbeis’ Testimony Before the U.S. House Monetary Policy and Trade Subcommittee

Statement by Dr. Robert A. Eisenbeis Vice Chairman Cumberland Advisors Sarasota, Florida before the Subcommittee on Monetary and Trade Policy of the Committee on Financial Services U.S. House of Representatives May 17, 2016 Chairman Huizenga, Ranking Member Moore, and other members of the committee, I am honored to have the opportunity to testify today. I […]

Report from Montevideo

Author: David Kotok, Post Date: May 13, 2016

When Moody’s recalibrated Uruguay’s national rating scale and repositioned the national scale ratings of seven Uruguayan banks and other financial institutions, it was careful in how it worded the text of the release. Moody’s subscribers may access the details; others may wish to refer to this article: https://www.moodys.com/research/Moodys-recalibrates-Uruguays-national-rating-scale-and-repositions-national-scale–PR_348355. The May 9 information release caught some […]

Report from Buenos Aires

Author: David Kotok, Post Date: May 10, 2016

Last month the inflation rate in Argentina was 7%. That’s right, 7% in a single month. Why? The new government is trying to remove huge subsidies that the previous government put in place. The former government had no way to pay for the subsidies, so they resorted to money printing and thus triggered the acceleration […]

Return to Argentina

Author: David Kotok, Post Date: May 9, 2016

Over the past 20 years, my 16 trips to Argentina have allowed me to personally experience that country’s roller coaster of governance, finance, policy application and rejection. We are back again with a GIC special delegation (www.interdependence.org). This time we are examining the spring buds of an attempt at national reconstruction. Our delegates include central […]

More on Illinois Pension Mess

Author: David Kotok, Post Date: May 5, 2016

“David, I can’t believe that you put your name on this poisonous bilge. Whatever the problems of the Federal and State tax systems, it’s dangerous nonsense to allow them to be laid at the feet of educators who, in the main, are relatively underpaid.” Paul Gambles, an investment professional whose office is in Bangkok, Thailand, […]

Puerto Rico, Illinois, New Jersey: the downward spiral continues.

Author: David Kotok, Post Date: May 4, 2016

It has been almost a year since our book Adventures in Muniland (http://www.amazon.com/gp/product/B012AYRXXU) was released, during the week before Puerto Rico defaulted for the first time, on August 1, 2015 – see http://www.reuters.com/article/us-usa-puertorico-default-idUSKCN0Q51V720150801. Our book, a comprehensive guide to municipal bond investing in the post-crisis era, featured a full chapter on Puerto Rico. Now Puerto […]

Tech Sector Changes & NIRP

Author: David Kotok, Post Date: May 3, 2016

We did some realignment of our tech-sector holdings, as our clients know from their portfolio reviews. The changes are nuances within the ETF strategy. We sold XLK. It is the classic large-cap sector spider for tech. XLK has a year-to-date performance of about zero but is up about 9% from the February 8th low. Its […]

Sell in May. But Don’t Go Away

Author: Leo Chen, Post Date: May 2, 2016

In finance, we call those abnormal returns that can’t be explained by known factors anomalies – they include things like the January effect, Days of the week effect (e.g. better returns on Friday than on Monday), etc. An anomaly defies the market efficiency hypothesis by persisting over time. The very next anomaly that will fall […]

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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.