Market Commentary

image_pdfimage_print

Trouble in the Eurozone

Author: Bill Witherell, Post Date: September 9, 2008

The 10th anniversary of the January 1, 1999 launching of the euro is approaching.  However, the celebrations are likely to be tempered by the sluggish performance of the 15 European economies that have adopted the euro as their common currency (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, […]

Hank Punts on First Day of Pro Football Season

Author: Bob Eisenbeis, Post Date: September 8, 2008

Treasury and the Federal Housing Finance Agency (FHFA) placed Freddie and Fannie into conservatorship, replaced existing management, suspended dividend payments on outstanding equity and preferred stock, and promised injections of new capital in the form of senior preferred stock with warrants.  The actions are designed to maintain the flow of funds to housing and to […]

GSE and Moral Hazard

Author: David Kotok, Post Date: September 6, 2008

GSE stands for Government Sponsored Enterprises and is now the common reference for the federal government’s housing mortgage lenders Fannie Mae and Freddie Mac (FF).  Other GSEs like the Federal Farm Credit Banks or the Federal Home Loan Banks are not public shareholder-owned and have not encountered the problems of FF. “Moral hazard” is a […]

One Small Step for a Beaten-Up Insurer and a Battered Muni Market

Author: John Mousseau, Post Date: September 2, 2008

John Mousseau is a portfolio manager and heads the tax-free Muni section of Cumberland.  He is a member of the Management Committee of Cumberland Advisors.  His bio is found at www.cumber.com.  His email is John.Mousseau@cumber.com.  This past week, Financial Guaranty Insurance Corporation (FGIC) announced that Municipal Bond Insurance Corporation (MBIA) would reinsure $184 billion of […]

Banks, Cash & Labor Day

Author: David Kotok, Post Date: September 1, 2008

Labor Day weekend started with another bank failure; this time in Georgia.  That is number 10 for the year.  Another few hundred million is lost by the Federal Deposit Insurance Corporation (FDIC) fund as a billion-dollar, five-branch bank disappears.  The weekend also saw a few of us back at Leen’s Lodge in Maine, talking informally […]

Hans Christian Anderson and Vladimir Putin

Author: David Kotok, Post Date: August 19, 2008

Tivoli Gardens’ pleasantries are brightened by the warming sunshine in this western Baltic nation.  It finally stopped raining.  Three flavors of herring and a cold beer will mask geo-political and financial concerns if you allow it to happen.  Five and a half million Danish citizens live on their four hundred island nation, enjoy the fruits […]

Primary Dealers and Their Loss Experience

Author: Bob Eisenbeis, Post Date: August 18, 2008

Bianco Research periodically has published a compilation of the losses that have accumulated in major banks and investment banks as a result of the so-called subprime crisis. (1) When Chairman Bernanke hinted in his July 12, 2007 Congressional testimony that losses might reach $100 billion, this seemed alarmingly large.  But the Bianco data now show that […]

Joseph Stalin plus 75 (years) = Vladimir Putin

Author: David Kotok, Post Date: August 15, 2008

Seventy-five years ago another Soviet thug by the name of Stalin chased a food supply and starved the Ukraine. He killed between 7 and 10 million people and thought nothing of it. In an ironic quirk of history, Stalin was born in Gori, Georgia. We now say “Ukraine” and not “the” Ukraine because Ukraine is […]

Russia Enters Georgia – Cumberland Exits Russian Stocks

Author: Bill Witherell, Post Date: August 13, 2008

The Russian economy, fueled by energy and commodity exports, registered impressive growth of 8.1% in 2007 and is on its way to over 7% this year and probably in 2009 as well.  The Russian stock market as measured by the DAX Global Russia Index (DXRPUS) advanced by 40% in 2007, and as recently as June […]

cumber map
Cumberland Advisors® is registered with the SEC under the Investment Advisers Act of 1940. All information contained herein is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services. Such an offer can only be made in the states where Cumberland Advisors is either registered or is a Notice Filer or where an exemption from such registration or filing is available. New accounts will not be accepted unless and until all local regulations have been satisfied. This presentation does not purport to be a complete description of our performance or investment services. Please feel free to forward our commentaries (with proper attribution) to others who may be interested. 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.
Loading...