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How to Invest at 168 MPH

December 13, 2017

Some people play golf. Some people play tennis. And while I certainly understand the appeal of these great activities, I prefer to engage in recreational activities that are, shall we say, a little more extreme. Another way to describe my proclivities is the way many of my friends and family do, and that is to […]

Doing the Tax Cut Valuation Math

December 6, 2017

Those much-anticipated tax cuts appear as though they soon may become a reality. That’s very good news for markets, as the gain in the equity markets over the past 12-plus months have largely been built on tax reform — particularly corporate tax cuts — becoming the law of the land. Yet assuming tax cuts do […]

Is This Market Really Overvalued?

November 29, 2017

The stock market is on fire. On Tuesday, stocks surged about 1% nearly across the board, with the Dow, S&P 500 and Russell 2000 indices each vaulting to yet another respective all-time high. Given the relentless race to all-time highs we’ve seen this year, it’s more than logical to ask ourselves if the market is overvalued. Well, […]

This Thanksgiving, Be Especially Thankful for You

November 22, 2017

This Thanksgiving, Be Especially Thankful for You ETF Talk: Giving Thanks for Strong Global Markets with a Vanguard Fund Selling into the Messy Tax Cut Process The Year of Living Dangerously Ward on Gratitude It is Thanksgiving week, and that means it’s time to pause and literally give thanks for all the blessings in our […]

Selling into the Messy Tax Cut Process

November 15, 2017

Stocks have seen losses over the past week, and there’s basically one reason why — the machinations on tax reform.   Traders, individual investors and professional money managers mostly have profited mightily over the past year, as the Trump pro-growth trade gave the bulls hope that regulation would be reduced (i.e. Obamacare repeal and replace), […]

The Year of Living Dangerously

November 9, 2017

It was one year ago today when America elected Donald J. Trump to be its 45th president. The incredibly unlikely ascent of the billionaire businessman to the highest office in the land defied the odds, stunned the world and rewrote the book on political propriety. The Trump victory also has brought about something that few […]

3 ETFs to Play the ‘Reflation Trade’

November 1, 2017

For much of the past two months, the equity market has been engaged in a bout of flirtation with what I’ve called the “reflation trade.” During reflationary periods, bond yields rise as they reflect investor expectations for future economic growth and inflation. Also during reflation, we tend to see market sectors linked to economic growth, […]

The Tax Plan Favors the Rich, Because That’s Who Pays

October 25, 2017

In a recent New York Times column, “The G.O.P. Is No Party for Honest Men,” Keynesian warrior and Nobel Prize-winning economist Paul Krugman starts out by admitting he is confounded that only 60 percent of Americans in a recent poll think that the tax plan favors the rich. According to Krugman, “It’s shocking that as […]

Bow Down to the Dow

October 18, 2017

It is midday Wednesday, Oct. 18, and as I write this week’s e-letter, the Dow Jones Industrial Average has just hit another major milestone. This time it’s the 23,000 mark — a number that was almost unthinkable just nine years ago. Look below at a two-year chart of the Dow to see its remarkable resilience […]

Power and Hypocrisy in Tinsel Town and the Media

October 11, 2017

Growing up in Southern California, and doing my undergraduate work at the University of California, Los Angles (UCLA), I always have been surrounded by the entertainment industry. I have friends “in the business,” including actors, writers, directors and those in back-office production roles. The people I know in the industry either love their jobs or […]

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