Daily Archives: June 18, 2009
some accounting sleight of hand
Last week was a milestone for US treasury secretary Tim Geithner. He finally got to play the hero. The morning of June 9, Treasury notified 10 financial institutions, including JPMorgan Chase, Goldman Sachs, Morgan Stanley, US Bancorp, and Capital One … Continue reading
the S&P 500 is near 16 times normalized earnings
Valuation Update: We estimate that the S&P 500 is currently priced to deliver total returns over the next decade in the range of 6.5-9.0%, centered at an expected total return of about 7.8% annually. Stocks are modestly overvalued here, except … Continue reading
The Myth Of the Rational Market
Irving Fisher lives on in American economic history mainly as a laughingstock. He was, after all, the ninny who declared on Oct. 15, 1929, that stock prices had reached “what looks like a permanently high plateau.” Two weeks later, stocks … Continue reading
The ultimate mutual fund portfolio
Our collection of five funds and five ETFs provides broad diversification and leaves the hard work to some of the savviest managers in the business. The Ultimate Mutual Fund Portfolio – Eugenia Levenson, Fortune
Is Obama Flubbing the Financial Fix?
Old habits die hard—especially bad ones, and especially when they’re backed by well-heeled lobbyists and a powerful congressional committee chairman. It was hard not to draw that conclusion over the past week, as Wall Street and Washington alike prepared for … Continue reading →