US Powerball jackpot grows to $403 million, 10th largest ever

Feb 22 9:27am Wealth
The drawing is scheduled for 10:59 p.m. ET on Wednesday. The odds of winning the jackpot is 1 in 292,201,338.
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22

Futures Pointing To Roughly Flat Open On Wall Street

Feb 22 9:01am RTT - Market Analysis
The major U.S. index futures are pointing to a roughly flat opening on Wednesday following the strength seen in the previous session. Traders may be reluctant to make any significant moves ahead of the release of the minutes of the latest Federal Reserve meeting, which may shed some additional light on the outlook for interest rates.
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22

What Will The Economic World Look Like In 2050?

Feb 22 9:00am Investiv Daily
Emerging markets will be the economic leaders of the world. Investment returns are related to economic performance, so it’s wise to be internationally diversified. However, diversifying just to diversify is the biggest mistake you can make as emerging markets are full of risk. Introduction PricewaterhouseCoopers (PwC) just released its report on what the economic world […]...
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23

Passive investing is winning despite the fog of war

Feb 22 8:37am Monevator
Want to listen to a smart discussion about passive investing? Try this interview with Michael Mauboussin, which heads entertainingly into the weeds…...
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24

What We're Reading ~ 2/22/17

Feb 22 8:00am market folly
Why we dig in with a long held belief instead of changing our minds [Reformed Broker]Decision making amid uncertainty: improving your process [CFA Institute]Inside the Snapchat roadshow [Business Insider]On Quicken loans, the new mortgage machine [NYTimes]China's artificial intelligence (A.I.) boom [The Atlantic]Podcast with Ed Thorp [Meb Faber]Prem Watsa drops long-held bearish stance on markets [BNN]On Buffett's new stake in Monsanto (MON) [Bloomberg]Warren Buffett's honor versus 3G [Lawrence Cunningham]A look at Expedia (EXPE) [Value and Opportunity] On owning a stock for five full years [Gannon on Investing]Mark Cuban's two biggest stock holdings [Benzinga]Apple: the greatest cash machine in history? [Aswath Damodaran]Billions the TV show versus real life [The Ringer]McLaren struck gold making supercars for regular drivers this year [Bloomberg]...
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53

Early movers: TOL, DISH, SIX, TRCO, FSLR, & more

Feb 22 7:54am Market Insider with Patti Domm
Names on the move ahead of the open.
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52

Warren Buffett & Bill Gates' Talk at Columbia University 2017

Feb 22 7:30am market folly
Berkshire Hathaway's Warren Buffett and Microsoft's Bill Gates recently gave a talk at Columbia University.  They chatted about a wide range of topics and did a Q&A session as well.Embedded below is the video of Warren Buffett & Bill Gates' talk at Columbia:If you missed it, we also highlighted Buffett & Gates interview with Charlie Rose.  And we've also posted up notes about the new documentary Becoming Warren Buffett.
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72

Charlie Munger Q&A After Daily Journal Meeting 2017

Feb 22 7:00am market folly
Last week we highlighted Charlie Munger's talk at the Daily Journal annual meeting for 2017.Someone has also posted videos of Munger's Q&A session after the meeting.  There's 22 short videos in total with a playlist at the bottom.Here's a few takeaways: - He always reads 3 or 4 newspapers every morning: WSJ, New York Times, Financial Times, LA Times- Thinks a single-payer healthcare system would work a lot better- They're doing a lot of stuff (investment wise) these days that they wouldn't have done in the 'old days.'  Specifically mentioned Apple (AAPL): It's a very odd thing for us to do.  And obviously we've got no special insights as to how sticky Apple's business is. -  I think young people should learn more and shout less. - The trouble with real estate is everybody else understands it.  And the people you're competing with specialize in little block...
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68

From a luxury holiday to a sweat patch: All the gifts the Oscar nominees will get in their swag bags

Feb 22 6:11am Wealth
The likes of Meryl Streep, Dev Patel and Viola Davis will receive unofficial swag bags from an LA marketing agency...
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16

Noah Smith of Bloomberg Views: BS Operator and Troll

Feb 22 6:00am Blog – Trend Following Trading Systems from Michael Covel
I caught this write-up from Nassim Nicholas Taleb. My first thought? That name sounds familiar… This same guy Taleb rips… I also dealt with him a few years back over his severely misinformed take on trend following. I responded on… Read more › The post Noah Smith of Bloomberg Views: “BS Operator and Troll” appeared first on Trend Following Trading Systems from Michael Covel.
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Why we continue to steer clear of cyclical businesses

Feb 22 12:15am ROGER MONTGOMERY ROGER MONTGOMERY
It’s painful watching the share prices of companies we don’t own rising, and doubly insulting watching the prices of those we do own declining.  For over half a year we, along with our investors, have had to endure this ‘new order’, in which cyclical businesses have been on a tear, while many quality businesses have… Continue reading →...
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139

Calming Philosophies for Chaotic Times Krista Tippett

Feb 22 12:06am The Blog of Author Tim Ferriss
“Anger is often what pain looks like when it shows itself in public.” – Krista Tippett Krista Tippett (@KristaTippett) is a Peabody Award-winning broadcaster and New York Times bestselling author. She created and hosts the public radio program and podcast On Being and curates The Civil Conversations Project, an emergent approach to the differences of […]...
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133

The Older Population: Where the Money Is

Feb 22 12:01am CFA Institute Enterprising Investor
Why on earth worry about demographics?” asked Clint R. Laurent, founder and CEO of Global Demographic. Because Demographics change quietly in the background, he explained. Suddenly, the target market that you thought Company X was going to do well in no longer exists. Laurent identifies four key demographic trends that investors should keep in mind. Read more...
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135

How to Find Promising Distressed Securities

Feb 22 12:00am Turnaround Letter
George Putnam continues his series on investing in distressed securities--this time focusing on how to find publicly traded distressed securities that might be promising investment candidates.
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16

Trading Food for Thought: February 22nd Edition

Feb 21 7:28pm Blog – Trend Following Trading Systems from Michael Covel
Food for thought: What Could Stop Vanguard From World Domination? Jason Furman on the Middle Class Squeeze Why the experts missed the crash The Map of Mathematics A survival guide for normal people Look to Stocks for Clues to the… Read more › The post Trading Food for Thought: February 22nd Edition appeared first on Trend Following Trading Systems from Michael Covel.
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177

The Fed could surprise the markets when traders least expect it

Feb 21 7:00pm Market Insider with Patti Domm
Markets are vulnerable to a surprise from the Fed, even though the meeting minutes it will release Wednesday are pretty stale.
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182

Mexico announces forex hedge program, peso jumps 2%

Feb 21 6:45pm Market Insider with Patti Domm
The Mexican peso leaped 2 percent against the dollar, briefly breaking past 20 to hit its strongest versus the greenback since Nov. 10.
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178

Natural gas plunges as meteorologists declare winter is over, El Nino may be coming

Feb 21 6:20pm Market Insider with Patti Domm
Natural gas futures plunged 9.5 percent as the prospects for another deep freeze faded.
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177

Covered Call Trading Hits New Record

Feb 21 5:18pm zentrader.ca | trend analysis
By Chris Ebert Generally, Covered Call traders can eke out a profit even when stock prices are flat or fall slightly, because they collect a premium on the option upfront when they sell it. So, for example, if a stock is trading at $100 and a trader sells a Covered Call with a $100 strike […]...
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223

Op-Ed: Here's the real reason Trump held a pep rally (and it's not because he's desperate)

Feb 21 4:23pm Commentary
It may seem a little early for a presidential pep rally but here's why Trump had to do it, says Jake Novak.
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180

Bengt Holmstrom: Im More Concerned About the Economic Power of the Most Valuable Companies Than Their Political Power

Feb 21 3:59pm
In this installment of ProMarket’s new interview series, Nobel laureate Bengt Holmstrom says “this may be the right time to look at political engagement by corporations” and discusses the recent wave of populist discontent. “It is clearly a time of change and we will be forced to rethink how we can reaffirm our commitment to democracy.”     On March 3-4, the Stigler Center at the University of Chicago Booth School of Business, along with Harvard Business School and Oxford University, will host a conference in Chicago to answer the following questions: Should the economic theory of the firm be modified? […]...
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222

Op-Ed: Here's why the Russia scandal will hurt Democrats more than Trump

Feb 21 2:01pm Commentary
By harping on Russia, Democrats are making the same mistake Clinton made during the election, says Jordan Chariton.
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218

A great display for Carsales

Feb 21 2:00pm ROGER MONTGOMERY ROGER MONTGOMERY
We’ve had a pleasing reporting season thus far, and Carsales is one of our holdings that produced a great result.
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200

The Top 10 Managed Futures Managers of January

Feb 21 1:56pm RCM Alternatives
As a whole, the Managed Futures sector did not perform well in January’s market environment, but that doesn’t mean there weren’t outliers. If we ignore risk metrics, RCM’s due diligence, and exclusively sort by returns only, these are the Top 10 programs in January. (Disclaimer: past performance is not necessarily indicative of future results. Programs […]...
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232

Buyback binge is going strong, but here is why they are not the solution

Feb 21 1:51pm Trader Talk with Bob Pisani
Buybacks keep rolling along, but here is why they are no panacea for all of the market's problems.
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224

Goldman Sachs hits new record high along with stock indexes

Feb 21 1:36pm Market Insider with Patti Domm
The major U.S. equity indexes weren't the only ones making history on Tuesday.
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211

An unexpected threat to a March rate hike: Wall Streeters took a pay cut

Feb 21 1:30pm Market Insider with Patti Domm
Wall Street may look no further than its own paychecks for an explanation why the Fed is not likely to raise rates in March.
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208

Global corporate earnings: wind beneath my wings

Feb 21 12:51pm BlackRock Blog
Richard explains why we see earnings improving across the globe, and highlights the markets with the most potential for further earnings growth.
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239

Op-Ed: We moved from New Jersey to a villa in Costa Rica and we only pay $400 a month

Feb 21 12:35pm Commentary
You might expect a move to a tropical location would be expensive, but this New Jersey couple found a beach-town villa in Costa Rica that rents for $400 a month.
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236

Scripps Networks shares climb after sales beat

Feb 21 12:23pm Market Insider with Patti Domm
Shares of Scripps Networks Interactive rose Tuesday, after the company reported a revenue beat for the fourth quarter.
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237

Here are the places where millionaires are moving

Feb 21 12:00pm Wealth
The overall number of millionaire migrants is rising. Last year, 82,000 millionaires migrated worldwide, up from 64,000 in 2015.
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248

New Hedge Fund Wisdom Issue Released Today: Subscribe To Read It

Feb 21 11:52am market folly
A brand new issue of our premium Hedge Fund Wisdom newsletter was just released.  Subscribers please login at www.hedgefundwisdom.com to read it.Inside The New Q4 Issue- Investment Thesis Summaries of 2 Stocks Hedge Funds Have Been Active In: Quickly learn the bull / bear thesis- 25 Top Hedge Fund Portfolios Revealed: Baupost Group, Lone Pine, Appaloosa, Third Point, ValueAct and 20 more funds featured (full list here)- New Consensus Buy / Sell Lists:  Find out which stocks are most popular- Commentary on Each Fund's Moves: We've tracked these funds for over 8 years- 1 Convenient Document To Save You Time: You can view a free full past issue here to see what you're missingTo Read The New Issue Immediately, Subscribe Below1-year Subscription (4 issues): $299.99 per year (save 20\% with this option)Quarterly Subscription: $89.99 per issueWant to pay by check or soft dollar account...
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384

How to focus your energy and get big things done

Feb 21 11:45am Commentary
Four ways to better organize your day.
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246

New Feature: Historical Allocation Analysis

Feb 21 11:42am AllocateSmartly
We’ve added a major new feature to our members area: historical allocation analysis. Every strategy that we track now includes a brand new subpage, which is updated daily and devoted to helping members better understand how each asset class has contributed to the strategy’s performance. In this blog post, we discuss this new feature. Note […] The post New Feature: Historical Allocation Analysis appeared first on AllocateSmartly.
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250

Swedroe Spotlight: Explaining the Low Risk Effect

Feb 21 11:35am Alpha Architect
As my co-author, Andrew Berkin, and I(1) explain in our new book, “Your Complete Guide to Factor-Based Investing,”(4) one of […] The post Swedroe Spotlight: Explaining the Low Risk Effect appeared first on Alpha Architect.
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250

Momenta shares plunge after supplier receives warning letter from FDA on multiple sclerosis drug

Feb 21 11:35am Market Insider with Patti Domm
Momenta says Pfizer, a key supplier for its multiple sclerosis drug, has received a warning letter from the FDA.
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232

Apple reaches yet another all-time intraday high

Feb 21 11:25am Market Insider with Patti Domm
Shares of Apple hit an all-time high Tuesday, setting a fresh record for the second time this year after nearly two years without a new high.
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229

Special Dividends

Feb 21 10:57am Absolute Return Investing with Eric Cinnamond
I have a confession to make. I don’t read many books related to investing. Early in my career, when I was developing my investment philosophy, I was constantly reading investment books. However, as my investment process and discipline matured, I discovered I learned more from reading about companies. And there is a lot to read. … Continue reading Special Dividends...
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293

Op-Ed: The biggest loser in Trump's America-first manufacturing plan is ...

Feb 21 10:07am Commentary
Trump promises to bring back manufacturing jobs, says Dustin McKissen. Here's the real problem with his plan.
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244

Market Lab Report - Premarket Pulse 2/21/17

Feb 21 9:25am Virtue of Selfish Investing Market Lab Reports and Newsletters
Major averages finished Friday at all-time highs closing at the top end of their trading ranges on mixed volume. It was surprising to see the market immediately recover on Friday after minor weakness earlier in the trading day which suggested the start of a minor correction. Such would come as no surprise as a way of digesting recent, sharp gains. Our Focus List remains ample and relatively strong suggesting the market wants to continue in its current uptrend. Futures are higher on advancing global markets and a stronger dollar as expectations of a recovering economy and rising rates continue.
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259

Crisis Alpha: A Simple ETF Approach

Feb 21 9:14am Flirting with Models
This blog post is available for download as a PDF here. Summary Trend-following strategies – such as managed futures and tactical equity – have historically provided crisis alpha against sustained drawdowns. For short-horizon events (e.g. single day, week, or month events), the effectiveness of these approaches in managing risk is largely based on the luck of […] The post Crisis Alpha: A Simple ETF Approach appeared first on Flirting with Models.
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262

Tuesday links: ongoing processes

Feb 21 9:11am Abnormal Returns
Review: Edward Luce thinks The Complacent Class: The Self-Defeating Quest for the American Dream by Tyler Cowen is “captivating” and a little...
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281

Buffett Put $12 Billion On Stocks, But He Didnt Buy Into This Market

Feb 21 9:00am Investiv Daily
Stocks grew on positive sentiment after Buffett disclosed his optimism and spent $12 billion. His purchases included Apple, and an extremely cheap sector. Passive investing without thinking is what allows for such heterogeneity in valuations. For investors like Buffett, it’s easy money. Introduction At the end of January, market bulls rejoiced when Warren Buffet disclosed […]...
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259

Politics and Investing

Feb 21 8:57am Systematic Relative Strength
Last week Bloomberg reported that Americans recently broke the American Psychological Association’s anxiety meter for a record level of stress.  You read that right.  No, this is not from late 2008.  This is from January 2017. “The results of the January 2017 poll show a statistically significant increase in stress for the first time since the survey […] The post Politics and Investing appeared first on Systematic Relative Strength.
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258

Weekly RS Recap

Feb 21 8:56am Systematic Relative Strength
The table below shows the performance of a universe of mid and large cap U.S. equities, broken down by relative strength decile and quartile and then compared to the universe return.  Those at the top of the ranks are those stocks which have the best intermediate-term relative strength.  Relative strength strategies buy securities that have […] The post Weekly RS Recap appeared first on Systematic Relative Strength.
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258

Research links: rational momentum

Feb 21 8:53am Abnormal Returns
Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including two looks a...
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283

Early movers: HD, WMT, YHOO, TIF, PLKI, & more

Feb 21 8:07am Market Insider with Patti Domm
Names on the move ahead of the open.
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258

Building Modern Monopolies, with Alex Moazed [Invest Like the Best, EP.25]

Feb 21 7:30am The Investor's Field Guide
My guest this week is Alex Moazed, the co-author of Modern Monopolies: What It Takes to Dominate the 21st Century Economy, which explores the platform business model (Uber, Airbnb, Github).  Alex is also the founder and CEO of Applico, a company that he started in his dorm room that is since grown into a huge...
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273

New Trade: Long Netflix ($NFLX) & Short Etsy ($ETSY)

Feb 21 2:00am Intelligent Speculator
Today I am opening my 7th trade of the year and surprisingly they are all still live. So far so good but no need to jinx it at this point. As is always the case, you can see past 2016 (and previous years) trades here: http://www.intelligentspeculator.net/livetrades Let’s start off by looking at the numbers: Both of […]...
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317

SPX 1, 2 and 3-Year Returns Following Top and Bottom Five (and Ten) VIX Average Annual Readings

Feb 21 1:21am VIX and More
On Saturday, I posted Putting Low Stock Volatility to Good Use (Guest Columnist at Barron’s) and used that opportunity to expand upon some of the points I raised in my February 18th column for Barron’s.  Specifically, I addressed the issue of the clustering of low volatility and used a graphic to show that when the VIX closes below 12, it tends to persist in these low readings, clustering for several years, before remaining above 12 for even longer periods during high volatility regimes.  Another claim I made in the Barron’s article (Putting Low Stock Volatility to Good Use) that I thought might benefit from a little graphical support was my contention:“VIX data suggests the low volatility provides a foundation for extended bullish moves in stock. Look at the five highest and lowest average annual VIX readings and calculate the performance of the Sta...
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280

One Idea That Could Change Your Life (and How You Invest)

Feb 21 12:40am Safal Niveshak
“Good morning, Sir,” I called out to a man walking just ahead of me during my morning walk yesterday. Like me, he was a regular at the walking track and we often crossed each other exchanging smiles and wishes. I had heard good things about him from others, and so I thought of engaging him […] The post One Idea That Could Change Your Life (and How You Invest) appeared first on Safal Niveshak.
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285

Lessons from CFOs: When Refinancing Makes Sense

Feb 21 12:02am CFA Institute Enterprising Investor
A new calculation tool can help determine if it's the right time for clients to refinance. Paul Fennell explains. Read more...
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286

Why our oil refineries are shutting down

Feb 21 12:00am ROGER MONTGOMERY ROGER MONTGOMERY
Back in the 1960s, manufacturing contributed 25\% to Australia’s GDP. Today, this figure has dropped below 9\%, largely due to an inability to compete on cost. A similar story has been playing out in our oil refining industry, where we have seen refinery after refinery shutting down.  This has led us to ask: does our… Continue reading →...
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283

Is day trading or swing trading better with Renko charts?

Feb 20 4:47pm zentrader.ca | trend analysis
Renko charts are part of the time-independent charts such as Point and Figure, Kagi and Three Line Break. These chart types are unique because they only consider price and not time. Time, as you know is plotted on the x-axis of the stock chart and price is plotted on the y-axis. With time not being […]...
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370

The Significance Of The S&P 500 Yield Falling Below The 10-Year Treasury Yield

Feb 20 3:47pm The Blog of HORAN Capital Advisors
For most of 2016 the dividend yield on the S&P 500 Index was greater than the yield on the 10-year U.S. Treasury. Historically, this has served as a positive sign for forward stock price returns. With the strong equity market returns in 2016 and the move higher since the election, the S&P 500 yield is now lower than the 10-year Treasury. In addition to the move higher in stocks, bond prices have declined as well (a higher yield) resulting in bonds now having a higher yield than the S&P 500 Index.What may seem like meager yields for both stocks and bonds, investors have a propensity to purchase the better yielding asset. So, as bonds begin to provide competition for stocks, might the higher yield of fixed income investments turn into a headwind for stocks? CFRA recently prepared a report noting the performance of the S&P 500 Index at various yield differentials. With the S...
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323

Macquarie analysts issue a warning about the rising debt wave

Feb 20 3:15pm ROGER MONTGOMERY ROGER MONTGOMERY
Analysts at Macquarie Research, Viktor Shvets and Chetan Seth, have just released an excellent piece titled ‘Surfing the debt wave.  Don’t look down’.  In it, they focus on global debt, wealth inequality, weak productivity growth, the velocity of money and the balance sheets of central banks.  For investors, it’s a timely reminder of the big… Continue reading →...
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342

How Many Euro Crises Will This Make? Its Getting Hard To Keep Track

Feb 20 1:48pm DollarCollapse.com
Every few years, it seems, one or another mismanaged eurozone country falls into one or another kind of crisis. This leads to speculation about the end of the common currency, which in turn spooks the global financial markets. Then the ECB conjures another trillion euros out of thin air, buys up and/or guarantees all the […] The post How Many Euro Crises Will This Make? It’s Getting Hard To Keep Track appeared first on DollarCollapse.com.
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336

Why do you do what you do?

Feb 20 11:40am csinvesting
What’s your purpose?   (from $prezzaturian) Why do you do what you do? Why do you drink what you drink, eat what you eat, eat where you eat, dress the way you dress? Why do you check your social media dozens of times … Continue reading →...
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353

Monday links: linear relationships

Feb 20 11:34am Abnormal Returns
Review: Ed Thorp’s A Man for All Markets is “highly recommended for anyone interested in investing.”  (Value and Opportunity)...
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384

Presidents Day Factor Investing Geekout

Feb 20 11:11am Alpha Architect
Our epic piece on factors from a few weeks ago is still ringing in our own ears: Are factors even […] The post President’s Day Factor Investing Geekout appeared first on Alpha Architect.
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353