RWM Names Patrick Haley as Chief Technology Officer

Apr 24 10:30am The Reformed Broker
While the foundation of our business is built on and remains personal relationships, more and more of our operations are driven by technology ...
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ETF links: unintended consequences

Apr 24 10:03am Abnormal Returns
Mondays are all about ETFs here at Abnormal Returns. You can check out last week’s links including a look at when an...
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Global Growth Is Finally Getting Some Traction, Be Sure Your Money Follows

Apr 24 10:00am Investiv Daily
Macroeconomic trends are extremely important for your investing or trading returns. The IMF’s World Economic Outlook is a great starting point for understanding where the risks and opportunities lie. Long term trends show emerging markets and commodities are the place to be. Introduction Investing is both difficult and easy. It’s difficult if you try to […]...
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US bank stocks are soaring on French election relief

Apr 24 9:59am Market Insider with Patti Domm
Goldman Sachs, Citigroup and other banks with global franchises jump 2 percent in premarket trading.
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Futures Pointing To Higher Open On Wall Street

Apr 24 9:55am RTT - Market Analysis
The major U.S. index futures are pointing to a higher opening on Monday following the lackluster performance seen last Friday. The upward momentum comes as traders digest the results of the first round of voting in the French presidential election.
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Op-Ed: Here's the black swan in Trump's agenda that could crush the markets

Apr 24 9:47am Commentary
The black swan could be a self-inflicted wound created by this ill-advised Trump plan, says Economist Jack Bouroudjian.
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Centrist Macron, Right-Wing Populist Le Pen Advance In French Presidential Contest

Apr 24 9:41am Exclusives
The markets are reading centrist Emmanuel Macron’s lead in the first round of voting in the French presidential election as a victory after a potential face-off between hard-left and hard-right candidates was avoided Sunday. Macron, a 39-year-old former investment banker and French government bureaucrat, took 23.9 percent of the vote in what became a four-way race. The National Front’s Marine Le Pen, 48 — a right-wing, populist critic of the European Union and open immigration — followed closely behind with 21.4 percent of the vote. The two will now appear on a May 7 runoff ballot. Macron’s strongest support bases in Sunday’s vote were large cities and “economically dynamic” areas,” while Le Pen proved popular in areas of high unemployment and low pay, according to The New York Times. Jean-Luc Mélenchon, the hard-left candidate with Communist Party support who shares Le Pen’s aversion to the EU and NATO, trailed in fourth Sunday with 19.6 percent of the vote. Former Prime Minister François Fillon, who is under investigation for allegations he paid his wife public funds for doing little work, received 19.9 percent. Macron, Le Pen Far Apart On Policy The two have little in common on the policy front. Macron backs spending cuts, economic stimulus and a continued French membership in the EU, and is pro-immigration. While it wasn’t termed an endorsement, Macron received a phone call from former President Barack Obama Thursday. “Let’s keep defending our progressive values,” Macron tweeted after the call. “Thank you for ...Full story available on Benzinga.com...
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Board Votes and Performance Reviews

Apr 24 9:35am
Also ratings and indexing, Uber, YayYo, the fiduciary rule, space mining and unicorns.
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Market Lab Report - Premarket Pulse 4/24/17

Apr 24 9:20am Virtue of Selfish Investing Market Lab Reports and Newsletters
Major averages fell Friday on mixed volume as a number of indices continue to trade near their 50-day moving averages. The S&P 500 notched another distribution day. Futures are up over 1\% as tallies in the first round of the closely watched French presidential election showed centrist candidate Emmanuel Macron and far-right Marine Le Pen set to make it to the second and final round on May 7. The fear was that two far-right candidates would hold the top two places, thus putting the future of the EU in jeopardy. Instead, Macron is slightly outpacing far-right Le Pen with 23.7\% of the vote vs Le Pen's 21.7\%. Macron has pledged to firm France’s ties with the EU which is bullish for the markets. Far-right candidates such as Le Pen, on the other hand, have vowed to hold a referendum on France's EU membership if she wins the presidency. Far-left euroskeptic Jean-Luc Melenchon trailed Le Pen and Macron, with about 19\% of the vote. The second round scheduled for May 7 will likely determine who will become France's next president. Political analysts have largely said that most will back the centrist Macron. Still, they also said Brexit would not happen nor would Trump win. President Donald Trump plans to announce the broad outline of his proposed tax package on Wednesday. Markets are skeptical that the real details will be forthcoming, said analysts at ANZ in a note. There is also plenty of conjecture about whether any tax cuts will be able to be revenue neutral, and that could affect their ease of passage through Congress. ...
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How Family Office Manager Julio Gonzalez Is Helping Keep Jobs In The U.S. Using Tax Engineering

Apr 24 9:13am Exclusives
Benzinga recently was at the Nasdaq Marketsite and had the chance to chat with Julio Gonzalez, CEO and CIO of the Gonzalez Family Office, CEO of Engineered Tax Services and Official Member of the Forbes Finance Council. Check out how he got rich by helping keep jobs and, ultimately, grow GDP in the United States below. Meet Julio Gonzalez basically built his family’s wealth from scratch. About 15 years ago, he started a company, Engineered Tax Services. Over time, ETS became the largest specialty tax firm in the United States, generating hundreds of millions of dollars in tax benefits for clients like Toyota Motor Corp (ADR) (NYSE: TM), Marriott International Inc (NASDAQ: MAR), Dollar Tree, Inc. (NASDAQ: DLTR), Costco Wholesale Corporation (NASDAQ: COST) and Honda Motor Co Ltd (ADR) (NYSE: HMC) every month. ETS focuses on the real estate and manufacturing areas, mostly. “In real estate, we use engineers to help assess energy efficient buildings and help with depreciation of buildings. So, a big part of what we do is engineering-based tax work,” Gonzalez voiced. “Our other big area is in manufacturing. As scientists and engineers, we quantify the labor and supply cost that goes into manufacturing a product in the United States. From that, we generate a calculation for the credits that are refundable to these companies. These are research and development tax credits, which are ...Full story available on Benzinga.com...
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Why quants don't pick stocks

Apr 24 9:02am Flirting with Models
This post is available as a PDF download here. Summary­­ Quant is a broad word with many job descriptions in finance. In asset management, a quant is someone who applies mathematical (usually statistical) techniques to analyzing the securities market, usually with an eye towards identifying investment opportunities. Quants rely on factors: systematic investment approaches that […] The post Why quants don't pick stocks appeared first on Flirting with Models.
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Bank stocks are soaring on French election relief; Deutsche Bank spikes by 10%

Apr 24 8:10am Market Insider with Patti Domm
Goldman Sachs, Citigroup and other banks with global franchises jump 2 percent in premarket trading.
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Current Populist Discontent Seems Mainly Driven by a Fear of Change and Uncertainty

Apr 24 8:00am
In the final installment of ProMarket’s interview series on the economic theory of the firm, we ask Princeton University professor Alan Blinder and University of Mannheim President Ernst-Ludwig von Thadden about the role of corporations and governments in the market.      On March 3-4, the Stigler Center at the University of Chicago Booth School of Business, along with Harvard Business School and Oxford University, hosted a conference in Chicago to answer the following questions: Should the economic theory of the firm be modified? And if so, how?   The standard (economic) theory of the firm is silent on the role […]...
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Early movers: HAS, HAL, KMB, PPG, FCH, TRUE, S, NFLX & more

Apr 24 7:52am Market Insider with Patti Domm
Names on the move ahead of the open.
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Hot Links: Urgent vs Important

Apr 24 7:43am The Reformed Broker
What I'm reading this morning ...
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Putting Pro-Innovation Bias on the Blockchain

Apr 24 5:30am The Psy-Fi Blog
Blockchain BiasOver the past couple of years I've spent a lot of time listening to people wittering on about the blockchain . They've claimed it can solve a plethora of society's ills - everything from the elimination of poverty to the overthrow of fiat currencies and the nation state.Being charitable this is evidence of pro-innovation bias in all its perverse glory. Being cynical it's evidence of people trying to scam investment funds by capitalizing on the halo effect. The blockchain is a brilliant piece of innovation, which will one day - probably - lead to significant economic benefits, but in the end it's just another piece of technology.Ledgers, EverywhereBlockchain is most commonly associated with Bitcoin but is, in fact, a separate innovation upon which the world's least efficient payment system is built. Technically, blockchain itself is a single example of a broader class of systems known as Distributed Ledger Technology or DLT. A ledger is technology that's been around for a thousand years (see: In the Beginning Were the Accountants) - it records transactions so that you know who owns the various assets it records (including money). A distributed ledger simply means that the same ledger is copied to all of the people who use it - so imagine every bank in the world using a copy of the same database. The key idea here is that the entities using a network underpinnined by DLT don't need to trust each other, but can still trust the information on the ledger. This is, obviously, counter-intuitive, but it's a revolutionary idea.ByzantineThe genius of the technology is in something called a consensus protocol, which is the mechanism that allows the users of the ledger agree to put a new record on it without trusting each other. In Bitcoin consensus is achieved through data mining , which is a solution to a problem in Game Theory (see: Games People Play) known as The Byzantine General's Problem, originally described by Leslie Lamport, Robert Shostak and Marshall Pease.In the problem a bunch of generals are surrounding a city and must decide whether to attack or retreat. Their challenge is how to come to a consensus on what to do when they only have remote communication and some of them may defect and start lying. Data mining via proof-of-work is the Bitcoin solution, but that's just one example of a DLT consensus proto...
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7 Cash Flow Ratios Every Value Investor Should Know

Apr 24 3:26am The Value Investing Blog of Old School Value
When it comes to doing a liquidity or solvency analysis, using the cash flow statement and cash flow ratios is a much better indicator than using the balance sheet or income statement ratios. Gross margins are important but it doesn’t tell you whether a company can survive or not. The PE isn’t much help too. Unfortunately, cash flow statement analysis gets pushed down to the bottom of the to do pile, but not here. Read on. This post was first published at old school value. You can read the original blog post here 7 Cash Flow Ratios Every Value Investor Should Know.
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Op-Ed: Is there a price breakout ahead for crude oil?

Apr 24 12:30am Commentary
Daryl Guppy takes a closer look at crude oil and sees a a long-term inverted head and shoulder reversal pattern.
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Old School Curated Links and News (April 18th Edition)

Apr 24 12:21am The Value Investing Blog of Old School Value
I can’t help but get excited when looking up cheap stocks. With net nets, you associate it with Graham, don’t […] This post was first published at old school value. You can read the original blog post here Old School Curated Links and News (April 18th Edition).
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Point of No Return: Two Factors Shaping Women and Investing

Apr 24 12:02am CFA Institute Enterprising Investor
The global narrative about women and money is changing significantly and for the better. Two major factors have helped to shape this, according to Barbara Stewart, CFA. Read more...
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Ep. 548: More New Trend Following Book with Michael Covel

Apr 23 10:00pm Blog – Trend Following Trading Systems from Michael Covel
Subscribe to Trend Following Radio on iTunes The new edition of Trend Following has gone from 100,000 words to 230,000. It is out now and it is the definitive effort on trend following. Other books have been written and they have given some good insights. However, this new edition is it. Today, Michael reads passages […] The post Ep. 548: More New Trend Following Book with Michael Covel appeared first on Trend Following Trading Systems from Michael Covel.
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Op-Ed: Trump is losing his winning hand on world trade

Apr 23 9:14pm Commentary
U.S. President Donald Trump need to get his bearings back on trade policy, Michael Ivanovitch says.
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Latticework of Mental Models: Physics Envy

Apr 23 8:30pm Safal Niveshak
A group of tourists was visiting a dinosaur museum. A guide was entertaining them with interesting trivia about various dinosaur species. Just when they were passing by a huge skeleton of an ancient carnivore, an inquisitive member of the tourist group asked the guide, “How old is this skeleton?” “Oh, that big T-rex skeleton? It’s […] The post Latticework of Mental Models: Physics Envy appeared first on Safal Niveshak.
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If Mr Market is a drunken psycho, what can we make of Nines resurgence?

Apr 23 4:00pm ROGER MONTGOMERY ROGER MONTGOMERY
Warren Buffett once referred to Mr Market as a “drunken psycho”, lurching one way and then the other. So it would be interesting to know what he would make of the bounce in the value of Nine Entertainment (ASX: NEC). Despite facing crippling headwinds, Nine’s share price has jumped around 50 percent since October. Mr… Continue reading →...
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Managing the Chaos Investing vs. Gambling

Apr 23 1:53pm Investing Caffeine
How does one invest amid the slew of palm sweating, teeth grinding headlines of Syria, North Korea, Brexit, expanding populism, Trumpcare, French candidate Marine Le Pen, and a potential government shutdown? Facing a persistent mountain of worries can seem daunting to many. With so many seemingly uncontrollable factors impacting short-term interest rates, foreign exchange rates, […]...
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Committee Urges Change In Class Action Regulations As IPO Market Dries

Apr 23 1:22pm Exclusives
The status of “public company” is expensive. Between forfeiture of sovereignty, vulnerability to class actions and millions of dollars in fees to ensure regulatory compliance, the whole package is increasingly unbecoming. And the Committee on Capital Markets Regulation worries the lacking appeal may have significant economic impact. Shrinking Public Markets Last year recorded the lowest IPO equity capital in a decade. The $24 billion raised by 111 IPOs in 2016 barely registered beside the nearly $100 billion raised by 290 IPOs in 2014. Not only that, but the continued trend of delisting lengthened a steady, 20-year decline in market population. Today’s cohort is slimmer than that of the early 1980s, which leaves investors with limited opportunity to diversify portfolios. The Rise Of The Private Market Meanwhile, as the public markets contract, the private markets are expanding, with the number of billion-dollar startups nearly tripling between 2013 and 2016. Concurrently, investors are shifting funds to the startup scene. Private Reg D offerings raised more than 4.5 times the amount accrued among IPOs in 2016 to sustain a nearly decade-long trend of private equity capital outpacing public capital. Slim pickings in the public market may have something to do with it. “There are fewer public companies out there, and they’re decreasing, so where are investors going to go?” Hal Scott, CCMR director and Harvard University law professor, told Benzinga. “They’re going to go to the part of the market that’s expanding ...Full story available on Benzinga.com...
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Op-Ed: Here's a 4 question college application, with a twist

Apr 23 1:00pm Commentary
Colleges should apply to us and hope we accept them, says Jake Novak...
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Sunday links: difficult to debunk

Apr 23 9:35am Abnormal Returns
Book Endorsement: Mark Zupan’s Inside Job: How Government Insiders Subvert the Public Interest “is now the very best book on how special...
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Dogs Of The Dow Falling Further Behind

Apr 23 6:30am The Blog of HORAN Capital Advisors
It has been several months since updating the performance of the Dogs of the Dow investment strategy. The strategy is one where investors select the ten stocks that have the highest dividend yield from the stocks in the Dow Jones Industrial Index (DJIA) after the close of business on the last trading day of the year. Once the ten stocks are determined, an investor invests an equal dollar amount in each of the ten stocks and holds the basket for the entire next year. The popularity of the strategy is its singular focus on dividend yield. The strategy is somewhat mixed from year to year in terms of outperforming the Dow index though. Over the last ten years, the Dogs of the Dow strategy has outperformed the Dow index in six of those ten years. As we noted in our early February post, it is important for investors utilizing the strategy to be aware of the strategy's bets in terms of stock and sector exposure. Through Friday's close, the 2017 Dow Dogs return of 2.0\% trails the return for both the Dow Jones Industrial Average Index and the S&P 500 Index, 4.6\% and 5.4\%, respectively. Relative to the Dow Jones Industrial Average, the 2017 Dow Dogs are significantly over weight energy (19\% versus 6.2\%) and energy has been weak this year as can be seen in the energy holdings in the below table. Additionally, the strategy is overweight in telecom through its holding of Verizon. Other differences can be seen in the earlier post.At least during the first four months of 2017, the pursuit of higher yielding stocks via this strategy has yet to be an outperforming one.
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French Fate and British Snaps MM #141

Apr 23 6:20am Trading NRG
We are back from the vacation just in time for the biggest political event of 2017: the French elections. We look at the potential market reactions and the probabilities of the various scenarios. We cross the channel for more election news…Read more →...
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Trading Food for Thought: April 23rd Edition

Apr 23 6:00am Blog – Trend Following Trading Systems from Michael Covel
Food for thought: Could Warren Buffett Beat the Market If He Started Today? Investors Buy CTAs Rather Than Macro in 2017 Sentiment and the Effectiveness of Technical Analysis: Evidence from the Hedge Fund Industry “Winner-Take-All” Dynamics and hedge fund investing What’s Past is NOT Prologue What Is an Index? Complicated problems rarely require magical explanations […] The post Trading Food for Thought: April 23rd Edition appeared first on Trend Following Trading Systems from Michael Covel.
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Jim OShaughnessy on Active Management

Apr 23 4:44am Systematic Relative Strength
If you want to succeed with active management, I would suggest this is a must watch. The post Jim O’Shaughnessy on Active Management appeared first on Systematic Relative Strength.
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Investors Watch These 4 Charts After The French Elections

Apr 23 4:12am Investing Haven
The topic of this week has been the French elections. Everyone is watching the French elections results as if they will change the world, in an emotional rather than rational way. But it seems InvestingHaven is one of the few voices looking at markets in an objective way.
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What Ever Happened To 3D Printing?

Apr 23 2:01am Investiv Daily
Have you ever read about or seen a new technology in action and thought to yourself “I’ve arrived in the future”? With the explosive rate at which technology has been moving in this century alone, I imagine the answer is a resounding “yes!” A few years ago, much of the hype about the future today […]...
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Alternative Facts about Formulaic Value Investing

Apr 22 5:16pm Alpha Architect
A new paper, “Facts about Formulaic Value Investing,” is making the rounds and professes to plunge a dagger directly into […] The post “Alternative” Facts about Formulaic Value Investing appeared first on Alpha Architect.
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Market Lab Report - Focus List Review for the Week Ended April 21, 2017

Apr 22 4:27pm Virtue of Selfish Investing Market Lab Reports and Newsletters
  Current Focus List Table generated by High Growth Investor Software, LLC, (C) 2017, used by permission. For more information visit: www.highgrowthstock.com.  The VoSI Focus List is a compilation and reference list of stocks for which Pocket Pivot or Buyable Gap-Up Reports have been issued. It is not intended as a buy list or a list of immediately actionable recommendations. Stocks on the list may or may not be in proper buy positions, and investors should exercise discretion and proper judgement in determining when and where stocks on the Focus List can be purchased. The following notes are intended to assist in this process. Please note that members can enlarge the Focus List image by clicking on the body of the email and then holding the Control Key while pressing the + key until it is large enough to read. General Observations: The NASDAQ Composite posted a new all-time closing high on Thursday and finished out the week holding up near its highs on lighter volume. Its near-term outperformance has been a function of strong upside action in a large number of big-stock NASDAQ 100 names. The S&P 500 Index remains below its 50-day moving average, but has still barely corrected 2\% off of its peak of seven weeks ago. For the most part, the indexes simply remain within seven-week consolidations, which keeps the potential for a breakout to new highs in play. We have often referred to the current market environment as being an Ugly Duckling market where stocks that look weak can often find their feet again and turn back to the upside. It is with some chagrin that we have seen two names that were removed from the Focus List over recent weeks, MKS Instruments (MKSI) and Sina Corp. (SINA), rally back above their 50-day moving averages after previously violating their 50-dmas. In both cases, the 50-day moving average violation was a fakeout, and the stocks then turned back up through their respective 50-dmas. Netease (NTES), which was removed from the Focus List, has continued lower following its 50-dma violation on April 11th. So we have two out of three 50-dma violations turn into fakeouts. The simple way to determine when a 50-dma violation is a fake out is by watching for a move back above the 50-dma as a concrete indication. In our live weekly webinars, Gil Morales has discussed the Moving Average Undercut & Rally set-up (MA-U&R), which is a co...
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Market Lab Report - Dissecting Jesse Livermore's Century Mark Rule - Part 4

Apr 22 4:03pm Virtue of Selfish Investing Market Lab Reports and Newsletters
Dissecting Jesse Livermore’s Century Mark Rule – Part 4 By Dr. Chris Kacher & Gil Morales, Managing Directors MoKa Investors, LLC Our examination of Jesse Livermore’s “Century Mark” Rule, of which this is the fourth installment, will now look at two big leading stocks from 2016, Nvidia (NVDA) and Acacia Communications (ACIA). To quickly review, recall that Jesse Livermore reveals his rule in the investment classic, Reminiscences of a Stock Operator, within the context of his operations in Anaconda Copper shares during early February 1907: It was an old trading theory of mine that when a stock crossed $100, $200 or $300 for the first time the price does not stop there but goes a good deal higher, so that if you buy it as soon as it crosses the line it is almost certain to show you a profit. He further defined his expectations for this rule with respect to Anaconda Copper as follows: I figured that when it crossed $300, it ought to keep going and probably touch $340 in a jiffy. That implied a rapid movement of over 13\% higher from the $300 price level, which we can call the point of impact. From this we can surmise that based on his rule, a move of 10-15\% or more was expected to occur “in a jiffy.” Nvidia (NVDA) had all the big-stock characteristics of a leading stock during 2016 with its focus on two hot areas of the economy: video games and self-driving (autonomous) vehicle technology. This led to a tremendous price move after we alerted our website members to it at $33 a share back in April of 2016. By the end of the year NVDA’s price move was in full-swing when it pushed up through the $100 price level for the first time in its history. That immediately led to a 20\% move in just six days once the stock cleared the first Century Mark. This neatly fits Livermore’s expectations for his rule, even exceeding the 13\% move he expected in Anaconda Copper back in 1907. Acacia Communications (ACIA) was a hot IPO in 2016 following its trading debut on May 13th. By August the stock was on fire, gapping higher after reporting earnings in the middle of the month. The day after this massive-volume gap move, ACIA cleared the $100 Century Mark for the first time. ACIA hovered around the $100 level for another couple of days before launching 20\% higher in just two days. This easily met Livermore's expectations for the r...
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Analyst Sees Kate Spade Takeover Price Target In The $18-21 Range

Apr 22 3:33pm Exclusives
Kate Spade & Co (NYSE: KATE) shares dropped following a first-quarter sales miss that also saw comps decline 2 percent. With talks of a potential acquisition of Kate Spade from bigger players Coach Inc (NYSE: COH) or Michael Kors Holdings Ltd (NYSE: KORS), the latest earnings release may provide a discount to the potential purchase price. The company didn't hold a conference call following the earnings release, citing the ongoing process of selling itself according to Bloomberg. Analyst Commentary “This is the first negative comp in recent history, which is disappointing and changes the trajectory of multiples given the fact that Kate is viewed and has been a growth retailer,” Oppenheimer analyst Anna Andreeva told Benzinga. ...Full story available on Benzinga.com...
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Uranium Miners Still Bullish Though Close To Breakdown

Apr 22 2:33pm Investing Haven
The uranium space had created suspension in the investment community. The most popular uranium mining ETF URA dropped 4.6 percent last week. With that, it breached a major support level. InvestingHaven has written repeatedly about the importance of 15 points in URA: Uranium miners URA: What happens at...
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Crude Oil Forecast For May 2017

Apr 22 2:21pm Investing Haven
The price of crude oil was weak last week. Crude oil dropped from $53.20 early this week to $49.62 on Friday. That is a 6.7 percent drop in a week, which is rather significant even for a volatile asset like crude oil. What is InvestingHaven’s...
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Emerging Markets Poised To Outperform

Apr 22 2:11pm The Blog of HORAN Capital Advisors
In our Spring 2017 Investor Letter we briefly commented on first quarter investment changes we initiated in client accounts, specifically, adding exposure to emerging markets. Expanded commentary follows on some of the rational for this change. Simply because an asset class or stock is cheap does not necessarily suggest the asset should be purchased; however, valuation does tend to matter in the long run. The below chart was referenced in our Spring Investor Letter and the top pane of the chart shows the relative valuation of the MSCI Emerging Market Index versus the S&P 500 Index favors emerging markets.Additionally, when comparing the forward earnings growth expectations for emerging market equities and S&P 500 equities, emerging market companies that comprise the MSCI Emerging Market Index are expected to grow earnings nearly three times faster then S&P 500 companies.With respect to emerging markets, their prices seemed to be discounting the improvement taking place in global economies and the consequent benefit that should accrue to emerging market economies and thus emerging market stock prices themselves. Certainly, if global trade slows significantly, emerging market economies will be negatively impacted. However, our firm's view is developed economies will continue to grow over the next several years, even if at a below trend pace, and emerging economies will benefit. As the below chart shows, GDP growth in the emerging and developing economies has started to turn higher indicating a faster pace of economic growth than advanced or developed economies.This faster pace of economic growth tends to persist over multiple years. As a result, some investors are beginning to recognize this as emerging market equity performance on a year to date basis is outperforming a number of developed markets as can be seen in the below chart.This recent outperformance is occurring at a time when emerging markets have underperformed the U.S. market on a rolling 3-year annualized basis for the past five years. The second chart below shows the rolling 1-year returns versus the S&P 500 Index and the rolling 1-year returns have begun to favor emerging markets in 2017.In investing, there are no certainties; however, with global economies seeming to become more synchronized with respect to economic growth, emerging markets could have a performance advantage ove...
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Cannabis Expert On Marijuana Legalization: Rhode Island, Texas Might Be Next, Vermont Will Have To Wait

Apr 22 11:43am Exclusives
Benzinga recently had the chance to discuss marijuana legalization in Canada and its impact on the United States with Hadley Ford, CEO of iAnthus Capital Holdings Inc (CNSX: IAN) (OTC: ITHUF), a cannabis-focused financing and advisory firm. During the conversation, which U.S. states could be going legal next — either from complete or partial illegality to medical or from medical to recreational — came up. For this, it was co-founder and managing director Randy Maslow who weighed in. Legal Weed For Peter Griffin? Randy Maslow: The first thing readers should remember is that every state that has legalized a full recreational program so far has done it by a popular vote. No state yet has gone recreational by action of a legislature alone. Typically, there has been a vote of the people, either constitutional amendment or ballot initiative followed up by implementation legislation passed by the legislature. However, I think that maybe over the next month or so we might see the first state go recreational through legislative action, and that might be Rhode Island. Benzinga: Does it have to do with proximity with Massachusetts? Maslow: Right now, there is actually a bill pending in the Rhode Island legislature to do this. So, it’s actively under consideration, and I think there is widespread support in Rhode Island. It’s a state that has a democratic governor and both state houses are controlled by the Democrats. I think politicians and voters are very much in favor of legalization. Yet, there are some people, including the Democratic attorney general of Rhode Island, who are opposed to it. And the people that are opposed to ...Full story available on Benzinga.com...
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The Rise of the Freemium Business Model

Apr 22 8:38am 25iq
  Freemium describes a business model in which a business gives one product away for free or at a subsidized price and then either: (1) sells another profitable product to this user base; or (2) sells access to that user … Continue reading →...
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Dorian Yates on High Intensity Training, Injury Prevention, and Building Maximum Muscle

Apr 22 8:27am The Blog of Author Tim Ferriss
“The last one or two reps at the end of the set — that’s where the magic happens.” – Dorian Yates Dorian Yates (@dorian\_yates) is a six-time Mr. Olympia who took the extreme sport of bodybuilding to a new level. He’s one of my adolescent heroes whose innovations in training (e.g., Occam’s protocol) influenced what […]...
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Weekend reading: Some thoughts on the upcoming General Election

Apr 22 7:24am Monevator
Here we go again. Plus the rest of the week's good reads.
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Saturday links: technological progress

Apr 22 7:20am Abnormal Returns
Q&A: Scott Simon author of My Cubs: A Love Story talks about what its like to live in a world free of...
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Longform links: no single metric

Apr 22 6:50am Abnormal Returns
Saturdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including business lessons learned from Lil...
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Perfect storm brewing for local retailers

Apr 21 9:49pm ROGER MONTGOMERY ROGER MONTGOMERY
In this article for Cuffelinks, Roger discusses a perfect storm that seems to be developing for the retail sector and cautions that investors don’t appear to be attuned to the risks. Read here.
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It's a monster week for markets, and the French election is just the beginning

Apr 21 6:30pm Market Insider with Patti Domm
There are plenty of potential surprises next week, from the French election to a possible government shutdown.
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Why you think youre getting worse - Adam H Grimes

Apr 21 6:13pm Adam Grimes
Do you ever work really hard and feel like you got nothing out of it? Or, even more to the point, ever work a long time on developing a skill, and have the feeling that you’re getting worse instead of better? Chances are, no matter what you’re into, you’ve experienced this: in sports, in academics, […] The post Why you think you’re getting worse appeared first on Adam H Grimes. Related posts: MarketLife Ep 35 – The beginner’s mind (a new mini-series) Guest post: How to deal with market uncertainty It’s not what you think...
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Op-Ed: Todays executive orders are the nail in the coffin of Trumps economic populism

Apr 21 3:29pm Commentary
Trump's latest executive order makes it clear that the idea of the GOP as a "workers' party" is dead and business interests rule the roost, writes Vox's Matt Yglesias.
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Stat of the Week

Apr 21 3:20pm Systematic Relative Strength
From Hendrick Bessembinder’s recent white paper. While the overall stock market outperforms Treasury bills, most individual common stocks do not. Of the nearly 26,000 common stocks that have appeared on CRSP since 1926, less than half generated a positive holding period return, and only 42\% have a holding period return higher than the one-month Treasury […] The post Stat of the Week appeared first on Systematic Relative Strength.
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French election may trigger volatile reaction that impacts global markets for weeks

Apr 21 2:48pm Market Insider with Patti Domm
Postelection scenarios are as extreme as the candidates and could continue for weeks, depending on the outcome.
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Cheap. Capital. Is. Awesome.

Apr 21 2:35pm The Reformed Broker
Professor Galloway on why Amazon keeps winning – they can do whatever they want, and they know others cannot. By pairing a grand vision for the future with a shareholder base accustomed to waiting for the profits to roll in, they’ve changed the way a generation of tech CEOs think about profitability vs growth: What......
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Millionaire investors are still bullish on stocks everywhere

Apr 21 1:32pm Wealth
Millionaire investors are very bullish on overseas markets and continue to have faith in the US economy.
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Brick & Mortar Retail Struggles Attributable to Growth In E-Commerce

Apr 21 11:56am The Blog of HORAN Capital Advisors
Today another retailer announced it will be closing up shop, Bebe Stores, Inc. (BEBE), making it the 15th retailer to go under this year. By the end of May BEBE plans to liquidate its approximately 180 stores. This nearly matches the 18 retail bankruptcies for all of 2016.Source: S&P Global: Market IntelligenceWith the consumer accounting for nearly 70\% of economic growth in the U.S., are the struggles of brick and mortar retailers a sign of a weakening consumer? What the data seems to be suggesting is overall retail sales are growing at a decent pace. According to the U.S. Department of Commerce's most recent report on retail sales, it is noted, Total sales for the January 2017 through March 2017 period were up 5.4 percent [versus] the same period a year ago. What is occurring though is consumer buying habits have transitioned to online or e-commerce sales versus a trip to the brick & mortar sores/malls.The two below charts show the break down of e-commerce sales and brick & mortar sales on both a dollar basis as well as a percentage basis.As the blue line in the above chart shows, brick & mortar retail sales are growing at a greater than 2\% YOY pace. Certainly this is a slower rate of growth versus a few years ago; however, it is growth nonetheless. On the other hand, the growth in e-commerce sales is moving forward at a mid-teens pace and has done so for over five years. Consequently, the brick & mortar retail headwinds are mostly attributable to the changing buying habits of consumers and their preference for the convenience online shopping provides.This shift in buying habits, and now driven by Amazon, is covered in the below video presentation. The video covers Amazon and its destruction of retail and highlights the destruction of “brands’ that is occurring as a result of the growth in the preference of e-commerce buying.
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