Europe, not just a vacation opportunity

Feb 20 6:00am BlackRock Blog
Heidi discusses the case for eurozone equities, despite the abundance of political uncertainties.
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Tony Robbins: How to Suffer Less (and Invest Intelligently)

Feb 20 5:00am The Blog of Author Tim Ferriss
Whether you’d like to avoid unnecessary emotional suffering or unnecessary financial suffering, this post has something for you. In my second podcast with Tony Robbins, he said that all fear comes from three triggers: loss, less, and never. He mentioned this in passing, and many of you asked for more details. This post will cover […]...
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20 Balance Sheet Ratios Every Investor Must Know

Feb 20 12:53am The Value Investing Blog of Old School Value
There's only one reason why I continue to hold the majority of my portfolio in US stocks. Reporting and transparency requirements by the SEC rocks. Without it, calculating the below balance sheet ratios would be a nightmare. The following list of ratios can be applied to both the public and private sector. At Old School Value, we apply these ratios to help discover undervalued stocks to invest in. It makes a big impact by helping you avoid falling knives and value traps. Here we go. Let's get straight into the 20 balance sheet ratios to help you determine the financial health of a company. This post was first published at old school value. You can read the original blog post here 20 Balance Sheet Ratios Every Investor Must Know.
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Gauging Market Sentiment: Selling Greed Is Harder Than Buying Fear

Feb 20 12:04am CFA Institute Enterprising Investor
Where do we stand today from a market sentiment perspective? And, how does one assimilate sentiment and crowd psychology and use it to make informed, intelligent investment decisions? Greg Blotnick, CFA, explains. Read more...
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Despite a bumpy 2016, quality investing is alive and well

Last year was certainly full of surprises. We saw Brexit, Donald Trump’s election victory, and iron ore prices tripling. We also witnessed the great sector rotation on the share market from high quality businesses to low quality businesses – a trend that continues today. And this led us to ask: is quality investing still the… Continue reading →...
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Op-Ed: There is a long campaign to put the US economy back on track

Feb 19 11:18pm Commentary
America's physical limits to noninflationary growth are currently estimated at a pathetic 1.5 percent.
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Ep. 530: Against the Gods with Michael Covel on Trend Following Radio

Feb 19 10:00pm Blog – Trend Following Trading Systems from Michael Covel
Subscribe to Trend Following Radio on iTunes Many take risk without thinking. They do not quantify risk. One of Michael’s first steps into the risk indoctrination came in the 1990’s through a book, “Against the Gods: A Remarkable Story of… Read more › The post Ep. 530: Against the Gods with Michael Covel on Trend Following Radio appeared first on Trend Following Trading Systems from Michael Covel.
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Political Engagement by Corporations Would Be Far Down the List of Forces Responsible for Popular Discontent

Feb 19 6:54pm
The third installment in ProMarket’s new interview series on the economic theory of the firm. In this installment, we ask Chicago Booth’s Steven Kaplan how the existing theory should be modified, if at all. “The biggest source of populist discontent is the dislocation caused by technological change and globalization.”     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? And if so, how?   The […]...
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Re-Questioning the Death of Buy & Hold Investing

Feb 19 6:46pm Investing Caffeine
Article originally posted September 17, 2010: At the time this original article was written, the Dow Jones Industrial Average was hovering around 11,500. Last week, the Dow closed at 20,624. Sure there have been plenty of ups and downs since 2010, but as I suggested seven years ago, perhaps “buy and hold” still is not […]...
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Insperity reaccelerates

One of our points of differentiation versus many peers relates to our ability to invest across the size spectrum. Consider that, at the time of writing, Montaka’s long position with the largest market capitalization was Apple (NASDAQ: AAPL), at US$700 billion. Meanwhile, our long position with the smallest market capitalization was Insperity (NYSE: NSP), at… Continue reading →...
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Challengers results

As many of you know one of Montgomery’s larger positions is Challenger Financial Group, the manufacturer of fixed-term and lifetime annuity products that provide investors with a stable and reliable income for fixed-terms, or for life, irrespective of market volatility.
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What if brokerages graded their customers trading?

Feb 19 10:21am The Reformed Broker
This is fascinating. My pal Larry Swedroe of Buckingham Strategic Wealth looks at the first study of its kind – an online brokerage informed 1500 of its customers about whether or not the trades they were doing added any value. Note that this stands in direct opposition of the goals of online brokerages – to encourage......
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Sunday links: staying rich

Feb 19 9:36am Abnormal Returns
Review: Tomasz Tunguz, “Algorithms to Live By has changed the way I think about investing in startups and advising them.”  (Tomasz Tunguz)...
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Trading An Overheated Market

Feb 19 8:00am | trend analysis
By Chris Ebert It can be difficult to trade when the market gets overheated. On the one hand, stock prices can become absurdly overpriced, which gives traders fear that prices will pull back; on the other the fact that stock prices are rising creates envy, which makes them attractive for buyers. One method of determining […]...
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Copper May Be The Strongest New Bull Market Over The Coming Decade

Feb 19 1:01am Investiv Daily
The Escondida mine problems are only the tip of the iceberg for Copper, which appears to be in a bit of a panic since workers of BHP Billiton Ltd.’s Escondida copper mine in Chile started an indefinite strike on February 9, forcing a force majeure declaration on its shipments. Adding more fuel to the fire […]...
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The Three Lives Of Alan Greenspan And Why The Third Wont Redeem The Second

Feb 18 6:20pm
When the history of these times is written, former Fed Chair Alan Greenspan will be one of the major villains, but also one of the greatest mysteries. This is so because he has, in effect, been three different people. He began public life brilliantly, as a libertarian thinker who said some compelling and accurate things […] The post The Three Lives Of Alan Greenspan – And Why The Third Won’t Redeem The Second appeared first on
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Putting Low Stock Volatility to Good Use (Guest Columnist at Barrons)

Feb 18 5:18pm VIX and More
With spring training just getting underway in Florida and Arizona, I think it is appropriate that I once again have an opportunity to pinch hit for Steve Searsin his The Striking Price column for Barron’s.  Today’s column is called Putting Low Stock Volatility to Good Use (my title suggestions always seem to end up on the cutting floor) and builds upon some of the ideas I presented three years ago in Low Volatility:  How to Profit from a Quiet VIX.If my memory is correct, this is the twentieth time I have been a guest columnist at Barron’s in this fashion and in keeping with tradition, I always try to make the column topical, particularly when there are some aspects of volatility that have investors more perplexed than usual.  Lately, it has been the persistent low VIX readings (including the first sub-10 VIX print in a decade) in conjunction with a new administratio...
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Jerrod Carmichael Uber-Productivity and Dangerous Comedy

Feb 18 5:05pm The Blog of Author Tim Ferriss
“Everyone’s looking for rules to follow, and the sooner you realize there aren’t any, the better art can be.” – Jerrod Carmichael Jerrod Carmichael (@NotoriousROD) is pushing the boundaries of comedy with his groundbreaking work in stand-up, television, and film. Now just 29 years old, what this driven North Carolina native has accomplished is mind-boggling, […]...
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just a thought

Feb 18 10:38am The Reformed Broker
Riding the post-election rally sure has been fun, and profitable! But it won’t go on forever. We don’t know when it will end, or from what level, or what the cause will be. A lot of times throughout history there didn’t even need to be a cause. Just one day, out of the blue, the......
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Weekend reading: A new comment policy to promote on-topic discussion

Feb 18 7:22am Monevator
Why I'm going to delete more off-topic comments on Monevator. Plus the rest of the week's good reads.
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Saturday links: reducing complexity

Feb 18 7:15am Abnormal Returns
Review: Nick Lovegrove’s The Mosaic Principle: The Six Dimensions of a Successful Life & Career argues for the “freedom to explore their...
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Longform links: worrying about danger

Feb 18 7:00am Abnormal Returns
Saturdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at the weakening...
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A Dozen Lessons About Product/Market Fit

Feb 18 2:45am 25iq
The product/market fit (PMF) concept was developed and named by Andy Rachleff (who is currently the CEO and co-founder of Wealthfront, and is a co-founder of Benchmark Capital). The core of Rachleff’s idea for PMF was based on his analysis … Continue reading →...
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Coming down to the last few places before we sell out... (well, that was fast!)

Feb 17 9:52pm Virtue of Selfish Investing Market Lab Reports and Newsletters
Learn how Gil Morales, co-founder of Virtue of Selfish Investing, managed to achieve greater than a +35\% average annual return over the past four years (unaudited) in one of the toughest market environments. That's a total compounded return of more than +232\% over the last four years. We stand by our cutting-edge strategies. Learn how to best trade the Dr K VIX Volatility Model which is already up +39.8\% in 2017 in real-time trading as of 2-13-17, and has scored triple digit percentage returns each year in backtests since 2009. Indeed, it looks to be well on its way to another triple digit percentage year.  We are pleased to announce the inaugural Virtue of Selfish Investing Mini-Conference and Trader’s Dinner to be held on March 18, 2017 at Café del Rey Restaurant in Marina del Rey, California. This intimate affair is limited to 52 attendees, so attendance is extremely limite...
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Trump trade, the Fed and Wal-Mart all matter to markets in the week ahead

Feb 17 6:11pm Market Insider with Patti Domm
Stocks are seeking more good news on the economy—as well as signs Washington will be getting down to business on taxes.
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Shares of chemical products maker rise after report of spinoff talk

Feb 17 5:42pm Market Insider with Patti Domm
The chemical products maker is considering a potential split in its businesses, Bloomberg reported, citing people familiar with the matter.
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Weekend Reads: Eliminating Sell By Dates

Feb 17 5:27pm RCM Alternatives
But those are mostly wants. When it comes to needs, it’s a different story. Housing, even after the 2008-09 crack-up, is expensive. Rentals have gone straight up as home ownership has fallen. The costs of education have skyrocketed and show no signs of slowing. Medical and health-insurance costs are among the fastest-rising of all consumer […]...
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Op-Ed: Have you heard of the new continent Zealandia? Gah! Stop it already.

Feb 17 5:05pm Commentary
Have you heard of the new continent named Zealandia?! Verge writer Elizabeth Lopatto has and her take? Stop it. Just STOP. IT.
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Pisani: Here's why you should stay in stocks for the time being

Feb 17 4:40pm Trader Talk with Bob Pisani
The two underpinnings of this rally — the Trump Rally, and the Reflation Trade — are both very much intact.
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Nu Skin shares tumble 12% after sales, guidance disappoint

Feb 17 4:06pm Market Insider with Patti Domm
Shares of cosmetics manufacturer Nu Skin Enterprises fell Friday after reporting disappointing sales and current quarter guidance.
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Aetna doubles dividend, announces share buyback

Feb 17 3:54pm Market Insider with Patti Domm
Shares of Aetna trimmed losses Friday, pending news that the company was raising its divided and authorizing a share repurchase.
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Gold Stocks Showing Substantial Move To The Downside

Feb 17 3:39pm RTT - Mkt/Sector Trends
Gold stocks have shown a substantial move to the downside during trading on Friday, dragging the NYSE Arca Gold Bugs Index down by 2.8 percent.
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Brookdale Senior Living shares fall after report Blackstone is no longer interested

Feb 17 3:37pm Market Insider with Patti Domm
Shares of Brookdale fell Friday, after a report from the WSJ that Ventas was interested in buying the company.
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Op-Ed: 'Obamacare orphans' could be a huge problem for GOP health plan

Feb 17 2:13pm Commentary
The GOP could be haunted by millions of "Obamacare orphans" who will lose coverage if ACA is repealed, Jake Novak says.
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Weekend Reads: Populism, Equity Markets, and the Gig Economy

Feb 17 1:58pm CFA Institute Enterprising Investor
Is there a way to reconcile current market bullishness with the populist wave spreading across the globe? Selections in the latest Weekend Reads tackle this question as well as the future of retail, the gig economy, Red Sox great Ted Williams, and more. Read more...
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Border adjustment tax is on 'life support,' and tax reform may come later ... and with less punch

Feb 17 1:29pm Market Insider with Patti Domm
The tax plan that promises the biggest cuts in corporate taxes without straining the budget looks unlikely to succeed.
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Hedge Fund Links ~ 2/17/17

Feb 17 1:24pm market folly
Black Edge: new book about billionaire trader Steve Cohen [Sheelah Kolhatkar]Excerpts from Elliott Management's letter [Business Insider]Trump's 'stew of uncertainties' puts hedge fund managers on alert [WSJ]Tiger hedge funds become Wall Street prey [WSJ]TCI's Chris Hohn launches bid to block aerospace deal [Cityam]Meet Paul Hilal, the activist investor taking on CSX [WSJ]A look at Folger Hill's year-end letter [Business Insider] How to invest like Loeb, Einhorn, Ackman at a discount [Barrons]Chelsea Clinton's husband closes hedge fund [Bloomberg]Former MSD Capital analyst convicted of insider trading [FINalternatives]An older story about George Soros' portfolio after Trump's election [WSJ]...
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10 Things We Believe Wealth Management Should Be

Feb 17 12:53pm The Cordant Blog
1. We believe in being intentional What do you want to accomplish? Why do you want to accomplish it? Gaining this clarity by answering these “big questions” leads to better outcomes and a higher chance of success. When you get clear on your objectives, only then can the best strategy be put in place to accomplish them. Being intentional about the results you seek will keep you focused on the goal and prevent opportunistic decision-making that can derail you, your investment strategy and your financial plan. As Stephen Covey says, “Begin with the end in mind.” 2. We believe the best advice is tailored advice to you All clients have different visions about what financial success looks like for them. No two people have an identical balance sheet, risk constraints, spending profile and investment objectives. It’s for this reasons that our process is designed to...
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ValueAct Capital Starts Bioverativ Stake

Feb 17 12:17pm market folly
Jeff Ubben's activist investment firm ValueAct Capital just filed a 13D with the SEC regarding shares of Bioverativ (BIVV).  Per the filing, ValueAct now owns 7.1\% of the company with 7.7 million shares.This is a newly disclosed stake for the firm and the filing was made due to recent activity.  BIVV just went public in January as a spin-off from Biogen (BIIB). ValueAct did not own any BIIB shares as of the end of 2016 per their latest 13F filing with the SEC.The 13D filing notes Ubben's firm made equity forward purchases and were buying between mid-January and early February with the bulk of their purchases coming with a forward price of around $44.41.The filing contains the standard boilerplate that they bought shares because they thought the security was undervalued.  They've had and anticipate having further discussions with directors of the company.For more on this fi...
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Friday links: one-of-a-kind investors

Feb 17 12:17pm Abnormal Returns
Notes: Lessons from J. Kelly Hoey’s Build Your Dream Network: Forging Powerful Relationships in a Hyper-Connected World.  (Business Insider)...
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Op-Ed: Hey, Wall StreetStill not worried about Trump after that crazy press conference?

Feb 17 11:46am Commentary
Wall Street needs to start factoring in the epic craziness going on in the Trump administration now, says Ron Insana.
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How to Turn Investments Into Tax Write-Offs

Feb 17 11:30am Intelligent Speculator
Investing has many benefits: it supports the economy, breathes life into new ideas and businesses, and can lead to profit further down the line. In general, it’s a very good idea to invest a portion of your savings as early as possible, since the benefits reaped increase as time passes. While most of these are […]...
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Saved by the Cow

Feb 17 10:57am Absolute Return Investing with Eric Cinnamond
Ruth’s Hospitality Group (RUTH) reported earnings this morning. The operator of Ruth’s Chris Steak House provided a good summary of many of the macro trends I documented during the most recent earnings season. First, the consumer remains stubbornly sluggish. On their conference call management stated, “The pace of the consumer overall feels very much the … Continue reading Saved by the Cow...
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Podcast links: an American band

Feb 17 10:36am Abnormal Returns
Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a discussion about the...
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Why value is still a value

Feb 17 10:22am BlackRock Blog
The rally in value stocks may have stalled, but Russ discusses why the trend still has further to go.
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Product News: 2 Majestic Screener Updates

Feb 17 10:21am The Value Investing Blog of Old School Value
Screen using Fair Value and Margin of Safety I was against it, but many of you wanted it. After all, it's your tool. My reason against screening using margin of safety or valuation still stands. It should be part of the qualitative process, not the quantitative. I still firmly believe you'll grab onto too many value traps so proceed with caution and always remember that the default numbers are not 100\% reflective of company's current state. Watch this short 2 min video of how it works. This post was first published at old school value. You can read the original blog post here Product News: 2 Majestic Screener Updates.
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Op-Ed: Why Hillary Clinton may not have a shot at being president in 2020

Feb 17 9:52am Commentary
If you're dreaming of Hillary Clinton 2020, you might want to let that go. Joshua Spivak explains..
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Will ETFs Destroy Factor Investing? Nope.

Feb 17 9:20am Alpha Architect
One of the popular investing truisms is the following (inspired by Bill Sharpe): For somebody to beat the market (win) […] The post Will ETFs Destroy Factor Investing? Nope. appeared first on Alpha Architect.
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Not All Germans Love The Euro These Days

Feb 17 9:16am Credit Writedowns Pro
Bloomberg View had a good column today on the popularity of the European single currency. The article shows how the euro has gone from being unloved in Germany at introduction in 2002 to well accepted, while the opposite has happened in Italy and France. But behind the aggregates, deep fissures lie that tell a different story. Let me start the conversation on that story here.
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Sven Is Still Bullish On Copper And You Should Be Too

Feb 17 9:00am Investiv Daily
Copper bottomed in 2016 and the outlook remains bullish in the long term. The short term could also offer positives due to strikes and political issues. The long term balance for copper should be above $3.5 per pound and that price will be increasing due to lower copper ore grades and higher mining costs. Introduction […]...
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Early movers: UN, KHC, DE, VFC, MCO & more

Feb 17 8:54am Market Insider with Patti Domm
Names on the move ahead of the open.
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Dodd-Frankly Speaking

Feb 17 8:32am The Reformed Broker
The Wall Street Journal is reporting this morning that household debt grew in 2016 by the most in a almost decade. The composition is different (more auto, less mortgage) but this is exactly what the Federal Reserve has been trying to produce all this time – velocity of money moving throughout the economy. Total household debt......
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Here's why traders are betting the oil recovery will be muted

Feb 17 6:44am Trader Talk with Bob Pisani
Oil is likely to remain in the low $50s for the rest of the year.
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Antitrust, Regulation and the Chicago School

Feb 17 3:57am
Antitrust authorities, no less than regulatory authorities, are vulnerable to capture by the collective interests of groups having the most salient stakes in antitrust law enforcement outcomes.     As Fred McChesney and I wrote 26 years ago in the introduction to our edited volume titled The Causes and Consequences of Antitrust: The Public-Choice Perspective (University of Chicago Press, 1995), the Chicago School’s approach to the enforcement of antitrust (competition) laws is schizophrenic.   Largely happy to accept the implications of George Stigler’s economic theory of regulation (1971) and its formalization by Sam Peltzman (1976), few scholars nowadays accept the […]...
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Chart of the Day: Flag failure in LBTYA - Adam H Grimes

Feb 17 12:20am Adam Grimes
The post Chart of the Day: Flag failure in LBTYA appeared first on Adam H Grimes. No related posts.
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Fulfillment gives Amazon yet another way to boost profits

Amazon never ceases to astound. We’ve written before about Amazon Prime, and the company’s disruptive force wherever it goes. Today, we shine a light on a low-profile Amazon business that has quietly grown into a profitable juggernaut – Fulfillment by Amazon (FBA). It’s a vast, networked logistics platform for transferring merchandise from sellers to consumers.… Continue reading →...
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Ep. 529: Annie Duke #2 with Michael Covel on Trend Following Radio

Feb 16 10:00pm Blog – Trend Following Trading Systems from Michael Covel
Subscribe to Trend Following Radio on iTunes Annie Duke is on the podcast for the second time. She is a poker player, author, decision making expert, and cognitive scientist. Her understanding of how luck, skill and uncertainty all play a… Read more › The post Ep. 529: Annie Duke #2 with Michael Covel on Trend Following Radio appeared first on Trend Following Trading Systems from Michael Covel.
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What to watch in Friday's markets before chilling over the long weekend

Feb 16 7:07pm Market Insider with Patti Domm
Even after Thursday's market malaise, stocks roll into Friday with some of their best weekly gains of the year.
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