A Journal of Independent Research, Analysis, Opinion and Insight
01 17 20 WOWS FULL ISSUE An Alternative Way To View Or Print The Entire Current Issue As A Single Document 1/17/20 Attention Paid-Up Subscribers: To read or print the entire current issue as a single document, use the "easyprint" feature in the "Nav bar" to the right to open it, or any of WOWS' individual features, as an Adobe PDF file, and then print it. Alternatively, you can click "more" at the bottom of this paragraph and then click the red Adobe icon that appears. Your second click will download the full issue .pdf file of WOWS' latest issue to your computer, a process that -- depending on the file size and your connection speed -- might take more than the blink of an eye. Then, depending on preferences you've set on your device, it will either open automatically or show up in your downloads folder, waiting to be opened. [More]
For how could I possibly blame Chuck, a founding partner, co-CIO and portfolio manager at Manhattan-based IVA Funds, for the innately charming and urbane French accent he was born to? No, I simply failed to find transcriptionists who could competently handle the simultaneous translation challenge with which I tasked them. I should have known better. When financialese often proves a bridge too far for my crew, what was I smoking to expect anything but hash when it combined with the vocal rhythms of Paris?
A Squandered Recovery “We Have Met The Enemy And He Is Us,” As Pogo Knew... 1/17/20 8:00 AM By Philippa Dunne and Doug Henwood We know this isn’t very happy new year, but Harvard Business School (HBS) has just released another installment in their US competitiveness series. Back titles included, Prosperity at Risk, (2011); Competitiveness at a Crossroads (2012); An Economy Doing Half its Job (2013–2014); The Challenge of Shared Prosperity (2015); and Problems Unsolved and a Nation Divided (2016). [More]
Active Versus Passive Investors, Seek Cover In A Portfolio of Index Orphans 1/17/20 7:00 AM By Charles Gave Back in 2003, low interest rates were creating problems for pension funds and insurance companies which could not find enough high-quality bonds offering a decent interest rate. Not to worry, said Wall Street banks, which began to package up real estate-based bonds of varying quality; the best tranches got a triple-A stamp from the credit rating agencies, yet they miraculously offered a higher yield than other top-notch bonds. [More]
A Comeback For Value? Time To Reset: Valuation Disparity Topped Only In Tech Bubble 1/17/20 2:00 AM By Brian Krawez Growth stocks have outperformed their value counterparts in all but three years since the financial crisis, as measured by calendar-year returns of the Russell 1000 Growth and Value indices. We believe the enthusiasm has gotten out of hand: The growth universe recently traded at 21 times forward earnings per share, while value earned a multiple of just 14. [More]
Acute Observations, January 17, 2020 Perceptive Commentary from January 1-17, 2020 1/17/20 8:00 AM David E Rovella The “phase one” deal signed Wednesday — aimed at rolling back hostilities in President Donald Trump’s trade war with China — brings with it a level of socialist-style central planning that may have been anathema to previous U.S. administrations. While American trade pacts traditionally leave the particulars of commerce to markets, this one includes a classified annex detailing $200 billion in Chinese purchases. [More]