A Journal of Independent Research, Analysis, Opinion and Insight
12 09 22 WOWS FULL ISSUE An Alternative Way To View Or Print The Entire Current Issue As A Single Document 12/09/22 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]
That’s Samantha McLemore in the photo gracing this page, the young woman whom investment legend Bill Miller earlier this year tapped to take over his Opportunity Funds, and the management of Miller Value, when he officially releases the reins in a matter of weeks.
The picture doesn’t lie, She’s remarkably undaunted about filling those huge shoes, and even about the funds’ bout of underperformance. Not that she likes it, one bit.
But patience is Samantha's thing. Also the name of the investment advisory firm she founded a couple of years ago, Patient Capital Management. Goal One was establishing a footprint in the institutional portfolio management arena, in part to plug a hole in MVP’s menu of offerings.
By A Gary Shilling Pension funds are basically money set aside today and promised to current and future retirees, along with dividends and appreciation on those funds. This structure is inherently challenging since the investment decisions by employers today may not come to fruition until they are long gone from their institutions.
By Doug Ramsey The Dow Jones Industrial Average, the oldest stock market composite of them all, is given short shrift by our (still bearish) Major Trend Index. Somehow, the DJIA figures into only four of the MTI’s roughly 130 inputs!
By Joe Saluzzi Why are some market participants so afraid of the expected SEC market structure reform proposals? According to the WSJ, one market participant has already filed a lawsuit against the SEC even though the proposal hasn’t been filed yet:
“Virtu Financial on Tuesday filed a lawsuit against the SEC to enforce a months-old Freedom of Information Act request seeking information on whom the agency is consulting about the planned regulatory changes.”
We were surprised that such a visible and vocal critic of the SEC would take such an early, aggressive action. And again, it made us wonder why retail brokers and market makers are so afraid of the market structure proposals? This made us think about an academic paper that was published in the summer titled: “Price Improvement and Payment for Order Flow: Evidence from A Randomized Controlled Trial”.
We were part of an office located in downtown and, later, midtown Manhattan, from 1978 (when I joined) to 2015 (when I left). Starting in 1986, I worked with colleagues to manage the Kaufmann Fund, a small-cap growth fund, which in 2001 became the Federated Kaufmann Fund (by then a mid-cap fund, as the erstwhile small-cap companies in the portfolio had grown into mid-caps), to which was added the Federated Kaufmann Small-Cap Fund (in 2002) and the Federated Kaufmann Large-Cap Fund (in 2007).
A Recession Ahead Why, And Where To Look For Shelter 12/09/22 7:20 AM By Gail Dudack When we look at the history of inflation, the history of Federal Reserve policy, and recent economic data, it is easy to conclude that a recession is either at hand, or at least on the horizon. But before we explain why we believe a recession is likely, it is also important to point out that the next recession should be different than those recently experienced, and hopefully more manageable. [More]
Economics Of Marriage Evidence From China 12/09/22 6:00 AM By Zhitong Gao, Jihong Pang and Hongyong Zhou Marriage market imbalances are common in modern society for social and economic reasons, including the increased cost of marriage caused by high housing prices and an imbalance in the number of men and women. [More]