09 14 2018 WOWS FULL ISSUE
An Alternative Way To View Or Print The Entire Current Issue As A Single Document
9/14/18Attention 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]
Ariel's Winning Ways (and Patience)
John Rogers and Charlie Bobrinskoy on Being No. 1 after 35 Years
9/14/18 8:00 AM
Ariel Investments, the Chicago-based small and mid-cap value investing shop that John W. Rogers founded 35 years ago, is celebrating that anniversary in an entirely appropriate — and enviable — fashion, with its flagship mutual fund, the 32-year-old Ariel Fund, riding high atop the Lipper performance charts as the No. 1 mid-cap value core fund since the market’s 2009 bottom. Quite an achievement, any way you slice it, but especially so since that Lipper category included all of six contenders when Ariel debuted — and covers 212 funds today. [More]
Belt & Road's Demise
Time for a U-Turn On Exposure To Chinese Equities
9/14/18 8:00 AMBy Paul Krake and Cindy Ponder-Bund
As we approach the fifth anniversary of Chinese President Xi Jinping’s speech in Kazakhstan announcing his vision for a new Silk Road Economic Belt, the concept is mired in hyperbole, suspicion, and disastrous financial decision making. Instead of catapulting China into the center of economic cooperation, the vast majority of the developed and emerging world now looks at the Belt and Road Initiative (BRI) with tremendous distrust.
The attempts by the Trump Administration to recalibrate the U.S./ Sino relationship has led to the conclusion that China has reached “Peak Supply Chain”. [More]
Here’s A Proxy For Stock Market’s Capacity Utilization Rate
9/14/18 7:01 AMBy James Paulsen
The potential for the stock market to rise depends on how much capacity there is for improvement. Can its valuation rise? Could investor confidence improve? Do corporate profits still have room to run? Will stocks become more competitive relative to alternative investments? How spent is the economic recovery?
Typically, it is not any single challenge which ends a bull market. [More]
New One-Month Highs Not Confirming Index’s Leap
9/14/18 6:01 AMBy Craig Drill
Veteran stock market participants continue to focus on the proverbial Wall of Worry while the average stock is hitting new highs, money and credit are readily available, the financial system is operating with low levels of stress, and corporate profits are robust. Merger and acquisition activity is booming, and stock buybacks and dividend increases are at record highs.
Veteran stock market participants continue to focus on the proverbial Wall of Worry while the average stock is hitting new highs, money and credit are readily available, the financial system is operating with low levels of stress, and corporate profits are robust. [More]
Acute Observations, September 14, 2018
Perceptive Commentary from August 18-September 14, 2018
9/14/18 8:00 AM
The important lesson of the crisis is not that markets are fallible, which every thoughtful person knew already. It is that essential regulations — the sort that the supposedly anti-regulation Greenspan actually favored — are stymied by fractured government machinery and rapacious lobbies. Even today, the financial system has multiple overseers answerable to multiple congressional committees, because all this multiplying produces extra opportunities for lawmakers to extract campaign contributions. [More]