A Journal of Independent Research, Analysis,
 Opinion and Insight

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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]
Jennifer Wallace - 21st Century Values
Summit Street Capital Refocuses Classic Strategy on Cash Returns
That’s a slightly pixelated Jennifer Wallace, the CIO and founder of Summit Street Capital Management, on today’s cover of Welling on Wall St. I’d could glibly say the shot was set up as a reference to  her bold recent foray into technology stocks, territory typically given wide berth by dyed in the wool value investors — Jen is certainly one of those — except that I’m no Donald Trump.

It’s merely a happy coincidence it was the photo Jen had on hand — and sitting for photo shoots just isn’t her thing.

Value investing is. [More]

A Friendly Warning
One Decade’s Investment Fads Rarely Survive 10 More Years
7/12/19 8:00 AM
By Louis-Vincent Gave
Is long term success in investing more easily achieved by picking winners, or by avoiding losers? Arguably, the second path takes a lot less work. The table below illustrates the point nicely; it lists the world’s 10 biggest companies by market capitalization at the beginning of each decade since 1980. [More]

More Of The Same
Hoisington Management Sees Weakish Cycle, Lower Rates
7/12/19 7:00 AM
By Van R Hoisington and Lacy H Hunt
Real Interest Rates
Before the world’s economies became so heavily indebted, the movement of nominal long-term government bond yields followed some fairly broad-brush strokes. Fluctuations in inflationary expectations, over time, dominated the trend in yields. [More]

Fantasy Island
Flawed Economic Models Still Rule The Land
7/12/19 6:00 AM
By Michael E Lewitt
We no longer have real markets. We are living on Fantasy Island with Donald Trump playing Mr Roarke and Jerome Powell auditioning for the role of Tattoo. [More]

Tech Tremors
SOX Stall vs. S&P Hasn’t Budged Since 2017; Sell Broadcom
7/12/19 8:20 AM
By Andrew Addison
The SEMICONDUCTOR Index’s relative strength versus the S&P had made no progress since October 2017. Notice that the SOX’s relative strength stalled at powerful 19-year trendline and 50% retracement resistances. [More]

Note to Market:
Be Careful What You Wish For!
7/12/19 7:20 AM
By Ron Griess
The Media is suggesting that the Markets are demanding the Fed cut rates.

Gold’s Chart
Only One Word Describes Metal’s Trajectory: Bullish
7/12/19 6:20 AM
By Thomas R Peterson
Gold: Correcting after it got very overbought and climactic short-term (as we remarked previously) — this is normal. Money flow is good but commercial shorts still have their largest position in over a year (see next page). [More]

Minimum Wage Hikes
Jobs Impact Varies By Concentration Of Employer Hold On Market
7/12/19 8:00 AM
José Azar, Emiliano Huet-Vaughn, Ioana Elena Marinescu, Bledi Taska, and Till von Wachter
Why is the employment effect of the minimum wage frequently found to be close to zero? Theory tells us that when wages are below marginal productivity, as with monopsony, employers are able to increase wages without laying off workers, but systematic evidence directly supporting this explanation is lacking. [More]

Acute Observations, July 12, 2019
Perceptive Commentary from June 22-July 12, 2019
7/12/19 8:00 AM
Pilar Gomez-Bravo
“There’s an art to knowing when to leave the party. In fact it’s over — people are desperate and they’re hunting down the after-party. We probably only have a few hours left.”
A Lehman Survivor Is Prepping for the Next Credit Downturn
As reported by Cecile Gutscher and Laura Benitez
July 9, 2019

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