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WOWS — Full Issue
An Alternative Way To View Or Print The Entire Current Issue As A Single Document
6/15/18 3:00 AM
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]
Sniffing Out Value Opportunities
Hotchkis & Wiley's Stan Majcher Sees Selective Upside In Mid-Caps
6/15/18 8:00 AM
Stan Majcher, he whose photo graces these pages, obviously has what’s known in LA, his professional home for better than 20 years, as “movie star good looks.” But none of the glib superficiality. Not that Stan’s intensity and thoughtfulness aren’t as unmistakeable as his fealty to the art of value investing within a few minutes of meeting him. For Stan has no difficulty communicating either his ideas or his principles. 

Which is a very good thing for his clients. [More]
The Hedgie In Winter
An Informed Critique: Pedestrian Strategies = Pedestrian Results
6/15/18 8:00 AM
By Cliff Asness
Once again, I will review why hedge fund returns shouldn’t be compared to 100% long equities and how to do a more proper comparison. Analysts and authors often compare hedge fund returns to 100% equities (most often, the S&P 500). Then, almost always based on the last nine years since the global financial crisis (GFC) lows, they declare hedge funds an epic disaster. [More]

The Bull: Just Napping?
Or Is Market Perchance Preparing For A Next Leg Down
6/15/18 7:00 AM
By Doug Ramsey
Early this year we chatted with the retired founder of a Midwest investment management and research firm. After living and breathing markets for six decades, this bearded and iconoclastic character had avoided financial publications, Bloomberg, CNBC, and the like for more than a year.

Fresh off this sabbatical, he called and exclaimed, “Everything’s changed!” Doubts that had surrounded the recovery and bull market from their inception had at long last given way to genuine optimism. [More]

EM Liquidation Begins
Contagion Vector? U.S. Treasury Notes Are Contrary Long
6/15/18 6:00 AM
By Michael Belkin
The bear market in emerging equity markets has barely started. The MSCI EM equity etf is down only 11% from its recent peak, just below its 200 day average. Several major EM markets are down more from their peaks: Turkey -36%, Brazil -30%, Mexico -23%, Hungary & Poland -21%. [More]

So Much Is Going On
But None Of It Is Relevant To Investors
6/15/18 5:00 AM
By Paul Krake
This is one of those days where, if I wanted to, I could provide you with pages of commentary about the upcoming events this week. I could dedicate a section to the North Korean summit and the impact that this could have on Asian equities. You could get multiple pages on the Fed raising rates for the second time this year. [More]

Initiating Sells in Semis
Applied Materials, Lam Research & MKS Instruments
6/15/18 7:01 AM
By Andrew Addison
APPLIED MATERIALS (AMAT-49.89) is on the verge of breaking down from a rounding top and piercing a 2-year uptrend. Group weakness appears to be due to softening NAND & DRAM prices. [More]

Sentiment Recovery
Heading For Late June Breakdown?
6/15/18 6:01 AM
By Woody Dorsey
Equity Tactics: Stocks evidenced extreme pessimism on 5/3 which remains a key low. That confirmed idea of new trending strength. [More]

Comey Blundered
But Report Finds No Support For Anti-Trump Bias In Clinton Probe
6/15/18 8:00 AM
By The Office of the Inspector General, US Department of Justice
In response to requests from Congress, various organizations, and members of the public, the Department of Justice (Department) Office of the Inspector General (OIG) undertook this review of various actions by the Federal Bureau of Investigation (FBI) and the Department in connection with the investigation into former Secretary of State Hillary Clinton’s use of a private email server. [More]

Judge Leon’s Decision
Deal’s On: AT&T Finally Cleared To Acquire Time Warner
6/15/18 7:00 AM
By US District Court for the District of Columbia
In a Memorandum Opinion, federal judge Richard Leon approved AT&T’s $85 billion purchase of Time Warner, arguing that the Justice Department failed to provide sufficient proof that the deal would harm competition or consumers. [More]

Singapore And Beyond
Options For Denuclearizing North Korea
6/15/18 6:00 AM
By Robert Einhorn
If the US intelligence community and most non-governmental experts on North Korea are right that Kim Jong-un has no intention of getting rid of his nuclear and missile capabilities altogether, an agreement committing the North to complete denuclearization, whether rapidly or incrementally, will not be achievable. [More]

T Rowe Writes To SEC
Offers Support, Critique of Transaction Fee Pilot For NMS Stocks
6/15/18 6:00 AM
By Mehmet Kinak and Jonathan Siegel
T Rowe Price appreciates the opportunity to provide comments to the US Securities and Exchange Commission ("SEC" or "Commission") on the proposed Transaction Fee Pilot for NMS stocks (the "Pilot") to study the effects that changes to transaction-based fees and rebates may have on order routing behavior, execution quality, and market quality. [More]

Land Of Rising Robots
Are AI And Robots An Answer For Japan Shrinking Labor Force?
6/15/18 5:00 AM
By Todd Schneider, Gee Hee Hong, and Anh Van Le
While automation will eliminate very few occupations entirely in the coming decades, it is likely to have an impact on portions of almost all jobs to some degree — depending on the type of work and the tasks involved. [More]

Informal Work
There’s Evidence It Is “Job Slack” Holding Down Inflation
6/15/18 4:00 AM
By Anat Bracha and Mary A Burke
Despite very low unemployment in the United States in recent months, wage inflation has remained modest. [More]

Acute Observations, week ending June 15, 2018
Perceptive Commentary from June 1-15, 2018
6/15/18 8:00 AM
Phillippa Dunne and Doug Henwood
May retail sales increased a bright 0.8% overall, 0.9% excluding autos, and 0.8% excluding fuel as well...

So, a spring-like report, and one cloud. On Tuesday we learned that although real hourly earnings for nonsupervisory workers were up 0.1% in May over the month, they were down 0.1% over the year. [More]

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