REITs Decimated in April; Time to Jump in?
REITs are now fairly valued, but proceed cautiously.
US
TIPS Revisited
Yes, yields are low. But TIPS still have a few things going for them.
Where has all the Money Gone?
Money supply growth has slowed to a trickle; what does this mean for equity markets?
Rallies From Bear Market Lows
Rebounds from bear market lows are illusory and quick; trying to play such rallies is a fool’s errand.
Reflation Takes Hold
The bulls had their way in 2003, and while the economy could surprise on the upside in 2004, equity valuations and economic structural problems remain a concern.
Small-Caps–Beyond Speculating
Will their speculation-driven rally persist?
U.S. Equities: Multiple Concerns
U.S. equity buyers should beware the perils of price.
The Shocking Truth About Earnings Growth
Despite the pawing of the bulls and the roaring of the bears, current corporate earnings growth is right about where one would expect it to be following a recession.
U.S. High-Yield Bonds: Check the Exits (Summary)
Following the recent nine-month sprint, the lowest-quality bonds are fatigued and overvalued, while higher-quality bonds appear to have more stamina. Investors, however, should take note of the exit signs.
Japan`s Cautionary Tale
The current rally in U.S. equities is strikingly similar to the Nikkei’s ill-fated surge of 1993, reinforcing our belief the bear market has yet to run its course.