Aug
21
Trading Ideas for Friday
Teresa @ 7:37 PM | | Leave a Comment
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Aug
20
Trading Ideas for Thursday
Teresa @ 9:00 PM | | Leave a Comment
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Aug
18
Trading Ideas for Tuesday
Teresa @ 4:44 PM | | Leave a Comment
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Aug
18
Time for Rotation?
Pete @ 3:55 PM | | Leave a Comment
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Aug
17
Portfolio Strategy for August 18
Teresa @ 7:29 PM | | Leave a Comment
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Aug
17
Taleb Fooled by Leverage
Teresa @ 11:06 AM | | 4 Comments
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Aug
17
Portfolio Review: July 2008
Teresa @ 9:00 AM | | Leave a Comment
If June 2008 capped a difficult quarter for equities, July was a tough month for portfolios with exposure to the deflating commodity bubble.
How bad was the damage? Boone Pickens was down 34%. Ken Heebner was down 18.97%. Vic Sperandeo’s S&P Commodity Trends Indicator was down 13.72% while his Diversified Trends Indicator was down 6.82%. Jim Rogers’ International Commodities Index was down 9.32%. The average portfolio manager took a beating.
Even though we had an inkling that the end was nigh, wearing the portfolio manager’s hat means we do not jettison entire asset classes overnight — that’s called trading. Diversification and frequent portfolio adjustments make us a moving target that is hard to hit but there are times when there is just no graceful way to exit a burning building.
Portfolio Performance
While the returns on our satellite portfolios were caught in the stampede, our typical client — one who allocates between the core and satellite portfolios — is making his way through 2008 in good form, well ahead of the usual benchmark indexes.
Outlook for August
It seems to me that the market could be at an important turning point, one where investors will begin to worry about return OF capital rather than return ON capital. To that end, our holdings in Treasury bonds may benefit tremendously from a peak in top-line inflation numbers as global economies tip toward the recessionary side of the scales:
- World Economy Shows New Strain
- Eurozone economy shrinks for first time in more than a decade
- Bank of England says inflation to fall sharply as economy slows
- Japan sinks towards recession as economy shrinks
- Soss Says U.S. Must Reduce Need for Borrowing [DOWNLOAD PODCAST]
(Check out comments re: headline inflation 12 minutes into the interview) - Europe Property Woes Persist
- Viewpoint: The spiral is due to lose some spring
- James Hamilton on Core Inflation
Reference
- Jittery mutual fund holders redeem $27 billion
- Alert: Value traps ahead
- Beware the Value Trap
- Medallion Fund Hits a Jackpot
- Hedge Fund Outlook Is ‘Much Worse’ Than 1998, LTCM Veteran Says
- Harvard Endowment Investments Gained as Much as 9% in Past Year
- Exclusive funds lead to common losses
- Critics seize upon Vanguard’s handling of U.S. Growth Fund
- Even Hedge Funds Are Hurting
- Foreign, Energy Bets Start to Haunt Janus
- Don’t Give Up on That Fund — Not Yet
- No Fun(d) For Hedges
- ‘Balanced’ Funds Aren’t Always Good At Balancing Acts
- Hedge-Fund Sluggers Strike Out
- What to Do When Your Fancy ETF Goes R.I.P.
- Bill Miller’s Letter to Shareholders [DOWNLOAD PDF]
- Legg Mason Out as Massachusetts Dumps Stock Pickers
- Bill Miller: Toughest Market I’ve Seen
- Can Legg Mason Value Revisit Its Glory Days?
- Carlyle to Shutter Blue Wave Hedge Fund After Losses
- U.S. Stocks Fall on GM, NYSE Euronext Results, Oil’s Advance
- Running a Hedge Fund Is Harder Than It Looks on TV
Aug
16
Trading Ideas for Monday
Teresa @ 5:07 PM | | Leave a Comment
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Aug
14
Trading Ideas for Friday
Teresa @ 8:24 PM | | 2 Comments
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