“Three things cannot be long hidden: the sun, the moon, and the truth.” – Buddha There is no doubt that there is a retirement crisis in America, but the fix isn’t the Dow hitting 150,000.  The fix is you. Indulge me for a moment.  I’ve presented to thousands of financial advisors and individual investors over […]

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Never Short A Dull Market?

“Never short a dull market.” – Old trading adage The stock market has become unquestionably dull in recent days. Volumes are down and volatility, as measured by the VIX Index, has plummeted. In the past 4 weeks, this index has declined by over 55%, the largest 4-week decline in history. At under 12, the VIX […]

Utilities Aren’t Just For Yield

“I have only one eye, I have a right to be blind sometimes… I really do not see the signal!” – Horatio Nelson Are you a stock investor but love bonds?  It turns out that the Utilities sector is the equity play on fixed income.  Not only do Utilities tend to have high dividend yields, […]

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Active Managers, as measured by NAAIM, have increased their exposure to U.S. equities to 96.5%. This is quite high, in the 98th percentile of historical readings dating back to July 2006. Many seem to be interpreting this development as a bearish signal, a contrary sentiment indicator. If active managers have a high exposure to equities, […]

Coming Crisis or Opportunity?

“There cannot be a crisis next week. My schedule is already full.” – Henry A. Kissinger One of the most underappreciated market dynamics over the last several years has been the fact that the bull market in US stocks has largely been led by all the wrong stuff.  Bull markets tend to be led by […]

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