Home → Fisher Investments MarketMinder Headlines → 02-2008 Archives

Sensible Stories
By , The Motley Fool, 02/29/2008
MarketMinder's View: “…you can't time the bottom and you can't wait for a catalyst. By the time that happens, it's too late.” Well said. Trying to time market entry usually causes more pain than gain.
Sensible Stories
By , Telegraph, 02/29/2008
MarketMinder's View: The pendulum swings both ways. There are many healthy borrowers who can put their liquidity to good use right now—and they’re snapping up bargains.
Market Misperceptions
By , The Telegraph, 02/29/2008
MarketMinder's View: Keep dreaming—the differences between America and Japan in the 1990s are stark, especially as it relates to the ability of American banks to recapitalize quickly. However, it’s not as if the 1990s was a bad time to be invested in global equities.
Market Misperceptions
By , CNBC.com & Reuters, 02/29/2008
MarketMinder's View: In a capitalist society, we shouldn’t fear failure—there are always winners and losers. Japan wouldn’t tolerate corporate failures and their economy suffered because of it. Plus, the big banks are just fine and they make up the vast majority of our banking system.
Sensible Stories
By , Financial Times, 02/29/2008
MarketMinder's View: It saddens us to see a free trade agreement become a punching bag on the campaign trail. Fortunately, politicians rarely mean anything they say.
Market Misperceptions
By , Reuters, 02/29/2008
MarketMinder's View: Big whoop. Consumers can easily absorb higher energy costs—we’re a long way from energy prices stifling the economy.
Market Misperceptions
By , The Motley Fool, 02/29/2008
MarketMinder's View: So what?! Dividends should be viewed merely as a byproduct of a globally diversified portfolio, not the focus of an investment strategy.
Market Misperceptions
By , Bloomberg, 02/29/2008
MarketMinder's View: The PMI is a survey, not hard data. Noteworthy? Maybe. Panic-worthy? Certainly not. The hard data shows national industrial production was actually up 0.1%.
Market Misperceptions
By , Bloomberg, 02/29/2008
MarketMinder's View: Does it? Or will lenders simply learn from their mistakes and let the problem resolve itself? We champion free markets over government meddling.
Sensible Stories
By , Associated Press, 02/29/2008
MarketMinder's View: "So while some in Washington are proposing big interventions, most of the proposals I've seen would do more harm than good.” –We’ve got your back on this one, Henry!
Sensible Stories
By , Briefing.com, 02/29/2008
MarketMinder's View: The raw PCE data shows a net positive for the economy, but it’s way cooler to focus on the negatives these days, so this fact will likely be ignored.
Sensible Stories
By , Financial Times, 02/29/2008
MarketMinder's View: So much for that liquidity squeeze.
Sensible Stories
By , The Economist, 02/29/2008
MarketMinder's View: Ah, the sweet smell of globalization! Naturally, politicians contort at the thought.
Market Misperceptions
By , Reuters, 02/29/2008
MarketMinder's View: Otherwise volatile food and energy prices remain volatile—shocker! Remember, inflation is an aggregate rise in all prices. A rise in two components, though noteworthy, doesn’t signal inflation.
Sensible Stories
By , Chicago Tribune, 02/29/2008
MarketMinder's View: Other jobs are just as good as manufacturing jobs. And there’s plenty of help wanted—especially at firms doing business overseas. Unemployment rates are likely to remain benign.
Market Misperceptions
By , Bloomberg, 02/29/2008
MarketMinder's View: Ooooh, scary! Wait, no it’s not. Trade deficits aren’t bad for economies or stocks.
Market Misperceptions
By , Telegraph, 02/29/2008
MarketMinder's View: What a tabloid-like interpretation. Sadly, we’re not surprised.
Sensible Stories
By , Forbes.com, 02/29/2008
MarketMinder's View: We kept wondering why people were so pessimistic (wrongly)—now we know!
Sensible Stories
By , Investor’s Business Daily, 02/28/2008
MarketMinder's View: “The less government does, the better off we are.” Hells bells, you better believe it! (Er. Excuse us, ahem, “Yes. We concur.”)
Sensible Stories
By , Fortune, 02/28/2008
MarketMinder's View: Government mandated market manipulation is always a bad thing. It distorts prices and takes years to fix. Then add a highly questionable policy promoting food as alternative energy? Well you get the point—these results shouldn’t surprise anyone.
Sensible Stories
By , Financial Times, 02/28/2008
MarketMinder's View: “One thing you can say about business is that whenever there is a vacuum, people go in to fill it.” That’s the truth.
Sensible Stories
By , Financial Times, 02/28/2008
MarketMinder's View: An interesting view on how most people are wealthier now on an absolute basis than ever before and yet they still feel poor.
Market Misperceptions
By , CNNMoney.com, 02/28/2008
MarketMinder's View: Not strong growth but growth nonetheless. And don’t forget GDP bounces around quarter to quarter—one slow quarter isn’t predictive. We saw sluggish growth like this just a year ago, and it was immediately followed by two strong quarters—Q3 alone contributed a booming 4.9%.
Market Misperceptions
By , Reuters, 02/28/2008
MarketMinder's View: “…a dearth of lending has hit all sectors…” Nonsense! While risky borrowers find it a difficult environment, healthy borrowers are lapping up loans.
Sensible Stories
By , Money Magazine via CNNMoney.com, 02/28/2008
MarketMinder's View: Market timing is nearly impossible and will eat into your returns. Remain disciplined, focus on the long term, and try to control your caveman brain!
Sensible Stories
By , Financial Times, 02/28/2008
MarketMinder's View: We couldn’t agree more—allow the free market to find the appropriate solutions and give up the “penalise and subsidise” mentality.
Market Misperceptions
By , Times Online, 02/28/2008
MarketMinder's View: How many times have you heard this, a thousand? It’s a wonder no one points out that movements in house prices have little effect on the stock market.
Market Misperceptions
By , CNNMoney.com, 02/28/2008
MarketMinder's View: We don’t put much stock in such short-term statistics. As of January, overall unemployment still stood at a low 4.9%.
Sensible Stories
By , The Wall Street Journal, 02/28/2008
MarketMinder's View: We don’t agree with all of the author’s points, but we also prefer a market-based solution to a government bailout.
Market Misperceptions
By , The American Spectator, 02/28/2008
MarketMinder's View: Eventually, the media is going to run out of zippy little references to ‘70s stagflation. Today’s economy looks nothing like the ‘70s. For more, see “Disco, Stagflation, and Other 70s Horrors,” 2/22/2008.
Sensible Stories
By , BBC News, 02/27/2008
MarketMinder's View: More developed capital markets benefit global economic growth.
Market Misperceptions
By , CNBC, 02/27/2008
MarketMinder's View: Don’t fret monthly numbers—they frequently surprise one way or the other, and by themselves aren’t predictive anyway.
Market Misperceptions
By , MSNBC.com, 02/27/2008
MarketMinder's View: We’re nowhere near the stagflation days of the 1970s.
Sensible Stories
By , The Telegraph, 02/27/2008
MarketMinder's View: $2 Trillion cash to be invested makes the few billion lost on sub-prime seem like a drop in the ocean!
Sensible Stories
By , Reuters, 02/27/2008
MarketMinder's View: Fears of a collapse for bond insurers were premature.
Market Misperceptions
By , Bloomberg, 02/27/2008
MarketMinder's View: Currency strength doesn’t dictate market direction. And though the dollar has weakened relative to the euro, this is more likely a function of monetary policy than weakness in the U.S. economy.
Sensible Stories
By , Kiplinger, 02/27/2008
MarketMinder's View: Don’t fret political rhetoric too much. Politicians rarely make good on promises—which is a good thing for markets.
Sensible Stories
By , Bloomberg, 02/27/2008
MarketMinder's View: This is a welcome unwinding of government intervention.
Dueling Headlines
By , Smart Money, 02/27/2008
MarketMinder's View: We don’t think a bear market is likely in the near future, but short term moves are impossible to predict—you should ignore headlines encouraging a market-timing move.
Sensible Stories
By , Forbes, 02/27/2008
MarketMinder's View: A great example of why increased regulation and government intervention spells doom for an industry.
Market Misperceptions
By , New York Times, 02/27/2008
MarketMinder's View: Where have we heard this one before?
Sensible Stories
By , Financial Times, 02/27/2008
MarketMinder's View: “The willingness of business to transcend political divisions in pursuit of commercial advantage is basically a force for peace.” We agree.
Market Misperceptions
By , MSNBC, 02/27/2008
MarketMinder's View: We’ll say it again—a government “fix” is usually worse than the problem.
Sensible Stories
By , The Wall Street Journal, 02/27/2008
MarketMinder's View: To make an even more simplistic statement—just let the market work.
Market Misperceptions
By , The Telegraph, 02/27/2008
MarketMinder's View: Assigning such significance to an arbitrary figure is illogical.
Sensible Stories
By , Fortune, 02/26/2008
MarketMinder's View: Finally, the truth: “Writedowns generally don’t reflect actual cash losses.”
Sensible Stories
By , The Wall Street Journal, 02/26/2008
MarketMinder's View: We applaud this move to support more openness without suppressing foreign investment. This is encouraging in contrast to the high protectionist rhetoric of recent months.
Sensible Stories
By , Bloomberg, 02/26/2008
MarketMinder's View: Melting polar ice caps might make some sad, but they’re helping fuel global economic expansion! When life hands you a lemon, make lemonade!
Market Misperceptions
By , Businessweek, 02/26/2008
MarketMinder's View: Sure, foreclosures are up. But the national foreclosure rate is still a miniscule 0.2%. This is hardly the stuff crises are made of.
Market Misperceptions
By , CNNMoney.com, 02/26/2008
MarketMinder's View: So what? Consumer confidence is a lagging indicator—hardly a sign of impending doom.
Sensible Stories
By , BBC News, 02/26/2008
MarketMinder's View: Strong demand drove loan numbers up in the UK last year, demonstrating considerable resilience in their mortgage market. So much for subprime killing prime loans! The same will likely hold true for the US over time.
Market Misperceptions
By , Standard & Poor’s Equity Research, 02/26/2008
MarketMinder's View: While we appreciate the tacit suggestion stocks will rebound soon, don’t base your investing decisions on fancy technical indicators—they have a horrible track record in all market conditions.
Sensible Stories
By , Financial Times, 02/26/2008
MarketMinder's View: Or do much else other than provide subsidies to farmers.
Market Misperceptions
By , MSNBC.com, 02/26/2008
MarketMinder's View: Gas prices have increased consistently over the past few years with few ill effects, we see this story as being very well priced into the market.
Market Misperceptions
By , Financial Times, 02/26/2008
MarketMinder's View: The last thing the global economy needs is central planners telling individuals and institutions where and how to spend their money.
Sensible Stories
By , The Wall Street Journal, 02/26/2008
MarketMinder's View: Kudos for rightly pointing out the downside of judges rewriting mortgage terms. We agree Stimulus Plan version 2.0 is a terrible idea, even if the “world’s most expensive typo” is fixed.
Market Misperceptions
By , Bloomberg, 02/26/2008
MarketMinder's View: As we’ve said many times before: Beware of government interference—the “solution” is often worse than the problem.
Sensible Stories
By , Financial Times, 02/26/2008
MarketMinder's View: Agreed.
Sensible Stories
By , The Washington Post, 02/25/2008
MarketMinder's View: Established investors see opportunity, not reasons for concern, amidst the pervasive gloomy sentiment.
Sensible Stories
By , Investor’s Business Daily, 02/25/2008
MarketMinder's View: Current economic conditions are nothing like the late 70s. But the prescriptions detailed aren’t just for times of stagflation, and are applicable for free economies in general.
Sensible Stories
By , The Wall Street Journal, 02/25/2008
MarketMinder's View: Lack of choice never favors the consumer and stifles growth.
Market Misperceptions
By , The Wall Street Journal, 02/25/2008
MarketMinder's View: Although the news wasn’t positive, “The January resales level was above Wall Street expectations.” Either way, don’t put much stock in a monthly indicator—especially one that varies widely from region to region and is less than 10 years old!
Market Misperceptions
By , Reuters, 02/25/2008
MarketMinder's View: With all due respect to Mr. Greenspan, he simply isn’t the official voice on US economic matters anymore.
Market Misperceptions
By , US News, 02/25/2008
MarketMinder's View: While the presidential candidates’ understanding of economics is frightening, elected politicians rarely follow through on such radical proposals. Ignore.
Sensible Stories
By , Kiplinger.com, 02/25/2008
MarketMinder's View: When trying to determine if a recession is underway, “Minor differences may matter to academics and statisticians, but they are hardly an issue for practical men and women.”
Market Misperceptions
By , MSNBC.com, 02/25/2008
MarketMinder's View: Aggregated economic forecasts tend to reflect current sentiment and don’t have a good record of successful stock market predictions.
Sensible Stories
By , Barron’s, 02/22/2008
MarketMinder's View: Turns out CIOs don’t pay much heed to meaningless market “barometers” either.
Market Misperceptions
By , Financial Times, 02/22/2008
MarketMinder's View: It’s a lot of fun to make such grand statements, but notice not a single point of data is included to support them. That should tell you something.
Sensible Stories
By , Reuters.com, 02/22/2008
MarketMinder's View: Maybe this is the only thing a lame duck president could really accomplish, but we cheer market-based solutions anyway.
Market Misperceptions
By , CNN Money, 02/22/2008
MarketMinder's View: “Market volatility in the final hour is a sign that nobody really knows where Wall Street is headed for the next few months.” Unlike the rest of the time of course, when everyone knows where Wall Street is headed—duh!
Market Misperceptions
By , Bloomberg, 02/22/2008
MarketMinder's View: This market is far too small to justify the accompanying hullabaloo. Still, the penalty rates will attract buyers with long-term objectives. See our past cover story from 2/15/2008 “Municipal Bondage” for more.
Sensible Stories
By , The Wall Street Journal, 02/22/2008
MarketMinder's View: We’re not sure about a new economy just yet but we do know that economic growth, wherever in the world, is a great thing.
Market Misperceptions
By , The Telegraph, 02/22/2008
MarketMinder's View: The US is much less reliant on the manufacturing sector than it once was. Further, we think these doomsday scenarios like these are overblown.
Market Misperceptions
By , TheStreet.com, 02/22/2008
MarketMinder's View: Ignore such speculative apocalyptic scenarios—today’s economic fundamentals simply do not support them.
Market Misperceptions
By , NY Times, 02/22/2008
MarketMinder's View: Not true. Investment grade borrowers have plenty of access to credit today—and at lower rates than a year ago. The result is aggregate lending activity continues to grow.
Sensible Stories
By , Financial Times, 02/22/2008
MarketMinder's View: We never bought that whole de-coupling thing anyway, global economies are more connected today than at any time in the past. But that’s bullish, not bearish. See our commentary “America’s Love Affair” for more!
Sensible Stories
By , Investor’s Business Daily, 02/22/2008
MarketMinder's View: Do you ever get the feeling that we would all be a lot better off if politicians just took an extended vacation?
Sensible Stories
By , VOX EU, 02/22/2008
MarketMinder's View: Yep, decreased regulation and simpler laws not only help emerging firms, but challenge older firms to remain more competitive.
Sensible Stories
By , Bloomberg.com, 02/22/2008
MarketMinder's View: While these developments are positive, we should refrain from placing too much emphasis on highly-erratic monthly indicators.
Market Misperceptions
By , Wall Street Journal, 02/22/2008
MarketMinder's View: The CDS market is a zero-sum game. There are equally as many winners as losers. And anyway, most firms hold CDS contracts to hedge other positions—they’re risk mitigating.
Sensible Stories
By , Café Hayek, 02/22/2008
MarketMinder's View: “The road to prosperity for a nation is to use the skills of its citizens wisely.”
Sensible Stories
By , National Review Online, 02/22/2008
MarketMinder's View: We agree—the Fed is not as powerful as most believe.
Market Misperceptions
By , The Wall Street Journal, 02/22/2008
MarketMinder's View: The objectives seem sound, but multi-national agreements and inquiries such as this usually don’t produce anything worthwhile.
Sensible Stories
By , The American, 02/21/2008
MarketMinder's View: “Capitalism without failure is like religion without sin—it just doesn’t work.” Well said.
Market Misperceptions
By , Businessweek, 02/21/2008
MarketMinder's View: This is far too dour a view on the economy. But we do agree global diversification is vital for investing success.
Market Misperceptions
By , CNNMoney.com, 02/21/2008
MarketMinder's View: This could be the most cheerless report of good news we’ve ever seen. Largely positive earnings continue to go unnoticed. While some sectors have done better than others, with 414 of S&P 500 companies reporting so far, over 62% have surpassed expectations for last quarter.
Sensible Stories
By , Financial Times, 02/21/2008
MarketMinder's View: Corporate and income tax revenues are booming because the global economy remains quite strong.
Sensible Stories
By , Bloomberg.com, 02/21/2008
MarketMinder's View: We don’t get too caught up in these month-to-month figures because they can be quite volatile, but UK consumption has yet to fall off a cliff as many have predicted.
Market Misperceptions
By , The Washington Post, 02/21/2008
MarketMinder's View: Yikes—someone got up on the wrong side of the bed this morning.
Sensible Stories
By , CNNMoney.com, 02/21/2008
MarketMinder's View: An excellent historical perspective on the never-ending stocks versus bonds debate.
Sensible Stories
By , realclearmarkets.com, 02/21/2008
MarketMinder's View: Free trade, globalization, less political infringement—we can heartily agree with all of these as stimuli for the global economy.
Market Misperceptions
By , New York Times, 02/21/2008
MarketMinder's View: Stagflation, like the leisure suit, isn’t making a comeback. Global GDP is still growing and inflation is nowhere near the levels seen in the ’70s.
Market Misperceptions
By , The Telegraph, 02/21/2008
MarketMinder's View: Would a period of slightly more conservative growth be that catastrophic for the economy? No! Further, the worst-case scenario is very well discounted into the market. Let’s hear it for upside surprise!
Market Misperceptions
By , CNNMoney.com, 02/21/2008
MarketMinder's View: With GDP still growing around the globe, the notion “we are already in a recession” amounts to pure speculation. Ignore monthly regional indicators—they’re highly erratic.
Sensible Stories
By , RealClearPolitics, 02/21/2008
MarketMinder's View: We agree. Politicians should resist interfering with free markets.
Sensible Stories
By , Fox Business, 02/20/2008
MarketMinder's View: The Fed is calling for slower growth. Slow growth is still growth, not a recession.
Market Misperceptions
By , CNNMoney.com, 02/20/2008
MarketMinder's View: Fretting something that might happen down the road doesn’t help you appropriately invest today. Worry about the next 12 months or so and you’ll get better results—and sleep better too.
Sensible Stories
By , CNNMoney.com, 02/20/2008
MarketMinder's View: Adjustable rate mortgages are lower today than they were a year ago. Credit remains plentiful and cheap for well-qualified borrowers.
Market Misperceptions
By , Financial Times, 02/20/2008
MarketMinder's View: And the world didn’t come to an end? I guess this means people will have to increase their forecasts for the world destroying price, yet again.
Sensible Stories
By , Wall Street Journal, 02/20/2008
MarketMinder's View: We agree! Government fixes generally have far worse consequences than the problem.
Sensible Stories
By , The Motley Fool, 02/20/2008
MarketMinder's View: Don’t do it! With the world so dour, it’s hard to argue negative headlines aren’t already reflected in stock prices.
Market Misperceptions
By , MarketWatch, 02/20/2008
MarketMinder's View: Today’s lending and liquidity markets don’t resemble a credit crunch, let alone an outdated arcade game.
Market Misperceptions
By , Financial Times, 02/20/2008
MarketMinder's View: Despite so obviously attempting to grab your attention, this doesn’t provide any NEW information. Markets are discounters of known information—everything that is so regularly publicized is either wrong or already discounted into equities.
Market Misperceptions
By , CNNMoney.com, 02/20/2008
MarketMinder's View: Don’t put too much stock in the monthly CPI figure. Monthly numbers are notoriously fickle—and aren’t predictive for stocks.
Sensible Stories
By , The Telegraph, 02/20/2008
MarketMinder's View: Competition for investment is great amongst economies. It encourages lower taxes.
Sensible Stories
By , the Wall Street Journal, 02/20/2008
MarketMinder's View: When silly stories replace real news they are a great indicator of financial turmoil being over hyped.
Market Misperceptions
By , 02/20/2008
MarketMinder's View: With ten-year Treasuries yielding less than 4%, the market clearly isn’t worried about future inflation.
Sensible Stories
By , Barron’s, 02/19/2008
MarketMinder's View: Don’t forget the Chinese stock market is relatively young—and still prone to growing pains.
Market Misperceptions
By , Bloomberg.com, 02/19/2008
MarketMinder's View: Demand may prove to be just temporarily depressed for auction-rate securities. See the MarketMinder cover story, “Municipal Bondage,” 2/15/2008 for more.
Sensible Stories
By , TCS Daily, 02/19/2008
MarketMinder's View: While folks may like the idea of fighting terrorism by switching oil consumption choices, markets don’t work that way.
Market Misperceptions
By , Los Angeles Times, 02/19/2008
MarketMinder's View: The global economy is not some zero-sum game where one economy steals a piece from another, we love to see more economic growth in Asia—that’s good for everyone! Heck, we want to see more economic growth everywhere.
Sensible Stories
By , MSNBC.com, 02/19/2008
MarketMinder's View: Optimism about consumers? We don’t believe it! OK, yes we do.
Sensible Stories
By , The wall Street Journal, 02/19/2008
MarketMinder's View: “Market forces, not government regulation, provide the most effective impetus for higher gas mileage.” We agree!
Market Misperceptions
By , Bloomberg.com, 02/19/2008
MarketMinder's View: The increased activity in equity trading is indicative of improved technologies and expanded markets—nothing more.
Market Misperceptions
By , Telegraph, 02/19/2008
MarketMinder's View: One of the more ridiculous ideas we’ve encountered. Even the article admits its fallacy: “As ever with ivory tower studies like this, the theory can prove to be difficult to actually put into practice.”
Sensible Stories
By , Economist, 02/19/2008
MarketMinder's View: Instability will continue in developing nations until they have well-established and protected property rights.
Market Misperceptions
By , CNNMoney.com, 02/19/2008
MarketMinder's View: History shows oil and stock prices have no meaningful correlation. Ignore.
Market Misperceptions
By , MarketWatch, 02/19/2008
MarketMinder's View: “While intuitively disconcerting, we note that modest retrospective adjustments to valuations are not uncommon.” Exactly.
Market Misperceptions
By , Bloomberg.com, 02/19/2008
MarketMinder's View: Wait. Last year we were told our inverted yield curve was bad. Now that it’s positive, that’s bad too? There’s nothing alarming about today’s yield curve.
Market Misperceptions
By , Economist, 02/19/2008
MarketMinder's View: Government meddling begets government meddling—and problems just get worse for Northern Rock.
Sensible Stories
By , The Wall Street Journal, 02/19/2008
MarketMinder's View: It will be interesting to see what kind of government (and economic policy) the new president will usher in for Cuba.
Sensible Stories
By , The New York Times, 02/18/2008
MarketMinder's View: Now this is a refreshing way to view the election.
Market Misperceptions
By , The Boston Globe, 02/18/2008
MarketMinder's View: The global economy has been booming during a period of dollar weakness, it means little for the future direction of markets.
Sensible Stories
By , Forbes.com, 02/18/2008
MarketMinder's View: “The U.S. economy is in better shape than the pundits, polls and press say it is.” Spot on.
Sensible Stories
By , NY Times, 02/15/2008
MarketMinder's View: “In figures released on Thursday covering 150 metropolitan areas, the National Association of Realtors said that median home prices were falling in 77 markets — but rising in 73.” There is some good news for housing.
Sensible Stories
By , Café Hayek, 02/15/2008
MarketMinder's View: The trade deficit—what a meaningless statistic.
Dueling Headlines
By , Associated Press, 02/15/2008
MarketMinder's View: No recession yet? Wait ‘til next year, or the next, or…
Sensible Stories
By , Wall Street Journal, 02/15/2008
MarketMinder's View: Buffett always garners attention, but so far a rescue seems unnecessary.
Market Misperceptions
By , Kiplinger, 02/15/2008
MarketMinder's View: Credit isn’t drying up, just shifting to larger, more creditworthy borrowers.
Market Misperceptions
By , The Telegraph, 02/15/2008
MarketMinder's View: Government borrowing is not like the personal debts that the general public have. A large budget deficit is not bad for the markets.
Sensible Stories
By , Forbes.com, 02/15/2008
MarketMinder's View: “Production does not need stimulation from the government; it needs liberation from the government.” We couldn’t agree more.
Sensible Stories
By , 02/14/2008
MarketMinder's View: Capital spending and stronger than expected GDP growth are bullish signs.
Market Misperceptions
By , Bloomberg, 02/14/2008
MarketMinder's View: Home prices falling from recent all-time highs just isn’t news anymore. It’s the unexpected that moves markets, not the widely-known and long discussed.
Market Misperceptions
By , Wall Street Journal, 02/14/2008
MarketMinder's View: The government should not give into requests for “do-overs.” Government intervention only leads to unintended and usually negative consequences.
Market Misperceptions
By , CNNMoney, 02/14/2008
MarketMinder's View: So non-US investors see investment opportunities in the US and Americans should see this as a bad thing? That makes no sense—this highlights the long-term strength of the US economy!. Rationally, shouldn’t we be more concerned if non-US investors were bailing out of the US?
Sensible Stories
By , The Wall Street Journal, 02/14/2008
MarketMinder's View: Why looking at property indexes can be a lot more deceiving than looking at equity indexes.
Dueling Headlines
By , International Business Times, 02/14/2008
MarketMinder's View: We believe the US economy will beat too-meager expectations.
Market Misperceptions
By , Wall Street Journal, 02/14/2008
MarketMinder's View: The trade deficit doesn’t hurt the US economy. The key takeaway here is increasing US exports show the economy is doing fine.
Sensible Stories
By , Bloomberg, 02/14/2008
MarketMinder's View: A good example of government bureaucracy run amok.
Sensible Stories
By , CNNMoney.com, 02/14/2008
MarketMinder's View: Stock buybacks continue! Buybacks reduce stock supply. All else being equal, when supply shrinks, prices should rise.
Market Misperceptions
By , CNNMoney.com, 02/14/2008
MarketMinder's View: Doesn’t the fact none of the bond insurers are responding to Buffet’s “rescue” offer prove they are capable of handling the matter?
Sensible Stories
By , Globe and Mail, 02/14/2008
MarketMinder's View: Don’t you just hate when the government makes decisions for you?
Market Misperceptions
By , CNNMoney.com, 02/14/2008
MarketMinder's View: This is backwards—huge stockpiles of sidelined cash isn’t scary.
Sensible Stories
By , BBC News, 02/14/2008
MarketMinder's View: When everyone is bearish on the economy despite strong fundamentals, positive stories like this are what we like to call “upside surprise.”
Sensible Stories
By , International Business Times, 02/14/2008
MarketMinder's View: Expansion remains intact in Europe.
Sensible Stories
By , TCS Daily, 02/13/2008
MarketMinder's View: Even in developing nations, the citizens’ needs are better met through capitalist enterprises rather than bureaucratic.
Sensible Stories
By , Investor’s Business Daily, 02/13/2008
MarketMinder's View: Profits are a good thing.
Market Misperceptions
By , Bloomberg, 02/13/2008
MarketMinder's View: While changes may be necessary, we’d rather they originate from those institutions involved, not the government.
Sensible Stories
By , The Wall Street Journal, 02/13/2008
MarketMinder's View: “Somehow we have to get back to a world where people are directly responsible for the risks they take, and where they are using real judgment rather than following cookie-cutter rules, then turning to government to save the day…” Amen.
Sensible Stories
By , Bloomberg, 02/13/2008
MarketMinder's View: “Tax policy is too important to be left to the politicians, who use it for their own purposes…” We agree political manipulation of tax policy produces more bad than good. “Flatten it. Fix it. Forget it.” Sounds good to us.
Market Misperceptions
By , The Wall Street Journal, 02/13/2008
MarketMinder's View: Although foreign exposure can diversify risk, beware of heat chasing—especially if it’s based on fluctuating currency bets.
Sensible Stories
By , Forbes, 02/13/2008
MarketMinder's View: A good reminder global demand can push up domestic profits and employment.
Sensible Stories
By , BBC News, 02/13/2008
MarketMinder's View: But haven’t most media outlets been telling us the economy is in turmoil? Wrong again!
Sensible Stories
By , The Wall Street Journal, 02/13/2008
MarketMinder's View: Whilst we don’t think the stimulus package will be ruinous to the economy, we see it having very little impact.
Sensible Stories
By , Financial Times, 02/13/2008
MarketMinder's View: Wait—investors are pessimistic but the global economy remains strong? This is a beautiful thing!
Market Misperceptions
By , The New York Times, 02/13/2008
MarketMinder's View: There are few definites in this world, but here’s one: Wage controls are always bad.
Sensible Stories
By , Adam Smith Institute, 02/12/2008
MarketMinder's View: “If people are free to invest in new production, to innovate and seek new markets, the resultant economy shows remarkable ability to survive the periodic shocks it encounters.” Just in case you needed a reminder.
Sensible Stories
By , MSNBC, 02/12/2008
MarketMinder's View: We prefer to see banks work out new loan terms with troubled borrowers rather than accept a government bailout. Government intervention always has unintended and usually negative consequences.
Sensible Stories
By , SmartMoney, 02/12/2008
MarketMinder's View: We agree. Historically, tax rebates haven’t helped much. But we don’t see too much harm either. And if this keeps Congress from writing any meaningful legislation, so much the better.
Market Misperceptions
By , The Telegraph, 02/12/2008
MarketMinder's View: If this were the 1970s this might be concerning but unfortunately for those hanging onto our lava lamps, it’s not. We’ll just have to cope with low inflation and stronger than expected global economic growth.
Sensible Stories
By , The Wall Street Journal, 02/12/2008
MarketMinder's View: We’ve said it before and we’ll say it again, Americans are voting against high taxes with their feet.
Sensible Stories
By , The Australian, 02/12/2008
MarketMinder's View: You want cheap, abundant food? You must have free trade.
Sensible Stories
By , MarketWatch, 02/12/2008
MarketMinder's View: Seems like there are ample sources of liquidity for firms who need it.
Sensible Stories
By , The Wall Street Journal, 02/12/2008
MarketMinder's View: It will benefit Mexico, the U.S. and the rest of the world to have open markets.
Market Misperceptions
By , MarketWatch, 02/12/2008
MarketMinder's View: Should ratings be overhauled? Sure. But no matter what happens, a rating isn’t a guarantee. No matter the rating, investing involves risk of loss. Always.
Sensible Stories
By , The Wall Street Journal, 02/12/2008
MarketMinder's View: The silver lining of high food prices—more free trade?
Sensible Stories
By , Businessweek, 02/12/2008
MarketMinder's View: “Outside of big financial firms, most companies posted solid Q4 profits.” Going forward, we believe earnings will beat too-meager expectations.
Market Misperceptions
By , CNNMoney, 02/12/2008
MarketMinder's View: It’s dangerous for investors to switch strategies based on short-term market fluctuations. Be sure to stay true to your long-term strategy.
Market Misperceptions
By , MarketWatch, 02/12/2008
MarketMinder's View: It won’t be. It will still be narrow and price-weighted and therefore faulty and misleading.
Market Misperceptions
By , CNNMoney.com, 02/12/2008
MarketMinder's View: Buffett offering reinsurance to troubled bond insurers is all fine and good. But it’s wrong to see this as a “rescue.” He’s doing this because it’s profitable for him.
Market Misperceptions
By , New York Times, 02/12/2008
MarketMinder's View: If hedge funds take on too much risk and don’t protect themselves in the event they are wrong, then they should fail. This isn’t a sign of market failure—it’s a sign the market works.
Sensible Stories
By , The New York Times, 02/11/2008
MarketMinder's View: The right way to look at the state of the American economy.
Sensible Stories
By , MSNBC, 02/11/2008
MarketMinder's View: Rather than the government dictating loan terms, it’s better for lenders to negotiate terms with borrowers. The contract is between the borrower and the lender, not the borrower and the government.
Sensible Stories
By , Barron’s, 02/11/2008
MarketMinder's View: A good reminder: Investing isn’t about following the herd, it’s about determining “what's already expected by the market and handicap the odds of reality coming in better or worse than anticipated.”
Sensible Stories
By , Barron’s, 02/11/2008
MarketMinder's View: Lower taxes.
Market Misperceptions
By , Financial Times, 02/11/2008
MarketMinder's View: $400bn seems like a big number but when scaled properly, it remains small in comparison to the world economy.
Market Misperceptions
By , MSNBC.com, 02/11/2008
MarketMinder's View: This is exactly the type of anecdotal evidence that results in investors making ill-timed decisions.
Market Misperceptions
By , BusinessWeek, 02/11/2008
MarketMinder's View: The weak dollar has put currency trading in the spotlight. But keep in mind, currencies, like stocks, are traded on an open market, are as volatile, and bear the same risks.
Sensible Stories
By , MSNBC, 02/11/2008
MarketMinder's View: The perils of government regulation run amok—beautifully illustrated with beer.
Market Misperceptions
By , ABCNews, 02/11/2008
MarketMinder's View: No matter what changes are made, the Dow should be ignored as long as it’s narrow, price-weighted and therefore a faulty and misleading index.
Sensible Stories
By , City Journal, 02/11/2008
MarketMinder's View: “Markets work—messily, sometimes tardily, but in the end with ruthless efficiency.” Isn’t that the truth!
Market Misperceptions
By , MarketWatch, 02/11/2008
MarketMinder's View: It simply isn’t true a bull market must end because it’s surpassed the “average” length. Bull markets die for many reasons—age isn’t one of them.
Sensible Stories
By , National Post, 02/08/2008
MarketMinder's View: Isn’t unemployment supposed to rise in the face of economic Armageddon? Oh right, the global economy is just fine.
Sensible Stories
By , The New York Times, 02/08/2008
MarketMinder's View: This reminds us of Benjamin Graham’s famous quip, “Individuals who cannot master their emotions are ill-suited to profit from the investment process.”
Sensible Stories
By , The Wall Street Journal, 02/08/2008
MarketMinder's View: This is classic government folly. Let free markets decide on the best solutions and alternatives.
Sensible Stories
By , The Wall Street Journal, 02/08/2008
MarketMinder's View: Another example of special interests and politics ultimately hurting consumers.
Market Misperceptions
By , Reuters, 02/08/2008
MarketMinder's View: We find such headlines amazing. It’s still far from certain there will even be a US recession, yet folks take it on faith it’s already happened.
Market Misperceptions
By , CNNMoney, 02/08/2008
MarketMinder's View: We think they’ve sealed the deal on nothing more than a few checks that will have little effect on the economy.
Market Misperceptions
By , MarketWatch, 02/08/2008
MarketMinder's View: While Jay-Z and others popularize dollar-dumping, the fact remains that short-term currency fluctuations are unlikely to have a meaningful effect on long-term, globally diversified portfolios.
Sensible Stories
By , The Wall Street Journal, 02/08/2008
MarketMinder's View: Highlighting the political motives behind the stimulus bill.
Dueling Headlines
By , Financial Times, 02/08/2008
MarketMinder's View: We assume “backlash” is some sort of code word for $4bn worth of new money.
Sensible Stories
By , The Wall Street Journal, 02/08/2008
MarketMinder's View: It’s always interesting to note the rationality of people and the incredible dynamism of the free market at work.
Market Misperceptions
By , International Business Times, 02/08/2008
MarketMinder's View: Always remember, negative sentiment alone does not a bear market make.
Sensible Stories
By , Forbes.com, 02/07/2008
MarketMinder's View: We tend to agree.
Sensible Stories
By , Investor’s Business Daily, 02/07/2008
MarketMinder's View: Any radical change in an economy is the work of private enterprise, not government. Think of the industrial revolution, the personal computer—these weren’t cooked up in the halls of government but in the minds of profit-seeking entrepreneurs.
Market Misperceptions
By , MSN Money, 02/07/2008
MarketMinder's View: Sounds bad! But keep reading to discover retail sales were up in January, not down, and the majority of retailers beat expectations.
Sensible Stories
By , MSNBC, 02/07/2008
MarketMinder's View: It’s important to keep an eye on central bank activity globally.
Sensible Stories
By , New York Times, 02/07/2008
MarketMinder's View: Maybe the M&A obits were a bit premature.
Sensible Stories
By , CNNMoney.com, 02/07/2008
MarketMinder's View: We don’t believe the stimulus plan will do much, but we’re not surprised to see it stalling. Increased gridlock is typical in election years and can be bullish for stocks.
Sensible Stories
By , Wall Street Journal, 02/07/2008
MarketMinder's View: “Profit-motivated capitalism, on the other hand, has done wonders for poor workers.” Great perspectives on the wealth-building powers of free-market capitalism.
Sensible Stories
By , MSN Money, 02/07/2008
MarketMinder's View: If anyone offers you “guaranteed” returns, it’s a scam. Always. Run away—particularly if the guarantee comes from an annuity salesperson.
Market Misperceptions
By , MSNBC.com, 02/07/2008
MarketMinder's View: The stimulus may be stalled, but at least we won’t get calls during dinner time—whew! Don’t get too excited though, political calls will be exempted of course.
Sensible Stories
By , New York Times, 02/07/2008
MarketMinder's View: A good reminder: To master investing, you must master your unruly brain.
Sensible Stories
By , Financial Post, 02/07/2008
MarketMinder's View: And do you know why? Because in his own words, he’s a “huge bull on the American economy.”
Market Misperceptions
By , ABC News, 02/07/2008
MarketMinder's View: You live in America. You’re paid in dollars. You pay your rent or mortgage with dollars. By and large—you live in a dollar-denominated world. It’s patently absurd to pay an exchange fee just to buy the same darn stuff you always buy at the corner store.
Sensible Stories
By , Times Online, 02/07/2008
MarketMinder's View: Transparency good, government intervention bad. Please let the banks create the necessary system.
Market Misperceptions
By , Bloomberg.com, 02/06/2008
MarketMinder's View: Like as the Asian Contagion of 1997-98 was expected to sink the world economy (but never did), the notion current US financial turmoil will do the same today is similarly flawed.
Sensible Stories
By , Reuters, 02/06/2008
MarketMinder's View: Mortgage demand is high because rates are still low and liquidity is not nearly as constrained today as many believe.
Sensible Stories
By , Bloomberg.com, 02/06/2008
MarketMinder's View: While we don’t put much credence in monthly statistics, it’s worth noting that productivity continues its very long trend of gains.
Sensible Stories
By , The New York Times, 02/06/2008
MarketMinder's View: This won’t make or break the world economy but we love to see steps taken towards freer trade.
Dueling Headlines
By , US News, 02/06/2008
MarketMinder's View: If foreign nations are propping up US companies with their spending, then how can it also be the case foreign nations are dependent on US spending? Such paradoxes reveal how silly it is to think one region dictates prosperity for the globe. Today’s world economy is vastly interconnected and that means all parties play a role. Focusing on the US alone is a mistake.
Market Misperceptions
By , The Telegraph, 02/06/2008
MarketMinder's View: It makes us dizzy even reading this—and you wonder why investors are too focused on the short-term.
Sensible Stories
By , The Economist, 02/06/2008
MarketMinder's View: “As the old joke goes, statistics are like a bikini—what they reveal is suggestive, but what they conceal is vital.” We heartily agree when it comes to studying economic data.
Market Misperceptions
By , Forbes, 02/06/2008
MarketMinder's View: More regulation will not provide the remedy to problems with structured debt products on Wall Street. Sometimes investments go bad. That’s why they call it risk.
Market Misperceptions
By , The Associated Press via Businessweek.com, 02/06/2008
MarketMinder's View: “Investors' raging demand for safe assets over the past six months may have created a bubble in the Treasury market -- and some onlookers expect to hear a bursting sound any minute now.” Maybe. Maybe not. The fact remains pundits have called for an end to Treasuries’ rally for years now. We expect long term interest rates to remain low.
Market Misperceptions
By , The Telegraph, 02/06/2008
MarketMinder's View: What most people forget is that while debt has increased, total net worth has increased even more!
Sensible Stories
By , The Wall Street Journal, 02/06/2008
MarketMinder's View: This is not as the result of some government initiative to force smaller cars on people, it’s the natural reaction of the market to adjust to various prices. In this case, consumers have reacted to higher gas prices by buying smaller and more fuel-efficient vehicles—a dynamic free market economy at work!
Sensible Stories
By , RealClearMarkets, 02/05/2008
MarketMinder's View: “We have a $14 trillion economy. The idea that presidents can control it lies between an exaggeration and an illusion.”
Market Misperceptions
By , CNNMoney.com, 02/05/2008
MarketMinder's View: Careful! The index in question is still new and therefore unreliable. Plus, the last three big drops were followed by big rebounds. Month-to-month data is inherently changeable, and individual indicators are their own aren’t predictive for markets.
Sensible Stories
By , The Telegraph, 02/05/2008
MarketMinder's View: The final term of a presidential cycle almost always produces positive returns for global markets.
Sensible Stories
By , CNNMoney.com, 02/05/2008
MarketMinder's View: A good reminder of the futility of dollar-cost averaging.
Market Misperceptions
By , Bloomberg, 02/05/2008
MarketMinder's View: We’re relatively confident consulting zodiac charts won’t lead to better market bets.
Market Misperceptions
By , MarketWatch, 02/05/2008
MarketMinder's View: A month ago, high oil prices were going to tank our economy. Today, oil prices are dropping because of a “weak” economy. Which one is it? It doesn’t matter—neither story is right.
Market Misperceptions
By , MarketWatch., 02/05/2008
MarketMinder's View: How so? All categories of lending increased in 2007—and even in Q4! Standards may have tightened for some, but lending is not being “strangled.” See “Debt Disbelief,” 01/23/2008.
Sensible Stories
By , Wall Street Journal, 02/05/2008
MarketMinder's View: America’s been in “decline” forever—and it’s been pretty darn good for us.
Market Misperceptions
By , Wall Street Journal, 02/05/2008
MarketMinder's View: Warning: Purchasing bonds can make you sleepy. Do not buy bonds if you are pregnant or thinking of becoming pregnant. Bonds may contain peanuts. Bonds can be habit forming. Do not take bonds without consulting your doctor. How about this one: Investing in securities involves the risk of loss. Oh—that one’s already on there.
Sensible Stories
By , The Wall Street Journal, 02/05/2008
MarketMinder's View: And there were we thinking the recession was already upon us.
Dueling Headlines
By , Bloomberg.com, 02/05/2008
MarketMinder's View: If the US is broke (which it’s not), this doesn’t say a lot about France: “The value of U.S. imports in 2006 was roughly the same as the entire GDP of France.”
Market Misperceptions
By , The Telegraph, 02/05/2008
MarketMinder's View: The same deficit has existed for the duration of the current bull market. How could it now be the cause of a downturn?
Sensible Stories
By , The Wall Street Journal, 02/04/2008
MarketMinder's View: An informative look into the destructive results of government economic intervention in Venezuela. They aren’t the only ones.
Market Misperceptions
By , Times Online, 02/04/2008
MarketMinder's View: Are we going to get the same old news story every time the market drops in value? This news is nothing we haven’t heard already.
Sensible Stories
By , The Telegraph, 02/04/2008
MarketMinder's View: The xenophobia surrounding foreign investment vehicles should be ignored. We are more interested in the continuation of global free-trade.
Market Misperceptions
By , CNNMoney.com, 02/04/2008
MarketMinder's View: This overly pessimistic report underplays the fact US unemployment is still near historical lows and revised job creation numbers have been steadily positive.
Sensible Stories
By , Café Hayek, 02/04/2008
MarketMinder's View: If politicians can dictate the NFL’s rules, what’s next?
Market Misperceptions
By , Businessweek, 02/04/2008
MarketMinder's View: January is not predictive in any way of the full year for stocks. See our past Cover Story, “January Ineffect,” (1/7/2008) for more.
Sensible Stories
By , Times Online, 02/04/2008
MarketMinder's View: We certainly don’t agree with everything written here but we definitely take the view that we should be focusing more on the global economy than on individual economies.
Market Misperceptions
By , The Telegraph, 02/04/2008
MarketMinder's View: Does it matter? Bearish or not, it’s important to correctly scale the size of the Icelandic economy.
Market Misperceptions
By , 02/04/2008
MarketMinder's View: Wait, we thought high oil prices were supposed to cause a recession! What gives?
Sensible Stories
By , Real Clear Politics, 02/04/2008
MarketMinder's View: We certainly agree the proposed stimulus package is too small to make much difference on the economy either way.
Sensible Stories
By , Bloomberg.com, 02/04/2008
MarketMinder's View: An insightful perspective on the US economy and its place in the world. While the US remains the world’s largest economy, keeping a global perspective is far more important than any one region for today’s investor.
Market Misperceptions
By , The Washington Post, 02/04/2008
MarketMinder's View: No doubt about it—sentiment is very dour today.
Market Misperceptions
By , 02/04/2008
MarketMinder's View: This is something only the government could get away with.
Sensible Stories
By , Investor’s Business Daily, 02/01/2008
MarketMinder's View: “The search for profit is one of the most productive of human activities.” Amen.
Market Misperceptions
By , Times Online, 02/01/2008
MarketMinder's View: This is so typical of a correction—more people pointing to more things to bring down the market. Bull markets don’t end with this type of pessimism.
Sensible Stories
By , The New York Times, 02/01/2008
MarketMinder's View: Lets make this clear, the less government intervention the better.
Sensible Stories
By , Bloomberg, 02/01/2008
MarketMinder's View: Most large firms still have ample access to liquidity to attempt such deals.
Sensible Stories
By , Wall Street Journal, 02/01/2008
MarketMinder's View: A look at where sovereign wealth funds (SWFs) come from. For a review on why SWFs aren’t to be feared, see “America for Sale,” 01/16/2008.
Market Misperceptions
By , BusinessWeek, 02/01/2008
MarketMinder's View: So did a “bad” December, but then those numbers got revised upward. And, the unemployment number fell in January! Employment data is fraught with imperfection—don’t expect a single month’s numbers to be instructive or predictive.
Market Misperceptions
By , Wall Street Journal, 02/01/2008
MarketMinder's View: Federal budget deficits are not the market or economic evils most folks think. Historically, deficit peaks have lead to some stellar market returns and growth.
Sensible Stories
By , Financial Times, 02/01/2008
MarketMinder's View: Bearish sentiment is at its highest point in a decade, creating a wall of worry that bull markets love to climb.
Sensible Stories
By , Real Clear Politics, 02/01/2008
MarketMinder's View: Not us! A great look at globalization’s many benefits, and the perils of government intervention.
Market Misperceptions
By , The Telegraph, 02/01/2008
MarketMinder's View: Shunning regret is a very natural behavioural mechanism—the easy target these days is seemingly an entire group of “bankers.”
Sensible Stories
By , Telegraph, 02/01/2008
MarketMinder's View: “It is worth remembering that virtually every success story in the world has been because somewhere a grubby money lender saw the potential in the project presented.”
Market Misperceptions
By , Financial Times, 02/01/2008
MarketMinder's View: Dog bites man.