Home → Fisher Investments MarketMinder Headlines → 05-2007 Archives

Sensible Stories
By , The Boston Globe, 05/31/2007
MarketMinder's View: Yes! Our navigationally-challenged friends are still making headlines! Are there no credible, material negative fundamentals developing for stocks right now?
Sensible Stories
By , MSNBC, 05/31/2007
MarketMinder's View: Much!
Sensible Stories
By , BusinessWeek, 05/31/2007
MarketMinder's View: Another example of market pressures driving innovation.
Sensible Stories
By , The Wall Street Journal , 05/31/2007
MarketMinder's View: With increasing access to private capital markets, perhaps one day, no one. And likely, the world will be better for it.
Market Misperceptions
By , The Motley Fool, 05/31/2007
MarketMinder's View: Although we heartily agree with global investing, it amazes us people still consider a 30% to 40% foreign weight "extreme." Foreign stocks comprise 50% of the world's market cap! A 20 percentage point deviation can be massively risky.
Dueling Headlines
By , Kiplinger, 05/31/2007
MarketMinder's View: Which is it? We believe fundamentals are far "prettier" than folks fathom.
Sensible Stories
By , U.S. News & World Report, 05/31/2007
MarketMinder's View: If high gas prices were a problem, Americans would be driving less, not more. "Americans are wealthier than 30 years ago, easing the pain.
Market Misperceptions
By , CNNMoney.com, 05/31/2007
MarketMinder's View: Oh no! The economy hasn't been this slow since the end of 2002! And we all know what happened then . . . global stocks shot up 33% in 2003.
Sensible Stories
By , Bloomberg, 05/31/2007
MarketMinder's View: Positive surprises from abroad.
Sensible Stories
By , The Motley Fool, 05/31/2007
MarketMinder's View: More supply destruction . . . bullish.
Market Misperceptions
By , Kiplinger, 05/31/2007
MarketMinder's View: Can't say that we agree. We see the same fundamental drivers—steady demand and constricted supply—remaining in place for energy, which is bullish for your energy allocation!
Sensible Stories
By , The Wall Street Journal , 05/31/2007
MarketMinder's View: And the M&A boom continues . . .
Market Misperceptions
By , The Financial Times, 05/30/2007
MarketMinder's View: This article misses what's driving today's M&A activity—the historically unique earnings yield-bond yield gap.
Sensible Stories
By , MarketWatch, 05/30/2007
MarketMinder's View: A good example of testing an idea rather than simply believing. If more people did this we wouldn't endlessly hear about how stocks are imperiled by high oil prices, big trade deficits, budget deficits, the negative saving rate, the housing bubble, federal debt . . .
Sensible Stories
By , Bloomberg, 05/30/2007
MarketMinder's View: Dead on. Global equities dropping as the result of a Chinese contraction is purely psychological. The Chinese stock market is a relatively very small portion of global equities.
Sensible Stories
By , The Wall Street Journal , 05/30/2007
MarketMinder's View: Isn't this a touch like letting the fox in the henhouse?
Sensible Stories
By , Reuters, 05/30/2007
MarketMinder's View: Even telecom companies, long domestically focused, are seeing opportunities for international acquisitions. The earnings yield-bond yield spread phenomenon is powerful.
Market Misperceptions
By , MarketWatch, 05/30/2007
MarketMinder's View: How to spin near-record low unemployment negatively: Job growth is not fast enough. Bull markets typically don't end until sentiment becomes euphoric. We're a long way from that.
Sensible Stories
By , The Pittsburgh Tribune-Review, 05/30/2007
MarketMinder's View: Great commentary on what aerial bombers and politicians have in common.
Sensible Stories
By , The Washington Post, 05/30/2007
MarketMinder's View: Unfathomable commentary you won't find anywhere else. "To the degree that the middle class is shrinking, it is because more people are rising out of it than falling from it.
Sensible Stories
By , Kiplinger, 05/30/2007
MarketMinder's View: Litigation risk is a huge part of doing business in the US. Here are the best and worst states for litigation.
Sensible Stories
By , The Wall Street Journal , 05/30/2007
MarketMinder's View: Of course it's not! Fear of heights can make investors miss awesome stock returns. There's no right height or length to a bull market—but they generally last longer than folks fathom.
Market Misperceptions
By , The Wall Street Journal , 05/30/2007
MarketMinder's View: Whether it's hedge funds or other investors short selling at record levels, the result will be the same: As the market continues rising, short sellers must cover their bets by buying stocks, sending stock prices even higher.
Sensible Stories
By , MSNBC, 05/30/2007
MarketMinder's View: Yet more unintended ill consequences from governmental meddling in free markets.
Sensible Stories
By , Bloomberg, 05/30/2007
MarketMinder's View: Fathom this: Has the green energy movement peaked when it's opposed by surfers?
Sensible Stories
By , BusinessWeek, 05/30/2007
MarketMinder's View: We agree.
Market Misperceptions
By , The Wall Street Journal , 05/29/2007
MarketMinder's View: That folks fear the gap between earnings yields and bond yields tells us this fundamental driver of stock prices still has tremendous power.
Sensible Stories
By , International Business Times, 05/29/2007
MarketMinder's View: And as long as the current earnings yield-bond yield gap remains, they will continue to do so.
Sensible Stories
By , Bloomberg, 05/29/2007
MarketMinder's View: Defying logic indeed. We're continually baffled by Congress's lack of economic understanding. Gas prices are a function of supply and demand—"interfere with high prices, and you do more harm than good.
Market Misperceptions
By , MSNBC.com, 05/29/2007
MarketMinder's View: The headline could read: A stronger than expected economy continues to surprise consumers. Consumer confidence numbers lag—good or bad, you should ignore them.
Market Misperceptions
By , MarketWatch, 05/29/2007
MarketMinder's View: Check your history. Our trade deficit is not a worry, and China won't take over the world any more than Japan did when we feared them for the same reasons in the 1980s.
Sensible Stories
By , The Boston Globe, 05/29/2007
MarketMinder's View: When a story about navigationally-challenged whales gets top billing, there's just not much to be worried about in the markets.
Sensible Stories
By , Forbes, 05/29/2007
MarketMinder's View: Call it what you like—this is wealth redistribution and could lead to legislative risk aversion. This is a potential negative to watch in the coming years.
Market Misperceptions
By , Bloomberg, 05/29/2007
MarketMinder's View: Companies will list on whatever exchange works best for them. Hardly an issue in this increasingly globalized market.
Sensible Stories
By , Financial Times, 05/29/2007
MarketMinder's View: One man's McJob is another's entry-level executive training program. Don't be constrained by widely accepted definitions. Fathom what others find unfathomable.
Market Misperceptions
By , The New York Times, 05/29/2007
MarketMinder's View: Canadians shouldn't fret—it's a matter of efficiency. The group that can best run a company should be the one in charge.
Sensible Stories
By , The Wall Street Journal , 05/29/2007
MarketMinder's View: Those who fret the increased use of derivatives fundamentally misunderstand how they're used. Derivatives help companies control risk and focus on their core competencies rather than things like exchange rates, input prices, and interest rates.
Sensible Stories
By , Washington Post, 05/29/2007
MarketMinder's View: What do you know? Curtailing entitlement programs and governmental meddling significantly increased productivity and income for the poorest households with children! Let's see some more of this.
Sensible Stories
By , Bloomberg, 05/29/2007
MarketMinder's View: Losses are mounting for traders speculating on a drop in stocks." We needn't say more.
Market Misperceptions
By , The Wall Street Journal , 05/29/2007
MarketMinder's View: No. We won't see the M&A boom end until earnings yields fall back below bond yields.
Sensible Stories
By , The Wall Street Journal , 05/25/2007
MarketMinder's View: Countries with an undersupply of labor need to promote immigration for continued growth. This is one way globalization can help both developed and emerging markets.
Sensible Stories
By , The Wall Street Journal , 05/25/2007
MarketMinder's View: More positive news for the US economy.
Sensible Stories
By , The Wall Street Journal , 05/25/2007
MarketMinder's View: You should print this article and post it to your refrigerator for all time. "By scrapping tax exemptions and lowering headline rates, governments have attracted investment, boosted growth and corporate profits, and improved tax compliance. It's a nice demonstration of the Laffer curve at work.
Sensible Stories
By , Time , 05/25/2007
MarketMinder's View: It is innovation, forward thinking, and the power of the imagination that drives us forward in free market economies—across all industries.
Sensible Stories
By , 05/25/2007
MarketMinder's View: A stronger than expected global economy creates a stronger than expected demand for basic materials.
Market Misperceptions
By , Bloomberg, 05/25/2007
MarketMinder's View: No. And it wouldn't matter anyway. Today's world is global. US corporations increasingly have big multinational presences. That means growth abroad can, and mostly will, pull the US with it.
Sensible Stories
By , 05/25/2007
MarketMinder's View: You can find countless theories about inflation's direction. Bernanke's Fed is doing a good job navigating the right path thus far.
Market Misperceptions
By , The Wall Street Journal , 05/25/2007
MarketMinder's View: Today, standards of living are higher than ever…and climbing. We are a country of home owners, highly educated, with multiple televisions, computers, appliances, and cars. Was that the case 30 years ago? Massage the data all you want, those are the facts.
Sensible Stories
By , Xinhua People’s Daily, 05/25/2007
MarketMinder's View: If we observe the facts without spin, we see the OECD predicts the world economy will grow at a real rate of 2.4% next year. Very nice.
Sensible Stories
By , The Wall Street Journal , 05/25/2007
MarketMinder's View: An interesting take on the Fed's true effect on consumers.
Sensible Stories
By , USA TODAY, 05/25/2007
MarketMinder's View: Despite fears of the contrary, oil is an inelastic good and it's very difficult to envision demand abating in the near future.
Market Misperceptions
By , The Wall Street Journal , 05/24/2007
MarketMinder's View: Here's another take: Return on investment in education and skill-building has increased. Globalization may not benefit everyone equally, but in aggregate, it is a massive net benefit to society.
Sensible Stories
By , San Jose Mercury News, 05/24/2007
MarketMinder's View: Don't get us started on Taxi-fornia!
Market Misperceptions
By , Investor’s Business Daily, 05/24/2007
MarketMinder's View: Silly. Stock prices are not serially correlated.
Sensible Stories
By , The Wall Street Journal , 05/24/2007
MarketMinder's View: Japanese sentiment remains very low while fundamentals are improving. That's a recipe for a bull market.
Sensible Stories
By , The New York Times, 05/24/2007
MarketMinder's View: More evidence governmental tinkering with free markets leads to unintended, nefarious consequences. Mandated bio-fuel production decreases incentive for oil companies to increase oil supply, thus keeping oil prices high.
Sensible Stories
By , FT.com, 05/24/2007
MarketMinder's View: Woo-hoo! Stock supply destruction is bullish!
Market Misperceptions
By , Kiplinger, 05/24/2007
MarketMinder's View: No, no, no, no, no! First, determine your time horizon. If it's 10 years or more (and it probably is) and you're not predicting a down-a-lot scenario over the next 12 months, invest in equities.
Sensible Stories
By , MSN Money, 05/24/2007
MarketMinder's View: Why is gasoline so darned expensive? If you believe "Big Oil" is price gouging, we have a couple of spare refineries to sell you.
Market Misperceptions
By , USA Today, 05/24/2007
MarketMinder's View: Let's not get overly concerned about information the market already knew.
Sensible Stories
By , Morningstar, 05/24/2007
MarketMinder's View: So much for the crisis. It sure had a big impact on broad equity markets. And by "big impact" we mean "none really." Global stocks are up about 10% year-to-date.
Sensible Stories
By , Bloomberg, 05/24/2007
MarketMinder's View: More evidence the "housing bubble" isn't the apocalyptic mess the media predicted. But good or bad, we urge you to view governmental data cynically.
Sensible Stories
By , MarketWatch, 05/24/2007
MarketMinder's View: We like Greenspan a lot. Great monetary guy. But he is not now, never has ever been, nor ever will be an expert at forecasting capital market returns. Ignore him (but read this article).
Sensible Stories
By , Real Clear Politics, 05/24/2007
MarketMinder's View: Sentiment is a key driver of stock returns in the near-term. Here's interesting commentary reminding us dour sentiment on America's future and its economy is not a recent development.
Sensible Stories
By , BusinessWeek, 05/24/2007
MarketMinder's View: These regions are ripe for economic and market growth.
Sensible Stories
By , Yahoo!Finance, 05/24/2007
MarketMinder's View: The key takeaway? Global growth is expected to continue. A faster growing Europe can actually help drive the U.S.
Sensible Stories
By , The New York Times, 05/24/2007
MarketMinder's View: We applaud decreasing regulation—making it easier for small businesses to focus on their core competencies, though we wish the SEC would extend this courtesy to all businesses.
Market Misperceptions
By , USA Today, 05/24/2007
MarketMinder's View: Our ridiculous headline of the week.
Market Misperceptions
By , Briefing.com, 05/23/2007
MarketMinder's View: Gloomy pessimism on our economic outlook provides a wall of worry for this bull to climb!
Sensible Stories
By , TCS Daily, 05/23/2007
MarketMinder's View: A true story about the beautiful result of the end of governmental intervention—improved productivity, quality, and healthy growth.
Market Misperceptions
By , The Wall Street Journal , 05/23/2007
MarketMinder's View: Oh oh! Is the world turning bullish, signaling a market top? Before you fret rising euphoria, see how these optimists are characterized—"extreme." This anecdotal evidence of select bulls isn't cause for concern. There's plenty of fear left in this market.
Sensible Stories
By , Morningstar.com, 05/23/2007
MarketMinder's View: Ah yes . . . a great example of political naptime. Presidential term third-years, when do-nothing congresses can't get much passed, are great for stocks.
Market Misperceptions
By , CNNMoney.com, 05/23/2007
MarketMinder's View: Stock prices are driven by both supply and demand. Even if it were true "everyone" is already in stocks (an assumption with which we disagree), continued supply destruction via stock buybacks and M&A activity can keep this bull running.
Market Misperceptions
By , Morningstar.com, 05/23/2007
MarketMinder's View: Ignore this. We save; we just don't do it like we used to.
Market Misperceptions
By , Morningstar.com, 05/23/2007
MarketMinder's View: Weird—a headline from 2005 snuck into today's news. And we all know what happened to the market after that. Total annihilation. Wait a minute . . . no . . . it was just the opposite. Our bad. Ignore.
Sensible Stories
By , Morningstar.com, 05/23/2007
MarketMinder's View: Subprime loans are not the culprit—diversity in lending products provides more access and diversifies risk. There always have been and always will be folks on the fringe who default.
Market Misperceptions
By , Kiplinger, 05/23/2007
MarketMinder's View: We agree protectionism is a growth-killer and globalization is a right and healthy product of Capitalism. But we'd argue our trade deficit with China isn't a problem to fix—no matter what the proposal. Trade deficits in developed nations simply don't portend economic ruin ahead.
Market Misperceptions
By , Bloomberg.com, 05/23/2007
MarketMinder's View: Ignore the bubble talk. How about this headline instead: China's $3 billion investment in a U.S. private equity firm underscores the fundamentals driving this bull market.
Sensible Stories
By , USA Today, 05/23/2007
MarketMinder's View: To find the basis for market-beating bets, fathom what others can't—"global warming" can be an economic positive!
Market Misperceptions
By , The Wall Street Journal , 05/23/2007
MarketMinder's View: We agree Wall Street isn't Detroit, but the real reason there were so few IPOs in the US last year is not cited in this article: With long-term bond yields significantly below earnings yields, it makes economic sense to do deals in cash rather than stock.
Sensible Stories
By , The Wall Street Journal , 05/23/2007
MarketMinder's View: Prepare to have your mind blown . . . A new Congressional Budget Office study shows that among families with children, the poorest 20% have the highest overall earnings growth over the past 15 years. What happened to the two Americas?
Market Misperceptions
By , The Wall Street Journal , 05/22/2007
MarketMinder's View: Fears about the dollar-yuan peg are misplaced. If nominal exchange rates were truly driving trade flows from China to the US (as commonly alleged), why have the same flows from China to Europe occurred when the Chinese have a floating rate against the euro?
Sensible Stories
By , The Motley Fool, 05/22/2007
MarketMinder's View: A contrary opinion on gasoline prices.
Market Misperceptions
By , The Independent, 05/22/2007
MarketMinder's View: All due respect, but the OECD doesn't have a stellar record for accurately forecasting either economic growth or equity markets.
Sensible Stories
By , The Wall Street Journal , 05/22/2007
MarketMinder's View: Many economists worry that this bidding spree is a sign we're hitting another speculative peak, and a bad ending is inevitable. They may be right, or wrong. But if they really knew, they'd be rich." Amen.
Sensible Stories
By , The Financial Times, 05/22/2007
MarketMinder's View: A rare occasion in the US…a decision to limit lawsuits!
Sensible Stories
By , The Wall Street Journal , 05/22/2007
MarketMinder's View: Primary elections for the US presidency are now essentially national elections. See our past commentary "Political Bracketology" for more.
Sensible Stories
By , The Wall Street Journal , 05/22/2007
MarketMinder's View: The continuing development of capital markets is a wonderful thing.
Market Misperceptions
By , Kiplinger, 05/22/2007
MarketMinder's View: We like the bit about time horizon, but mutual funds have many inefficiencies and are far too costly for high net worth investors.
Sensible Stories
By , US News & World Report, 05/22/2007
MarketMinder's View: This particular flavor of protectionism has been persistent lately, despite Mr. Paulson's valiant efforts. Worth keeping an eye on.
Market Misperceptions
By , Business Week, 05/22/2007
MarketMinder's View: Institutions hire hedge funds to be risky in an effort to fully diversify their market exposure. This can actually have a risk-mitigating effect on the whole of a portfolio!
Sensible Stories
By , Thestreet.com, 05/22/2007
MarketMinder's View: Stronger than expected global economic growth and the ongoing emerging market infrastructure boom continue to drive the Industrials and Materials sectors forward.
Market Misperceptions
By , MSN-Money, 05/21/2007
MarketMinder's View: The economic and financial landscape of 2007 bears striking similarities to 1929." Except without the globally devastating Smoot-Hawley Tariffs. And the Fed didn't just needlessly shrink money supply by one third . . . global inflation is contained . . . the earnings-yield bond-yield spread . . . money is cheap and easy. Actually, it's nothing like 1929.
Market Misperceptions
By , MSN-Money, 05/21/2007
MarketMinder's View: Banks charging fees when customers "overdraw" (i.e., steal) isn't evil. It's a nice service they provide for a fee so your check won't bounce.
Market Misperceptions
By , Morningstar.com, 05/21/2007
MarketMinder's View: Snooze.
Sensible Stories
By , TCS Daily, 05/21/2007
MarketMinder's View: Though politically popular, protectionism does far more harm than good, and is devastating to poorer nations.
Market Misperceptions
By , The Wall Street Journal , 05/21/2007
MarketMinder's View: The most fundamental tenet of capitalism—the right to private property." Another example of ill-advised government intervention.
Sensible Stories
By , The Wall Street Journal , 05/21/2007
MarketMinder's View: There are plenty of signs suggesting the US economy is more likely to gain traction rather than fall into recession.
Sensible Stories
By , Forbes.com, 05/21/2007
MarketMinder's View: The boxes should be descriptive, not restrictive." We agree. Allegiance to any one size or style can be costly—be style agnostic.
Sensible Stories
By , Reuters.com, 05/21/2007
MarketMinder's View: The buyouts just keep on coming—leading to further stock destruction.
Sensible Stories
By , Washington Post, 05/21/2007
MarketMinder's View: It's not easy being a do-nothing congress. Politicians are hard at work ensuring nothing material passes this year, so we may enjoy a typical third-year market surge.
Market Misperceptions
By , The Financial Times, 05/21/2007
MarketMinder's View: Don't be scared of heights—this market looks great. Get ready for many more headlines like this.
Sensible Stories
By , Briefing.com, 05/21/2007
MarketMinder's View: A concise primer on private equity funding.
Sensible Stories
By , Washington Post, 05/21/2007
MarketMinder's View: Ten dollars isn't always ten dollars. Mental accounting impacts how we spend and save (and explains why it's so hard to catch a cab on a rainy evening).
Market Misperceptions
By , CNN-Money, 05/21/2007
MarketMinder's View: Gas prices may have reached 1981 levels, but research suggests gas would need to nearly double from here to impact now-much-wealthier US consumers the same way. Moreover, what did the market do following 1981? Gas prices have no meaningful impact on the direction of the market.
Sensible Stories
By , The Wall Street Journal , 05/21/2007
MarketMinder's View: An example of how Chavez' meddling in free markets has caused disaster: With price controls, producers have no incentive to produce, causing shortages in a wide range of goods.
Market Misperceptions
By , Morningstar.com, 05/21/2007
MarketMinder's View: Ever since the 2000 Tech bubble burst largely unheralded, the media is anxious to call a bubble. Housing bubbles, private equity bubbles, stock market bubbles, liquidity bubbles—if it's widely called a bubble, it's not.
Market Misperceptions
By , CNNMoney, 05/21/2007
MarketMinder's View: Hey, it works for Europe, right!? Wrong. Policies like these are part of what has stifled the European economy over the previous decades. Let the markets decide the appropriate price of gasoline.
Sensible Stories
By , Bloomberg, 05/18/2007
MarketMinder's View: A rational and lucid perspective on today's stock market.
Market Misperceptions
By , The Telegraph, 05/18/2007
MarketMinder's View: Two examples of deceiving headlines. In the first case, Bernanke's exact words were "We do not expect significant spillovers from the sub-prime market to the rest of the economy." In the second case, subprime mortgages are not the target of the Fed, fraud is. Let's change to the headline to: "Bernanke Pledges Crackdown on Mortgage Fraud.
Sensible Stories
By , TCS Daily, 05/18/2007
MarketMinder's View: We couldn't put this better ourselves—"Kids don't need Fair Trade. Kids need free trade.
Sensible Stories
By , The Financial Times , 05/18/2007
MarketMinder's View: Still not convinced about the potency of the equity arbitrage game? This continues so long as borrowing costs are cheaper than earnings yields.
Market Misperceptions
By , MSN-Money, 05/18/2007
MarketMinder's View: We can see foreign stocks doing better than US stocks this year, but the rest is errant. Over long periods, US and foreign stocks have similar returns. Take advantage of both by investing globally.
Market Misperceptions
By , The Financial Times, 05/18/2007
MarketMinder's View: We're still trying to figure out how this could possibly be a bad thing. Heaven forbid we allow individuals to create wealth. "The concept of ‘home' shifted. It was no longer a quasi-spiritual place of peace and shelter, as defined by John Ruskin, the Victorian writer in 1865. A home was now an engine of wealth creation and to be a home owner implied a commitment to raising yourself up by your bootstraps without accepting handouts.
Market Misperceptions
By , Businessweek, 05/18/2007
MarketMinder's View: This has a long way to go before full passage and enactment. So long as regulators don't force a meaningful shift in the equilibrium between supply and demand of labor, stock markets should be fine.
Market Misperceptions
By , The New York Times, 05/18/2007
MarketMinder's View: An inane fear. A pet food crisis is not going to derail world trade.
Market Misperceptions
By , MarketWatch, 05/18/2007
MarketMinder's View: Our ridiculous story of the week. Now divorce rates are an economic indicator? Come on.
Sensible Stories
By , Bloomberg, 05/18/2007
MarketMinder's View: Good news from some of the country's largest retailers after disappointing April retail sales last week.
Market Misperceptions
By , Investors, 05/18/2007
MarketMinder's View: It doesn't pay to be a contrarian and it doesn't pay to follow the crowd. The only way to win is to know something others don't.
Sensible Stories
By , Kiplinger, 05/18/2007
MarketMinder's View: New ETFs are becoming narrower, more expensive, and drifting further from the reason for their creation. Be wary.
Sensible Stories
By , Kudlow’s Money Politics, 05/18/2007
MarketMinder's View: Not only would lower tax rates spur corporate investment, they'd likely result in higher government revenues.
Sensible Stories
By , PoorAndStupid.com, 05/18/2007
MarketMinder's View: A creative way to handle dissemination of misleading and faulty governmental economic indicators.
Sensible Stories
By , CNN-Money, 05/17/2007
MarketMinder's View: Despite all the hand wringing, Americans can afford the extra $1 a gallon.
Sensible Stories
By , The Financial Times, 05/17/2007
MarketMinder's View: Whether or not there's a wave of foreign acquisitions, the historically unique earnings yield-bond yield spread will force Japanese companies to improve their efficiency and create shareholder value or another company will do it for them.
Sensible Stories
By , The Wall Street Journal , 05/17/2007
MarketMinder's View: After seizing oil fields from international companies, Chavez is now seizing private land from Venezuelan citizens. We've seen this before and it ends badly.
Sensible Stories
By , The Pittsburgh Tribune-Review, 05/17/2007
MarketMinder's View: If you're going to read one column about the importance of private property rights, this is it.
Sensible Stories
By , KudlowsMoneyPolitics, 05/17/2007
MarketMinder's View: The economy's a lot stronger than people have given it credit for." It sure is.
Sensible Stories
By , Morningstar.com, 05/17/2007
MarketMinder's View: Can we officially stop fretting this now?
Sensible Stories
By , The Wall Street Journal , 05/17/2007
MarketMinder's View: . . . with so many companies going private, there are fewer stocks to buy, and that's sending the ones that remain higher." That's right. Simple law of supply and demand.
Market Misperceptions
By , The Financial Times, 05/17/2007
MarketMinder's View: Wrong. Markets function most efficiently free of intervention. Another intranational governmental bureaucracy would only guarantee greater inefficiency.
Market Misperceptions
By , Bloomberg.com, 05/17/2007
MarketMinder's View: Nonsense! Corporations aren't over-indebted and in danger of default. Worldwide balance sheets are healthier than they've been in decades.
Market Misperceptions
By , International Business Times, 05/17/2007
MarketMinder's View: You can dissect and analyze indicators all day long, but this market continues to be fueled by unappreciated strong fundamentals—including earnings yields that are comfortably above bond yields.
Market Misperceptions
By , CNN-Money, 05/17/2007
MarketMinder's View: Why does Government have to "do something" every time someone isn't happy? If Congress is itching to "do something" they can cut all federal and state taxes on gasoline . . . that sure would reduce gas prices for consumers . . .
Market Misperceptions
By , USA Today, 05/17/2007
MarketMinder's View: If you can't complain about rising unemployment, then simply complain we don't have enough workers
Sensible Stories
By , Morningstar.com, 05/17/2007
MarketMinder's View: Hopefully, the power of the third-year will prevail and nothing resembling this will pass. For more on the dangers of congressional meddling, so our commentary, "Flesh Eating Solutions.
Sensible Stories
By , Washington Post, 05/17/2007
MarketMinder's View: Fingers-crossed they move in favor of less regulation
Sensible Stories
By , BusinessWeek, 05/17/2007
MarketMinder's View: A beautiful example of regret shunning—a cognitive error causing many costly investing mistakes. Online marketing takes the blame for childhood obesity.
Market Misperceptions
By , Bloomberg.com, 05/17/2007
MarketMinder's View: So, less than 0.6% of Montgomery County residents have loans that *may* soon rise to unaffordable levels? And they have the second highest foreclosure rate in Ohio? Are we missing something here? Why is this not being reported as good news?
Sensible Stories
By , The Economist, 05/16/2007
MarketMinder's View: Some great examples of economic growth in Emerging Markets and the companies who are capitalizing.
Sensible Stories
By , The Wall Street Journal , 05/16/2007
MarketMinder's View: Takeover bids are a wonderful thing for big stock returns—be ready for them!
Sensible Stories
By , The Wall Street Journal , 05/16/2007
MarketMinder's View: A good example of why it pays to think globally. Though US residential housing has slowed, global demand for building materials remains strong.
Market Misperceptions
By , 05/16/2007
MarketMinder's View: Society should leave it up to innovation, not politics, to solve the problem.
Sensible Stories
By , 05/16/2007
MarketMinder's View: More positive economic news coming from the US.
Sensible Stories
By , The Wall Street Journal , 05/16/2007
MarketMinder's View: Remembering one of the foundations of American capitalism.
Sensible Stories
By , RealClearPolitics, 05/16/2007
MarketMinder's View: Every so often, it's worth revisiting old controversies to see if the reality matches the rhetoric." Amen to that. And usually, it doesn't.
Sensible Stories
By , The Wall Street Journal , 05/16/2007
MarketMinder's View: If CEOs don't get their stock prices up, someone else will do it for them.
Market Misperceptions
By , CNN Money, 05/16/2007
MarketMinder's View: Hey! If we're close to the bottom, it's time to buy buy buy! Investor perception of risk is usually highest when actual risk is lowest, e.g., market bottoms.
Sensible Stories
By , Bloomberg, 05/16/2007
MarketMinder's View: A very interesting development in China. The country had previously selected its own "home grown" standard for wireless technology, which isolating it further from the world. The fact that it has now picked two internationally accepted standards reflects another positive step towards global integration.
Market Misperceptions
By , The Economist, 05/16/2007
MarketMinder's View: Fueling today's M&A binge are attractive fundamentals. The big deals will keep coming.
Sensible Stories
By , MarketWatch, 05/16/2007
MarketMinder's View: We never use the term "bubble" lightly—true bubbles are very rare. But there is certainly an aura of corybantic sentiment around "alternative energy" stocks these days. Be wary.
Sensible Stories
By , TCS Daily, 05/15/2007
MarketMinder's View: The absurdity of nationalized health care recounted.
Sensible Stories
By , The Wall Street Journal , 05/15/2007
MarketMinder's View: On the many perils of pegging currencies, and other prohibitions on free markets imposed by the EU.
Market Misperceptions
By , Bloomberg, 05/15/2007
MarketMinder's View: Let's not forget the fundamental driver behind this massive M&A boom: corporate earnings yields continue to be higher than bond yields. Why wouldn't a company takeover another if the end result is an immediate boost in its earnings per share? This isn't about a mania, it's about sound economic fundamentals.
Sensible Stories
By , The Wall Street Journal , 05/15/2007
MarketMinder's View: It looks like the government will begin meddling in the auto industry, increasing fuel standards at the expense of the already troubled auto makers.
Market Misperceptions
By , CNNMoney, 05/15/2007
MarketMinder's View: Bubbles" are continually mislabeled. Most of these examples are simple, normal business cycles. Careful with this word – bubbles are an indication of pervasive psychological mania, and thus cannot be labeled as such before they occur.
Sensible Stories
By , The Washington Post , 05/15/2007
MarketMinder's View: This Bernanke guy really seems to get it: "Investors must be allowed to bear the consequences of the decisions they make and the risks they accept. But investors are entitled to the information they need to make decisions appropriate to their personal circumstances.
Market Misperceptions
By , Bloomberg, 05/15/2007
MarketMinder's View: Let us translate this for you: "DEATH OF THE US CONSUMER!
Market Misperceptions
By , The New York Times, 05/15/2007
MarketMinder's View: Are suspicious trades ahead of announced buyouts a problem? Yes. Does it change a thing about the fundamental drivers creating massive M&A activity? No.
Market Misperceptions
By , Morningstar, 05/15/2007
MarketMinder's View: This means nothing for stocks. We knew that banks were tightening their residential lending standards. The real concern is whether tightening will flow into other areas of lending such as commercial and industrial loans. This does not appear to be a problem; lending standards for these types of loans are a little easier than they were previously.
Sensible Stories
By , Bloomberg, 05/15/2007
MarketMinder's View: Once again, US corporate earnings surprise on the upside while European economic growth beats expectations. Forecasters are consistently too low these days.
Sensible Stories
By , 05/15/2007
MarketMinder's View: Core inflation in April was 2.2%, continuing to be a non-concern for now.
Sensible Stories
By , The New Zealand Herald, 05/15/2007
MarketMinder's View: We'll say it again: high gas prices are a symptom of a strong economy and high demand. That's a good thing.
Sensible Stories
By , Kiplinger, 05/15/2007
MarketMinder's View: Asset allocation is the biggest decision you can make in your portfolio, and quite often the biggest mistake individual investors make.
Sensible Stories
By , TCS Daily, 05/15/2007
MarketMinder's View: The problem is not Nicolas Sarkozy, France's president-elect. The problem is the country that elected him." Making the leap from Socialism to Capitalism requires optimism and faith and big change. Will France make it?
Sensible Stories
By , 05/15/2007
MarketMinder's View: Interest rates remain at historically low rates, providing ample opportunity for cheap equity to fund growth and spending.
Sensible Stories
By , Institutional Economics, 05/15/2007
MarketMinder's View: 16 years of uninterrupted growth might make some countries complacent. Not Australia. Great to see more pro-growth initiatives.
Sensible Stories
By , TCS Daily, 05/14/2007
MarketMinder's View: Who will win in the Wal-Mart versus special interests struggle? We hope the power of competitive prices and job creation will carry the day.
Market Misperceptions
By , Briefing, 05/14/2007
MarketMinder's View: The market continues onward and upward in the face of many well-known risks. Still, nobody is talking about the high earnings yields compared to bond yields that drive growth.
Sensible Stories
By , The Washington Post, 05/14/2007
MarketMinder's View: Nothing will get accomplished, and that should be good for stocks.
Sensible Stories
By , Boston Globe, 05/14/2007
MarketMinder's View: A great article dispelling today's most common doomsday stories.
Sensible Stories
By , TCS Daily, 05/14/2007
MarketMinder's View: Yup.
Market Misperceptions
By , The New York Times, 05/14/2007
MarketMinder's View: This makes sense, because all the major innovations in energy field over the last few centuries have come out of the government, and not private enterprise. Wait a minute . . . strike that . . . reverse it.
Sensible Stories
By , Orlando Sentinel, 05/14/2007
MarketMinder's View: Free trade agreements are a great and glorious good. "Each of those agreements would create new opportunities for U.S. exporters and investors while reducing prices for consumers.
Market Misperceptions
By , Dow Jones Newswire via Morningstar, 05/14/2007
MarketMinder's View: Regulators like to regulate even when current regulations are fine.
Sensible Stories
By , The Wall Street Journal , 05/14/2007
MarketMinder's View: "…the average person underestimates the social benefits of the free market, especially for international and labor markets." You can say that again.
Sensible Stories
By , The Wall Street Journal, 05/14/2007
MarketMinder's View: This is abhorrent government behavior.
Sensible Stories
By , Bloomberg, 05/14/2007
MarketMinder's View: Once again the economy surprises forecasters on the upside…
Sensible Stories
By , The Wall Street Journal , 05/14/2007
MarketMinder's View: Free trade and competition are acting as better regulators than an overreaching government.
Market Misperceptions
By , The Economist, 05/14/2007
MarketMinder's View: We're happy to see some of the euphoria about M&A to dissipate… ultimately the positive spread between earnings yields and bond yields will keep M&A activity high.
Market Misperceptions
By , The Wall Street Journal , 05/14/2007
MarketMinder's View: To determine whether or not the US or Europe is the better place to invest, looking at P/E ratios on an absolute level won't tell you much. No predictive power there.
Market Misperceptions
By , MSN Money, 05/14/2007
MarketMinder's View: Great advice on how to miss the forest for the trees, focus on one company's performance instead of larger trends, and avoid profiting from a bull market.
Market Misperceptions
By , Marketwatch, 05/14/2007
MarketMinder's View: Remember that bull markets typically end with euphoric sentiment, a very far thing from today's feelings of fear and skepticism.
Sensible Stories
By , Reuters, 05/14/2007
MarketMinder's View: Although hardly a significant rise, it is one more sign of an improving Japanese economy that's seen deflation for years.
Sensible Stories
By , The Financial Times, 05/11/2007
MarketMinder's View: Long term interest rates are what matter, and those remain very low. The cost of a home is high, but the cost of owning a home is still historically low because borrowing costs have come down so much over the past 20 years.
Sensible Stories
By , The New York Times, 05/11/2007
MarketMinder's View: Some good historical context on taxes and the redistribution of money.
Sensible Stories
By , The National Review via Kudlow’s Money Politics, 05/11/2007
MarketMinder's View: More positive effects of supply-side economics.
Sensible Stories
By , The Wall Street Journal , 05/11/2007
MarketMinder's View: This is an important way markets can reflect greater knowledge than the individual is capable of.
Market Misperceptions
By , The Independent, 05/11/2007
MarketMinder's View: The real crime here goes unreported: Mortgagees are being forced, at gunpoint, to not refinance to still-historically-low fixed rates! Oh wait, they're doing that of their own free will.
Sensible Stories
By , The Associated Press, 05/11/2007
MarketMinder's View: Nuclear energy is, by far, the best current solution to alternative energy…yet nobody seems to want it. Go figure.
Market Misperceptions
By , Bloomberg, 05/11/2007
MarketMinder's View: Of course currency fluctuations can be a large factor in portfolio returns, but this type of risk can be mitigated by maintaining global diversification.
Sensible Stories
By , International Business Times, 05/11/2007
MarketMinder's View: Still the best place in the world to do business.
Market Misperceptions
By , The Washington Post, 05/11/2007
MarketMinder's View: Um, it's actually because demand for oil is very high. It's difficult to blame "big oil" for providing and selling what the market wants.
Market Misperceptions
By , Morningstar, 05/11/2007
MarketMinder's View: We see a 0% chance this is relevant for stock markets.
Market Misperceptions
By , MSN-Money , 05/11/2007
MarketMinder's View: This logic makes our brain hurt. If you are consistently bearish, and consistently lose money, it means you are wrong. The market's pretty straightforward like that. Being wrong=losing money.
Market Misperceptions
By , The Wall Street Journal , 05/11/2007
MarketMinder's View: The stock market rises and falls continually to unfounded and founded information. The bond market is simply one factor among many which may move the market in the short term.
Sensible Stories
By , The Wall Street Journal , 05/11/2007
MarketMinder's View: If the President and Congress are going to agree on anything this year, at least it's for free trade!
Market Misperceptions
By , The Associated Press via US News, 05/11/2007
MarketMinder's View: There is no meaningful correlation between stocks and inflation. Ignore this.
Sensible Stories
By , Bloomberg.com, 05/11/2007
MarketMinder's View: This actually represents a positive step towards free markets in China.
Sensible Stories
By , International Business Times, 05/11/2007
MarketMinder's View: Low unemployment and increasing wages are likely to fuel continued consumer spending.
Market Misperceptions
By , The Wall Street Journal , 05/11/2007
MarketMinder's View: Americans already save more than the rest of the world by investing. The last thing we need is for the government to take away our freedom of choice by mandating us to "save" more.
Market Misperceptions
By , MarketWatch, 05/10/2007
MarketMinder's View: Still more evidence "global warming" is good for the economy—cold weather is bad for retail sales. In reality, one month's worth of misleading governmental data tells us nothing.
Sensible Stories
By , The Washington Post via The Wall Street Journal , 05/10/2007
MarketMinder's View: It's a good question: which should we truly be considering, Mr. Wolfowitz's Presidency, or the existence of the World Bank itself?
Market Misperceptions
By , The Wall Street Journal , 05/10/2007
MarketMinder's View: A common fear with only anecdotal evidence to back it. Just like the US, the UK consumer is doing just fine after years of strong equity and real estate markets.
Market Misperceptions
By , USA Today, 05/10/2007
MarketMinder's View: The S&P 500 now trades around 15 times projected 2007 earnings, roughly half the valuation at end of the '90s bull run." Yes, stocks are cheap on a P/E basis. But P/Es in themselves tell us nothing about future stock direction.
Sensible Stories
By , The Wall Street Journal , 05/10/2007
MarketMinder's View: This is an interesting analysis, but we'd say there probably aren't really this many "forms" of capitalism. Capitalism is about using free markets as the method of allocating scarce resources. It is by definition entrepreneurial in spirit. Everything else is closer to mercantilism and socialism.
Market Misperceptions
By , 05/10/2007
MarketMinder's View: The S&P is up approximately 16% since last September. Let's hear it for a high U.S. Trade Gap!
Sensible Stories
By , Kiplinger, 05/10/2007
MarketMinder's View: The stalemate between the White House and Congress has made it very difficult for meaningful legislative changes. This is a great thing for stocks.
Market Misperceptions
By , Investors Business Daily, 05/10/2007
MarketMinder's View: The Large Growth disciples have been preaching this one for the last several years. Value's run is likely to continue for a bit longer.
Market Misperceptions
By , 05/10/2007
MarketMinder's View: More data mining on indexes hitting new highs and bear market recoveries.
Sensible Stories
By , Bloomberg, 05/10/2007
MarketMinder's View: See yesterday's Market Commentary, "When You Get to the Fork in the Road…"for more.
Market Misperceptions
By , Kiplinger, 05/10/2007
MarketMinder's View: Think of it this way: if only 4.5% of people are unemployed, it's a lot tougher to grow the employment base!
Market Misperceptions
By , Fortune, 05/10/2007
MarketMinder's View: In short, because we can afford it! High energy demand is a symptom of economic strength.
Sensible Stories
By , Kiplinger, 05/10/2007
MarketMinder's View: Outsourcing allows the market to determine the most appropriate resources for a task. The world economy benefits from free movement of resources and money to the paths of highest efficiency.
Sensible Stories
By , TCS Daily, 05/10/2007
MarketMinder's View: Folks preaching market annihilation are generally more interested in selling books than making reliable forecasts. Just check their track record.
Sensible Stories
By , The Economist, 05/10/2007
MarketMinder's View: A great example of the power of basic economics—short-term profits will be met with new competitors to ultimately drive down prices and deliver value to the consumer.
Sensible Stories
By , Bloomberg, 05/10/2007
MarketMinder's View: And why would it? Selling off large quantities of U.S. assets would devalue the dollar while making U.S. goods cheaper and more competitive to Chinese goods.
Sensible Stories
By , Forbes.com, 05/09/2007
MarketMinder's View: The major business media outlets could go a long way toward helping the U.S. economy by training its reporters and editors to understand, and then more accurately report on, the flawed and misleading government statistics." We agree!
Sensible Stories
By , The New Zealand Herald, 05/09/2007
MarketMinder's View: Unfathomable! People like lower taxes?
Sensible Stories
By , Morningstar.com, 05/09/2007
MarketMinder's View: Purchase applications are up 21% over last year—another sign that the real estate market is fine.
Sensible Stories
By , The Telegraph, 05/09/2007
MarketMinder's View: Remember when February's Chinese market slowdown was going to melt the market? Tune out sensationalist news stories, and you'll invest more profitably.
Market Misperceptions
By , Economist.com, 05/09/2007
MarketMinder's View: Housing in Spain—sound familiar? "Property prices are still rising in Spain, but the rate of increase is slowing.
Market Misperceptions
By , CBS-News, 05/09/2007
MarketMinder's View: Drivers keep spending money on gas because they like to drive and prices aren't high enough to make alternatives attractive.
Sensible Stories
By , Reuters, 05/09/2007
MarketMinder's View: The key takeaway from this article? Growth is expected to accelerate during 2007. The fundamental drivers remain in place, and there's no doomsday recession on the horizon.
Market Misperceptions
By , Bloomberg.com, 05/09/2007
MarketMinder's View: Unemployment hasn't changed much because the economy is resilient. The lack of decline in construction jobs may have something to do with the commercial sector continuing to grow at a double digit pace.
Sensible Stories
By , Morningstar.com, 05/09/2007
MarketMinder's View: You don't have to be the acquired company to benefit. Increase M&A activity is having an industry-wide impact.
Market Misperceptions
By , Associated Press, 05/09/2007
MarketMinder's View: While this could be impactful for the auto industry, 2020 is an awfully long time away. Plenty of time to price in any perceived ill effect on the market.
Sensible Stories
By , National Post, 05/09/2007
MarketMinder's View: Nationalism should not stand in the way of capitalism.
Market Misperceptions
By , Bloomberg.com, 05/09/2007
MarketMinder's View: You know what makes us tired? These headlines. This is the exact same argument we heard last year, and what happened? Nothing! Except for corporate earnings continuing to blow through expectations and global markets advancing higher.
Sensible Stories
By , The Wall Street Journal , 05/09/2007
MarketMinder's View: Yes! Another victory for Capitalism!
Sensible Stories
By , The Wall Street Journal , 05/09/2007
MarketMinder's View: Here's a perfect example of the opposite way to spur economic growth and prosperity: North Korean style isolationism.
Sensible Stories
By , The Wall Street Journal , 05/09/2007
MarketMinder's View: Tax receipts for April were $70 billion above the same month in 2006, and April 24 marked the single biggest day of tax collections in U.S. history." Despite all the political rhetoric about America's "runaway deficit" and the "rich" not paying their fair share, reality seems quite the opposite.
Sensible Stories
By , The Associated Press via Yahoo!, 05/08/2007
MarketMinder's View: Another indicator the US consumer is thriving. However, the idea high energy prices will bring growth to a halt is simply false. High energy prices are often indicators of robust demand, not impending doom.
Market Misperceptions
By , The Financial Times, 05/08/2007
MarketMinder's View: Wait a second, we thought New York was losing to London as a financial center. Now Tokyo is getting into the mix? With so many financial capitals losing out to one another, we're just going to stop paying attention to this story and go back to watching world stock markets hit all-time highs.
Sensible Stories
By , The Wall Street Journal , 05/08/2007
MarketMinder's View: You just don't see these stories in times of economic blight.
Sensible Stories
By , The Wall Street Journal , 05/08/2007
MarketMinder's View: Besides cheap borrowing costs, cash-rich balance sheets, and attractively valued companies, falling legal barriers have also helped to fuel the M&A boom. We cannot understand why many seem to think this is a bad thing.
Market Misperceptions
By , MarketWatch, 05/08/2007
MarketMinder's View: No disrespect intended to Mr. Buffett, but we don't understand the argument. Paying a higher fee makes investors more disciplined? Where's the evidence of that? ETFs are perfectly respectable investing vehicles, and are generally cheaper than index funds. But individual stocks are cheapest of all…
Sensible Stories
By , MSNBC, 05/08/2007
MarketMinder's View: Whether you think the Iraq war is a good thing or a bad thing, the fact is it's a very small thing in pure economic terms.
Market Misperceptions
By , CNN Money, 05/08/2007
MarketMinder's View: A 1% decline? Hardly sounds like much of a "crisis," especially when the majority of Americans saw their house prices skyrocket over the last five years.
Market Misperceptions
By , Bloomberg, 05/08/2007
MarketMinder's View: Now US consumers are saving too much!? Do yourself a favor and avoid this topic altogether. Saving money is a good thing and US consumers are doing plenty of it in the form of investing. The decline in the savings rate is an overblown issue based on outdated methodology.
Sensible Stories
By , Forbes, 05/08/2007
MarketMinder's View: This point of view should be applied to all of business, finance and general economics.
Market Misperceptions
By , Morningstar, 05/08/2007
MarketMinder's View: Oh no! Inventories missed expectations on stronger than expected sales! Run for cover!
Sensible Stories
By , MSN Money, 05/08/2007
MarketMinder's View: …one's portfolio should always track the sector diversification of its benchmark index, unless one has a specific reason for over- or underweighting." Good advice.
Market Misperceptions
By , The Telegraph, 05/08/2007
MarketMinder's View: Comparing debt with existential crises is probably not the best way to conduct financial planning.
Sensible Stories
By , S&P Equity Research via Businessweek, 05/08/2007
MarketMinder's View: Discussing how current dour sentiment should be good for a continued bull market.
Sensible Stories
By , The Wall Street Journal , 05/08/2007
MarketMinder's View: There are indeed reasons to be optimistic for France's new president, but it's still too early to know if big reforms are truly on the way.
Market Misperceptions
By , MarketWatch, 05/08/2007
MarketMinder's View: Ho hum. Stocks are not serially correlated. Who cares if they go on a 24 or 124 day streak? It doesn't mean anything.
Sensible Stories
By , The Wall Street Journal , 05/07/2007
MarketMinder's View: Though only in its "exploratory" phase, this is dangerous and vile stuff. Keep an eye on it.
Sensible Stories
By , Bloomberg, 05/07/2007
MarketMinder's View: Europe continues its strong growth.
Sensible Stories
By , The Globe and Mail, 05/07/2007
MarketMinder's View: We don't have a problem with interest—but we like seeing banks get creative to broaden their customer base and increase their profits.
Sensible Stories
By , The Wall Street Journal , 05/07/2007
MarketMinder's View: And the takeover boom continues.
Sensible Stories
By , Morningstar, 05/07/2007
MarketMinder's View: Indeed!
Sensible Stories
By , Bloomberg, 05/07/2007
MarketMinder's View: Today the prosperity of any single country is dependent on the prosperity of the global economy. Focusing on just the US for investments won't cut it anymore.
Market Misperceptions
By , Bloomberg, 05/07/2007
MarketMinder's View: We strongly disagree. The Fed's policy has been appropriate up to this point, and continued robust economic growth is the prescription.
Market Misperceptions
By , NPR, 05/07/2007
MarketMinder's View: Last we checked, the stock market is a LEADING indicator and unemployment is a LAGGING indicator. But that aside, perhaps it is the stronger than expected corporate earnings season that is pushing the market higher.
Sensible Stories
By , 05/07/2007
MarketMinder's View: If these companies don't get their share value up, someone else will do it for them
Sensible Stories
By , Marketwatch, 05/07/2007
MarketMinder's View: The newly elected French leadership is, at the very least, a strong and positive voice for globalization and free market economy.
Market Misperceptions
By , MSN Money, 05/07/2007
MarketMinder's View: Bull markets don't end because they are "too long" or the market is "too high." This is fear of heights, plain and simple.
Market Misperceptions
By , The Washington Post, 05/07/2007
MarketMinder's View: This might be a typo. Given today's market action, maybe it was supposed to be "raises stocks", not "eyebrows.
Sensible Stories
By , 05/07/2007
MarketMinder's View: Adaptation is the secret weapon of the US.
Sensible Stories
By , Marketwatch, 05/07/2007
MarketMinder's View: Firms flush with cash, looking for acquisitions and growth opportunities, continue to drive the supply of equities lower. Low interest rates and high earnings yields make finding those opportunities a lot easier as well.
Market Misperceptions
By , USA Today, 05/04/2007
MarketMinder's View: Ah yes. Nothing material will get done this third-year, legislative risk aversion will fade, and stocks will soar.
Sensible Stories
By , MarketWatch, 05/04/2007
MarketMinder's View: Past price movement is irrelevant for future price movement. Many studies have shown this—our brains simply like to extrapolate patterns. Don't get caught playing that game.
Sensible Stories
By , The New York Times, 05/04/2007
MarketMinder's View: Investors are going to have to start fathoming the unfathomable—CEOs are.
Market Misperceptions
By , 05/04/2007
MarketMinder's View: At some point, powerhouse companies and countries are just going to have to act like the New York Yankees and pay for the privilege of going over their carbon salary cap.
Market Misperceptions
By , The Wall Street Journal , 05/04/2007
MarketMinder's View: Placing blame is one of the last stages of the regret-shunning cycle. Perhaps this means we're nearing the end to the "housing bubble" crisis.
Sensible Stories
By , USA Today, 05/04/2007
MarketMinder's View: Stocks have soared in recent weeks as first-quarter earnings beat reduced expectations, and upbeat economic news added to the gains." We hate to say we told you so . . .
Market Misperceptions
By , CNN-Money, 05/04/2007
MarketMinder's View: Here's an alternative headline: "Long-lived US economic strength causes job market to stay near full employment for yet another month."
Sensible Stories
By , The Washington Post, 05/04/2007
MarketMinder's View: A move away from Socialism could have long-lasting, positive economic and market repercussions for France, and even France's neighbors.
Sensible Stories
By , USA Today, 05/04/2007
MarketMinder's View: Yahoo! stock is up on this news and there's no deal yet—it's just a rumor. This phenomenon is driving stock prices for firms that just might be takeover targets. And it won't end until the earnings yield-bond yield gap closes.
Sensible Stories
By , NewsVine.com, 05/04/2007
MarketMinder's View: Amazing. Talk about our tort system being crushing to business.
Sensible Stories
By , ABCNews.com, 05/04/2007
MarketMinder's View: An unfathomable truth about global warming—it's bullish for health care stocks!
Sensible Stories
By , Dow Jones Newswires via Morningstar, 05/03/2007
MarketMinder's View: The market is moving ahead of the government. This is a good sign and lowers the probability of problematic Congressional intervention.
Sensible Stories
By , 05/03/2007
MarketMinder's View: Reducing regulatory barriers to increase trade is quite positive.
Market Misperceptions
By , Marketwatch, 05/03/2007
MarketMinder's View: We won't be satisfied until subprime lending is blamed for global warming, reality TV, and obesity in this country!
Sensible Stories
By , MSNBC.com, 05/03/2007
MarketMinder's View: A great case as to why the market is undervalued.
Sensible Stories
By , TCS Daily, 05/03/2007
MarketMinder's View: . . . they both could benefit from some severe free market competition.
Sensible Stories
By , Bloomberg, 05/03/2007
MarketMinder's View: The important point of this story: the US and world economies are very closely linked. "It would be wrong to assume that the US economy and the rest of the world are decoupled, it is quite likely that the US economy is likely to pick up steam." The common fear is a slowing US economy could drag down the rest of the world, but why couldn't accelerating growth abroad should lift the US just as easily?
Sensible Stories
By , Kudlow’s Money Politics, 05/03/2007
MarketMinder's View: A change of heart for a previously bearish investor.
Sensible Stories
By , The Chicago Tribune, 05/03/2007
MarketMinder's View: We agree. Protectionist trade barriers won't create or "protect" jobs in America, but they could seriously hinder the global economy. We've got low unemployment and a healthy economy—political sound bytes about "McJobs" or "outsourcing" cannot change facts.
Sensible Stories
By , CNN Money, 05/03/2007
MarketMinder's View: Another reason not to tinker with free markets. Our current obsession with ethanol is having unintended consequences.
Sensible Stories
By , CNN Money, 05/03/2007
MarketMinder's View: The services sector represents about 80% of US economic activity, so we'd say this is pretty good news.
Sensible Stories
By , NYTimes.com , 05/03/2007
MarketMinder's View: April easily set an all time record by dollar amount for mergers & acquisitions at $626 billion for the month.
Sensible Stories
By , TCS Daily, 05/03/2007
MarketMinder's View: Those implementing systematic "anti-poverty" programs may end up doing more harm than good. Historically, the best poverty-reducer is unfettered, trial and error capitalism. For real time evidence, compare North Korea and South Korea.
Market Misperceptions
By , Bloomberg, 05/03/2007
MarketMinder's View: Psst! Want to hear a secret? A 19th century indicator developed by Charles Dow himself is signaling a ‘buy' signal in the market! While we may agree that now is a good time to buy, it surely isn't because a widely known, 100+ year old indicator is telling us.
Market Misperceptions
By , Bloomberg, 05/03/2007
MarketMinder's View: Granted, given the sheer number of takeovers today there are bound to be some buyout firms that collapse. But do not mistake a very small piece of the economy for the greater whole.
Sensible Stories
By , The Independent, 05/03/2007
MarketMinder's View: Fears that small US companies will flee to list in the UK because of Sarbanes-Oxley are overblown. This study finds no evidence of a mass exodus, and those listing on UK exchanges do so for other business reasons. True, Sarb-Ox is a bad thing, but it's a relatively minor bad thing.
Market Misperceptions
By , The Wall Street Journal , 05/03/2007
MarketMinder's View: Our ridiculous headline of the week. Trying to time short-term moves in the market is a fool's game. Stick to the fundamentals and invest for the long-term.
Market Misperceptions
By , DailyFuelEconomyTip.com, 05/03/2007
MarketMinder's View: What sinister forces are afoot here? A political conspiracy? A Middle East cabal? Evil Texas oilmen seeking to ruin our lives for no other reason than delightful Schadenfreude? No, apparently it's still just supply and demand.
Market Misperceptions
By , CNN-Money, 05/03/2007
MarketMinder's View: Excellent. Still no sign the bullish nature of current mergermania is being priced into the market. This bull has room to run.
Sensible Stories
By , Fox News, 05/02/2007
MarketMinder's View: The US economy continues its growth.
Market Misperceptions
By , USA TODAY, 05/02/2007
MarketMinder's View: Leave it to the press to make up new catchphrases for us to worry about…
Sensible Stories
By , Foreign Policy, 05/02/2007
MarketMinder's View: The more things change, the more they stay the same…unfortunately for Latin America.
Market Misperceptions
By , The Financial Times, 05/02/2007
MarketMinder's View: Ignore all headlines that reference "2-month highs." It is a completely meaningless time period.
Sensible Stories
By , The Pittsburgh Tribune, 05/02/2007
MarketMinder's View: A quote from one is all you need to know about this list: "Capitalism makes us rich. ... But that's not why I love it. The marketplace, unfettered by government regulation but fettered by competition, gives each of us a chance to transform the world in the way we wish."
Sensible Stories
By , The Wall Street Journal , 05/02/2007
MarketMinder's View: Just like our brains were not built to make us happy, they are also not built to invest. Acknowledging how our brains work will help to make you a happier person and investor.
Sensible Stories
By , the Economist, 05/02/2007
MarketMinder's View: For years consumer spending has been strong in spite of years of forecasters predicting the opposite.
Sensible Stories
By , Bloomberg, 05/02/2007
MarketMinder's View: Exactly. Small changes in the employment data are irrelevant. Unemployment remains at historically low levels, and that's a good thing.
Sensible Stories
By , The Financial Times, 05/02/2007
MarketMinder's View: Don't be scared by this. It's a great thing to see risk spread around, not concentrated. The more the better.
Market Misperceptions
By , Marketwatch, 05/02/2007
MarketMinder's View: An economy running at what economists consider near full employment with an unemployment rate of only about 4.5% adds jobs and the media declares it a weakness. Sounds more like continued growth to us.
Market Misperceptions
By , Bloomberg, 05/02/2007
MarketMinder's View: More bubble misconceptions: "Bubbles generally require two dynamics: the perception of near-perfect economic conditions and an abundance of cheap credit." This is strange reasoning. For a bubble, you need a large disconnect between psychology and reality. If economic reality is good and psychology is in fact dour today…how could you possibly have a bubble?
Market Misperceptions
By , Barron’s Online, 05/02/2007
MarketMinder's View: Apparently real estate, stocks and bonds are all expensive and we should be in cash, art and gold! Just because asset prices are rising doesn't mean we're in a bubble. Bubbles are never labeled as such before they burst.
Sensible Stories
By , The Wall Street Journal , 05/02/2007
MarketMinder's View: Just one of a number of deals today. Mergermania lives!
Sensible Stories
By , 05/01/2007
MarketMinder's View: It's striking how different America's tort system is from the rest of the world—49 people sue for a collective $16,000 in Japan ($326 each); while who knows how much the amount would have been here.
Sensible Stories
By , The Telegraph, 05/01/2007
MarketMinder's View: This is frightening: "If there is one thing that unites both candidates in France's presidential run-off this Sunday, it is a shared belief that Anglo Saxon hedge funds are the great villains of modern civilization." And Sarkozy is the "business-friendly" one?
Market Misperceptions
By , The New York Times, 05/01/2007
MarketMinder's View: Is it us, or is this the go-to headline when there's not much else to report?
Sensible Stories
By , Bloomberg.com, 05/01/2007
MarketMinder's View: More positive news out of Euroland . . .
Sensible Stories
By , The Financial Times, 05/01/2007
MarketMinder's View: Great commentary supporting many of our bullish views. Stock destruction, undervalued stocks, nobody realizes it, etc.
Sensible Stories
By , TCS Daily, 05/01/2007
MarketMinder's View: Should not an increase in earnings inequality due primarily to higher rates of return on education and other skills be considered a favorable rather than unfavorable development?" Yep.
Market Misperceptions
By , Forbes, 05/01/2007
MarketMinder's View: And that's a good thing!
Sensible Stories
By , Marketwatch.com, 05/01/2007
MarketMinder's View: We don't like that headline, but we love this: "Bernanke said trade has little net impact on the number of jobs available in the United States, and said that trade generally creates higher paying jobs." Bravo, Mr. Bernanke
Sensible Stories
By , The Financial Times, 05/01/2007
MarketMinder's View: All property rights are not created equal.
Sensible Stories
By , The Wall Street Journal , 05/01/2007
MarketMinder's View: Poor Hugo. This is not going to work out how he hopes. We doubt he has the experience and resources to be both a Socialist dictator and a reasonably competent energy CEO.
Market Misperceptions
By , Marketwatch.com, 05/01/2007
MarketMinder's View: Wrong wrong wrong. If only it were that simple. See our recent (and timely) commentary "Stay in May.
Market Misperceptions
By , MSNBC.com, 05/01/2007
MarketMinder's View: Huh? Manufacturing surges, but PMI dropped? Are we supposed to be happy or sad? Ignore stories like these—just this month's batch of backwards-looking, misleading governmental data.
Sensible Stories
By , The Economist, 05/01/2007
MarketMinder's View: Hedge fund mania has even taken over Broadway!
Sensible Stories
By , The Herald Sun, 05/01/2007
MarketMinder's View: Increased government regulation is bad for business. Australia has had 16 years of uninterrupted growth. If it ain't broke, don't fix it.
Market Misperceptions
By , The New York Times, 05/01/2007
MarketMinder's View: Amazing the amount of talk alternative energy attention is getting . . . yet, venture capital spending of $1.5 billion is still a tiny piece of the pie.
Sensible Stories
By , Washington Post, 05/01/2007
MarketMinder's View: This could have material implications on current and future patents.