Home → Fisher Investments MarketMinder Headlines → 08-2009 Archives

Sensible Stories
By , International Business Times, 08/31/2009
MarketMinder's View: Let’s at least get a substantial portion of last year’s $787 billion stimulus package spent before calling for more. See our 07/08/2009 cover story, “A Confused Chorus,” for more.
Sensible Stories
By , DailyFinance, 08/31/2009
MarketMinder's View: The tremendous return on TARP funds might slow a bit since the strongest firms repaid the government first, but it’s clear TARP isn’t the black hole skeptics initially feared.
Sensible Stories
By , The Times, 08/31/2009
MarketMinder's View: A V for the global economy would be nice, but stocks can continue their upward climb no matter the shape of the economic recovery. See our 08/20/2009 cover story, “Alphabet Soup Recovery,” for more.
Sensible Stories
By , The New York Times, 08/31/2009
MarketMinder's View: An interesting look at the role of human behavior in the stock market and economy.
Market Misperceptions
By , Time, 08/31/2009
MarketMinder's View:
Few things are as well known to investors as the calendar, so investing based on the time of year doesn’t provide much advantage. See our 08/28/2009 cover story, “Stay in September,” for more.
Sensible Stories
By , The New York Times, 08/31/2009
MarketMinder's View: Evidence government-mandated restrictions often hurt more than they help.
Market Misperceptions
By , The Washington Post, 08/31/2009
MarketMinder's View: Fiscal stimulus to combat the economic downturn has pushed the deficit exceptionally high, but it’s a mistake to extrapolate the current deficit too far into the future. See our 08/27/2009 cover story, “CB-Uh-Oh?” for more.  
Market Misperceptions
By , The Washington Post, 08/31/2009
MarketMinder's View:
Ever hear of the “underwear index”? Neither have we. Ignore. See our 08/11/2009 cover story, “Bangladeshi Butter Indicator,” for more.
Sensible Stories
By , MarketWatch, 08/31/2009
MarketMinder's View: Political change is sweeping the world’s second-largest economy, but actual change might be more subdued than many think. See our 08/25/2009 cover story, “Sayonara, LDP?” for more.
Market Misperceptions
By , SmartMoney, 08/31/2009
MarketMinder's View:
“In short, the recovery will have a long, choppy beginning.” Well…yes—history shows new bull markets are volatile in their beginning stages. That’s no reason to stay out of stocks—nor does it portend doom for the market. 
Sensible Stories
By , Bloomberg, 08/28/2009
MarketMinder's View: A positive sign! Lending, all types, is increasing—showing both a willingness to lend and more demand to borrow.
Sensible Stories
By , The New York Times, 08/28/2009
MarketMinder's View: Very true. Millions of things can change between now and then. Plus, government projections haven’t been close to accurate historically. For more, see our 08/27/2009 cover story, “CB-Uh-Oh?”
Sensible Stories
By , Business Week, 08/28/2009
MarketMinder's View: Although the FDIC added hundreds of “sick” banks to its problem list, it’s worth noting it’s armed with more than enough if necessary.
Market Misperceptions
By , The Growth Stock Wire, 08/28/2009
MarketMinder's View: If this is a sucker’s rally, it’s the largest global sucker’s rally ever. Stocks are telling us economic recovery is in the fore.
Market Misperceptions
By , CNN Money, 08/28/2009
MarketMinder's View:
It’s just not true our level of debt is problematic and needs higher taxes to “pay” for it. America’s debt is very cheap right now. And the best way to raise tax revenue is with economic growth—not higher tax rates.
Market Misperceptions
By , BBC News, 08/28/2009
MarketMinder's View:
Will it be a U bottom? W? Or the widely known saxophone bottom? Whatever the economy does, remember it doesn’t necessarily apply to stocks. Stocks can surge sharply, even during a sluggish economic recovery. For more, read our 08/20/2009 cover story, “Alphabet Soup Recovery.”
Market Misperceptions
By , The Wall Street Journal, 08/28/2009
MarketMinder's View:
While this reflects what’s been an improving world, sentiment is always backward-looking and not useful in crafting a forward-looking forecast for capital markets.
Market Misperceptions
By , Smart Money, 08/27/2009
MarketMinder's View:
Expect to see lots of articles warning “September is the worst month.” Ignore them all. Even if it is a down month, will it be down enough to make paying transaction costs and taxes to get in and out a wise decision? Trying to time short-term swings is fraught with peril.
Sensible Stories
By , The Wall Street Journal, 08/27/2009
MarketMinder's View: A good, clear explanation of flash trading.
Sensible Stories
By , Investment News, 08/27/2009
MarketMinder's View: More efforts are being made on this front to make it easier for private investors to purchase failed institutions. For more, see our 05/26/2009 cover story, “Extreme Makeover: Bank Edition.”
Sensible Stories
By , International Business Times, 08/27/2009
MarketMinder's View: Folks who think stocks must revert to some mean and that going up “too far, too fast” portends ill don’t remember history very well. Stocks are volatile—to the upside as well as the downside. Big returns over short periods aren’t scary…they’re normal in new bull markets.
Sensible Stories
By , The Washington Post, 08/27/2009
MarketMinder's View: A revised GDP report shows more signs the recession is easing, with many expecting positive growth in the back half of the year. But remember, the market leads. Investors waiting for confirmation from the economy usually miss out.
Sensible Stories
By , The Wall Street Journal, 08/27/2009
MarketMinder's View: “Not all biofuels may be worth the investment because they divert land from food crops, are expensive to produce and may be eclipsed by the electric car. One fact cited against biofuels: If the entire US supply of vegetable oils and animal fats were diverted to make biodiesel, production still would amount to at most 7% of US diesel demand.” Facts are funny things.
Market Misperceptions
By , Los Angeles Times, 08/27/2009
MarketMinder's View:
They’re right. More established businesses will be less prone to move—though certainly some already have and more will. But entrepreneurs of future businesses will certainly have huge incentive to start businesses in more business-friendly places. Why California hates job-creating entrepreneurs is beyond us.
Market Misperceptions
By , MarketWatch, 08/27/2009
MarketMinder's View:
Well, sure.  The wall of monetary stimulus means inflation can become a significant risk—but not for some time yet. As this article states, “broad-based inflation was unlikely in the near term.”
Market Misperceptions
By , Financial Times, 08/27/2009
MarketMinder's View:
We rather disagree that the purpose of Finance firms is to largely “ensure that microscopically small deviations from observable regularities in asset price relationships persist for only one millisecond instead of three.” They do some other useful things. Like extend credit to people and institutions so they can buy cars, go to college, buy homes, grow businesses, develop new life-saving vaccines, etc., etc., ad nauseum.
Market Misperceptions
By , The Wall Street Journal, 08/27/2009
MarketMinder's View:
“Excessive bank bonuses are a legitimate target.” Fine, but how do you define excessive? (And whose compensation might rabble-rousers find distasteful next? Yours?) Curbing executive pay will lead to unintended consequences—by driving away the skilled workforce that’s key to a financial industry recovery.
Market Misperceptions
By , The Christian Science Monitor, 08/26/2009
MarketMinder's View:
Higher taxes might be around the corner, at least for some. But that doesn’t mean stocks have to suffer. Historically, stocks have risen through tax increases and fallen during tax cuts, and vice versa.
Sensible Stories
By , Washington Post, 08/26/2009
MarketMinder's View: Investors expected a Bernanke reappointment, and that’s exactly what they got. Continuity, especially as the economy works its way out of this recession, is a good thing for stocks. For more, see today’s cover story “And the Nominee Is…”
Sensible Stories
By , Reuters, 08/26/2009
MarketMinder's View: Some banks will continue to encounter problems, as is normal during a recession—no need to prohibit private equity firms—and their capital—when the government is looking for buyers.
Market Misperceptions
By , Washington Post, 08/26/2009
MarketMinder's View:
Investors needn’t fear the White House’s projections for the federal deficit. Budget deficits are not bad for stock returns—in fact, history shows the opposite is true. And even the White House acknowledges it can’t know what federal receipts and spending will look like in a decade.
Sensible Stories
By , Bloomberg, 08/26/2009
MarketMinder's View: Those who continued to forecast doom and gloom in recent months and steered clear of equities have missed the S&P 500’s biggest rally since the 1930s (up over 50% in six months).
Market Misperceptions
By , The Wall Street Journal, 08/26/2009
MarketMinder's View:
It’s impossible to simultaneously help and punish banks. Doing so is likely to drive top talent away from the very firms that need it.
Market Misperceptions
By , The Wall Street Journal, 08/26/2009
MarketMinder's View:
This article’s title suggests US consumers won’t contribute to an economic recovery, although it fails to explain why. In reality, consumers have been much more resilient than most realize. For more, see our 8/17/2009 cover story, “The Report of the Consumer’s Death Is an Exaggeration.”
Sensible Stories
By , The Wall Street Journal, 08/26/2009
MarketMinder's View: June global trade rose at the fastest rate in almost a year—a good sign for global economic recovery.
Sensible Stories
By , CNN Money, 08/25/2009
MarketMinder's View: “In fact, the obsession over the Dow (mine included) is a tad silly since it’s arguable the least important of the major market barometers.” True, and the Dow is too narrow, but its greatest failing is in its price-weighted construction. Better constructed indexes are market-capitalization weighted.
Sensible Stories
By , The New York Times, 08/25/2009
MarketMinder's View: Technological advances have greatly increased the amount of oil thought to be available, and that which is recoverable. And the amount known and recoverable will likely continue growing as technology continues improving.
Sensible Stories
By , Telegraph, 08/25/2009
MarketMinder's View: “History confirms bull markets always begin in the middle of the worst possible news.” Seems about right. While headlines keep bemoaning doom and destruction, stocks globally are soaring.
Market Misperceptions
By , CNN Money, 08/25/2009
MarketMinder's View:
Probably not—at least not for a while. But this is normal—unemployment typically keeps rising or at least stalls even after a recovery is underway. Growth begets jobs, not the other way around.
Sensible Stories
By , Bloomberg, 08/25/2009
MarketMinder's View: It’s hardly news, but Ben’s here to stay, at least for another four years. Fed Chairman Bernanke is nominated to stick around for another term, pledging to “work toward restoring stability to financial markets and the economy.”
Market Misperceptions
By , The Wall Street Journal, 08/25/2009
MarketMinder's View:
We’re not convinced the interests of private equity groups and taxpayers aren’t necessarily aligned. Private equity firms want a good return on their money—that involves returning banks to good health. Isn’t that what taxpayers want too?
Market Misperceptions
By , MarketWatch, 08/25/2009
MarketMinder's View:
There’s no evidence the Fed is aggressively removing liquidity. They may not be renewing some emergency programs—but only when they aren’t needed anymore—a good sign signaling Financials are stabilizing.
Market Misperceptions
By , Barron’s, 08/25/2009
MarketMinder's View:
“Investors should not mistake asset inflation for real wealth appreciation.” Great! So that means asset deflation doesn’t mean wealth depreciation, right? No one would argue that.
Market Misperceptions
By , USA Today, 08/25/2009
MarketMinder's View:
Keep in mind debt is very cheap right now. Further, there’s no evidence a big deficit is bad for stocks. In fact, it’s the reverse—periods of high deficits have been followed by great stock returns.
Sensible Stories
By , Bloomberg, 08/24/2009
MarketMinder's View: Recoveries never happen in a straight line. Governments and central banks worldwide have indicated they’ll keep monetary and fiscal stimulus in place for some time. These policies should continue to bode well for stocks.
Market Misperceptions
By , Reuters, 08/24/2009
MarketMinder's View: This will likely end up being much ado about nothing. See our 08/06/2009 cover story, “Attack of the Machines!” for more.
Sensible Stories
By , Reuters, 08/24/2009
MarketMinder's View: Expect to see governments globally keeping stimulative policy measures in place—at least until the economic recovery gains more solid footing.
Market Misperceptions
By , Bloomberg, 08/24/2009
MarketMinder's View:
These mostly dire predictions by doomsayers have persisted even as signs of recovery become apparent. Dr. Doom might not foresee economy recovery around the corner, but investors are clearly more confident the economy will improve, even if there are some bumps along the way. The stock market can continue rising no matter the path an economic recovery takes. See our 08/20/2009 cover story, “Alphabet Soup Recovery,” for more.
Sensible Stories
By , The Economist, 08/24/2009
MarketMinder's View: A look at the pros and cons of the government’s “cash for clunkers” plan. While the plan temporarily boosted sales numbers, whether it’s “cannibalized” future sales remains to be seen.
Sensible Stories
By , Richmond Times-Dispatch, 08/24/2009
MarketMinder's View: “Higher taxes shrink the return that investors and workers receive in exchange for their risk-taking, creativity, and productive efforts. So the inevitable consequence…is less investment, entrepreneurship, and work.” Well said.
Market Misperceptions
By , The Atlanta Journal-Constitution, 08/24/2009
MarketMinder's View: The Fed and other regulators made significant missteps during the financial crisis, but loose monetary policy and innovative Fed programs have been appropriate and helped prevent a more serious downturn.
Sensible Stories
By , SmartMoney, 08/24/2009
MarketMinder's View: The stock market rally reflects investor optimism that an economic upturn isn’t far off. Remember, stocks lead an economic recovery, not follow it. See our 11/04/2008 cover story, “The Ultimate Leading Economic Indicator,” for more.
Market Misperceptions
By , The Washington Times, 08/24/2009
MarketMinder's View:
We’re all for accurate accounting, but the current budget deficit isn’t going to sink the US economy.
Market Misperceptions
By , Associated Press, 08/21/2009
MarketMinder's View:
The reasoning here is flipped. As the economy continues to grow and firms return to strength, hiring will follow—not the other way around.
Sensible Stories
By , Federal Reserve, 08/21/2009
MarketMinder's View: The Fed chairman’s speech to the Annual Economic Symposium, delivered today. It’s important to remember that even Fed heads, as political appointees, must make sales pitches to keep their jobs.
Sensible Stories
By , The Wall Street Journal, 08/21/2009
MarketMinder's View: In another sign firms are healthier than most folks fathom, some are using cash to buy back debt on the cheap, saving interest costs and further shoring up balance sheets.
Sensible Stories
By , Morningstar, 08/21/2009
MarketMinder's View: Fears China will aggressively tighten monetary policy and clamp down on lending continue to be overblown. For more, see today’s cover story, “Buckle Up.”
Sensible Stories
By , Bloomberg, 08/21/2009
MarketMinder's View: Australia lowers taxes on a subset of foreign investment.
Market Misperceptions
By , The Wall Street Journal, 08/21/2009
MarketMinder's View:
We prefer a smaller government, just because you spend your money infinitely more wisely than the government does. But we disagree that government spending in a recession is disastrous. Rather, we see that wall of fiscal stimulus as being a bullish driver. Remember, the government’s first spend is usually quite silly, but those dollars then hit the economy and get spent and respent, averaging out to normal.
Sensible Stories
By , Newsweek, 08/21/2009
MarketMinder's View: So, in the short-lived “cash for clunkers” program, it seems clunker-swappers preferred non-American cars. We rarely say this, but . . . duh. Americans weren’t buying US cars before the vouchers, why would they buy them now? And let’s remember that foreign cars are built, sold, and serviced in America—which is good for the many millions of Americans those foreign firms employ here.
Market Misperceptions
By , Investor’s Business Daily, 08/21/2009
MarketMinder's View:
Actually, this “wave” has already largely hit and had far less broad impact than folks feared.
Market Misperceptions
By , The Wall Street Journal, 08/21/2009
MarketMinder's View:
The rumors of China’s demise have been greatly exaggerated. For more, see today’s cover story, “Buckle Up.”
Market Misperceptions
By , CNN Money, 08/20/2009
MarketMinder's View:
Is anyone not concerned about inflation, unemployment, and debt these days? These worries are already reflected in stock prices and don’t pose the threats to the economy this article suggests. See our 11/04/2008, 03/09/2009, and 07/02/2009 cover stories, “The Ultimate Leading Economic Indicator,” “Employing Sound Judgment,” “Goldilocks and the Inflation Bugaboo,” and others for more.
Market Misperceptions
By , Barron’s, 08/20/2009
MarketMinder's View:
Yet another silly investing tactic. Any widely known technical technique that really worked would immediately become obsolete as investors jump aboard. And if you found one that did work, would you let everyone know about it? See our 12/12/2007 column, “Technical Paralysis,” for more.
Market Misperceptions
By , Times, 08/20/2009
MarketMinder's View:
Global compensation limits? Don’t bank on it (pun intended). Why would regulators in, say, Singapore agree to compensation limits because of perceived recklessness by bankers in the UK, US, or elsewhere?
Market Misperceptions
By , Reuters, 08/20/2009
MarketMinder's View:
Investors are focused on the recovery, not the U, W, L, or other letters economists put in front of it. See today’s cover story, “Alphabet Soup Recovery,” for more.
Market Misperceptions
By , Times, 08/20/2009
MarketMinder's View:
Like it or not, fossil fuels are here to stay for the foreseeable future. Prices have a long way to rise and technology has a ways to go before alternatives become viable.
Sensible Stories
By , CNN Money, 08/20/2009
MarketMinder's View: The popularity of “cash for clunkers” was somewhat surprising, but the inefficiencies in running the program aren’t. See our 06/26/2009 cover story, “Trifling Transformers,” for more.
Sensible Stories
By , BusinessWeek, 08/20/2009
MarketMinder's View: In short, yes. But it’s also true the US is becoming a smaller part of the global economy thanks to fast-growing emerging markets like India, China, and Brazil. See our 04/06/2009 and 08/14/2009 cover stories, “De-U.S.ification” and “Out of the Gates,” for more.
Market Misperceptions
By , Associated Press, 08/20/2009
MarketMinder's View:
One week up, the next week down. Weekly economic data are extremely volatile and don’t tell you much about where stocks are headed. See our 07/31/2009 cover story, “Musical Chairs,” for more.
Sensible Stories
By , Guardian, 08/20/2009
MarketMinder's View: Central banks are likely to remain very accommodative for awhile—an appropriate stance in this economic environment.
Sensible Stories
By , The Wall Street Journal, 08/20/2009
MarketMinder's View: Private industry is simply more dynamic than lumbering government entities, so the latter will usually be bested by the former.
Market Misperceptions
By , Reuters, 08/19/2009
MarketMinder's View:
There’s no such thing as an inherently good or bad month for stocks. Stocks are naturally volatile—sometimes more so than at others, but it’s not predictable based on calendar month. Plus, people may go on vacation, but volatility doesn’t.
Sensible Stories
By , CNN Money, 08/19/2009
MarketMinder's View: The Fed continues demonstrating its commitment to flexibility in easing credit markets.
Market Misperceptions
By , Seeking Alpha, 08/19/2009
MarketMinder's View:
Every recovery is a partial recovery until it gets underway. And unemployment and retail sales typically lag. Economic recovery spurs hiring, higher wages, and resurging consumption, not the other way around. Plus, personal consumption is far less variable than people think. For more, see our 08/17/2009 cover story, “The Report of the Consumer’s Death Is an Exaggeration.”
Market Misperceptions
By , The Washington Post, 08/19/2009
MarketMinder's View:
A prime example of unintended consequences hard at work.
Sensible Stories
By , Kiplinger, 08/19/2009
MarketMinder's View: Whether this or something else entirely, government intervention always leads to some negative, unintended, and unforeseen consequences.
Sensible Stories
By , Business First, 08/19/2009
MarketMinder's View: A glimmer of hope in what’s mainly been a dour housing outlook.
Sensible Stories
By , The Independent, 08/19/2009
MarketMinder's View: Folks worry central banks are “tapped out” or out of “arrows” in their quivers. Yet we see here central banks have plenty more ways to boost liquidity. While other central banks are discussing exit strategies, BOE bankers are bickering about whether and how to add more liquidity.
Market Misperceptions
By , Barron’s, 08/19/2009
MarketMinder's View:
A few down days and some folks are ready to throw in the towel? No, this is typical market volatility characteristic of the early stages of a bull market. Don’t expect stocks to rise in a straight line. It never happens that way.
Market Misperceptions
By , The Wall Street Journal, 08/19/2009
MarketMinder's View: It’s never perfect—when consumer spending is up, folks claim we’re in over our heads with debt, but when spending is down, we begin to worry the economy will come to a screeching halt. Either way, consumer spending needn’t rebound strongly for a recovery because it was never that imperiled to begin with. For more, see our 08/17/2009 cover story, “The Report of the Consumer’s Death Is an Exaggeration.”
Market Misperceptions
By , Seeking Alpha, 08/18/2009
MarketMinder's View:
Now it’s a “Q”-shaped recovery? We don’t think so. Either way, it’s imperative to separate market recovery from economic recovery—neither timing nor magnitude must match step for step.
Sensible Stories
By , The Wall Street Journal, 08/18/2009
MarketMinder's View: A notable point of view from the former head of the SEC. For more, see our 08/06/2009 cover story, “Attack of the Machines!”
Sensible Stories
By , CNN Money, 08/18/2009
MarketMinder's View: Recovery abounds both locally and abroad—stocks have been reflecting this for months already.
Market Misperceptions
By , Barron’s , 08/18/2009
MarketMinder's View:
The ascent or plight of Main Street has never been a good stock market indicator.
Market Misperceptions
By , Barron’s , 08/18/2009
MarketMinder's View:
Global investors needn’t worry. China remains a strong part of the global recovery—a few declining days don’t foreshadow anything except typical volatility.
Sensible Stories
By , SmartMoney, 08/18/2009
MarketMinder's View: Timing the market based on days, months, and seasons is dangerous and backfires more often than not.
Market Misperceptions
By , The New York Post, 08/18/2009
MarketMinder's View:
“Yesterday's decline came because a bulb suddenly went off in Wall Street's collective brain and it realized the economy still stinks.” Actually, the decline was a result of normal volatility—characteristic of early bull markets. For more, see today’s cover story, “Pulling Weeds.”
Market Misperceptions
By , The Washington Post, 08/18/2009
MarketMinder's View:
Persistently high unemployment is typical in the early stages of a bull market.
Sensible Stories
By , Reuters, 08/17/2009
MarketMinder's View: The government’s insistence on regulating executive pay at some of the nation’s largest banks raises concerns employees will simply up and leave if their compensation is reduced.
Sensible Stories
By , Reuters, 08/17/2009
MarketMinder's View: And why not? China knows that, if held to maturity as intended, it’ll likely see a good return on its investment—that is, if any banks are even willing to sell their “distressed” assets.
Sensible Stories
By , Bloomberg, 08/17/2009
MarketMinder's View: Fears the world will stop buying US debt continue to be unfounded.
Sensible Stories
By , The Washington Post, 08/17/2009
MarketMinder's View: Global recovery is on the rise as Japan’s economy bounces back from economic lows.
Sensible Stories
By , The Wall Street Journal, 08/17/2009
MarketMinder's View: The Fed announced the extension of TALF, showing its commitment to continue augmenting credit flow to businesses and households alike.
Market Misperceptions
By , The New York Times, 08/17/2009
MarketMinder's View:
Consumers are unlikely to keep the economy down—in fact, they’re much more resilient than many believe. For more, see today’s cover story, “The Report of the Consumer’s Death Is an Exaggeration.”
Sensible Stories
By , The Wall Street Journal, 08/17/2009
MarketMinder's View: The French have got something right here—no amount of political effort or decision making can dictate exactly how economies behave.
Market Misperceptions
By , Telegraph, 08/17/2009
MarketMinder's View: With a coordinated tsunami of global monetary stimulus starting to hit the economy and prices flat to slightly up year-over-year, deflation fears seem overblown. And that excess capacity means inflation won’t be a risk for some time.
Market Misperceptions
By , The Washington Post, 08/17/2009
MarketMinder's View: Each recovery is different—but what’s always the same is the widespread fear that “it’s different this time.” An improving economy spurs higher employment, higher wages, and increased spending—not the other way around.
Market Misperceptions
By , Yahoo Finance, 08/17/2009
MarketMinder's View: A couple down days in the market and the rally is over? Don’t forget, stocks pulled back for about six weeks earlier this summer, but then charged back. Early bull markets are characteristically volatile—doesn’t mean the bull is over.
Sensible Stories
By , Investor’s Business Daily, 08/14/2009
MarketMinder's View: Yes, we believe cap-and-trade would hurt the economy and even eliminate jobs. But it’s also likely the bill either doesn’t pass or is greatly watered down by politicians worried about mid-term elections.
Market Misperceptions
By , The Australian, 08/14/2009
MarketMinder's View:
“There are many discussions on Vs, Ws and Ls. I have come up with a new one: the triple U-shaped recovery.” A triple U? Why not a double-gainer recovery? Regardless, stocks don’t need a robust recovery to surge. And, keep in mind, growth in Asia and Europe is already surprising to the upside.
Sensible Stories
By , The Wall Street Journal, 08/14/2009
MarketMinder's View: Trade cooperation is a two-way street. It’s good news China’s been asked to tone down protectionist rules when it comes to media distribution, but the US must also be prepared to play fair in global trade (remember “Buy American”?).
Sensible Stories
By , BusinessWeek, 08/14/2009
MarketMinder's View: Inflation concerns remain on the back burner for the near future as prices remain stable.
Market Misperceptions
By , The Wall Street Journal, 08/14/2009
MarketMinder's View:
Villianizing bankers may sell papers, but it’s not economically sound. Salaries and bonuses are vital tools of competitive advantage, and risk, in varying degrees, is an inherent aspect of capital markets.
Market Misperceptions
By , Bloomberg, 08/14/2009
MarketMinder's View:
This is backwards. The market rises in anticipation the future will be better than expected. We don’t need backward-looking evidence that things have in fact improved for stocks to rise. Pretty much always been that way in every recovery.
Market Misperceptions
By , Briefing.com, 08/14/2009
MarketMinder's View:
Consumer sentiment, like unemployment, is a lagging indicator or coincident at best. It doesn’t predict future market direction—it just tells us how people feel about what just got done happening.
Sensible Stories
By , Time, 08/14/2009
MarketMinder's View: Both countries logged positive growth for the second quarter, beating analyst expectations. The US may lag, but it will be pulled along toward recovery by the rest of the world. For more, see today’s cover story “Out of the Gates.”
Sensible Stories
By , Bloomberg, 08/13/2009
MarketMinder's View: It's likely a similar outcome manifests in the US as well. See our 03/26/2009 cover story, "Climate Control," for more.
Sensible Stories
By , The Wall Street Journal, 08/13/2009
MarketMinder's View: Jobs numbers and other oft-cited economic data are lagging indicators, but expect to see more stories like this as the stock market and economy continue recovering.
Market Misperceptions
By , The Christian Science Monitor, 08/13/2009
MarketMinder's View:
The budget deficit will be huge this year, but historically, periods of big budget deficits have been good for stocks.
Sensible Stories
By , The Motley Fool, 08/13/2009
MarketMinder's View: A long-term focus is especially critical in times such as these. Stock markets are inherently volatile, but history shows that, over time, stocks typically offer better returns than other investment classes. See our 07/13/2009 cover story, “This Is Thriller Time,” for more.
Market Misperceptions
By , The Motley Fool, 08/13/2009
MarketMinder's View:
The companies and stocks hit hardest during last year’s financial panic are rebounding most. That’s normal for that start of a new bull market and not indicative of a rally with a weak foundation.
Market Misperceptions
By , CNN Money, 08/13/2009
MarketMinder's View:
Consumers have been more resilient than many appreciate. In fact, consumers now account for a larger portion of the economy than they did before the crisis.
Market Misperceptions
By , Barron’s, 08/13/2009
MarketMinder's View:
This type of technical analysis won’t tell you when a new bull market has begun. See our 12/12/2007 column, “Technical Paralysis,” for more.
Market Misperceptions
By , Barron’s, 08/13/2009
MarketMinder's View:
Compared to the dire economic expectations prevalent earlier this year, the economy is already doing swimmingly. Rising stock prices should continue to reflect these better-than-expected results well before they show up in economic data.
Sensible Stories
By , ThinkMarkets, 08/13/2009
MarketMinder's View: Fiscal stimulus has been appropriate in this economic environment, but quantifying its efficacy is tricky. See our 07/06/2009 cover story, “Numeric Follies,” for more.
Sensible Stories
By , The Wall Street Journal, 08/13/2009
MarketMinder's View: We’ve said it countless times: Trade restrictions almost always hurt, not help—this is especially true in an increasingly global economy.
Market Misperceptions
By , Bloomberg, 08/13/2009
MarketMinder's View:
Monthly numbers like this can fluctuate wildly and don’t matter much for stocks.
Sensible Stories
By , San Francisco Chronicle, 08/13/2009
MarketMinder's View: Whether “cash for clunkers” is a good or bad program in the long run remains to be seen—but it’s not surprising inefficiencies are already popping up in this government endeavor.
Sensible Stories
By , Associated Press, 08/13/2009
MarketMinder's View: The Fed sees the economy turning but will keep money cheap for some time. But don’t be surprised if some of the central bank’s innovative new programs end as they are no longer needed. See our 08/07/2009 cover story, “Training Wheels,” for more.
Market Misperceptions
By , CNN Money, 08/12/2009
MarketMinder's View:
Stock prices can only rise if they’re in a bubble? This is the standard fear of heights, prevalent during every bull market. Normal stock returns aren’t “average,” they’re extreme. For more, see our 05/12/2009 cover story, “Too Fast, Too Furious.” 
Sensible Stories
By , USA Today, 08/12/2009
MarketMinder's View: The Fed continues to allow emergency programs they deem unnecessary given current economic progress to end—all signs Financials firms and credit markets are returning to health.
Sensible Stories
By , The Wall Street Journal, 08/12/2009
MarketMinder's View: The longer major legislation gets delayed, the greater the chance it doesn’t pass or is greatly watered down. For more, see our 08/05/2009 cover story, “Nothing Sweeter Than Sour Grapes.”
Sensible Stories
By , The New York Times, 08/12/2009
MarketMinder's View: In our view, it’s likely China leads the world into recovery. For more, see our 07/17/2009 cover story, “The Year of the Ox.”
Market Misperceptions
By , The Wall Street Journal, 08/12/2009
MarketMinder's View:
First “sell in May and go away” and now September is cursed as well? Old investing saws should be used for entertainment purposes only. For more, see our 08/11/2009 cover story, “Bangledeshi Butter Indicator.”
Sensible Stories
By , Real Clear Markets, 08/12/2009
MarketMinder's View: Politicians truly interested in the US being more competitive globally should reduce the cost of doing business by lowering taxes—as other developed nations are doing.
Market Misperceptions
By , The Washington Post, 08/12/2009
MarketMinder's View:
Yes, this recession will likely see a jobless recovery—until it isn’t one anymore. Growth begets jobs, not the other way around.
Sensible Stories
By , Bloomberg, 08/12/2009
MarketMinder's View: No, this isn’t the plot of the next box office hit starring the “cheese thieves” as bad guys. It’s merely more evidence that firms can innovate in unexpected ways—even in downturns. For more, see today’s cover story, “Sickness or Health.”
Market Misperceptions
By , The Washington Times, 08/11/2009
MarketMinder's View:
Stock markets tend to lead the economy, and right now markets are signaling a recovery. Besides, there isn’t a single worry here that isn’t widely known and discussed—and thus priced into stocks already.
Market Misperceptions
By , USA Today, 08/11/2009
MarketMinder's View:
Contrary to popular belief, budget deficits shouldn’t be feared, and can even be a good thing for markets and economies.
Sensible Stories
By , The Wall Street Journa, 08/11/2009
MarketMinder's View: The SEC is trying to reinvent itself in the wake of the financial crisis. Here’s a glimpse inside the changes.
Market Misperceptions
By , The Wall Street Journal, 08/11/2009
MarketMinder's View:
This is capitalism working—getting distressed companies leaner and restructured for a chance at longer-term survival. The alternative is liquidation.
Sensible Stories
By , The Wall Street Journal, 08/11/2009
MarketMinder's View: Proof the “B-list” firms of the world might just make the “A-list” faster than many believe. Not everyone is burdened by TARP, and many are itching to gain competitive advantages.
Market Misperceptions
By , The New York Times, 08/11/2009
MarketMinder's View:
“You can put whatever kind of gloss you want on last week’s jobs numbers, but the truth is that while they may have been a bit better than most economists were expecting, they were still bad, bad, bad.” Employment is among the biggest laggards in revealing a market or economic recovery. Ignore.
Market Misperceptions
By , The New York Times, 08/11/2009
MarketMinder's View:
In fact, capital markets are displaying many signs of normalcy, and most Financials titans—globally—have shored up their balance sheets and are in much better shape today than in the midst of the crisis.
Dueling Headlines
By , CNN, 08/11/2009
MarketMinder's View: The titles alone say it all.
Market Misperceptions
By , The New York Times, 08/10/2009
MarketMinder's View:
We agree that GDP is flawed and inherently backward-looking. But an indicator that measures the “benefit” of drying your clothes in the sunshine as a better gauge of national income? We frankly don’t see how that’s better. In fact, that seems much, much worse.
Market Misperceptions
By , The Globe and Mail, 08/10/2009
MarketMinder's View: Simply not true the market can’t rise on falling revenue. In fact, that’s quite normal as recessions end—firms have stronger profitability on scaled back costs and softer revenue. For more, read our 07/28/2009 cover story, “Hard-Earned Profits.”
Market Misperceptions
By , Daily Finance, 08/10/2009
MarketMinder's View: Two reasons to beware these investing “rules”—they’re extremely short-term focused and there’s no evidence any of them lead to better investing decisions over time.
Sensible Stories
By , Café Hayek, 08/10/2009
MarketMinder's View: Government spending helps and is necessary at times, but, as this article points out, it’s throwing good money after bad if entrepreneurship isn’t allowed to flourish.
Sensible Stories
By , The Washington Post, 08/10/2009
MarketMinder's View: “In a world where skill is in great demand and markets are large…market forces insure [sic] that those skilled people get paid a lot.” Let the market determine executive pay, not Congress.
Sensible Stories
By , The Wall Street Journal, 08/10/2009
MarketMinder's View: Shockingly, there are sillier investing indicators than the old ”Sell in May” saw and the Super Bowl indicator. Don’t be fooled by random, though entertaining, statistical quirks.
Market Misperceptions
By , The Wall Street Journal, 08/10/2009
MarketMinder's View: If stocks can’t rise on consumer debt, what have they been doing since March? Fact is, though frequently demonized, a world without debt is a world where most people can’t afford cars, college, or a home. Is that a better world?
Sensible Stories
By , Time, 08/10/2009
MarketMinder's View: Frankly, we’d be surprised if they weren’t annoyed. Protectionist policies usually hurt the very people and businesses they mean to “help.” See our 06/24/2009 cover story, “Buy Apple Pie,” for more.
Market Misperceptions
By , Barron’s, 08/10/2009
MarketMinder's View: Why not? Getting hung up on arbitrary, round number milestones is a common cognitive error. See our 07/24/2009 cover story, “Misleading Milestones,” for more.
Market Misperceptions
By , The Wall Street Journal, 08/07/2009
MarketMinder's View: Budget deficits aren’t necessarily detrimental to the economy or stocks—now is the appropriate time to bolster the economy with increased spending.
Market Misperceptions
By , The New York Times, 08/07/2009
MarketMinder's View: China’s stimulus efforts have been effective so far, and it’s not likely to slam on the brakes anytime soon. That’s a good thing.
Sensible Stories
By , Kiplinger, 08/07/2009
MarketMinder's View: Just as the title suggests, now is not the time to shy away from stocks—missing out on a recovery is one of the biggest mistakes stock investors can make.
Sensible Stories
By , Bloomberg, 08/07/2009
MarketMinder's View: Financial firms are increasingly in good enough shape not to require the Fed’s liquidity—a sign of stabilization and strength.
Sensible Stories
By , The Wall Street Journal, 08/07/2009
MarketMinder's View: Maybe some of those “toxic” assets aren’t quite as toxic as believed…
Sensible Stories
By , Reuters, 08/07/2009
MarketMinder's View: More evidence economic prospects are turning up globally.
Market Misperceptions
By , CNBC , 08/07/2009
MarketMinder's View: The four most destructive words for most investors are “it’s different this time.” Very apt here.
Market Misperceptions
By , Motley Fool, 08/07/2009
MarketMinder's View:
Why is it the steep fall in stocks last year is realistic, but a similarly steep rebound “impossible?” This rally is for real, driven by the ultimate leading economic indicator—the stock market.
Sensible Stories
By , The New York Times, 08/06/2009
MarketMinder's View: Global stimulus continues.
Sensible Stories
By , Bloomberg, 08/06/2009
MarketMinder's View: “The ECB is giving its stimulus measures time to work through the euro region.” See our 01/14/2009 cover story, “Patience with Punches,” for more.
Sensible Stories
By , CNN Money, 08/06/2009
MarketMinder's View: Whether the recession is technically over or not, stocks have been pricing in a recovery for some months now. See our 08/03/2009 cover story, “Don’t Call It a Comeback,” for more.
Market Misperceptions
By , Seeking Alpha, 08/06/2009
MarketMinder's View:
A doomsday piece, but based on tenuous evidence at best. For instance, high-frequency trading has been going on for some time and is unlikely to cause a “financial Armageddon.” See today’s cover story, “Attack of the Machines!” for more.
Market Misperceptions
By , Barron’s, 08/06/2009
MarketMinder's View:
One day’s decline doesn’t necessarily mean a bear or a correction. Stock market volatility is normal. See our 07/13/2009 cover story, “This Is Thriller Time,” for more.
Sensible Stories
By , The Wall Street Journal, 08/06/2009
MarketMinder's View: Another encouraging sign that markets and the economy are on the way to recovery. See our 06/30/2009 cover story, “The Program That Wasn’t There,” for more.
Market Misperceptions
By , The San Francisco Chronicle, 08/06/2009
MarketMinder's View:
Economic recoveries tend to beget jobs, not the other way around. Anyway, the previous “recovery” saw some of the lowest unemployment rates in history.
Market Misperceptions
By , The New York Times, 08/05/2009
MarketMinder's View:
Government officials claim they are seeking a ban on “flash” trading as the practice takes advantage of individual traders who lack access to the technology. The actual effects on day traders is minimal—and don’t count on stock markets being affected much either way.
Market Misperceptions
By , Barron’s, 08/05/2009
MarketMinder's View:
It’s natural for Chinese stocks to be up so much. First, they fell sharply to the bottom of the bear market. Second, China deployed monetary and fiscal stimulus faster than anywhere else in the world—and it’s showing up in stock prices.
Sensible Stories
By , Telegraph, 08/05/2009
MarketMinder's View: Bull markets love to climb a wall of worry.
Sensible Stories
By , Bloomberg, 08/05/2009
MarketMinder's View: More signs Financials firms overall are regaining their footing as another Fed program comes to another natural end.
Market Misperceptions
By , The Christian Science Monitor, 08/05/2009
MarketMinder's View:
Folks love picking on the Fed’s actions—hindsight is always 20/20. But for all the goofiness over the years, the worlds’ central banks have increasingly gotten more skilled (and will only get more so), and they play a vital role in price stabilization, as well as in credit and capital markets.
Market Misperceptions
By , Reuters, 08/05/2009
MarketMinder's View:
“Young” investors today may have a 60-year investing time horizon—or more. What are the odds stocks do ok over the next 60 years?
Sensible Stories
By , International Business Times, 08/05/2009
MarketMinder's View: We’re glad the Treasury agrees with us—the government shouldn’t be in the business of regulating credit rating agencies. Why does anyone think ratings agencies should be given the veneer of more credibility? Isn’t that what everyone was upset about in the first place?
Sensible Stories
By , The Wall Street Journal, 08/05/2009
MarketMinder's View: Fears China is going to shut off the money supply spigot are unfounded.
Market Misperceptions
By , Barron’s, 08/04/2009
MarketMinder's View:
This mantra has been uttered repeatedly throughout the decade, but stocks have gone up and down throughout. Simply, currency moves ultimately don’t much matter for global, long-term stock investors.
Sensible Stories
By , The Street, 08/04/2009
MarketMinder's View: Here’s a, ahem, voluble example of the difficulty of passing major regulation in the Beltway.
Sensible Stories
By , The Wall Street Journal, 08/04/2009
MarketMinder's View: The Treasury is set to borrow significantly less than expected—mostly because Financials are faring better than many expected.
Sensible Stories
By , Investor’s Business Daily , 08/04/2009
MarketMinder's View: We take this as a positive sign for the economy. For more, see today’s cover story, “Reading Rainbows.”
Sensible Stories
By , Morningstar, 08/04/2009
MarketMinder's View: “The rise in profitability has significant positive implications for the economy going forward, unlike the reported decline in sales, which is mostly just backward looking and simply confirms what we already know, namely that the economy went through a recession.” Exactly, backward-looking data tells us nothing new.
Market Misperceptions
By , Minyanville, 08/04/2009
MarketMinder's View:
We’d caution against inventing new letters to describe recession. So far, the global stock market recovery has been a “V” in anticipation of economic recovery.
Market Misperceptions
By , International Business Times, 08/04/2009
MarketMinder's View:
No doubt there are plenty of criticisms to be heaped on government stimulus tactics. But do not mistake a recovery for a “bubble.”
Sensible Stories
By , CNN Money, 08/04/2009
MarketMinder's View: Patience is still key here—note there is much more stimulus to come.
Market Misperceptions
By , SmartMoney, 08/03/2009
MarketMinder's View:
Well, yes, but that’s normal. Markets price in future expectations, and typically start rising before economic recovery begins. And this time doesn’t appear to be different. See our 05/11/2009 cover story, “A Medium Rare Market,” for more.
Sensible Stories
By , Barron’s, 08/03/2009
MarketMinder's View: We can think of a lot more than six, but these are a good place to start.
Market Misperceptions
By , The Associated Press, 08/03/2009
MarketMinder's View:
Price caps are always silly and lead to distortions. Either firms will find a way around the caps, or they’ll lose to firms and/or industries that don’t have them. Politicians should stick to what they know, which is . . . wait a minute . . . there must be something . . .
Sensible Stories
By , MSN Money, 08/03/2009
MarketMinder's View: “Raising taxes on [highest earners] does give states more income in the short run. But in the long run, it can discourage high earners from producing more, curb their business investments, and push them to move to nearby states with lower income tax rates.” Amen. For more, see our 05/19/2009 cover story, “Tarnished by Taxes.”
Sensible Stories
By , Bloomberg, 08/03/2009
MarketMinder's View: We’re not surprised—historically, those sectors hit hardest in the final stages of a stock market downturn (like emerging markets) are the ones that typically bounce back the most in a new bull’s early stages.
Sensible Stories
By , Time, 08/03/2009
MarketMinder's View: We don’t know about saving the world, nor do we believe the US’s position as a world economic leader is in jeopardy, but we do think China and other emerging market countries are likely to lead the world out of recession. For more, see our 07/17/2009 cover story, “The Year of the Ox.”
Market Misperceptions
By , Daily Finance, 08/03/2009
MarketMinder's View:
Corrections are always possible, of course. But it’s not correct to say “economic indicators will increasingly dictate market action.” The indicators cited here are inherently backward-looking, whereas stocks are forward-looking.
Market Misperceptions
By , Bloomberg, 08/03/2009
MarketMinder's View:
More political silliness. The much-demonized “high frequency trading” simply makes trading for most everyone more efficient and cheaper. Don’t we all like cheaper? For more, read our 07/29/2009 cover story, “Statutory Sunshine.”