Home → Fisher Investments MarketMinder Headlines → 11-2009 Archives

Sensible Stories
By , The Wall Street Journal, 11/30/2009
MarketMinder's View: No, it needn’t, precisely because “a $60 billion debt default isn’t enough to alter the global picture nowadays; in the scheme of bank bailouts and economic stimulus, it’s the merest bagatelle.” See today’s cover story, “Much Dubai About Nothing,” for more.
Market Misperceptions
By , The New York Times, 11/30/2009
MarketMinder's View:
Yes, employment typically recovers after economic recovery is well underway. This isn’t a problem to be fixed, this is the act of rational business owners who don’t want to hire until sales recover. This is normal. 
Market Misperceptions
By , MarketWatch, 11/30/2009
MarketMinder's View:
Actually, history shows gold and stock price movements have no meaningful long-term correlation. They can certainly both rise together over the short term—just as they have for most of this year. But they can also both fall at the same time or go totally different directions.
Sensible Stories
By , The New York Times, 11/30/2009
MarketMinder's View: “Testing” isn’t “exiting”—an exit is still a ways out. However, there’s no harm in considering different strategies for when that time comes.
Sensible Stories
By , Associated Press, 11/30/2009
MarketMinder's View: Doesn’t surprise us. Fiscal and monetary stimulus in emerging markets has been aggressive (and appropriate) in combating the recession—likely contributing to their stock market and economic recoveries. See our 04/20/2009 cover story, “Emerging Optimism,” for more.
Sensible Stories
By , Bloomberg, 11/30/2009
MarketMinder's View: Further proof economic recovery is on steadier footing—as stocks started telling us months ago.
Sensible Stories
By , Reuters, 11/30/2009
MarketMinder's View: Japan’s new administration seems set to follow the old administration’s commitment to keeping the central bank accommodative to ease recovery.
Market Misperceptions
By , BusinessWeek, 11/30/2009
MarketMinder's View:
Why not? More importantly, who cares? The end of the year is four weeks away, and anything can happen in that short a period—these fears are merely bricks in the “wall of worry” stocks climb. Even if stocks do pull back, it’s perfectly normal in the early part of a new bull market to experience heightened volatility. But it shouldn’t derail the longer, larger overall bull market.
Market Misperceptions
By , Seeking Alpha, 11/27/2009
MarketMinder's View:
Not surprising, another overly dour employment assessment. As we’ve said, expect to see more of these as the economic recovery moves ahead—remember, jobs recover after the economy.
Sensible Stories
By , Money Watch, 11/27/2009
MarketMinder's View: “Driven by emotions like greed and envy in bull markets and fear and panic in bear markets, investors buy after periods of strong performance and sell after periods of poor performance. To avoid this type of behavior, you need to ignore market noise and resulting emotions and adhere to your investment plan.” Exactly.
Market Misperceptions
By , Yahoo Finance, 11/27/2009
MarketMinder's View:
Japan has been struggling to overcome economic issues for a long time. Problems in Japan won’t hold back the global economy.
Market Misperceptions
By , Smart Money, 11/27/2009
MarketMinder's View:
Financials surged off the stock market bottom when it became apparent industry nationalization was an overwrought fear. It’s not surprising to see this surge take a breather. In fact, we wouldn’t be surprised to see Financials lag for some time. That doesn’t mean other sectors won’t continue to climb. For more, see our 11/10/2009 cover story, “Paying for the Bailouts.”
Sensible Stories
By , Reuters, 11/27/2009
MarketMinder's View: Happy Black Friday! As we’ve been saying, consumers are more resilient than most believe. For more, see our 11/25/2009 cover story, “Black Friday X’s and O’s.”
Sensible Stories
By , The Wall Street Journal, 11/27/2009
MarketMinder's View: During economic recoveries, firms tend to increase overtime and utilize temporary workers before taking the relatively costly step of hiring permanent employees. This signals demand for workers is increasing, and will eventually lead to an improved employment picture.
Sensible Stories
By , The Wall Street Journal, 11/27/2009
MarketMinder's View: No matter how you feel about issues like cap and trade personally, fact is major legislative change creates uncertainty and can be bad for stocks. As major policy issues are killed, delayed, and watered down, uncertainty should wane and stocks should benefit.
Sensible Stories
By , CNBC, 11/27/2009
MarketMinder's View: Dubai World’s debt announcement ruffled markets Friday, but isn’t likely to be a harbinger of another global downturn. Dubai World became overextended on well-documented excesses. And the amount of debt in question is small. This is something to keep an eye on, but probably won’t amount to much.
Sensible Stories
By , Real Clear Markets, 11/27/2009
MarketMinder's View: Stimulus spending will persist in China with an emphasis on consumer spending and private investment. This should help create important end markets for global goods and stoke the global economy.
Market Misperceptions
By , The New York Times, 11/27/2009
MarketMinder's View:
Creating new taxes almost never solves a problem, and this time is no different. Capital is the lifeblood of the global financial system. A tax would “throw some sand in the well-greased wheels” of the whole system, not just speculation.
Market Misperceptions
By , Daily Finance, 11/25/2009
MarketMinder's View:
Consumer prices dipped into negative territory, but are now rising month-over-month. That’s hardly a deflationary spiral. The best thing the Fed can do to combat deflation is provide ample liquidity to foster economic recovery—exactly what they’re doing now.
Market Misperceptions
By , MoneyWatch, 11/25/2009
MarketMinder's View:
This article makes some good points about overly negative sentiment creating a positive environment for stocks, but corrections can occur at just about any time for even the most inane reasons. Corrections are normal parts of bull markets. It’s foolhardy to try and predict when and if they will occur.
Sensible Stories
By , Associated Press, 11/25/2009
MarketMinder's View: One of the few major developed nations yet to attain positive quarterly growth figures, Britain is eager for good news indicating a recovery is in the fore: “Growth in the volume of output in manufacturing, the services industry, distribution and transport services were all revised up from initial estimates.”
Market Misperceptions
By , Fortune, 11/25/2009
MarketMinder's View:
Financial institutions are recovering along with the rest of the economy. As they continue to strengthen their balance sheets, increased lending won’t be far behind. Consumers aren’t as cash-strapped as widely feared—this doesn’t necessarily portend a stall in the recovery.
Sensible Stories
By , The Wall Street Journal, 11/25/2009
MarketMinder's View: “Any successful investor needs to see what's in front of them, rather than merely what they wanted or expected to see.” Agreed.
Market Misperceptions
By , The Wall Street Journal, 11/25/2009
MarketMinder's View:
A higher deficit doesn’t spell doom for stocks—whether or not a new panel is able to tackle the nation’s deficit shouldn’t affect the continuing bull market.
Sensible Stories
By , Fox Business, 11/25/2009
MarketMinder's View: “The Commerce Department said personal spending rose 0.7% last month, beating economists’ forecasts for a 0.6% increase. The government also said personal income increased 0.2% in October, doubling estimates for a 0.1% rise.” Seems the consumer’s not dead after all. 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, 11/25/2009
MarketMinder's View: As the Bank of Japan continues to revise its forecast upward for the nation’s economy, it wisely remains wary of tightening flexible monetary policy too soon. Getting recovery firmly on track should remain the first priority.
Sensible Stories
By , CNN Money, 11/25/2009
MarketMinder's View: The Fed raised its estimate for economic growth next year—a positive sign the economy will continue to make strides.
Market Misperceptions
By , Associated Press, 11/24/2009
MarketMinder's View:
It’s more likely emerging market economies will lead the world out of the global recession than the US—an important reason to invest globally.
Market Misperceptions
By , The Wall Street Journal, 11/24/2009
MarketMinder's View:
We’d much rather see private industry allocate capital, but private capital fled during the financial panic. In times like these, fiscal and monetary stimulus is needed and welcome.
Sensible Stories
By , ABC News, 11/24/2009
MarketMinder's View: “Winning with stocks…requires patience and fortitude to avoid rash moves during steep stock market declines.” Amen.
Sensible Stories
By , The Wall Street Journal, 11/24/2009
MarketMinder's View: Impinging on the Fed’s independence would be a giant step backward in central banking.
Market Misperceptions
By , CNBC, 11/24/2009
MarketMinder's View:
Don’t fret dollar strength or weakness—it means little for investors. In fact, a weak dollar boosts the value of foreign stocks for a US investor.
Sensible Stories
By , Smart Money, 11/24/2009
MarketMinder's View: Debt has been unfairly vilified recently. Too much debt can be bad, but debt isn’t itself bad. In fact, debt can be quite good! For more, see our 10/27/2009 cover story, “Not Just Debt Weight.”
Sensible Stories
By , CNN Money, 11/24/2009
MarketMinder's View: The economy’s not completely out of the woods yet, but it’s clearly improving. Stocks should to continue to move higher as economic prospects brighten.
Sensible Stories
By , BBC , 11/24/2009
MarketMinder's View: More signs Europe is steadily emerging from recession.
Market Misperceptions
By , MarketWatch, 11/24/2009
MarketMinder's View:
Don’t get hung up on the shape of an economic recovery. Stocks are reacting to the fact recovery is afoot, not the shape it takes.
Market Misperceptions
By , SmartMoney, 11/23/2009
MarketMinder's View:
Sure, a correction or pullback can happen any time. But that’s no reason to think the bull market is over. Typically, big, steep bear markets are followed by big, steep early bull markets, and that lasts longer than you think. See our 09/30/2009 cover story, “A Strong Second Six,” for more. 
Market Misperceptions
By , ABC News, 11/23/2009
MarketMinder's View:
Simply, no. Improvement in employment data historically lags economic recovery. Growth begets job creation, not the other way around.
Sensible Stories
By , MoneyWatch, 11/23/2009
MarketMinder's View: “When lots of different kinds of people are talking about double-dips, or bubbles for that matter, those events don’t usually occur.” Very true, markets typically don’t respond to expected and widely known information. It’s the unexpected that has the power to move stocks.
Market Misperceptions
By , MSN Money, 11/23/2009
MarketMinder's View:
Who knows? Also, who cares? Historically, gold’s long-term returns have badly trailed that of stocks, making it a less-than-ideal long-term investment. See our 09/10/2009 cover story, “The Bling Fling,” for more.
Market Misperceptions
By , Daily Finance, 11/23/2009
MarketMinder's View: If this is a countertrend rally in an ongoing bear market, it’s the biggest one ever globally—reducing the odds. No, this is a bull market, and they last much longer than you think.
Market Misperceptions
By , The Globe and Mail, 11/23/2009
MarketMinder's View:
Long-term bearish commentators tend to have long-term bearish views. Doesn’t prove anything. See our 10/07/2009 cover story, “Doubts in the Driver’s Seat,” for more.
Market Misperceptions
By , SmartMoney, 11/23/2009
MarketMinder's View:
You can slice and dice historical data lots of ways to support any dour story you like. The facts are, historically, over long periods, stock returns beat any similarly liquid asset class.
Sensible Stories
By , Dow Jones Newswires, 11/23/2009
MarketMinder's View: More proof the world still has a healthy appetite for American debt.
Market Misperceptions
By , The Independent, 11/23/2009
MarketMinder's View:
Historically, all economic recoveries are jobless at first—firms start hiring again when they see profits returning—and jobs numbers won’t hold back economic or stock market recovery. See our 11/09/2009 cover story, “Unemployment’s Jab No Knockout,” for more.
Market Misperceptions
By , The Wall Street Journal, 11/20/2009
MarketMinder's View:
So, Venezuela’s GDP decreased and that’s a reason to discredit the most commonly used economic measurement (and pout in the corner)? Sure, GDP is imperfect. But it’s no doubt better than measuring “family relationships.” 
Sensible Stories
By , CNBC, 11/20/2009
MarketMinder's View: Worries of a premature government exit abound, but its continued economic support proves otherwise. In practice, the Fed continues to appear accommodative in its efforts to help goad recovery.
Sensible Stories
By , The Wall Street Journal, 11/20/2009
MarketMinder's View: More signs Financials are returning to health as the ECB wraps up another stimulus program.
Sensible Stories
By , Telegraph, 11/20/2009
MarketMinder's View: We agree. There are few absolutes in investing, but it’s almost never “different this time.”
Sensible Stories
By , Time, 11/20/2009
MarketMinder's View: Ignore the rather tacky title of this article. Yes, emerging markets are leading this recovery, and it’s nothing to fear.
Market Misperceptions
By , Bloomberg, 11/20/2009
MarketMinder's View:
Consumer spending is much more resilient than you think. China needn’t fear Americans will stop spending. For more, see our 10/01/2009 cover story, “A Sign of Better Days to Come.”
Market Misperceptions
By , Barron’s, 11/20/2009
MarketMinder's View:
Yes, Treasury yields have plunged, but conditions are vastly different today than they were in December 2008. Likely, there’s a lot of window dressing going on. Low yields are also showing the market’s expectation for Fed rates to remain low for some time.
Market Misperceptions
By , The New York Times, 11/20/2009
MarketMinder's View: So, the government forced many Financials to accept bailout money, and now we should punish the CEOs who accepted the funds? This makes little to no sense and is merely the perverse world of unintended consequences when the government intercedes in free markets.
Market Misperceptions
By , CNN Money, 11/20/2009
MarketMinder's View:
Yes, and if you had to pay all the interest on a 30-year mortgage in one year, you’d be in trouble too. This is simply a sensational headline. With interest rates historically low, our nation can easily afford its debt.
Sensible Stories
By , Money Watch, 11/19/2009
MarketMinder's View: These don’t all have to do with capital markets, but it’s still mostly sound advice. Bottom line: Hard as it is, leave emotional impulses out of your portfolio, and you’ll be better off in the long run.
Market Misperceptions
By , The Economist, 11/19/2009
MarketMinder's View:
Like we’ve said before, folks who fear our big federal debt haven’t studied history. In context, our current level isn’t alarming. For more, see our 10/27/2009 cover story, “Not Just Debt Weight.”
Market Misperceptions
By , Reuters, 11/19/2009
MarketMinder's View:
The Fed doesn’t control the price of gold—supply and demand do. And as a long term investment, its track record is lousy compared with other liquid alternatives. Stocks simply clock gold long term.
Market Misperceptions
By , The Wall Street Journal, 11/19/2009
MarketMinder's View:
Yes, it’s pretty darn funny (and highly expected) the government has managed to pay something like $225,000 per post for fake jobs in non-existent congressional districts. If the US government were a TARP recipient, it would be grilled by a Senate panel. But fortunately, stimulus spending needn’t be perfect or even very efficient to have a net benefit for the economy.
Sensible Stories
By , Yahoo! Finance, 11/19/2009
MarketMinder's View: To be honest, it doesn’t much matter if the dominant reserve currency is the dollar, the euro, the ringgit, or chocolate-covered macaroons—they’re all just local flavors of global “money” (and cookies). But this underscores the fact the dollar’s likely to remain dominant for some time. For more, read our 10/08/2009 cover story, “The Dollar’s Doom Looms?”
Market Misperceptions
By , The Wall Street Journal, 11/19/2009
MarketMinder's View:
Could home prices fall again? Sure, but housing is now an even smaller part of the US economy. The economy can recover without a big resurgence in home prices. And stocks, since March, have been telling us they don’t mind lower house prices.
Sensible Stories
By , MSNBC, 11/19/2009
MarketMinder's View: We’d expect unemployment to remain high or even increase—that’s normal during a recovery—without derailing the bull market or the economic recovery. But it does appear some improvements are starting to materialize.
Market Misperceptions
By , EU Business, 11/18/2009
MarketMinder's View:
The forced government restructuring of some large European banks is another illustration of the continued headwinds facing Financials.
Market Misperceptions
By , SmartMoney, 11/18/2009
MarketMinder's View:
Although the author claims he doesn’t believe in timing short- and medium-term market moves, setting an arbitrary sell threshold (ostensibly to lock in gains) is doing just that.
Sensible Stories
By , The Los Angeles Times, 11/18/2009
MarketMinder's View: Despite concerns over the falling dollar and massive US debt, foreign demand for US government bonds remains high.
Sensible Stories
By , The Wall Street Journal, 11/18/2009
MarketMinder's View: An entertaining read about how our minds can trick us into thinking something very complex is actually quite simple. Acronyms are short for something—likely a good idea for investors to find out exactly what that “something” is and how it works.
Sensible Stories
By , MoneyWatch, 11/18/2009
MarketMinder's View: “You shouldn’t ever make your financial decisions based on feelings. What investors should do is pick an asset allocation and stick to it.” Sounds like pretty good advice.
Market Misperceptions
By , MoneyWatch, 11/18/2009
MarketMinder's View:
A correction is a normal part of a bull market. Trying to time your way in and out of the market can be difficult and risky—investors would do well to focus on the market’s long-term bull trajectory and understand volatility (and corrections) will happen.
Market Misperceptions
By , CNN Money, 11/18/2009
MarketMinder's View:
Oil is a commodity and its price fluctuates with supply and demand. This is normal economic behavior for energy prices, and consumers expect it. And higher oil doesn’t necessarily translate into higher inflation. In 2007, for instance, oil prices skyrocketed but inflation remained tame.
Sensible Stories
By , Bloomberg, 11/18/2009
MarketMinder's View: The Fed continues to monitor the economy and factors that would indicate when it’s time to tighten up policy. With inflation still low, they’ve got plenty of flexibility.
Sensible Stories
By , Bloomberg, 11/17/2009
MarketMinder's View: For now, inflation remains very contained. Future inflation tied to increased money supply is a risk, but a risk that shouldn’t materialize until capacity is fully utilized, and firms have pricing power again.
Sensible Stories
By , Wall Street Journal, 11/17/2009
MarketMinder's View: More progress on the EU—once feared by many to be DOA. They’re close to electing the first permanent president, and he’s a haiku fan! The EU imploding would have serious repercussions, but it’s a very small risk. For more, read our 11/12/2009 cover story, “More Countries, More Problems.”
Market Misperceptions
By , NY Daily News, 11/17/2009
MarketMinder's View:
Could unemployment keep rising? Sure—unemployment typically lags economic recovery. It just makes sense that firms won’t hire until sales start rebounding strongly. But, stocks typically recover first, then the economy, then employment. There’s no reason this cycle should be any different. 
Market Misperceptions
By , The Street, 11/17/2009
MarketMinder's View:
Really? Yes, really! The US seems back in growth mode, but don’t be US-centric—look at the whole world! And stocks have been telling us they expect a global recovery since March—and even before then for emerging markets. Markets look forward, not back. Really!
Market Misperceptions
By , Associated Press, 11/17/2009
MarketMinder's View:
Tax the “rich” and you’ll find there will be a lot less rich to tax. Still, health care reform is highly unlikely to pass in any of its current forms.
Sensible Stories
By , Wall Street Journal, 11/17/2009
MarketMinder's View: No, it cannot. And we would expect to see some more bank failures. This is one reason to be less bullish on Financials as a whole. However, ongoing issues at some banks shouldn’t hold back broader market or economic recovery.
Sensible Stories
By , Kiplinger, 11/17/2009
MarketMinder's View: Plain and simple: herd mentality can be bad for you.
Market Misperceptions
By , Time, 11/17/2009
MarketMinder's View: The US has had a big trade imbalance for decades. As has the UK. It’s not hurt us before, it won’t hurt us now. Importing more than we export is a symptom of economic health, not impending ruin.
Sensible Stories
By , The Wall Street Journal, 11/17/2009
MarketMinder's View: Good for Korea! A reminder to think globally.
Sensible Stories
By , The Wall Street Journal, 11/16/2009
MarketMinder's View: A thawing market is a positive for commercial real estate.
Sensible Stories
By , Slate, 11/16/2009
MarketMinder's View: A lucid look at the way recoveries begin. See our 11/09/2009 cover story, “Unemployment’s Jab No Knockout,” for more.
Sensible Stories
By , Portfolio.com, 11/16/2009
MarketMinder's View: Corporate balance sheets outside Financials are very strong with oodles of cash on hand, making them well positioned for recovery.
Market Misperceptions
By , International Business Times, 11/16/2009
MarketMinder's View:
Fears of the dollar’s demise are way overblown. And the US dollar’s weakness or strength doesn’t mean much to stocks anyway. See our 11/11/2009 cover story, “Battle of the Buck,” for more.
Market Misperceptions
By , The Wall Street Journal, 11/16/2009
MarketMinder's View:
Investors should keep an eye on developments—government-mandated pay restrictions will only drive much-needed talent to other sectors (or countries) and further harm the slowly recovering UK Financials sector.
Market Misperceptions
By , The Wall Street Journal, 11/16/2009
MarketMinder's View:
More political rhetoric and posturing—expect little to come out of China’s admonitions.
Market Misperceptions
By , ABC News, 11/16/2009
MarketMinder's View:
Hopefully so. The goal of GM’s bailout money was to make the company succeed, wasn’t it? That means focusing on areas where they can sell more vehicles, and most of the growth in vehicle sales is happening outside the US.
Sensible Stories
By , The Wall Street Journal, 11/16/2009
MarketMinder's View: A good article for understanding the dynamics of global iron-ore and steel prices.
Market Misperceptions
By , CNN Money, 11/16/2009
MarketMinder's View:
Warning signs? Most of these indicators, especially stocks, are doing much better than just about anyone expected earlier this year. Remember, the stock market is the ultimate leading indicator and has been pricing in a recovery for months. See our 10/23/2009 cover story, “Picture This,” for more.
Market Misperceptions
By , SmartMoney, 11/16/2009
MarketMinder's View:
Gold has been a hot investment of late, but last we checked, gold doesn’t produce anything, have earnings, or innovate. Stocks have better long-term growth prospects than gold for many good reasons.  See our 09/10/2009 cover story, “The Bling Fling,” for more.
Sensible Stories
By , Bloomberg, 11/16/2009
MarketMinder's View: Though we don’t think the dollar’s demise is looming, we do agree increasing taxes could hurt more than help the US economy and probably won’t raise the expected tax receipts. Fortunately, higher taxes likely won’t doom stocks. See our 10/14/2009 cover story, “Don’t Mess With Taxes,” for more.
Sensible Stories
By , The Wall Street Journal, 11/13/2009
MarketMinder's View: It’s meaningful positives for the global economy that capital markets are revitalizing themselves and demand for assets of all kinds is rising.
Sensible Stories
By , The Wall Street Journal, 11/13/2009
MarketMinder's View: GDP and production are on the rise for the eurozone—all positive signs on the road to global recovery. But note that stocks began pricing in this recovery months ago.
Sensible Stories
By , Yahoo! Finance, 11/13/2009
MarketMinder's View: At this juncture, pulling the plug on stimulus too early is a key risk—therefore it’s good to see policymakers say such things.
Market Misperceptions
By , The Wall Street Journal, 11/13/2009
MarketMinder's View: Bottom line: Currency fluctuations have little effect on the stock market. For more, see our 10/08/2009 cover story, “The Dollar’s Doom Looms.”
Market Misperceptions
By , The New York Times, 11/13/2009
MarketMinder's View: Emulate Germany? Really? After decades of low growth and continued heavy dependence on exported manufactured goods, we’ll take the US less regulated and more dynamic economy any day.
Market Misperceptions
By , The Wall Street Journal, 11/13/2009
MarketMinder's View:
Don’t mind the trade gap. The trade balance doesn’t reflect overall economic health as many believe. In the end, markets respond positively to rising free trade, no matter how much imports and exports fluctuate.  That global trade is rebounding is bullish.
Sensible Stories
By , The Wall Street Journal, 11/13/2009
MarketMinder's View: A robust Chinese labor market is a healthy signifier of why emerging markets are playing a key role in the road to global economic recovery.
Market Misperceptions
By , Bloomberg, 11/13/2009
MarketMinder's View: Central banks always have the ability to hurt or help. To date, the Fed’s decision to keep interest rates at or near zero through the crisis and recovery and myriad other programs have provided benefits to the economy and capital markets.  We say, keep it up.
Market Misperceptions
By , The Street, 11/13/2009
MarketMinder's View:
We’d hardly call today’s bulls ignorant. Positive economic data today is merely a reflection of what stocks have been pricing in for months now.
Sensible Stories
By , The Washington Post, 11/13/2009
MarketMinder's View: A cogent view from one of Wall Street’s leaders.
Sensible Stories
By , The Economist, 11/12/2009
MarketMinder's View: Claims of the dollar’s doom are nothing new, but the world’s dominant currency is not likely to be replaced any time soon. For more, see our 11/12/2009 cover story, “More Countries, More Problems.”
Sensible Stories
By , The Wall Street Journal, 11/12/2009
MarketMinder's View: “The picture for China's exports continued to improve in October—a sign that a pickup in global demand is starting to support the nation's recovery.”
Market Misperceptions
By , Investor’s Business Daily, 11/12/2009
MarketMinder's View:
It’s popular to bash the stimulus. But keep in mind it’s still not fully deployed. Fiscal stimulus is always sloppy and imprecise. And unemployment is last to improve in an economy—always. Meanwhile, stocks keep rising because they look forward, not back.
Sensible Stories
By , The New York Times, 11/12/2009
MarketMinder's View: Monetary stimulus continues globally as most nations remain committed to helping ease credit conditions. Expect to see more stimulus pumped into the British economy—the Bank of England will spend an additional $42 billion.
Market Misperceptions
By , Yahoo Finance, 11/12/2009
MarketMinder's View:
Could it be oil is rising because economic recovery is increasing demand?
Market Misperceptions
By , Real Clear Politics, 11/12/2009
MarketMinder's View:
Gold’s at all-time highs. The dollar has been very weak. Yet, against all that, stocks keep rising. There’s just no evidence gold and dollar movements mean anything for either economic health or stock market direction.
Sensible Stories
By , The Globe and Mail, 11/12/2009
MarketMinder's View: Well, yes. That is very likely. Price caps are never a good idea, not even on salaries, and could result in Financials suffering a talent exodus. We’ve been saying this all along—cutting top executives’ pay is not the answer and could result in major talent dissemination.
Market Misperceptions
By , Slate, 11/12/2009
MarketMinder's View:
Yes, over the last 10 years, stocks have been overall flat. But what stocks just did has zero bearing on what they will do. That stocks have been flat doesn’t mean they will continue to be looking forward.
Market Misperceptions
By , The Big Money, 11/11/2009
MarketMinder's View: “…the S&P is up over 61 from its springtime low. That’s just not normal; it’s too much, too soon.”  Yes, the stock market rebound has been fast, but it’s actually quite normal considering the speed of the drop. “V” market bottoms are typical.
Market Misperceptions
By , Reuters, 11/11/2009
MarketMinder's View:
Just wrong on so many levels. Not only is the amount of government debt not worrisome, it’s preposterous to think the Fed will sink the economy by intentionally stoking massive inflation to deal with the so-called debt problem. Ignore.
Sensible Stories
By , The Wall Street Journal, 11/11/2009
MarketMinder's View: Increasing Chinese exports signals rising foreign demand—a good sign for Chinese, and global, economic recovery. For more, see our 7/17/2009 cover story, “The Year of the Ox.”
Market Misperceptions
By , Bloomberg, 11/11/2009
MarketMinder's View:
As we’ve said many times, don’t expect employment to improve meaningfully until after the economy and well after the stock market have begun recovery.
Market Misperceptions
By , The New York Times, 11/11/2009
MarketMinder's View:
“In other words, as many have feared, this part of the recovery will be ‘jobless,’ in the sense that employment and hours will not rise significantly, and may continue to fall.” This is how it typically happens as any recession ends! The recovery is “jobless” until it isn’t anymore. Companies will eventually start hiring again as the economy picks up.
Market Misperceptions
By , FOX News, 11/11/2009
MarketMinder's View:
“Bubble” is the most overused word in investing. Asset prices are rising for good reason, not because a bubble is forming. Fears of a new asset bubble just strengthen the wall of worry for bulls to climb.
Sensible Stories
By , The Wall Street Journal, 11/11/2009
MarketMinder's View: Bilateral trade deals may not be perfect, but they do break down barriers between trading nations—“but when the US sits on the sidelines, the rest of the world is going to find its own trading way, however imperfect.”
Sensible Stories
By , The Wall Street Journal, 11/11/2009
MarketMinder's View: Not surprisingly, major climate change legislation has stalled in Congress—with further debate and possible decision unlikely before 2010. As we’ve said before, the longer it takes for these bills to pass, the more moderate they likely become—a positive for stocks.
Sensible Stories
By , Bloomberg, 11/11/2009
MarketMinder's View: Central bankers are well aware of the risks of removing monetary stimulus too soon.
Market Misperceptions
By , The Wall Street Journal, 11/10/2009
MarketMinder's View:
Skeptics’ rally? If this is a countertrend rally, it’s the biggest the world has seen by far, reducing the odds. More likely, we’re amid a V-shaped bull market recovery.
Sensible Stories
By , Kiplinger, 11/10/2009
MarketMinder's View: “There is absolutely no reason to be pessimistic about either the U.S. or the world economy.” Seems about right.
Market Misperceptions
By , New York Post, 11/10/2009
MarketMinder's View:
Unemployment is always one of the last things to improve after a recession. Further, in good times and bad, there’s ”under-employment.” For more, see our 10/05/2009 cover story, “Unemployment, Underemployment and Zombies.”
Market Misperceptions
By , The Christian Science Monitor, 11/10/2009
MarketMinder's View:
The stock market looks forward and moves ahead of the economy.  Expect similar arguments to arise during the onset of this bull market.
Sensible Stories
By , The Wall Street Journal, 11/10/2009
MarketMinder's View: More signs pointing to a turnaround in the German economy.
Sensible Stories
By , ABC News, 11/10/2009
MarketMinder's View: Just months ago many perceived this impossible, but banks are in much better shape now than most would have thought.
Market Misperceptions
By , Investor’s Business Daily, 11/10/2009
MarketMinder's View:
Sentiment surveys are always backward-looking and are usually terrible predictors of future stock market returns.
Market Misperceptions
By , Politico, 11/10/2009
MarketMinder's View:
In China, as in the rest of the world, consumers are more resilient than people think. China isn’t heading for the red and certainly not for a collapse. For more, see our 07/17/2009 cover story, “The Year of the Ox.”
Sensible Stories
By , Reuters, 11/10/2009
MarketMinder's View: Credit conditions continue improving at large banks globally.
Sensible Stories
By , EU Business, 11/10/2009
MarketMinder's View: France is right to put its national interest and ongoing fiscal stimulus ahead of arbitrary, intra-national rules.
Market Misperceptions
By , Barron’s, 11/09/2009
MarketMinder's View:
Equating US workers to slaves? A bit dramatic, we’d say. Today’s conditions don’t even remotely compare to a century ago or to many developing regions. If you want to experience crummy working conditions, read Upton Sinclair’s “The Jungle.”
Sensible Stories
By , Portfolio.com, 11/09/2009
MarketMinder's View: “The private equity purchase is a welcome sign that private equity firms … are beginning to get back to the business of buying companies.” Good news. Expect this to continue as the global recovery picks up steam and investors take advantage of opportunities.
Sensible Stories
By , CNN Money, 11/09/2009
MarketMinder's View: As global monetary and fiscal stimulus continues, expect the recovery to gain more traction in more countries.
Market Misperceptions
By , The Washington Post, 11/09/2009
MarketMinder's View:
Simply put: Trade or budget deficits have never portended economic or stock market ruin. See our 08/18/2008 cover story, “Don’t Demonize the Deficit,” for more.
Sensible Stories
By , CNN Money, 11/09/2009
MarketMinder's View: “When everyone is doubting the rally, that’s usually the time to buy.” Exactly.
Market Misperceptions
By , The Wall Street Journal, 11/09/2009
MarketMinder's View:
Expect political posturing and rhetoric to continue—but also expect little action from the G-20’s agreed-upon policies.
Market Misperceptions
By , CNN Money, 11/09/2009
MarketMinder's View:
Don’t trust an economist to call the recession “over.” Watch the ultimate leading indicator—the stock market—for the signal. See our 11/04/08 cover story, “The Ultimate Leading Economic Indicator,” for more.
Sensible Stories
By , Bloomberg, 11/09/2009
MarketMinder's View: Demand for US debt remains strong. See our 06/12/2009 cover story, “A Fire Sale Four,” for more.
Market Misperceptions
By , Time, 11/06/2009
MarketMinder's View: Short answer: No. The dollar’s role in the global economy isn’t likely to change significantly for a long, long time. Investors shouldn’t fret normal dollar strength or weakness—it’s meaningless for stocks.
Market Misperceptions
By , Seeking Alpha, 11/06/2009
MarketMinder's View: A completely ridiculous assessment of the relationship between currencies and stocks.
Market Misperceptions
By , BusinessWeek, 11/06/2009
MarketMinder's View: Concerns about commercial real estate are already widely discounted. CMBS prices have dropped (many have already been written down dramatically), default expectations are sky high, and REITs have plummeted. These issues aren’t catching investors off guard and aren’t likely to cause another economic or stock market downturn.  For more, see our 10/22/2009 cover story, “Other Shoe Blues.”
Sensible Stories
By , The Wall Street Journal, 11/06/2009
MarketMinder's View: An interesting look at the potential impact of recent elections on pending legislation and next year’s midterms.
Market Misperceptions
By , CBS News, 11/06/2009
MarketMinder's View: Now we’re withholding H1N1 vaccines from Wall Street as punishment? This is just plain silly.
Sensible Stories
By , Bloomberg, 11/06/2009
MarketMinder's View: Central banks shuttering unneeded emergency programs is a positive sign of an improving financial system. Overall, monetary policies are likely to remain extremely accommodative for some time.
Sensible Stories
By , Real Clear Markets, 11/06/2009
MarketMinder's View: “The problem with the Pay Czar is that he shows that contracts don't mean a thing. What's worse is he is not acting alone, but doing the bidding of Congress, which is imposing punitive pay cuts that will have the net effect of driving talent out of the companies that need it so badly.” Amen.
Sensible Stories
By , Slate, 11/06/2009
MarketMinder's View: Budget deficits are bound to increase as stimulus funds are spent. But projected government deficit and debt levels are far from problematic.
Sensible Stories
By , MSN Money, 11/06/2009
MarketMinder's View: Individual constituents aside, the Dow is a flawed index. It’s price weighted and consists of a mere 30 stocks that can’t possibly represent the overall market.
Market Misperceptions
By , The Washington Post, 11/06/2009
MarketMinder's View: And this is a bad thing? Outside of Financials, corporate balance sheets are in great shape. That’s good for the economy and stocks.
Market Misperceptions
By , The Wall Street Journal, 11/05/2009
MarketMinder's View:
Minor trade spats continue, but this is more a function of jawboning than anything substantial. Global trade has surged back to life this year–a trend very likely to continue.
Sensible Stories
By , Fox Business, 11/05/2009
MarketMinder's View: “US non-farm productivity in the third quarter rose at its fastest pace in six years.” This is a big reason firms are beating earnings expectations lately and typical of how recoveries begin.
Market Misperceptions
By , Newsvine, 11/05/2009
MarketMinder's View:
Jobs are nearly always last to recover in the cycle—this isn’t bad or weird, it’s normal.
Sensible Stories
By , The Wall Street Journal, 11/05/2009
MarketMinder's View: The Fed will keep the liquidity train chugging for awhile yet. With inflation low and the economic recovery still nascent, this is a good thing.
Dueling Headlines
By , Associated Press, 11/05/2009
MarketMinder's View: Well, which is it? Yet another reason to avoid putting much faith in monthly numbers.
Market Misperceptions
By , The Wall Street Journal, 11/05/2009
MarketMinder's View:
It is a mistake to label today’s recovery in asset prices a “bubble,” pure and simple.
Market Misperceptions
By , The Wall Street Journal, 11/05/2009
MarketMinder's View:
It is simply wrong to believe growth will end simply because stimulus will at some point wind down. Particularly in developing countries, internal demand and foreign investment will continue to play a big role.
Sensible Stories
By , City Journal, 11/05/2009
MarketMinder's View: A lesson on how California can climb out of economic despair—take a hint from the lower-tax states focusing on targeted, efficient spending and business incentives.
Sensible Stories
By , The New York Times, 11/05/2009
MarketMinder's View: “It’s a good time to remember that when an economy is just coming out of recession, its weaknesses are always more obvious than its potential strengths.” Exactly—stocks always look to the future and, by definition, see the strength long before they manifest in economic data.
Sensible Stories
By , The New York Times, 11/05/2009
MarketMinder's View: The BoE was relatively slow to the global stimulus party, but at this point seems committed to sustaining it until the economic recovery is well underway.
Sensible Stories
By , Financial Times, 11/04/2009
MarketMinder's View: The freer the market the more efficiently it operates, be that through self-regulation, encouraging innovation or the allocation of capital.
Market Misperceptions
By , International Business Times, 11/04/2009
MarketMinder's View:
There’s so much wrong with this argument, it’s difficult to know where to start.
Market Misperceptions
By , The Times, 11/04/2009
MarketMinder's View:
We agree the effects of the recession will continue to be felt, but fears of zombie banks and consumers “permanently alter[ing] our economic and corporate landscapes” sounds a lot like those dangerous words: “It’s different this time.”
Market Misperceptions
By , The Wall Street Journal, 11/04/2009
MarketMinder's View:
California’s tax woes continue—not with another tax hike this time, but rather “a compulsory interest-free loan from taxpayers to the state.” This could backfire, with unhappy individuals and businesses alike seeking shelter in friendlier states.
Sensible Stories
By , Associated Press, 11/04/2009
MarketMinder's View: Expect the Fed and other central banks to remain highly accommodative for awhile.
Sensible Stories
By , Spiegel Online, 11/04/2009
MarketMinder's View: As the Lisbon Treaty is ratified, it will eliminate the requirement for unanimity in many areas of Euro decision making. An easier legislative path could lead to heightened investor fears—worth keeping an eye on.
Sensible Stories
By , Yahoo Finance, 11/04/2009
MarketMinder's View: “Yes, it hurts to buy in at prices that are 50% higher than where they were when you ran for the hills. But the alternative—missing more of the rally—is even worse.”
Market Misperceptions
By , Financial Times, 11/04/2009
MarketMinder's View:
This is backward thinking, you don’t see wage increases take hold before economic recovery do you. As for raising minimum wages – that’s a great way to reduce your workforce.
 
Sensible Stories
By , Bloomberg, 11/04/2009
MarketMinder's View: The third quarter brought the European economy back to growth, and indications of a budding recovery continue with expansion in services and manufacturing for the third straight month.
Market Misperceptions
By , Investor’s Business Daily, 11/04/2009
MarketMinder's View:
There’s simply no need to immediately “erase” the deficit, making the argument about astronomical taxes moot.
Market Misperceptions
By , Slate, 11/04/2009
MarketMinder's View:
Blaming growth in global business for America’s economic woes? On the contrary, foreign economic growth and generally increasing overall trade and business activity is a positive for American companies.
Sensible Stories
By , New York Times, 11/04/2009
MarketMinder's View: “People tend to become overly pessimistic at the end of a recession” - It’s human nature that our outlook is shaped by our most recent experiences but after every recession has come economic growth. This time should be no different.
Sensible Stories
By , Associated Press, 11/03/2009
MarketMinder's View: Companies are spending—a good sign, especially since business spending fell far more than personal spending in the recent recession.
Market Misperceptions
By , Blogging Stocks, 11/03/2009
MarketMinder's View: Too small? It’s not even 25% disbursed yet. The rest of that unspent stimulus will likely provide a tailwind to stocks for some time to come.
Sensible Stories
By , The Wall Street Journal, 11/03/2009
MarketMinder's View: More signs of economic health from emerging markets.
Sensible Stories
By , Spiegel , 11/03/2009
MarketMinder's View: Fears the EU would blow apart, with possibly serious ramifications for the euro, have simply been overblown.
Market Misperceptions
By , Barron’s, 11/03/2009
MarketMinder's View:
Bull markets are never a straight shot to new highs. There are always pullbacks and corrections along the way. Expecting the market to only rise and never fall during a bull market is just irrational. For more, see our 11/02/09 cover story, “Fall Classic.”
Market Misperceptions
By , Kiplinger, 11/03/2009
MarketMinder's View:
Unless your goal is to protect your portfolio from gains, we suggest investors with long-term growth goals ignore each and every one of these seven tips.
Market Misperceptions
By , Barron’s, 11/03/2009
MarketMinder's View:
The market not really moving anywhere for the last couple of weeks would be perfectly normal in any bull market and there’s no reason to believe we’re standing on the precipice of another bear.
Sensible Stories
By , Associated Press, 11/03/2009
MarketMinder's View: This could very well not be the cleanest process—and a reason for otherwise bullish global investors to lighten up both on Financials and the UK.
Market Misperceptions
By , Financial Times, 11/03/2009
MarketMinder's View:
The current rally is driven solely by leverage? With everyone as spooked as they are about credit markets and borrowing? Unlikely.
Market Misperceptions
By , The Wall Street Journal, 11/03/2009
MarketMinder's View:
China’s capital adequacy ratios have fallen—to be expected, given how much they’re lending—but they are still comfortably high. The Chinese government is simply taking steps to make Chinese banks more transparent, which is ultimately a good thing.
Sensible Stories
By , The Wall Street Journal, 11/03/2009
MarketMinder's View: We always support free trade developments because it encourages the more efficient use of human and financial capital—a benefit to everyone.
Market Misperceptions
By , Telegraph, 11/03/2009
MarketMinder's View: Maybe not. Could be Q4 posts negative growth and the “official” end date is a bit down the road. But with a +3.5% Q3, it’s hard to argue the US isn’t heading the right way, particularly since the rest of the world is largely growing again.
Sensible Stories
By , The Wall Street Journal, 11/03/2009
MarketMinder's View: “CIT is proving two things: Bankruptcy works—even for financial firms—and the US Treasury judges systemic risk out of its political hip pocket.” A bank filing for bankruptcy, even a fairly large one, simply isn’t the Armageddon many feared. For more, see our 11/03/09 cover story, “Bedtime Stories to Scare Investors.”
Sensible Stories
By , The Wall Street Journal, 11/03/2009
MarketMinder's View: The Treasury is finding it must borrow less—and spend less taxpayer money—as the need for some of its government-support programs dwindles. A very positive sign financial markets are considerably healthier than they once were.
Market Misperceptions
By , Portfolio.com, 11/02/2009
MarketMinder's View:
Banks are finding it’s not so easy to escape the government’s grasp. See our 01/22/2009 cover story, “Strings Attached,” for more.
Sensible Stories
By , Bloomberg, 11/02/2009
MarketMinder's View: “Manufacturing is alive and well. It just needs fewer workers.” The US has been manufacturing more with fewer workers for decades as productivity has improved by leaps and bounds.
Sensible Stories
By , The Motley Fool, 11/02/2009
MarketMinder's View: “Trying to time the market is a loser’s game.” We couldn’t agree more. Short-term stock market moves are nearly impossible to time and almost no one ever gets it right consistently.
Market Misperceptions
By , The New York Times, 11/02/2009
MarketMinder's View:
Considering more than half of the first stimulus plan has yet to be disbursed, it’s much too early to say it isn’t enough. See our 07/08/2009 cover story, “A Confused Chorus,” for more.
Sensible Stories
By , The Financial Times, 11/02/2009
MarketMinder's View: Expect emerging markets to continue leading the global economic and stock market recovery. See our 08/14/2009 cover story, “Out of the Gates,” for more.
Sensible Stories
By , The Wall Street Journal, 11/02/2009
MarketMinder's View: “Bank executives warned too little analysis had been conducted and raised concerns that proposals for change would stifle business by suffocating banks with too much regulation.” Haste makes waste, and more regulation doesn’t necessarily mean better regulation. See our 01/05/2009 column, “Deregulation…Regulation…What’s the Difference?” for more.
Market Misperceptions
By , IFA Online, 11/02/2009
MarketMinder's View:
Bank failures aren’t unusual during recessions and won’t keep the economy or stocks from recovering.
Sensible Stories
By , Morningstar.com, 11/02/2009
MarketMinder's View: No doubt challenges still remain but those that cannot see a real recovery taking place still have their eyes closed.
Market Misperceptions
By , CNN Money, 11/02/2009
MarketMinder's View:
The rally isn’t broken—markets never go up in a straight line, and the recent pullback is to be expected after a seven-month winning streak. See our 09/28/2009 cover story, “Shaken, Not Stirred,” for more.
Market Misperceptions
By , Wallet Pop, 11/02/2009
MarketMinder's View:
Beware the most dangerous words in finance: “It’s different this time.” Employment numbers typically don’t improve until well after the economy—which recovers well after the stock market. Expect the unemployment rate to be elevated for some time, but don’t expect it to hold back the recovery. See our 10/05/2009 cover story, “Unemployment, Underemployment and Zombies,” for more.
Market Misperceptions
By , Barron’s, 11/02/2009
MarketMinder's View:
Inflation is a risk, but if it does emerge, it’s likely a long way off. See our 08/19/2009 cover story, “The Monetary Punch,” for more.
Market Misperceptions
By , The New York Times, 11/02/2009
MarketMinder's View:
“We need a lot more federal spending on job creation” – More government backed jobs?  That’s a recipe for more bridges to nowhere.
Sensible Stories
By , The Wall Street Journal, 11/02/2009
MarketMinder's View: This is bullish—corporate balance sheets (ex-Financials) are generally in great shape, especially compared to past recessions. The fact people see it as negative makes it even more bullish as it adds to the wall of worry the new bull market is climbing.