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Sensible Stories
By , SmartMoney, 12/30/2006
MarketMinder's View: The media generally focuses on the demand side of the equation, but the supply side is equally important. And 2006 has seen record supply destruction, which is bullish for equities.
Sensible Stories
By , The Wall Street Journal , 12/30/2006
MarketMinder's View: Although we're curious how a strong market makes it more difficult for managers to beat their benchmarks, the third year of this bull market was a good one.
Sensible Stories
By , The Wall Street Journal , 12/30/2006
MarketMinder's View: The situation in Iran is far from over. Oil supply fears will likely continue in 2007, keeping prices high.
Market Misperceptions
By , The New York Times, 12/30/2006
MarketMinder's View: We find it hard to believe outsourcing production will make US companies less innovative.
Market Misperceptions
By , Morningstar, 12/30/2006
MarketMinder's View: While its true that Chinese equities performed admirably this year, be wary of correlating strong economic growth with stock market strength. From 2002 to 2005, the Chinese economy grew nearly 14% a year on a nominal basis. The stock market, however, fell 22% a year.
Market Misperceptions
By , Bloomberg, 12/30/2006
MarketMinder's View: We just don't see this "uncommonly optimistic" sentiment. Last time we checked, most investors were cautious on the prospects for 2007.
Sensible Stories
By , 12/30/2006
MarketMinder's View: Looks like we can tack on the largest telecommunications merger in US history to this year's record M&A activity.
Sensible Stories
By , The Wall Street Journal , 12/29/2006
MarketMinder's View: The market should dictate labor, not unions. Luckily, Big Labor's more ambitious schemes haven't led to much other than steadily declining membership.
Sensible Stories
By , The Wall Street Journal , 12/29/2006
MarketMinder's View: More signs that housing market fears have been vastly overblown.
Sensible Stories
By , TheStreet.com, 12/29/2006
MarketMinder's View: Most strategists are cautiously optimistic for 2007 but may not be optimistic enough.
Market Misperceptions
By , Reuters, 12/29/2006
MarketMinder's View: Our ridiculous headline of the week…
Market Misperceptions
By , Washington Post, 12/29/2006
MarketMinder's View: Now the trade deficit explains the wealth gap? What will they think of next?
Market Misperceptions
By , NPR, 12/29/2006
MarketMinder's View: Sub-prime borrowers have always had the highest default risk, but they only make up a tiny portion of total home loans issued.
Sensible Stories
By , Bloomberg, 12/29/2006
MarketMinder's View: Higher earnings yields and continued M&A activity are positive drivers for European stocks in 2007.
Market Misperceptions
By , CNN Money, 12/28/2006
MarketMinder's View: There are so many myths in this one that we don't have the space to refute them all.
Sensible Stories
By , CNN Money, 12/28/2006
MarketMinder's View: So much for the much ballyhooed housing bubble…
Sensible Stories
By , Bloomberg, 12/28/2006
MarketMinder's View: In a year of surprises—hurricanes that didn't hit, oil that didn't soar to $100 a barrel, a Republican majority in Congress that didn't hold—the non-arrival of inflation was the biggest non-event of all.
Sensible Stories
By , The Wall Street Journal , 12/28/2006
MarketMinder's View: Tax increases and wealth redistribution in any form would be bad for markets.
Market Misperceptions
By , The Financial Times, 12/28/2006
MarketMinder's View: Even a "lack of fear" is reason to be fearful now. Ignore the media's fear mongering and focus on the big picture strength.
Market Misperceptions
By , MSN, 12/28/2006
MarketMinder's View: While we believe foreign investments are vital to any well diversified portfolio, we caution readers from assuming a strong economy necessarily correlates with a strong stock market.
Sensible Stories
By , Reuters, 12/28/2006
MarketMinder's View: A rebound in domestic consumption is one reason to believe the recovery in Japan is here to stay.
Market Misperceptions
By , The Financial Times, 12/27/2006
MarketMinder's View: Dodgy measures of "equity risk premiums" have never held much power to predict future stock returns.
Market Misperceptions
By , The Financial Times, 12/27/2006
MarketMinder's View: This is certainly a geopolitical risk worth keeping an eye on, but the markets weren't exactly nonplussed by Iran's reaction to the UN sanctions.
Market Misperceptions
By , The Wall Street Journal , 12/27/2006
MarketMinder's View: More unimaginative, widely known, rule-based investment strategies…none of which can yield excess returns over time.
Sensible Stories
By , The Financial Times, 12/27/2006
MarketMinder's View: A reminder to be skeptical of even seemingly trustworthy data sources. (See today's commentary "Burning Questions; Scorched Investors".)
Sensible Stories
By , The Wall Street Journal , 12/27/2006
MarketMinder's View: Should we really be surprised the USPS outsources much of its work to the more efficient (and private) FedEx?
Sensible Stories
By , The Wall Street Journal , 12/27/2006
MarketMinder's View: A new Treasury Department analysis finds that wage growth this decade is running ahead of the pace set in the 1990s.
Sensible Stories
By , The New York Times, 12/27/2006
MarketMinder's View: Some salient arguments on why the economy and the housing market aren't likely to fall into a recession anytime soon.
Market Misperceptions
By , USA Today, 12/27/2006
MarketMinder's View: Bottom line: unemployment is at 4.3% and in aggregate companies are again expecting to do more hiring in 2007.
Sensible Stories
By , The Wall Street Journal , 12/23/2006
MarketMinder's View: No meaningful news is good news for stocks. And when a news day is so slow the title of a new book makes the FRONT PAGE of the Journal…we find it bullish.
Sensible Stories
By , NPR, 12/23/2006
MarketMinder's View: Regulators to the rescue! Those smarmy Chimney Sweep fat cats had it coming to ‘em anyway. Monopoly busting isn't just for big corporations anymore.
Market Misperceptions
By , CNNMoney, 12/23/2006
MarketMinder's View: One of the most common misconceptions we see. The US savings rate is highly deceptive because it excludes capital gains, among other things. By this logic, Bill Gates would thus not have saved a penny, ever!
Market Misperceptions
By , MSN, 12/23/2006
MarketMinder's View: We'd say these two cartoons pretty well sum up the prevailing dour sentiment toward corporate execs. (See our 12/18/06 commentary "Rise of the Supervillains".)
Sensible Stories
By , MarketWatch, 12/23/2006
MarketMinder's View: Nobody's perfect. That's why one of the core rules to investing is always to remember you can be wrong and control your risk accordingly.
Sensible Stories
By , The Los Angeles Times, 12/23/2006
MarketMinder's View: They're not greedy, they're overregulated. The result is fewer pills to cure our ills. You'd be a little gun-shy too if every day you faced the prospect of multibillion dollar lawsuits on products you designed to help people, not to mention the decade or more and millions of dollars it usually takes to get a drug approved.
Sensible Stories
By , The Wall Street Journal , 12/23/2006
MarketMinder's View: The consensus is here: 5 to 10% stock returns next year. Simple market theory says the most likely outcome is something other than the priced-in consensus. So, will it be more positive, or more negative than the consensus? Given the myriad positive fundamentals we've consistently outlined on this site, it's safe to say we're looking for another good year for stocks in 2007. (See our past commentary: "Contrary About Contrarians" for more.)
Market Misperceptions
By , The Wall Street Journal , 12/23/2006
MarketMinder's View: If only it were so easy. If such strategies really worked, beating the market would a cakewalk.
Sensible Stories
By , The Washington Post, 12/22/2006
MarketMinder's View: Federal farm subsidies, passed by politicians to preserve a "feel-good" industry, actually promote tremendous inefficiency.
Sensible Stories
By , The Wall Street Journal , 12/22/2006
MarketMinder's View: We couldn't agree more.
Sensible Stories
By , The Wall Street Journal , 12/22/2006
MarketMinder's View: A look into the reasons equity supply increases have been stagnant.
Sensible Stories
By , International Herald Tribune, 12/22/2006
MarketMinder's View: Pay for performance — the compensation is fair, and Goldman's employees have every right to view it as such. Capitalism works because it encourages and rewards those who successfully take risks, adapt to change and develop profitable opportunities. Goldman Sachs employees, arguably, are consistently better at those things than any other group of employees in the world.
Sensible Stories
By , Washington Post, 12/22/2006
MarketMinder's View: The healthcare system needs more choice and competition, not coercion.
Market Misperceptions
By , Barron’s Online, 12/22/2006
MarketMinder's View: We've learned to love inane stories like these. As long as pessimism like this persists, the bull probably has further to go.
Sensible Stories
By , San Francisco Chronicle, 12/22/2006
MarketMinder's View: In a related story, California also happens to be one of the most overregulated states in the country.
Market Misperceptions
By , MarketWatch, 12/22/2006
MarketMinder's View: Even a broken clock is right twice a day. If you're constantly bearish, you'll have a good track record at calling for doom at the start of bear markets, but a terrible investment track record.
Market Misperceptions
By , MarketWatch, 12/22/2006
MarketMinder's View: If an objective board is willing to pay someone a certain amount to secure their unique talent and leadership, who are we to argue? Most of these pay package or incentive based, anyway. Yes, the CEO of Goldman received $54 million, but he also led them to their most profitable year in history. Based on Goldman's stock performance, it looks like the shareholders agree.
Sensible Stories
By , The Wall Street Journal , 12/22/2006
MarketMinder's View: An interesting look at the blurring line between venture capital and private equity and their effects on equity supply and the markets.
Market Misperceptions
By , Forbes, 12/21/2006
MarketMinder's View: We agree deregulation is a good thing, but America is still the land of opportunity for both domestic companies and those abroad. There's no need to panic. The fact is that other countries are developing and getting more competitive—that's a good thing.
Sensible Stories
By , The Financial Times, 12/21/2006
MarketMinder's View: It's easy to lose sight of the fact the past several decades have seen unprecedented economic progress across the globe—and the stage is set for even more.
Sensible Stories
By , BusinessWeek, 12/21/2006
MarketMinder's View: We quote: "Yes, wholesale inflation experienced its biggest surge since 1974. But on close inspection, price increases aren't accelerating.
Sensible Stories
By , The Financial Times, 12/21/2006
MarketMinder's View: For more, see yesterday's commentary: "Baht Were They Thinking!?
Sensible Stories
By , The Wall Street Journal , 12/21/2006
MarketMinder's View: A contrary view on income dispersion, and a good example of why attempts to "soak the rich" can have negative effects for the entire economy. Let capitalism run its natural course and watch standards of living grow across the board.
Market Misperceptions
By , The Washington Post, 12/21/2006
MarketMinder's View: The most ridiculous headline we've seen this week.
Sensible Stories
By , The Wall Street Journal , 12/21/2006
MarketMinder's View: With record cash on balance sheets and limited organic growth prospects, the M&A boom for the energy sector is likely to continue.
Market Misperceptions
By , Bloomberg, 12/21/2006
MarketMinder's View: Honestly, we're not even sure what this one's trying to say.
Sensible Stories
By , The Wall Street Journal , 12/20/2006
MarketMinder's View: Global economies are symbiotic things. Most people don't realize the potential positives of higher energy prices. Middle East nations are sending the money right back to the nations consuming their oil as they demand more products and services.
Market Misperceptions
By , CNN Money, 12/20/2006
MarketMinder's View: As long as earnings yields stay high, balance sheets strong, and debt cheap, we can expect continued M&A activity. And there's nothing to fear about that.
Sensible Stories
By , The Wall Street Journal , 12/20/2006
MarketMinder's View: A history lesson on the geopolitical and economic impact of commodities, and a contemporary example of rising demand in emerging markets leading to higher equilibrium commodities prices.
Sensible Stories
By , Foreign Affairs, 12/20/2006
MarketMinder's View: We quote: "The massive growth of hedge funds has sparked warnings of instability and demands that the industry be regulated. But the fear of hedge funds is overblown, based on a misunderstanding of their role in the international Þnancial system. In reality, hedge funds do not increase risk; they manage it -- and policymakers, rather than clamping down, should make sure hedge funds have the tools to perform this function well.
Market Misperceptions
By , MarketWatch, 12/20/2006
MarketMinder's View: Who knows what these stocks will do next year and for what reasons, but commonly known information is already priced in (as basic market theory predicts). Consider for a moment how many people read these common facts before you did.
Sensible Stories
By , TCS Daily, 12/20/2006
MarketMinder's View: Lessons on what it means to be a service and knowledge-based economy, and a real-world application.
Market Misperceptions
By , Fortune, 12/19/2006
MarketMinder's View: From 1994 to 1995, S&P 500 earnings growth decelerated from 40% to 11%. So, what do you think the S&P 500 did in 1995? It was up over 35%!
Sensible Stories
By , Bloomberg, 12/19/2006
MarketMinder's View: Merger mania continues!
Market Misperceptions
By , MSNBC, 12/19/2006
MarketMinder's View: Not only do many states already have a wage set above the proposed federal minimum, the increase will only affect a small portion of the entire workforce. In the long run this should be a non-issue.
Sensible Stories
By , TCS Daily, 12/19/2006
MarketMinder's View: A rational economic view on the potential effects of climate change, if any.
Sensible Stories
By , The Wall Street Journal , 12/19/2006
MarketMinder's View: A concise overview of Spain's thriving economy, and some of the economic and political risks it faces.
Sensible Stories
By , Bloomberg, 12/19/2006
MarketMinder's View: More evidence the global yield curve matters.
Sensible Stories
By , The Wall Street Journal , 12/19/2006
MarketMinder's View: An informative article showing the key risks to one of the world's fastest growing economies.
Market Misperceptions
By , Bloomberg, 12/19/2006
MarketMinder's View: See our past commentary "Contrary About Contrarians" for more.
Market Misperceptions
By , MarketWatch, 12/19/2006
MarketMinder's View: Pundits will tell you it's time to start stocking the bunker with canned goods. Don't believe it. A trade deficit is not a bad thing. If it was, the US and UK would have imploded long ago.
Sensible Stories
By , BusinessWeek, 12/19/2006
MarketMinder's View: The US Treasury Secretary speaks out.
Sensible Stories
By , Computerworld, 12/16/2006
MarketMinder's View: As the knowledge-based component of the global economy develops, intellectual property rights are increasingly important. Google's patent search technology, and others like it, can vastly improve the efficiency of ingenuity and protect those who innovate.
Sensible Stories
By , The Wall Street Journal , 12/16/2006
MarketMinder's View: The economic outlook in Asia is bright for 2007.
Sensible Stories
By , The Financial Times, 12/16/2006
MarketMinder's View: As the debate expands, it is vital that enhancing shareholder rights goes hand in hand with moving to lighter regulation. Investors who have the tools to protect their own interests effectively have less need to look to watchdogs to do it for them.
Sensible Stories
By , NPR, 12/16/2006
MarketMinder's View: Global automakers are rejoicing over the decision to end most tariffs on steel…and so are we.
Market Misperceptions
By , Bloomberg, 12/16/2006
MarketMinder's View: See our commentary "Low Impact Tragedy" for more.
Market Misperceptions
By , CNN Money, 12/16/2006
MarketMinder's View: Inflation has been under control for quite awhile now, and that likely won't change anytime soon. It's amusing how the media still finds a way to weave a little fear into most every article.
Sensible Stories
By , The Wall Street Journal , 12/16/2006
MarketMinder's View: How can a $3.3 billion company launch a mostly cash bid for a $14.7 billion company? When financing costs are low and earnings yields high, that's how.
Sensible Stories
By , The Financial Times, 12/16/2006
MarketMinder's View: An informative piece on private companies—a large part of the economy that directly impacts public firms.
Sensible Stories
By , MarketWatch, 12/16/2006
MarketMinder's View: A good example of rising equilibrium prices rise when supplies are constrained while demand grows.
Market Misperceptions
By , The Motley Fool, 12/15/2006
MarketMinder's View: If in fact the article is correct, wouldn't a baby boomer generation that works longer actually help ease their dependence on Social Security? Is this a bad thing?
Market Misperceptions
By , Barron’s Online, 12/15/2006
MarketMinder's View: A classic, and ridiculous, example of the "fear of heights" argument.
Sensible Stories
By , The Wall Street Journal , 12/15/2006
MarketMinder's View: More evidence energy prices will remain high…
Sensible Stories
By , MarketWatch, 12/15/2006
MarketMinder's View: This much is true: "Most people tend to underestimate their life expectancy.
Sensible Stories
By , The Financial Times, 12/15/2006
MarketMinder's View: Debunking some of the myths of globalization.
Market Misperceptions
By , Fortune, 12/15/2006
MarketMinder's View: Here they come! End of the year recommendations for mutual funds and stocks that will "mint money" in 2007. Avoid them at all costs. Analysts have a way of recommending the currently best performing funds, which are shown to underperform the broader market on average the next year.
Sensible Stories
By , TCS Daily, 12/15/2006
MarketMinder's View: A unique viewpoint on energy regulation and its often unintended effects.
Sensible Stories
By , The Wall Street Journal , 12/15/2006
MarketMinder's View: Capital markets firms are reaping huge benefits from the current environment and the massive M&A wave.
Sensible Stories
By , The Financial Times, 12/15/2006
MarketMinder's View: Actions by the SEC to unburden red-tape-ridden corporations are a positive for markets.
Sensible Stories
By , CNN Money, 12/14/2006
MarketMinder's View: So much for the death of the consumer.
Sensible Stories
By , Real Clear Politics, 12/14/2006
MarketMinder's View: Detroit's pressure on the government to force a revaluation of the Chinese currency echoes a similar cry in the 80's with Japan. Just like then, it's not the fault of currency valuations, but the businesses themselves.
Market Misperceptions
By , MarketWatch, 12/14/2006
MarketMinder's View: This ship sailed awhile ago. Manufacturing no longer drives the US economy and neither does GM.
Sensible Stories
By , Dow Jones, 12/14/2006
MarketMinder's View: If the housing market "bubble" just burst, why are so many people still entering into mortgages?
Sensible Stories
By , TCS Daily, 12/14/2006
MarketMinder's View: An interesting article debunking some of the income equality myths floating around in the popular press.
Sensible Stories
By , The Wall Street Journal , 12/14/2006
MarketMinder's View: An insightful history of the US dollar and the myths surrounding it.
Market Misperceptions
By , TheStreet.com, 12/14/2006
MarketMinder's View: A completely illiquid investment with the potential for no return over five years? No thanks.
Sensible Stories
By , The Wall Street Journal , 12/13/2006
MarketMinder's View: A reminder of the risks to investing in emerging markets: "The lesson for foreign energy companies operating in Russia is two-fold: the state will have control over any significant project and will use any means, including political, regulatory and legal pressure, to get it.
Market Misperceptions
By , BusinessWeek, 12/13/2006
MarketMinder's View: The residential housing slump is so widely discussed it retains little surprise power.
Sensible Stories
By , USA Today, 12/13/2006
MarketMinder's View: No matter how it's worded, protectionism benefits no one.
Sensible Stories
By , Barron’s Online, 12/13/2006
MarketMinder's View: Strategists are beginning to make their 2007 predictions and most expect another decent year for stocks. But when the "most ardent bull" thinks the S&P can rise 13%, maybe they're not optimistic enough.
Market Misperceptions
By , BusinessWeek, 12/13/2006
MarketMinder's View: Let's see, housing slump? Check. High oil prices? Check. Falling dollar? Check. Yep, we've heard all of these things before, which means they're priced in and you don't need to worry about them.
Sensible Stories
By , Morningstar, 12/13/2006
MarketMinder's View: A global investment strategy expands the available universe of opportunities. Most investors put their money in their backyard and miss out.
Market Misperceptions
By , MarketWatch, 12/13/2006
MarketMinder's View: Many likely cheered this one, but it doesn't matter. A lower trade deficit isn't necessarily good for the market, just as a higher one isn't necessarily bad.
Market Misperceptions
By , Forbes, 12/13/2006
MarketMinder's View: Despite what doom-and-gloomers would like you to believe, US financial markets are robust and capable of absorbing a residential housing market downturn.
Market Misperceptions
By , Bloomberg.com, 12/12/2006
MarketMinder's View: Despite all the chatter about the high costs of the Iraq war, the US budget is not spiraling out of control nor will the war lead to fiscal disaster.
Sensible Stories
By , Bankrate.com, 12/12/2006
MarketMinder's View: By many measures, even with a falling savings rate, US consumers are wealthier than they have ever been.
Sensible Stories
By , The New York Times, 12/12/2006
MarketMinder's View: Any lessening of the excessive regulatory burden imposed by Sarbanes-Oxley would be good for markets.
Sensible Stories
By , The Wall Street Journal , 12/12/2006
MarketMinder's View: This is precisely why a healthy dose of skepticism is needed when filtering through the daily news.
Market Misperceptions
By , The New York Times, 12/12/2006
MarketMinder's View: Somehow we doubt this is going to be an investment panacea.
Sensible Stories
By , The Wall Street Journal , 12/12/2006
MarketMinder's View: An insightful piece illustrating how widely held beliefs can differ from reality.
Sensible Stories
By , The Financial Times , 12/12/2006
MarketMinder's View: Because loans are now widely distributed, no one institution is likely to suffer a catastrophic loss when something goes wrong at a company that has borrowed billions.
Sensible Stories
By , The Wall Street Journal , 12/12/2006
MarketMinder's View: Real estate is more than just residential housing.
Sensible Stories
By , USA Today, 12/09/2006
MarketMinder's View: The fundamentals simply don't point to a prolonged downturn in US housing.
Sensible Stories
By , Dow Jones , 12/09/2006
MarketMinder's View: The US economy continues to beat expectations…
Sensible Stories
By , The Financial Times, 12/09/2006
MarketMinder's View: For all its apparent dullness, this [the ECB's commentary] was a bullish assessment of the world's largest economy. However, the market does not quite believe it.
Sensible Stories
By , American.com, 12/09/2006
MarketMinder's View: An interesting Chinese history lesson and a renewed call for the primal forces of entrepreneurship.
Market Misperceptions
By , Bloomberg, 12/09/2006
MarketMinder's View: Yes, emerging markets investing poses risks, but they're not more risky just because their stocks have risen.
Sensible Stories
By , 12/09/2006
MarketMinder's View: …wages for most American workers have begun rising significantly faster than inflation.
Market Misperceptions
By , Marketwatch, 12/09/2006
MarketMinder's View: Our ridiculous headline of the week.
Market Misperceptions
By , MarketWatch, 12/08/2006
MarketMinder's View: Worth noting, but a widely expected event. European markets didn't flinch.
Sensible Stories
By , The Wall Street Journal , 12/08/2006
MarketMinder's View: In defense of venture capital and private equity: two important drivers of innovation.
Sensible Stories
By , The Onion, 12/08/2006
MarketMinder's View: Ok, this isn't important news, but we couldn't resist…
Market Misperceptions
By , CNNMoney, 12/08/2006
MarketMinder's View: See our past November commentaries: "Inflating wages" and "Too Busy Working" for more.
Sensible Stories
By , Marketwatch, 12/08/2006
MarketMinder's View: An interesting look at the reasons IPO's in foreign markets such as London and Hong Kong have outpaced the US recently, and who is benefiting from them.
Sensible Stories
By , The Associated Press, 12/08/2006
MarketMinder's View: 23 states reported stronger than expected tax revenues and 22 are on target—signs of a strong economy.
Sensible Stories
By , Forbes, 12/08/2006
MarketMinder's View: The U.S. should have a system that encourages foreign companies, including those from fast-developing Asian economies, to list their shares in this country, not one that drives them and even American companies offshore.
Sensible Stories
By , TCS Daily, 12/08/2006
MarketMinder's View: Explaining the importance of multinational corporations who seek growth in emerging markets.
Market Misperceptions
By , Barron’s, 12/08/2006
MarketMinder's View: Someone tell these guys Dionne Warwick and the rest of the Psychic Friends Network want their crystal ball back.
Sensible Stories
By , The Financial Times, 12/07/2006
MarketMinder's View: No one thought it would be this way a year ago: we noted a number of confident predictions the small-cap run was about to end. But cycles rarely end when everyone is predicting it.
Sensible Stories
By , The Wall Street Journal , 12/07/2006
MarketMinder's View: Still need a reason to be invested globally?
Market Misperceptions
By , NPR, 12/07/2006
MarketMinder's View: Deterioration in sub-prime lending does not equal a financial crisis. These loans have always been the most volatile segment in retail lending.
Sensible Stories
By , The New York Times, 12/07/2006
MarketMinder's View: An interesting article laying out some of the problems with using home sales data.
Market Misperceptions
By , The Financial Times, 12/07/2006
MarketMinder's View: The prospect of foreign companies leaving US exchanges isn't a threat to US markets. Companies should list their shares on the exchanges that best enable them to attract shareholders.
Sensible Stories
By , The Wall Street Journal , 12/07/2006
MarketMinder's View: An interesting look inside Lukoil, and an example of the risks in emerging markets investing.
Sensible Stories
By , Bloomberg, 12/07/2006
MarketMinder's View: With corporations continuing to fuel the Japanese economy, it is only a matter of time before consumer spending kicks in.
Market Misperceptions
By , The Financial Times, 12/07/2006
MarketMinder's View: A falling dollar is not a "necessary" adjustment for the current account. A large current account deficit does not portend disaster nor does it ever have to be corrected.
Sensible Stories
By , The Wall Street Journal , 12/07/2006
MarketMinder's View: A cogent viewpoint on bubbles and the recent bear market.
Sensible Stories
By , CNNMoney, 12/06/2006
MarketMinder's View: Considering the service sector makes up the majority of US economic activity, we'd say this is pretty good news.
Market Misperceptions
By , The Financial Times, 12/06/2006
MarketMinder's View: If a bubble is widely "identified", then it isn't a bubble at all.
Sensible Stories
By , The Financial Times, 12/06/2006
MarketMinder's View: Strong corporate profit growth is one of the many reasons to be bullish on Japanese stocks.
Sensible Stories
By , MarketWatch, 12/06/2006
MarketMinder's View: Productivity growth creates economic value and helps keep inflation down.
Sensible Stories
By , The Financial Times, 12/06/2006
MarketMinder's View: Still think commodity prices won't remain high for awhile?
Market Misperceptions
By , The Wall Street Journal , 12/06/2006
MarketMinder's View: Delinquencies are rising, but are still at a low level historically. And there's no evidence this is impacting markets or economic strength.
Sensible Stories
By , The Wall Street Journal , 12/06/2006
MarketMinder's View: Good examples of why, even with high oil prices, new supply of oil or viable alternative energies will take a long time to come online.
Market Misperceptions
By , MarketWatch.com, 12/06/2006
MarketMinder's View: Gawk at charts all you want, but past prices have never predicted future prices in a statistically significant way.
Sensible Stories
By , TheStreet.com, 12/06/2006
MarketMinder's View: Yet another merger financed by cash.
Sensible Stories
By , The New York Times, 12/05/2006
MarketMinder's View: An interesting take on why many M&A deals happen near yearend.
Sensible Stories
By , The New York Times, 12/05/2006
MarketMinder's View: Two-thirds of the S&P 500 have bought back a record $430 billion of shares in the 12 months ended in September — more than three times the total just three years ago.
Market Misperceptions
By , The Wall Street Journal , 12/05/2006
MarketMinder's View: These are some of the most oft analyzed and well-known ratios in all of investing—it's therefore wrong to believe they have predictive power over future stock prices.
Sensible Stories
By , Forbes, 12/05/2006
MarketMinder's View: Mergermania continues . . . .
Sensible Stories
By , The Wall Street Journal (*Site requires regitration), 12/05/2006
MarketMinder's View: A rundown of some current issues facing the bond markets.
Sensible Stories
By , The Wall Street Journal , 12/05/2006
MarketMinder's View: An example of the inherent risks in funds with non-liquid or hard to price assets.
Market Misperceptions
By , Wall Street Journal , 12/05/2006
MarketMinder's View: The movement of the dollar and the stock market are not correlated. There are plenty of examples in history when the equity markets have done very well in a weak dollar environment. Right now is one of them.
Market Misperceptions
By , USA Today, 12/05/2006
MarketMinder's View: The answer is almost always no.
Sensible Stories
By , The Wall Street Journal , 12/05/2006
MarketMinder's View: Overregulation can starve all kinds of markets, not just the global food business.
Market Misperceptions
By , CNNMoney, 12/05/2006
MarketMinder's View: A recently strong stock market and backwards looking US economic data are not good reasons to be skeptical on stocks.
Sensible Stories
By , The London Times, 12/02/2006
MarketMinder's View: A weak dollar by itself is nothing to fear and is likely an effect of different interest rate policies throughout the globe. There is no correlation between the dollar and economic growth or stock market returns.
Sensible Stories
By , The Wall Street Journal , 12/02/2006
MarketMinder's View: European economic growth marches ahead.
Sensible Stories
By , Forbes, 12/02/2006
MarketMinder's View: US airlines aren't worried about "America's competitiveness", they're worried about saving their own necks and looking to the government to bail them out. Global airline competition (free of government intervention) will ultimately benefit the consumer: more innovation, better service and better rates.
Sensible Stories
By , The Washington Times, 12/02/2006
MarketMinder's View: We'll take it…no matter which party it comes from!
Market Misperceptions
By , TheStreet.com, 12/02/2006
MarketMinder's View: Our ridiculous headline of the week. That the economy is already doing well isn't a logical rationale for failing to implement more beneficial economic measures.
Market Misperceptions
By , Dow Jones, 12/02/2006
MarketMinder's View: The long, slow, gradual, sluggish, torturous, agonizing…and inevitable demise of US auto companies continues.
Market Misperceptions
By , Dow Jones Newswire, 12/01/2006
MarketMinder's View: Don't let the headline fool you: equity supply around the world is still constrained and even shrinking. A one month increase in IPOs is hardly reflective of the state of the global market.
Market Misperceptions
By , The Wall Street Journal , 12/01/2006
MarketMinder's View: While discouraging for Wal-Mart, holiday sales are impossible to predict until the season is over. There are equally positive and negative indicators at this point.
Sensible Stories
By , The Financial Times, 12/01/2006
MarketMinder's View: Two important reminders that investing in developing nations offer both high returns and high risk.
Market Misperceptions
By , Business Week, 12/01/2006
MarketMinder's View: Interesting interpretation: "GDP, even revised up, is still down." By this logic, nothing is up unless the growth rate relative to the previous period is higher. Make sense to you?
Market Misperceptions
By , Barron’s Online, 12/01/2006
MarketMinder's View: A weakening dollar should make foreign goods more expensive and reduce our demand for them, right? Nope. The reality is our increasingly competitive global markets have actually kept prices of most imported products cheap, despite a weaker dollar.
Market Misperceptions
By , CNNMoney, 12/01/2006
MarketMinder's View: Yet another columnist is forecasting big growth stocks to outperform (they all pretty much have the same reasons): a slowing US economy and reversion to the mean after years of small cap value dominance. Such widespread forecasts give us good reason to believe small caps could continue to outperform longer than most think.
Sensible Stories
By , Spiegel Magazine, 12/01/2006
MarketMinder's View: Isn't it interesting that burgeoning free speech and flow of information is coinciding with exploding capitalism and commerce in these developing countries?
Sensible Stories
By , The Wall Street Journal , 12/01/2006
MarketMinder's View: The fight between free trade and nationalistic protectionism will have a huge impact on future economic prosperity. An important issue to keep an eye on.
Market Misperceptions
By , United Press International, 12/01/2006
MarketMinder's View: Let's assume for the moment the Pentagon will get the full amount it's asking for. It's still a small sum compared to US GDP. And what's more, history shows stocks often perform well in times of higher budget deficits anyway!
Sensible Stories
By , The Wall Street Journal , 12/01/2006
MarketMinder's View: It appears the pendulum of regret shunning might be starting to swing back. An effort to reduce some rather unfriendly business regulation in the US would be bullish. But the idea that the US should "hyperventilate" at the fact other markets are becoming more attractive is ludicrous. Competition is good.
Market Misperceptions
By , TheStreet.com, 12/01/2006
MarketMinder's View: We're already blue in the face, but we'll say it again: there's no meaningful correlation between oil prices and stock prices.
Market Misperceptions
By , Bloomberg.com, 11/30/2006
MarketMinder's View: Sure, strong domestic consumer spending is needed for a full economic recovery in Japan, but with interest rates already very low, further hikes shouldn't pose a significant hurdle. Overall, the Japanese economy is in a solid position for further growth.
Sensible Stories
By , MarketWatch, 11/30/2006
MarketMinder's View: We hate to say we told you so, but . . . .
Sensible Stories
By , The Wall Street Journal , 11/30/2006
MarketMinder's View: So far European officials have resisted the urge to enact stupid legislation to weaken the Euro—let's hope it stays that way.
Sensible Stories
By , The New York Times, 11/30/2006
MarketMinder's View: In the never-ending search for the investing Holy Grail (i.e., material information that no one else has), here's an interesting look at how investors constantly employ new techniques to find it.
Sensible Stories
By , Newsweek, 11/30/2006
MarketMinder's View: We may be about to shoot ourselves in the foot -- or maybe the chest -- on trade."
Sensible Stories
By , Forbes, 11/30/2006
MarketMinder's View: Maybe, but we sure do think they've got a better chance than a government bureaucracy.
Sensible Stories
By , The Wall Street Journal , 11/30/2006
MarketMinder's View: The fall of the dollar is most likely a reaction to the relative attractiveness of dollar denominated assets versus foreign assets and future interest rate expectations. The trade deficit is not to blame.
Market Misperceptions
By , MarketWatch, 11/29/2006
MarketMinder's View: Undue pessimism gives us confidence this bull market has further to run.
Sensible Stories
By , Forbes, 11/29/2006
MarketMinder's View: 2007 looks like another good year for stocks.
Sensible Stories
By , Time, 11/29/2006
MarketMinder's View: The experience of fear is biological, and our Stone Age brains are made for success in the wild, not in financial markets. Don't just ask yourself what you fear; ask yourself what it is you're irrationally fearing. This can make you a better investor.
Sensible Stories
By , USA TODAY, 11/29/2006
MarketMinder's View: The country's unemployment rate continues to stay below 5% while the job market for new graduates remains strong. Seems bullish to us!
Market Misperceptions
By , The Financial Times, 11/29/2006
MarketMinder's View: While these are good summaries of oft-cited reasons for the dollar's decline this year, we'd note there's little or no correlation between a declining dollar and a decline in the stock market.
Sensible Stories
By , MSNBC, 11/29/2006
MarketMinder's View: The Utilities consolidation boom continues in Europe.
Market Misperceptions
By , Forbes, 11/29/2006
MarketMinder's View: Everyone's a Fed critic. The economy is strong, inflation is low, employment is high. What's there to complain about?
Sensible Stories
By , The Nikkei Weekly , 11/28/2006
MarketMinder's View: Like the US, Japan has seen increased tax revenue as the result of robust economic activity, not higher taxes.
Sensible Stories
By , The Financial Times, 11/28/2006
MarketMinder's View: In today's global environment, companies don't have to seek investor capital in traditional places like the US or Europe.
Market Misperceptions
By , The Wall Street Journal , 11/28/2006
MarketMinder's View: We'll say it till we're blue in the face: trying to game short term moves in stocks, especially intra-month moves, is a poor investment strategy.
Sensible Stories
By , The Washington Post, 11/28/2006
MarketMinder's View: Not all real estate is created equal. Amid talk of a housing slowdown, commercial and industrial real estate powers ahead.
Sensible Stories
By , TCS Daily, 11/28/2006
MarketMinder's View: Mired in bureaucracy and overbearing social policies, Europe is no longer the US' economic brethren. Could the nations of Asia be closer kin to our entrepreneurial spirit?
Sensible Stories
By , The Wall Street Journal , 11/28/2006
MarketMinder's View: The likely future leader of the UK and the current US Treasury Secretary make the pro-free trade case against protectionism.
Market Misperceptions
By , The New York Times, 11/28/2006
MarketMinder's View: The very fact that a mass-media story about overly optimistic investors exists is itself proof that pessimism still prevails.
Sensible Stories
By , The Wall Street Journal , 11/28/2006
MarketMinder's View: Small caps should continue to outperform so long as a majority of "experts" continue to expect them not to.
Sensible Stories
By , The Financial Times, 11/25/2006
MarketMinder's View: A smart commentary on positive developments in Europe.
Market Misperceptions
By , The Economist, 11/25/2006
MarketMinder's View: Let's not blow this one out of proportion. While less regulation is always a good thing, to suggest the US capital markets are uncompetitive is absurd.
Sensible Stories
By , The Economist, 11/25/2006
MarketMinder's View: Real estate is more than just housing. While everyone focuses on the decline in residential real estate, the commercial property market is booming.
Sensible Stories
By , MSNBC.com, 11/25/2006
MarketMinder's View: With the Vietnam-US trade deal recently shot down, further indications of protectionism is bad news.
Sensible Stories
By , Bloomberg, 11/23/2006
MarketMinder's View: Robust global economic growth, particularly within emerging markets, will continue to keep demand for commodities high, and any disruption in supply will only compound price increases.
Sensible Stories
By , BusinessWeek, 11/23/2006
MarketMinder's View: Creative destruction is the capitalism function. Technology has taken the information advantage away from middlemen like car salespeople and empowered consumers who can negotiate the best price on their own. This is a good thing.
Market Misperceptions
By , CNN, 11/23/2006
MarketMinder's View: A great example of using fear tactics to sell media. The trade deficit is larger than ever and the economy is robust with record low unemployment…and by the way, we're in the 4th year of a bull market.
Sensible Stories
By , The Slate, 11/23/2006
MarketMinder's View: The supply of securities continues to shrink…bullish for stocks!
Market Misperceptions
By , The Wall Street Journal , 11/23/2006
MarketMinder's View: Basing one's investment strategy solely on a single ratio (in this case the widely used PEG ratio) is ill-advised to put it mildly.
Sensible Stories
By , Opinion Journal, 11/23/2006
MarketMinder's View: While it's unlikely the Democratic Congress can get much done in the next two years, the resurgence of protectionist talk is unsettling.
Sensible Stories
By , NPR, 11/23/2006
MarketMinder's View: With negative economic growth, 10% unemployment, and an aging native workforce…it's probably safe to say an anti-immigration initiative is the last thing France needs.
Market Misperceptions
By , The Slate, 11/23/2006
MarketMinder's View: This is a fundamental misunderstanding of market efficiency theory. Markets price in all widely known information, reflected in asset prices—markets are not a mechanism of perfect pricing or perfect information.
Sensible Stories
By , SmartMoney, 11/23/2006
MarketMinder's View: An interesting column about the difference between a trend follower versus just being one of the crowd. We'd add there's a difference between strategically investing against the crowd and simple contrarianism.
Sensible Stories
By , Newsweek, 11/22/2006
MarketMinder's View: We quote again: "The current era of globalization is more powerful, widespread and resilient than many people realize.
Sensible Stories
By , CNN, 11/22/2006
MarketMinder's View: With production stretched out to near full capacity, nearly any disruption in supply pushes oil prices higher.
Market Misperceptions
By , The Wall Street Journal , 11/22/2006
MarketMinder's View: Lots of talk about scary new anti-growth legislation is nigh, but given the slim majorities in both chambers, it's unlikely anything significant can pass Congress and a Presidential veto.
Sensible Stories
By , The Wall Street Journal , 11/22/2006
MarketMinder's View: We quote: "…the very fact that billions of dollars are being put on the table in an attempt to shift assets to their highest and best uses is a sign that the animal spirits that give the U.S. economy its dynamism are alive and well. The time to worry about an economy is when no one wants to take such risks.
Sensible Stories
By , TCS Daily, 11/22/2006
MarketMinder's View: We like them, too. At worst, there's no meaningful correlation between stock returns and budget deficits. At best, stocks may even do better when deficits are bigger!
Sensible Stories
By , Wall Street Journal , 11/21/2006
MarketMinder's View: Skepticism and fear create a "Wall of Worry" that actually helps push stocks upward.
Sensible Stories
By , MSNBC.com, 11/21/2006
MarketMinder's View: Increased free trade is a net positive for the global economy.
Sensible Stories
By , The Christian Science Monitor, 11/21/2006
MarketMinder's View: For more on real wage growth in the US, see our past commentary, "Inflating Wages".
Market Misperceptions
By , The Associated Press, 11/21/2006
MarketMinder's View: Economists are historically lousy at making GDP predictions. The only leading indicator that really counts (the stock market) continues to rally, signaling a strong economy in the period ahead.
Sensible Stories
By , The Financial Times, 11/21/2006
MarketMinder's View: Overzealous attempts to regulate US markets in wake of the last bear market are still having negative implications.
Sensible Stories
By , The Wall Street Journal , 11/21/2006
MarketMinder's View: Mergermania! Over $1.3 trillion dollars in deals announced, and we've still got more than a month left in the year!
Market Misperceptions
By , CNNMoney, 11/18/2006
MarketMinder's View: Our ridiculous headline of the week. Worrying over a few already well-known fears that "might" happen is what bull markets thrive on.
Sensible Stories
By , the Financial Times, 11/18/2006
MarketMinder's View: It's good to see the so-called compliance revolution pointing the finger at one of its own for a change.
Sensible Stories
By , MarketWatch, 11/18/2006
MarketMinder's View: The economic boom and infrastructure build-out worldwide is so large that many industrial companies can't even buy enough tires to do all the work!
Market Misperceptions
By , Reuters, 11/18/2006
MarketMinder's View: The very fact that many analysts are expecting a style shift makes it less likely to happen.
Sensible Stories
By , Slate.com, 11/18/2006
MarketMinder's View: The principles of free markets and investment strategy are taking the world of philanthropy by storm.
Sensible Stories
By , Bloomberg, 11/18/2006
MarketMinder's View: Contrary to many doomsdayers' dictums, financial derivatives are valuable tools that help companies and investors manage risk. (See our past commentary, "Deriving Stable Markets" for more.)
Sensible Stories
By , The Financial Times, 11/18/2006
MarketMinder's View: A worthwhile commentary on the economic situation in Japan.
Sensible Stories
By , Reuters, 11/17/2006
MarketMinder's View: More evidence the Dow is dodgy and international diversification is best for properly constructed stock portfolios.
Market Misperceptions
By , Barron’s Online, 11/17/2006
MarketMinder's View: Bull markets thrive on this sort of undue pessimism.
Market Misperceptions
By , Washington Post, 11/17/2006
MarketMinder's View: The best economic agenda for a government overseeing a market-based economy is "hands off"! A lame duck president and narrow majorities in Congress mean not much gets done anyway.
Sensible Stories
By , The Financial Times, 11/17/2006
MarketMinder's View: A good primer on the concept of "mean reversion" and psychology's effect on both markets and politics.
Sensible Stories
By , CNNMoney, 11/17/2006
MarketMinder's View: The bullish trend of equity supply destruction continues. It's an epidemic!
Sensible Stories
By , The Financial Times, 11/17/2006
MarketMinder's View: Tony Blair, much like George Bush, is effectively a lame duck with little power to achieve much before his tenure ends. Impotent governments are a good thing for free markets.
Market Misperceptions
By , Bloomberg, 11/16/2006
MarketMinder's View: This must be the new math. Our calculations show the US consumer is enjoying rises in income, employment, and net worth.
Market Misperceptions
By , MarketWatch, 11/16/2006
MarketMinder's View: In order to have stagflation, two vital items are required: Low economic growth and high inflation. Fortunately, neither is on the horizon.
Sensible Stories
By , The Associated Press, 11/16/2006
MarketMinder's View: The US airline industry is ripe with excess capacity and inefficiency—consolidation is good news.
Sensible Stories
By , The Financial Times, 11/16/2006
MarketMinder's View: A good summary of the reasons to be bullish on Japan.
Sensible Stories
By , FoxNews.com, 11/16/2006
MarketMinder's View: More bad news for the stagflation cheerleaders.
Market Misperceptions
By , Dow Jones Newswire, 11/16/2006
MarketMinder's View: Economics really must be more confusing than we thought: one month the media says expensive gas causes declines in retail sales, and the next month cheap gas is also to blame for retail sales declines. Which one is it?
Sensible Stories
By , The Financial Times, 11/16/2006
MarketMinder's View: Rising Chinese nationalism is concerning to the global economy and trade.
Market Misperceptions
By , The Wall Street Journal , 11/16/2006
MarketMinder's View: Yet another good reason to hate mutual funds.
Sensible Stories
By , MarketWatch, 11/16/2006
MarketMinder's View: Private equity deals and mergers continue at a torrid pace with no end in sight.  These cash-based deals reduce the supply of equities—a very positive trend for stock prices.
Market Misperceptions
By , USA Today, 11/16/2006
MarketMinder's View: It should be obvious that art markets and well-attended tech conferences don't drive stock performance, nor are they reliable sentiment indicators.
Market Misperceptions
By , Business Week, 11/15/2006
MarketMinder's View: A clever metaphor doesn't make this argument correct. The conclusion doesn't follow from the premises: a growing economy creates a bigger overall pie…economic development is not a zero sum game.
Sensible Stories
By , The Washington Post, 11/15/2006
MarketMinder's View: Turns out the US isn't doing so badly after all.
Sensible Stories
By , The Slate, 11/15/2006
MarketMinder's View: Reagan's famous mantra recapitulated. Could a media shift from pessimism to optimism be at hand?
Sensible Stories
By , The Wall Street Journal , 11/15/2006
MarketMinder's View: We like supply side economics no matter which political side it falls on.
Sensible Stories
By , Forbes, 11/15/2006
MarketMinder's View: A good investor has the "geo" questions in mind all the time.
Sensible Stories
By , The Wall Street Journal , 11/15/2006
MarketMinder's View: The Japanese economic expansion continues…
Market Misperceptions
By , The Financial Times, 11/15/2006
MarketMinder's View: We couldn't disagree more.  The data show that economic growth is stronger than most are giving credit, and inflationary pressures are benign.
Sensible Stories
By , The Wall Street Journal , 11/15/2006
MarketMinder's View: Budget deficits are a misconstrued risk, and higher taxes are not the answer. Here's why.
Market Misperceptions
By , Business Week, 11/15/2006
MarketMinder's View: If listening to Motown means bailing out inefficient manufactures that have struggled to stay afloat now for three decades, we must be tone deaf.
Sensible Stories
By , Barron’s, 11/14/2006
MarketMinder's View: The markets will tell us how to react to the new Congress, not pundits.
Sensible Stories
By , CNNMoney.com, 11/14/2006
MarketMinder's View: A cogent counter-opinion to the widely held view the US isn't attracting foreign talent.
Market Misperceptions
By , The Wall Street Journal , 11/14/2006
MarketMinder's View: A classic example of the false belief that oil prices drive stock market returns. Both are currently being driven by economic growth expectations.
Sensible Stories
By , Forbes, 11/14/2006
MarketMinder's View: Note the stark contrast in rhetoric between a known media commentator and an actual business owner.
Sensible Stories
By , Bloomberg, 11/14/2006
MarketMinder's View: The US consumer soldiers on in the face of widespread pessimism.
Sensible Stories
By , Fortune, 11/14/2006
MarketMinder's View: We agree with the Treasury Secretary.
Sensible Stories
By , USA Today, 11/14/2006
MarketMinder's View: $10 trillion invested…and not a penny of capital gains calculated in the national savings rate. Does that make sense to you?
Sensible Stories
By , NPR, 11/11/2006
MarketMinder's View: Any restriction on free trade results in a dead weight loss for the global economy.  This is just one example.
Sensible Stories
By , Forbes, 11/11/2006
MarketMinder's View: Abandon the outmoded government methods employed to track savings. If one analyzes capital gains and the precipitous rises in total net worth, this country saves plenty.
Sensible Stories
By , MarketWatch, 11/11/2006
MarketMinder's View: Negative investor sentiment…a great reason to be bullish!
Sensible Stories
By , Forbes, 11/11/2006
MarketMinder's View: A reminder on the importance of freedom and capitalism in promoting societal progress. Stasis and stagnation are the result of socialism.
Sensible Stories
By , Wall Street Journal , 11/11/2006
MarketMinder's View: The BOE is "forced" to raise short interest rates because of their inflation target. The result: undue tightening to fight an already benign 2.4% annualized CPI in the UK.
Market Misperceptions
By , USA Today, 11/11/2006
MarketMinder's View: A potential federal minimum wage increase would affect less than 2% of the US population. A minor negative? Yes. But hardly worth panicking over.
Sensible Stories
By , Forbes, 11/11/2006
MarketMinder's View: The argument against needless regulation in the insurance industry. We say here, here!
Sensible Stories
By , Wall Street Journal , 11/11/2006
MarketMinder's View: A switch in stock leadership from small to big caps is widely expected—speculation has even seeped onto the front page of the Journal! Basic market theory says widely expected shifts shouldn't happen because they're already priced in.
Sensible Stories
By , The Financial Times, 11/10/2006
MarketMinder's View: As Milton Friedman said, inflation is always and everywhere a monetary phenomenon.
Sensible Stories
By , The New York Times, 11/10/2006
MarketMinder's View: The kinder, gentler side of the SEC!
Sensible Stories
By , Forbes, 11/10/2006
MarketMinder's View: Something to keep an eye on. Paring back Sarbanes-Oxley laws is probably a positive for financial markets.
Sensible Stories
By , The Wall Street Journal , 11/10/2006
MarketMinder's View: It is worth being aware of the new leaders' views and how the market reacts, but don't get too excited – Congress won't have much power to legislate in the next two years.
Market Misperceptions
By , The Wall Street Journal , 11/10/2006
MarketMinder's View: Neither expansions nor contractions in trade deficits have ever been harbingers of bad economies or declining stock markets. This is still true.
Market Misperceptions
By , BusinessWeek, 11/10/2006
MarketMinder's View: It's only Thursday, but (like a giddy network anchor proclaiming a winner too early on election night) we're making the call: the worst headline of the week. No person or entity "steers" a market-based economy, that's the point.
Sensible Stories
By , 11/10/2006
MarketMinder's View: Sure, it's satire. But we have to admit this one blurs the line between comedy and reality.
Sensible Stories
By , The Nikkei Weekly , 11/09/2006
MarketMinder's View: This article gets it right. Higher taxes often do not translate into more tax revenue.
Sensible Stories
By , MarketWatch, 11/09/2006
MarketMinder's View: We never did understand the theory of raising the cost of domestically produced oil to reduce our dependence on cheaper foreign oil.  Clearly, we weren't the only ones.
Sensible Stories
By , 11/09/2006
MarketMinder's View: With interest rates remaining low, employment rising and personal income gaining, it's premature (if not flat out wrong) to think the real estate market is done for.
Sensible Stories
By , CBS News, 11/09/2006
MarketMinder's View: Emerging markets continue to grow at a fast clip—signs of a robust global economy. But keep in mind Vietnam is still miniscule within the context of the global scene.
Sensible Stories
By , Wall Street Journal , 11/09/2006
MarketMinder's View: Fears about a Japanese economic slowdown appear overblown.
Market Misperceptions
By , Wall Street Journal , 11/09/2006
MarketMinder's View: A common misconception. High energy and materials prices are not causes of movements in other asset classes, but rather the effects of economic growth.
Sensible Stories
By , The New York Times, 11/09/2006
MarketMinder's View: Oil is increasingly more difficult to find and exploit. That means higher excavation and research expenses—a factor that keeps energy prices high.
Sensible Stories
By , Forbes, 11/08/2006
MarketMinder's View: Anytime prices are fixed, it creates winners and losers.  Although a minimum wage hike is a negative for markets, in the long-term the adaptability of capitalism will allow the economy to adjust.
Sensible Stories
By , Financial Times , 11/08/2006
MarketMinder's View: It's important to remember real estate is a distinctly different asset class than equities.
Sensible Stories
By , SmartMoney, 11/08/2006
MarketMinder's View: A signal of a robust economy and Financials sector.
Sensible Stories
By , Wall Street Journal , 11/08/2006
MarketMinder's View: We've already said our peace on the US mid-term elections (see yesterday's commentary "Thoughts on Election Eve"). Now it's time to see what happens. Here's a concise guide to tonight's action.
Market Misperceptions
By , MarketWatch, 11/08/2006
MarketMinder's View: Why would trading "get wild" given a widely expected result?
Market Misperceptions
By , CNN Money, 11/08/2006
MarketMinder's View: Conspiracy theories are always amusing. But gas prices have fallen globally, not just in the US.  We're sure power hungry politicians (pun intended) wish they had that kind of control over a global commodity.
Sensible Stories
By , Wall Street Journal , 11/08/2006
MarketMinder's View: New investment hasn't kept up with rising oil demand. This means more good times ahead for energy service companies.
Market Misperceptions
By , Bloomberg, 11/08/2006
MarketMinder's View: A detailed study of manufacturing numbers. Fortunately for us (and unfortunately for the author's thesis), manufacturing only represents about 20% of the US economy today.
Sensible Stories
By , Financial Times , 11/08/2006
MarketMinder's View: Deal-o-rama!!!
Sensible Stories
By , TheStreet.com, 11/08/2006
MarketMinder's View: An interesting look at the presidential cycle and average market returns in the back half of a presidential term.
Sensible Stories
By , Wall Street Journal , 11/08/2006
MarketMinder's View: European growth continues…
Market Misperceptions
By , The Financial Times, 11/07/2006
MarketMinder's View: Arbitrary anchors—such as the 3% deficit rule in the EU—are not an appropriate method to guide economic and fiscal policy.
Sensible Stories
By , Associated Press, 11/07/2006
MarketMinder's View: The M&A Boom Continues…
Sensible Stories
By , The Financial Times , 11/07/2006
MarketMinder's View: Painfully obvious, yet so often forgotten.
Market Misperceptions
By , Fortune, 11/07/2006
MarketMinder's View: If high gas prices didn't kill economic growth, why would low prices cause growth to surge?
Sensible Stories
By , Wall Street Journal, 11/07/2006
MarketMinder's View: A positive trend for Japanese retailers and financial companies.
Market Misperceptions
By , BusinessWeek, 11/07/2006
MarketMinder's View: Simply absurd. Never doubt the media's ability to spin something positive into doom and gloom.
Sensible Stories
By , Fool.com, 11/07/2006
MarketMinder's View: Count us as fervent opposition to the ‘Debt Doomsday Club'.
Sensible Stories
By , 11/04/2006
MarketMinder's View: We still say the Dow is an inane and useless artifact from the past. But Mr. Kramer's reasons for being bullish are right on.
Market Misperceptions
By , The Financial Times, 11/04/2006
MarketMinder's View: Focus on separating the fundamentals from the noise. Save the gambling for Vegas.
Sensible Stories
By , Thestreet.com, 11/04/2006
MarketMinder's View: Supply and excess capacity of oil are still tight and global demand is still high, making news of disruptions and shortfalls more likely than stories about oversupply.
Sensible Stories
By , Bloomberg.com, 11/04/2006
MarketMinder's View: More Bad News for the Bears...
Market Misperceptions
By , The Financial Times, 11/04/2006
MarketMinder's View: Since when does investor loyalty have anything to do with how well a stock performs or a company operates?
Market Misperceptions
By , The Wall Street Journal, 11/04/2006
MarketMinder's View: Our ridiculous story of the week. Why would a manager's participation in a passive fund say anything about the fund's performance?
Dueling Headlines
By , Associated Press, 11/04/2006
MarketMinder's View:  
Sensible Stories
By , The Financial Times, 11/04/2006
MarketMinder's View: A worthwhile comment on the benefits of short selling to market efficiency and stability.
Market Misperceptions
By , Bloomberg.com, 11/03/2006
MarketMinder's View: Excessively dangerous trading behavior?  The way we see it, hedge funds are a positive for markets precisely because their trading behavior is different from most investors.
Sensible Stories
By , Forbes.com, 11/03/2006
MarketMinder's View: Another headline in our ongoing theme: population growth is good. Skip the dubious points on the national savings rate and cultural conflicts and read the last paragraph.  We couldn't agree more.
Market Misperceptions
By , Fool.com , 11/03/2006
MarketMinder's View: The answer?  Nothing.  Looking at the five best performing stocks over various periods is a silly way of framing this otherwise noteworthy argument.
Sensible Stories
By , The Financial Times, 11/03/2006
MarketMinder's View: Indeed.  The media may sensationalize a scandal here and an errant John Kerry comment there, but the bottom line is the mid-term election outcome will be benign for markets.
Sensible Stories
By , The New York Times , 11/03/2006
MarketMinder's View: The dark side of minimum wage increases.
Sensible Stories
By , The New York Times, 11/03/2006
MarketMinder's View: A smart rebuttal of a common media concern.
Sensible Stories
By , 11/03/2006
MarketMinder's View: The threat of nationalization and protectionism in emerging markets is an unsettling development for stocks…
Sensible Stories
By , Fortune, 11/03/2006
MarketMinder's View: Isn't it amazing how quickly the forces of supply and demand can adjust market prices?
Sensible Stories
By , The Financial Times, 11/03/2006
MarketMinder's View: …but perhaps there's reason for optimism.
Sensible Stories
By , The Wall Street Journal, 11/02/2006
MarketMinder's View: The way to promote alternative energy is not through higher taxes.
Market Misperceptions
By , The Wall Street Journal, 11/02/2006
MarketMinder's View: Has anyone not heard of the housing slowdown or flailing auto industry?  Widely disseminated stories lack the surprise power to move markets.
Market Misperceptions
By , MarketWatch.com, 11/02/2006
MarketMinder's View: Oh alright, we confess.  We've been using Jedi mind tricks on the markets for years.
Sensible Stories
By , MarketWatch.com, 11/02/2006
MarketMinder's View: This is what happens when politicians redistribute wealth.
Market Misperceptions
By , The New York Times, 11/02/2006
MarketMinder's View: This article is so full of blatant misconceptions we didn't have the space to go through them all for you.
Sensible Stories
By , The New York Post, 11/02/2006
MarketMinder's View: Merger mania continues…
Sensible Stories
By , USA Today, 11/02/2006
MarketMinder's View: Given all the inflation worries, it is worth noting the price of many goods is actually going down.  Published inflation figures are a measure of the average price, not all prices
Market Misperceptions
By , Bloomberg.com, 11/02/2006
MarketMinder's View: This doesn't make any sense to us.  Globalization does not make developed markets poorer.
Sensible Stories
By , Fool.com, 11/02/2006
MarketMinder's View: We must be really demented.  We don't think a 40% allocation to foreign equities is too high right now.
Sensible Stories
By , The Financial Times, 11/02/2006
MarketMinder's View: Who is John Gault, anyway?  While we found the author's name a bit ironic and feel American democracy is just fine as is, the article is still good at detailing the structural forces at work in elections.
Market Misperceptions
By , USA Today, 11/01/2006
MarketMinder's View: A five-year projection on anything is an exercise in futility. 
Sensible Stories
By , The Wall Street Journal, 11/01/2006
MarketMinder's View: Another example of how competition in the financial sector leads to the efficient allocation of capital.
Market Misperceptions
By , Christian Science Monitor, 11/01/2006
MarketMinder's View: The days when Detroit had a significant impact on the US economy are long gone.
Sensible Stories
By , TheStreet.com, 11/01/2006
MarketMinder's View: Merger mania continues…
Sensible Stories
By , The Wall Street Journal, 11/01/2006
MarketMinder's View: An interesting historical review of Congressional elections in the sixth-year of a presidency.
Sensible Stories
By , MarketWatch.com, 11/01/2006
MarketMinder's View: A personal road map tailored to your specific needs and expectations is the best way to invest.
Sensible Stories
By , Forbes, 11/01/2006
MarketMinder's View: This bull has room to run.  Bear markets come during periods when sentiment is very positive, which we don't have now.  
Market Misperceptions
11/01/2006
MarketMinder's View: Despite their best efforts, they couldn't scare us with this one.  Consumer confidence is at best a coincident indicator with no predictive power. 
Sensible Stories
By , The Wall Street Journal, 11/01/2006
MarketMinder's View: Market forces are doing just fine regulating hedge funds.  Imperialist bureaucrats pushing for sweeping oversight only spells trouble.
Market Misperceptions
By , 10/31/2006
MarketMinder's View: We couldn't really find any supporting evidence within the story to back up the headline.  Every month it seems there is new story of impending doom.  Funny that the "doom" never happens.
Market Misperceptions
By , The Financial Times, 10/31/2006
MarketMinder's View: This is silly.  Consumers don't need help saving.  They're in better financial shape than they have ever been.
Sensible Stories
By , The Financial Times, 10/31/2006
MarketMinder's View: We'd quibble with declaring the death of national indices, but the article is a noteworthy discussion of portfolio construction.
Market Misperceptions
By , Bloomberg.com, 10/31/2006
MarketMinder's View: Huh?  Just looking at a chart says a 20% decline is imminent?  What about the stuff that really matters, like a strong global economy and 73% of companies in the S&P 500 beating earnings expectations so far this quarter?
Market Misperceptions
By , Business Week, 10/31/2006
MarketMinder's View: A potential housing market collapse continues to be one of the most over-reported (and over-exaggerated) stories.
Sensible Stories
By , The Wall Street Journal, 10/31/2006
MarketMinder's View: Not only is supply being destroyed at a record pace, but demand is strong as well.  This is bullish for equities.
Market Misperceptions
By , The Wall Street Journal, 10/31/2006
MarketMinder's View: The outcome is still too close to call, but whatever happens in the upcoming US mid-term elections it won't be sweeping change and wealth redistribution.
Sensible Stories
By , MSNBC.com, 10/31/2006
MarketMinder's View: We quote: "But there are no realistic scenarios we can think of that would create a ‘tipping point' that would set in motion an unstoppable down cycle…maybe massive global famine or some killer virus that wipes out entire cities.  But your odds of dying while driving a car are much greater.
Sensible Stories
By , Bloomberg.com, 10/31/2006
MarketMinder's View: Robust growth in emerging markets will keep demand for commodities high.
Sensible Stories
By , MarketWatch.com, 10/31/2006
MarketMinder's View: There was an inflation scare?
Sensible Stories
By , National Public Radio, 10/28/2006
MarketMinder's View: A good debunking of the common myth that ARMs will cause mass defaults or a housing collapse.
Market Misperceptions
By , Marketwatch.com, 10/28/2006
MarketMinder's View: The headline probably says it all.  There is no free lunch and certainly not with options trading.
Sensible Stories
By , Marketwatch.com, 10/28/2006
MarketMinder's View: The beauty of technological efficiency at work:  as production is streamlined, prices plummet, and standards of living rise—and so do corporate profits.
Sensible Stories
By , Wall Street Journal, 10/28/2006
MarketMinder's View: Investors too focused on the US market often miss big opportunities abroad…
Sensible Stories
By , Wall Street Journal, 10/28/2006
MarketMinder's View: Ever notice how "temporary" government spending programs tend to far outlive their usefulness?
Sensible Stories
By , CNN, 10/28/2006
MarketMinder's View: An excellent description of supply-side economics.
Sensible Stories
By , Thestreet.com, 10/28/2006
MarketMinder's View: Merger mania continues…
Sensible Stories
By , Wall Street Journal, 10/28/2006
MarketMinder's View: Democracy and free market capitalism are two sides of the same coin.
Market Misperceptions
By , CNNMoney.com, 10/28/2006
MarketMinder's View: Our ridiculous headline of the week. We're not sure what it means to be "bubble proof." Although, we vaguely recall having our cars "bubble-proofed" for an extra fee at the car wash last week. Is that the same thing?
Sensible Stories
By , Bloomberg, 10/28/2006
MarketMinder's View: Even more equity supply destruction!
Market Misperceptions
By , ABC News, 10/28/2006
MarketMinder's View: For it to be a bubble, you need mass euphoria and rationalization of outlandish valuations. That just isn't happening today.
Sensible Stories
By , Financial Times , 10/28/2006
MarketMinder's View: Indeed. There's an important difference between deficits and social entitlement liabilities.
Sensible Stories
By , Barron’s Online (*Site requires subscription), 10/27/2006
MarketMinder's View: Many investors are afraid of a major decline in stocks and are missing the rally. Fear and positive fundamentals are two things a bull market thrives on.
Sensible Stories
By , The Wall Street Journal , 10/27/2006
MarketMinder's View: Continued equity supply destruction is one of the most underrated reasons to be bullish on stocks this year.
Market Misperceptions
By , New York Times, 10/27/2006
MarketMinder's View: One of the most widely reported stories of the year no longer has the power to suppress stocks…markets are higher today on the news!
Market Misperceptions
By , The Wall Street Journal , 10/27/2006
MarketMinder's View: The outcome is still too close to call, but whatever happens in the upcoming US mid-term elections it won't be a sweeping change and will have a benign impact on stocks.
Sensible Stories
By , The Wall Street Journal , 10/27/2006
MarketMinder's View: A look at the market forces behind the rise and fall of oil company profits over time exposes the foolishness of a windfall profits tax.
Sensible Stories
By , The Financial Times, 10/27/2006
MarketMinder's View: A powerful example of the benefits of deregulation for capital markets.
Market Misperceptions
By , Reuters, 10/26/2006
MarketMinder's View: This horrific and unfair income disparity among the rich deceased and poor deceased must be put to an end!
Sensible Stories
By , MarketWatch, 10/26/2006
MarketMinder's View: A good reminder why mutual funds can be poor investment instruments. Also, we just love this evocative opening paragraph: "Halloween, the Night of The Living Dead, is also a great metaphor for the dark side of America's $9.5 trillion mutual fund industry, a time to descend into the foggy cemetery of long-dead funds. This frightening tale paralyzes investors, forcing them to bury the fear deep in the dungeons of their brains.
Market Misperceptions
By , Smart Money, 10/26/2006
MarketMinder's View: Huh? We just don't see the rampant "optimism" described here. It's still pretty dour out there.
Sensible Stories
By , Wall Street Journal, 10/26/2006
MarketMinder's View: Would it be such a bad thing to simply allow pension managers the freedom to decide the best way to handle payouts, and not the government?
Sensible Stories
By , RealClearPolitics, 10/26/2006
MarketMinder's View: A look at past titans of capitalism and the dynamic nature of a US economy continually reinventing itself.
Sensible Stories
By , Wall Street Journal, 10/26/2006
MarketMinder's View: Despite the recent run-up in stock prices, investors remain skeptical—bullish for stocks.
Market Misperceptions
By , Wall Street Journal, 10/26/2006
MarketMinder's View: Bull markets thrive on doubt and disbelief—buy stocks now before sentiment truly turns euphoric.
Sensible Stories
By , Wall Street Journal, 10/26/2006
MarketMinder's View: More powerful evidence the US consumer is doing just fine.
Sensible Stories
By , Wall Street Journal, 10/26/2006
MarketMinder's View: More ways your brain can trick you as an investor.
Sensible Stories
By , Forbes, 10/26/2006
MarketMinder's View: A noteworthy commentary on wage differentials and the benefits of the market-based system. We quote: "If remuneration at 127 times the average wage is wrong, what is right? One hundred times? Fifty? Twenty? Twice? Who's to say? The market determines these things. If you don't like the market's decisions, the alternative is wage controls, with bureaucrats fixing the scales. Who wants that? And when has it ever worked?
Market Misperceptions
By , Foxnews.com , 10/25/2006
MarketMinder's View: Creative destruction strikes again! (See our past commentary, "When Destruction is Good".)
Market Misperceptions
By , MarketWatch , 10/25/2006
MarketMinder's View: Charts, charts, and more charts…too bad historic prices aren't a predictor of future prices.
Sensible Stories
By , Fortune, 10/25/2006
MarketMinder's View: Private equity firms continue to be a major force in corporate acquisitions – decreasing the supply of public equities raising stocks' value.
Sensible Stories
By , RealClearPolitics , 10/25/2006
MarketMinder's View: An interesting take on today's pervasive pessimistic sentiment in the general populace.
Sensible Stories
By , Wall St. Journal , 10/25/2006
MarketMinder's View: An increase in protectionism in Europe would be a bad thing for stocks.
Sensible Stories
By , Wall Street Journal, 10/25/2006
MarketMinder's View: Some clear-minded thinking on hedge funds and the role they play in markets.
Market Misperceptions
By , Wall Street Journal , 10/25/2006
MarketMinder's View: Energy companies never counted on sustained +$70 oil…only exuberant analysts did. Despite the recent decline in oil prices, current fundamentals still imply strong profits for energy companies.
Sensible Stories
By , TheStreet.com, 10/25/2006
MarketMinder's View: Political gridlock probably results in less legislation…that's good news for stocks.
Sensible Stories
By , Motley Fool , 10/25/2006
MarketMinder's View: Another good reminder on the importance of understanding behavioral psychology for successful investing.
Sensible Stories
By , Financial Times, 10/24/2006
MarketMinder's View: There's a difference between debt and social entitlement programs.  Social entitlements are not contracts and shouldn't be part of the deficit.
Sensible Stories
By , Wall Street Journal, 10/24/2006
MarketMinder's View: Wal-Mart's potential entry into banking could have a big impact on the Financials sector. (See last week's commentary, Financials Revolution.)
Market Misperceptions
By , Reuters.com, 10/24/2006
MarketMinder's View: It's absurd to believe a currency's movement is caused by the reigning political party.
Market Misperceptions
By , Fool.com, 10/24/2006
MarketMinder's View: It's been empirically shown that P/E valuations don't predict stock returns.
Sensible Stories
By , Wall Street Journal, 10/24/2006
MarketMinder's View: We can't fathom the logic of raising prices on domestic oil in order to crimp demand for imported oil.
Sensible Stories
By , Economist, 10/24/2006
MarketMinder's View: The idea that the US consumer is propping up the global economy is a myth. "During the past five years America has accounted for only 13% of global real GDP growth.
Sensible Stories
By , Economist, 10/24/2006
MarketMinder's View: How to protect an industry? By allowing competition and free markets, of course!
Sensible Stories
By , Wall Street Journal, 10/24/2006
MarketMinder's View: It's good to have a Treasury Secretary who understands the benefits of efficient financial markets.
Sensible Stories
By , Wall Street Journal, 10/24/2006
MarketMinder's View: Overregulation and corruption are still a large part of the equation in Continental Europe.
Market Misperceptions
By , MarketWatch, 10/24/2006
MarketMinder's View: US auto manufacturers haven't been a good barometer for the economy in decades.
Sensible Stories
By , Wall Street Journal, 10/24/2006
MarketMinder's View: Increasing the cost of doing business doesn't create jobs, it destroys them.
Sensible Stories
By , CBS News, 10/24/2006
MarketMinder's View: A meaningful and positive long-term development for global trade.
Sensible Stories
By , Wall Street Journal, 10/21/2006
MarketMinder's View: Dispelling another myth about the US Federal Budget.
Sensible Stories
By , TheStreet.com, 10/21/2006
MarketMinder's View: The Importance of a Global Investment Perspective: A global investment strategy decreases country-specific risk through diversification and opens your portfolio to abundant opportunities.
Sensible Stories
By , Wall Street Journal, 10/21/2006
MarketMinder's View: A good example of the benefits tax cuts provide.
Market Misperceptions
By , Reuters, 10/21/2006
MarketMinder's View: Don't let the tail wag the dog—markets will tell us how to react to geopolitical events, not the other way around. Today, they're saying not to be overly worried about North Korea.
Sensible Stories
By , CBS News, 10/21/2006
MarketMinder's View: US Mid-Term Elections: Maybe the Foley scandal has trumped the structural GOP advantage—it's too close to call. But no matter who emerges the victor, gridlock will rule Congress after the mid-term elections. Bullish for stocks.
Market Misperceptions
By , Financial Times, 10/21/2006
MarketMinder's View: It wouldn't be Friday without the most ridiculous story of the week. Sadly, not even Orcs and Wizards have the magic to fend off a greedy taxman.
Market Misperceptions
By , Wall Street Journal, 10/21/2006
MarketMinder's View: Maybe, but the reality is financial reporting is very poor in China and we really don't have much idea what the truth is.
Sensible Stories
By , MarketWatch, 10/21/2006
MarketMinder's View: The virtue of patience: achieving long-term investment goals is all that matters for most investors.
Sensible Stories
By , Barrons, 10/20/2006
MarketMinder's View: A market technician's view on today's low sentiment and why that's bullish for stocks.
Sensible Stories
By , Financial Times, 10/20/2006
MarketMinder's View: The M&A boom will continue across the globe. Though we'd quibble with the authors' assertion that M&A conditions are not as conducive in the US.
Sensible Stories
By , Financial Times, 10/20/2006
MarketMinder's View: Emerging markets are booming, but discretion is still the better part of valor in many specific regions.
Market Misperceptions
By , Financial Times, 10/20/2006
MarketMinder's View: Wrong.  Investors aren't euphoric, nor does increased volatility have to be to the downside.
Sensible Stories
By , Forbes.com, 10/20/2006
MarketMinder's View: A running theme this week: the widespread misconception we're worse off today than the generations before us.
Sensible Stories
By , CNNMoney.com, 10/19/2006
MarketMinder's View: Housing starts rose 5.9% in September to an annual rate of 1.8 million –a rate well above the 20 year average of 1.5 million. Real estate is not imploding and won't sink stocks.
Market Misperceptions
By , CNN.com, 10/19/2006
MarketMinder's View: A classic example of faulty thinking based on anecdotal storytelling. Here's the empirical truth: Lower taxes, low unemployment, surging GDP, and flourishing net worth and personal income in the US today.
Sensible Stories
By , MarketWatch, 10/19/2006
MarketMinder's View: We really like a few of these: "Emotion is the enemy when trading. Emotional decisions always have a way of coming back to haunt you. If you're personally attached to a position, your decision making process will be flawed. It's that simple.
Sensible Stories
By , Motley Fool, 10/19/2006
MarketMinder's View: We quote: "Most of the headline-hawkers out there could not possibly care less. Remember, their job isn't to make you understand, or to help you make smarter investing decisions. Their only concern is to sell a headline.
Sensible Stories
By , MSNBC, 10/19/2006
MarketMinder's View: Middle-class Americans are better off today than they were in previous generations.
Sensible Stories
By , BusinessWeek, 10/19/2006
MarketMinder's View: Nationalized energy assets, increasingly isolationist and protectionist rhetoric, assassinations daily…we'd steer clear of Russia as an investment option for the time being.
Market Misperceptions
By , SmartMoney, 10/19/2006
MarketMinder's View: Markets don't care about political party affiliation and never have.
Market Misperceptions
By , MarketWatch, 10/19/2006
MarketMinder's View: You can slice it and dice it all you want—inflation is mild.
Sensible Stories
By , Wall Street Journal, 10/19/2006
MarketMinder's View: You are your own worst enemy when it comes to investing. Figure out how your brain could be tricking you before making hasty decisions.
Market Misperceptions
By , Bloomberg, 10/18/2006
MarketMinder's View: Foreigners invest in the US because it's a good investment option, not out of the kindness of their hearts.
Sensible Stories
By , 10/18/2006
MarketMinder's View: Mergermania Continues!
Sensible Stories
By , Financial Times, 10/18/2006
MarketMinder's View: A cogent editorial on why hedge funds are good for financial markets.
Sensible Stories
By , BBC News, 10/18/2006
MarketMinder's View: Developing nations continue their pace of torrid growth, boosting global economic activity.
Sensible Stories
By , Wall Street Journal, 10/18/2006
MarketMinder's View: Just the facts are enough to show the strength of the US economy. No faith needed.
Sensible Stories
By , Wall Street Journal, 10/18/2006
MarketMinder's View: Population growth is nothing to worry about; it's a boon for the US.
Sensible Stories
By , MarketWatch, 10/18/2006
MarketMinder's View: More mergers!
Sensible Stories
By , 10/17/2006
MarketMinder's View: America's rising population will solve more problems than it creates.
Market Misperceptions
By , Wall Street Journal, 10/17/2006
MarketMinder's View: Contrary to this Nobel Laureate's dictums, budget surpluses and higher taxes are historically a bane to economies and stock markets.
Sensible Stories
By , 10/17/2006
MarketMinder's View: An intelligent look at the US trade deficit with China.
Market Misperceptions
By , Wall Street Journal, 10/17/2006
MarketMinder's View: Actually, it's encouraging to see a fair amount of pessimism – the scariest time for stocks is when everyone's optimistic.
Market Misperceptions
By , SmartMoney, 10/17/2006
MarketMinder's View: So, we're guessing she didn't see the Fed's Empire State Manufacturing index easily surpass expectations this morning…
Market Misperceptions
By , Financial Times, 10/14/2006
MarketMinder's View: We don't buy the argument the stock market is up simply because of confidence in the Fed.  Strong fundamentals are driving this bull market.
Market Misperceptions
By , 10/14/2006
MarketMinder's View: It just wouldn't be Friday without another wacky conspiracy theory.
Sensible Stories
By , Wall Street Journal, 10/14/2006
MarketMinder's View: China's torrid economic expansion continues to fuel demand for energy and commodities.
Market Misperceptions
By , CBS News, 10/14/2006
MarketMinder's View: There was never much trade going in or out of North Korea in the first place.
Sensible Stories
By , MarketWatch, 10/14/2006
MarketMinder's View: 3Q Earnings are strong so far—here's more anecdotal evidence from one of the world's largest companies.
Sensible Stories
By , New York Times, 10/14/2006
MarketMinder's View: An interesting piece on pension funds and how they're seeking higher returns.
Dueling Headlines
By , Washington Post, 10/14/2006
MarketMinder's View:  
Market Misperceptions
By , Financial Times, 10/14/2006
MarketMinder's View: For years now we've read that expensive oil would sink stocks, now we're being told cheap oil will sink stocks. Oil was $30 a barrel in 2003 when the S&P 500 returned 28% and positive in 2004 and 2005 when oil prices surged.
Sensible Stories
By , Wall Street Journal, 10/14/2006
MarketMinder's View: The verdict is in: tax cuts have been effective for the US economy.
Sensible Stories
By , MarketWatch, 10/13/2006
MarketMinder's View: More strong earnings!
Sensible Stories
By , Wall Street Journal, 10/13/2006
MarketMinder's View: Visa's entry into publicly traded markets should spur greater competition between the financial transactions firms and possibly more consolidation.
Market Misperceptions
By , BusinessWeek, 10/13/2006
MarketMinder's View: All five risk factors in this article are widely discussed and no longer offer surprise power to the markets. They are fully priced. Let the bull market climb the Wall of Worry!
Sensible Stories
By , 10/13/2006
MarketMinder's View: Earnings Season Begins! Anecdotal evidence is pointing to another strong quarter of earnings growth.
Market Misperceptions
By , CNN Money, 10/13/2006
MarketMinder's View: Restrict trade?! Sorry Mr. Trump, but restricting trade from one of the fastest growing global exporters would be a bane, not a boon.
Sensible Stories
By , Wall Street Journal, 10/13/2006
MarketMinder's View: The latest Nobel Laureate in Economics weighs in on the virtues of capitalism.
Sensible Stories
By , 10/12/2006
MarketMinder's View: The title says it all.
Sensible Stories
By , Financial Times, 10/12/2006
MarketMinder's View: Regret-shunning and blame-laying make their way to the Private Equity industry.
Sensible Stories
By , The New York Times, 10/12/2006
MarketMinder's View: Two interesting takes on demographics and the retiring baby boomer generation.
Sensible Stories
By , SmartMoney, 10/12/2006
MarketMinder's View: Structure usually trumps popularity in regional elections. House incumbents have a 97% reelection rate over the last four elections.
Dueling Headlines
By , Business Week, 10/12/2006
MarketMinder's View:  
Market Misperceptions
By , Associated Press, 10/12/2006
MarketMinder's View: A theory of ubiquitous bond trader collusion driving markets one way or the other doesn't hold a lot of water.
Sensible Stories
By , Financial Times, 10/12/2006
MarketMinder's View: Along with record supply destruction, demand for equities is running high. (That means higher stock prices.)
Market Misperceptions
By , The New York Times, 10/12/2006
MarketMinder's View: OPEC officials are notorious for breaking their own promises on production.
Sensible Stories
By , The Motley Fool, 10/12/2006
MarketMinder's View: With M&A and at record levels and LBOs surging, attractive acquisition targets can lead to large payoffs.
Market Misperceptions
By , Wall Street Journal, 10/12/2006
MarketMinder's View: One poor result means very little for aggregate earnings. That is, if you can even call an 86% increase in EPS a poor result.
Sensible Stories
By , MarketWatch, 10/12/2006
MarketMinder's View: Noteworthy IPOs tend to happen in favorable environments for stocks.
Sensible Stories
By , Wall Street Journal, 10/11/2006
MarketMinder's View: Earnings season is about to kick in. It should be another good one.
Sensible Stories
By , Reuters, 10/11/2006
MarketMinder's View: Markets didn't flinch on news of the North Korea nuke tests.
Sensible Stories
By , Financial Times, 10/11/2006
MarketMinder's View: A good illustration on why new energy supply takes a long time to come online.
Sensible Stories
By , 10/11/2006
MarketMinder's View: Business flows to the freest regulatory environments in a global economy.
Market Misperceptions
By , Wall Street Journal, 10/11/2006
MarketMinder's View:  
Market Misperceptions
By , Wall Street Journal, 10/11/2006
MarketMinder's View: A Flurry of Executive Resignations....and yet the markets are up today!
Sensible Stories
By , CNNMoney.com staff writer, 10/11/2006
MarketMinder's View: The US Consumer continues to thrive in the face of continued worries.
Sensible Stories
By , MarketWatch, 10/11/2006
MarketMinder's View: Technology continues to lower costs, improve productivity and raise standards of living across the economy.
Sensible Stories
By , Financial Times, 10/11/2006
MarketMinder's View: An interesting take on the future of globalization.
Market Misperceptions
By , Associated Press Writer, 10/11/2006
MarketMinder's View: Maybe, maybe not. But we do know guessing commodity prices based on meteorologist forecasting accuracy is a fool's game. Wasn't 2006 supposed to be another record hurricane season?
Market Misperceptions
By , Option Advisor, 10/11/2006
MarketMinder's View: Bull markets climb a wall of worry and don't end until euphoria emerges; so-called technical indicators don't mean anything in the long term.
Sensible Stories
By , CNNMoney.com, 10/11/2006
MarketMinder's View: The budget deficit continues to fall...
Sensible Stories
By , MarketWatch, 10/10/2006
MarketMinder's View: Looks like lucky number 13 for double-digit corporate earnings growth in the US.  This would be only the second time it's happened since the 1950's.
Sensible Stories
By , 10/10/2006
MarketMinder's View: 6.6 million new US jobs instead of 5.5 million in the last 3 years? We'd call that more than a rounding error, too.
Sensible Stories
By , Wall Street Journal, 10/10/2006
MarketMinder's View: We agree wholeheartedly with Mr. Cramer.
Market Misperceptions
By , MarketWatch, 10/10/2006
MarketMinder's View: Despite North Korea's nuke tests creating further political instability, major stock markets were largely unfazed by the news.
Sensible Stories
By , 10/10/2006
MarketMinder's View: As developed economies move away from industry and toward services, the need for highly-skilled talent becomes more important.
Sensible Stories
By , TheStreet.com Staff Reporter, 10/10/2006
MarketMinder's View: High global demand for energy coupled with a cartel willing to limit supply equals sustained high prices in the near term.
Sensible Stories
By , Washington Post Staff Writer, 10/10/2006
MarketMinder's View: Mergermania Continues!  Less equity supply means higher value for stocks.
Sensible Stories
By , Wall Street Journal, 10/10/2006
MarketMinder's View: Good news for Thailand and emerging markets: free trade and free markets are taking hold despite recent political turmoil.
Market Misperceptions
By , US News & World Report, 10/10/2006
MarketMinder's View: Huge sweeping changes? We don't think so. No matter the outcome of the elections, Congress will be immersed in gridlock afterward. Neither party will have a strong majority. That's bullish for stocks.
Market Misperceptions
By , AP Economics Writer, 10/07/2006
MarketMinder's View: Sentiment surveys are generally coincident indicators to markets, not leading indicators.
Sensible Stories
By , 10/07/2006
MarketMinder's View: Looks like the press might be finally coming around…the inflation "scare" is overblown.
Sensible Stories
By , 10/07/2006
MarketMinder's View: Those worried about the budget deficit should be aware we're reducing it.
Sensible Stories
By , The Wall Street Journal, 10/07/2006
MarketMinder's View: The torrid pace of takeovers will continue…
Market Misperceptions
By , 10/07/2006
MarketMinder's View: The unemployment rate is 4.6%...a five-year low. It's a testament to media creativity and unbridled pessimism that this news could be framed negatively.
Market Misperceptions
By , Washington Post, 10/07/2006
MarketMinder's View: In other conspiracy news, our own secret informants told us Jimmy Hoffa is alive and residing in Bermuda with Elvis.
Sensible Stories
By , Business Week Online, 10/07/2006
MarketMinder's View: Wasn't the housing slump supposed to choke off consumer spending?
Market Misperceptions
By , TheStreet.com, 10/06/2006
MarketMinder's View: Fundamental" indices are gaining more attention, but you should ignore them.  They are intrinsically value-oriented indexes.  It is no surprise after a six year run of value stocks doing better than growth stocks, these back-tested indexes look superior to cap weighted ones.  But when the value cycle ends, these indexes are likely to do worse than their cap weighted counterparts.
Sensible Stories
By , 10/06/2006
MarketMinder's View: This is what happens when you enact trade barriers and tariffs…more trade barriers and tariffs.
Sensible Stories
By , Financial Times, 10/06/2006
MarketMinder's View: A good summary of index ‘milestones' in the past several years…and why they're irrelevant.
Sensible Stories
By , Wall Street Journal, 10/06/2006
MarketMinder's View: So much for the consumer leading the economy into a recession.
Market Misperceptions
By , MarketWatch, 10/06/2006
MarketMinder's View: A great soap opera but of no importance to the markets.  This is not Enron or Tyco.
Sensible Stories
By , Bloomberg News, 10/06/2006
MarketMinder's View: We wholeheartedly agree.
Sensible Stories
By , The Motley Fool, 10/06/2006
MarketMinder's View: A globally diversified stock portfolio is a superior portfolio.
Sensible Stories
By , ABC News, 10/06/2006
MarketMinder's View: Real estate isn't just housing.  Commercial real estate prices and new construction are soaring this year.
Market Misperceptions
By , New York Times , 10/06/2006
MarketMinder's View: As a percent of GDP, the US budget deficit is not at a worrisome level.  Current entitlement programs would have to skyrocket before even approaching record debt levels set during WWII.
Market Misperceptions
By , Bloomberg.com, 10/05/2006
MarketMinder's View: The market doesn't care who is in power but rather abhors uncertainty and potentially disruptive legislation—both Democrats and Republicans are capable of that.
Sensible Stories
By , Bloomberg.com, 10/05/2006
MarketMinder's View: Punitive measures such as duties and tariffs benefit no one.  They are damaging to all countries involved.
Market Misperceptions
By , Financial Times, 10/05/2006
MarketMinder's View: A style shift rarely occurs when members of the financial press are loudly calling for it.
Sensible Stories
By , Business Week, 10/05/2006
MarketMinder's View: History suggests we should see a strong end to the year.
Dueling Headlines
By , Business Week, 10/05/2006
MarketMinder's View: There are a wide range views on the US economy right now but we tend to agree with the first article.  Last week we pointed out some key statistics illustrating the strength of the consumer, but suffice it to say everyone's OK.  We don't expect housing to sink the consumer or the economy.
Market Misperceptions
By , Wall Street Journal, 10/05/2006
MarketMinder's View: The Foley scandal continues to broaden, increasing the possibility of Republicans losing their majority in the upcoming elections.  But this election still doesn't matter much for markets.  It remains unlikely that Democrats can gain a significant enough majority to effect change.
Sensible Stories
By , Wall Street Journal, 10/05/2006
MarketMinder's View: News flash!  Hedge funds are risky investments!
Sensible Stories
By , Financial Times, 10/05/2006
MarketMinder's View: We couldn't have put it better ourselves.  The lesson is clear: ignore the Dow.
Sensible Stories
By , Yahoo! Finance, 10/05/2006
MarketMinder's View: Low interest rates will make the current housing downturn a lot milder than you think.
Market Misperceptions
By , Business Week, 10/04/2006
MarketMinder's View: These are all well publicized risks already priced into securities.
Market Misperceptions
By , MSNBC, 10/04/2006
MarketMinder's View: Wrong, wrong, wrong.  The deficit is not out of control, and foreigners are not funding our "profligacy" out of the goodness of their hearts.
Sensible Stories
By , Wall Street Journal, 10/04/2006
MarketMinder's View: An interesting bill making its way through Congress.  We applaud any attempt to keep the capital gains tax low.
Sensible Stories
By , New York Times, 10/04/2006
MarketMinder's View: Evidence that people are rationally adjusting expectations.  New terrorist attacks are unlikely to have the same surprise power as in the past.
Market Misperceptions
By , Wall Street Journal, 10/04/2006
MarketMinder's View: Republicans can't seem to do anything right lately, but Democrats still face an uphill battle for control of Congress given the structural forces of the upcoming election.
Market Misperceptions
By , CNNMoney.com, 10/04/2006
MarketMinder's View: Who cares?  Dow is an arbitrary and narrow price-weighted index and a poor representation of the broader US stock market.
Sensible Stories
By , Financial Times, 10/04/2006
MarketMinder's View: With new supply essentially fixed in the short term, continued strong demand will keep commodity prices high.
Sensible Stories
By , Financial Times, 10/04/2006
MarketMinder's View: The author gets it right.  Arcane technical indicators such as Fibonacci sequences are arbitrary ways in which to anchor our decisions.
Sensible Stories
By , CNNMoney.com, 10/04/2006
MarketMinder's View: Be careful what you wish for, China.  This benefits no one.
Market Misperceptions
By , CNN Money, 10/03/2006
MarketMinder's View: The supply of oil is relatively fixed in the short term. Prices will remain firm as demand for energy rises during periods of strong economic growth.
Market Misperceptions
By , Financial Times, 10/03/2006
MarketMinder's View: Yes, volatility will return, but it can come in good (bull markets) or bad (bear markets) forms. We expect more of the good kind just ahead.
Sensible Stories
By , The New Yorker, 10/03/2006
MarketMinder's View: A worthwhile discussion on the history of pensions and how they function.
Sensible Stories
By , Washington Post, 10/03/2006
MarketMinder's View: Some states are rallying to reestablish property rights, a core tenet of capitalism.
Sensible Stories
By , The Wall Street Journal, 10/03/2006
MarketMinder's View: A reminder that many polls measure sentiment and ideology, not how people will actually vote. Often they aren't structured objectively (either by oversight or because they try to engineer an outcome).
Sensible Stories
By , The Wall Street Journal, 10/03/2006
MarketMinder's View: US Consumers Stay Strong: The US consumer is successfully adapting to high energy prices and moderating housing.
Sensible Stories
By , The Wall Street Journal, 10/03/2006
MarketMinder's View: Equity Supply Destruction: M&A activity has topped $1.2 trillion on the year, and Private Equity firms continue their spending spree – further reducing the supply of equities. Bullish for stocks.
Market Misperceptions
By , Business Week, 10/03/2006
MarketMinder's View: When the press begins forecasting the demise of an asset classes' primacy it usually means there's more outperformance just ahead.
Sensible Stories
By , Wall Street Journal, 09/30/2006
MarketMinder's View: Foreign Funds continue to flow into the US precisely because it is a "competitive" place to do business.
Sensible Stories
By , The Economist, 09/30/2006
MarketMinder's View: The M&A boom continues across the globe.
Sensible Stories
By , Wall Street Journal, 09/30/2006
MarketMinder's View: A cautionary tale: what happens when an investor mistakes a correction for a bear market.
Sensible Stories
By , CNN Money, 09/30/2006
MarketMinder's View: After all the worrying and fear, it turns out we had one of the best 3rd quarters in years.
Sensible Stories
By , MarketWatch, 09/30/2006
MarketMinder's View: As the post-correction hangover subsides, sectors and regions formerly leading the market up are again doing so.
Market Misperceptions
By , NY Times, 09/30/2006
MarketMinder's View: Is it us, or are these numbers still showing growth?
Market Misperceptions
By , Financial Times, 09/30/2006
MarketMinder's View: As backward-looking data shows a slowdown, the forward-looking markets point toward economic strength.
Sensible Stories
By , SmartMoney, 09/30/2006
MarketMinder's View: An All-time high for the Dow is nothing to celebrate.
Market Misperceptions
By , 09/30/2006
MarketMinder's View: Regret shunning can still be found over 4 years after the tech bubble popped.
Sensible Stories
By , Wall Street Journal, 09/30/2006
MarketMinder's View: One of the lingering risks of protectionism was just abandoned—bullish for stocks.
Market Misperceptions
By , CNN Money, 09/30/2006
MarketMinder's View: We read it twice, and we're still not exactly sure what this headline means.
Sensible Stories
By , TheStreet.com, 09/30/2006
MarketMinder's View: Regulations like the Sarbanes-Oxley bill can have unintended consequences.
Sensible Stories
09/29/2006
MarketMinder's View: More good news in Europe on the regulatory front.
Sensible Stories
09/29/2006
MarketMinder's View: A good breakdown of the differences between ETFs and mutual funds.
Sensible Stories
09/29/2006
MarketMinder's View: One of these experts has to be wrong. An enlightening example of how the same information can support opposite points of view.
Market Misperceptions
09/29/2006
MarketMinder's View: Consumer credit is currently nowhere near "mania" levels. Achieving continued growth and innovation in the credit market is not through more regulation.
Market Misperceptions
09/29/2006
MarketMinder's View: The derivatives market is not on the verge of collapse.  Large financial entities are very good at balancing risk.
Sensible Stories
09/29/2006
MarketMinder's View: We'll let you know when the global economy doesn't require any more productivity gains, services, and higher quality products. (Hint: it's not anytime soon.)
Market Misperceptions
09/29/2006
MarketMinder's View: Strong fundamental and structural forces are still working in emerging markets' favor. The party isn't over.
Market Misperceptions
09/29/2006
MarketMinder's View: This is actually a positive for the global economy as capital flows efficiently across borders. The US economy makes up for this gap in its continuing transition to a service-based economy.
Market Misperceptions
09/29/2006
MarketMinder's View: The structure of this Congressional election strongly favors incumbents and the GOP.  Democrats may gain some seats but are unlikely to take control of either house.
Market Misperceptions
09/29/2006
MarketMinder's View: Second quarter GDP was revised down…but why would markets care? GDP figures are backward-looking and markets always look forward.
Sensible Stories
09/29/2006
MarketMinder's View: E.On's purchase of Endesa signifies a tamer regulatory environment in Europe regarding cross-border acquisitions—a bullish development.
Market Misperceptions
By , Financials Times, 09/28/2006
MarketMinder's View: The author's take is wrong on many levels. Where to start? Inflation is not a problem, consumers are in better financial shape than ever before, external deficits will not blow up the US…we could go on and on…
Market Misperceptions
By , Financial Times, 09/28/2006
MarketMinder's View: Inflation is a monetary phenomenon.  High oil prices are actually deflationary.
Market Misperceptions
By , MarketWatch, 09/28/2006
MarketMinder's View: Wrong.  The stock market is a function of supply and demand and buybacks reduce supply.
Market Misperceptions
By , Business Week Online, 09/28/2006
MarketMinder's View: IPO stands for "It's Probably Overpriced". 
Sensible Stories
By , Financial Times, 09/28/2006
MarketMinder's View: China's corruption scandal highlights the risks of investing in the country. 
Sensible Stories
By , Wall Street Journal Online, 09/28/2006
MarketMinder's View: The housing market is cooling—not crashing.
Sensible Stories
By , Bloomberg.com, 09/28/2006
MarketMinder's View: Further evidence of election-year grandstanding.  We see little likelihood of Schumer and Graham's tariff bill becoming law. 
Market Misperceptions
By , Invest.com, 09/27/2006
MarketMinder's View: Deficits are not inherently bad.  Remember, more debt is better as long as your return is higher than the cost of servicing the debt.
Market Misperceptions
By , Invest.com, 09/27/2006
MarketMinder's View: Despite the media's desire for a cliffhanger, this election structurally favors the GOP.
Sensible Stories
By , Invest.com, 09/27/2006
MarketMinder's View: Despite oil's recent pullback, tight supply and robust demand will keep energy prices high.
Market Misperceptions
By , Invest.com, 09/27/2006
MarketMinder's View: Consumer confidence is a coincident indicator with little predictive market power.
Sensible Stories
By , Invest.com, 09/27/2006
MarketMinder's View: Pro-reform Abe takes over where Koizumi left off.  Markets like the status-quo.
Market Misperceptions
By , Invest.com, 09/27/2006
MarketMinder's View: Home prices finally did fall – but only 1.7%. Hardly a disaster.
Sensible Stories
By , Invest.com, 09/27/2006
MarketMinder's View: Low long-term interest rates and abundant cash continue to fuel merger and acquisition activity across the globe.  This is bullish.
Sensible Stories
By , Invest.com , 09/27/2006
MarketMinder's View: Continued low interest rates are bullish for equities and further evidence that inflation is not a problem.
Sensible Stories
By , Invest.com, 09/27/2006
MarketMinder's View: There was an inflation scare?
Sensible Stories
By , Invest.com , 09/27/2006
MarketMinder's View: Foreign investors aren't stupid.  They maximize profits just like us by seeking out higher returns in the US.
Market Misperceptions
By , Invest.com, 09/26/2006
MarketMinder's View: We thought Malthus was dead.  The world is in no danger of running out of resources nor is it wrong for countries to take advantage of them.
Market Misperceptions
By , Invest.com, 09/26/2006
MarketMinder's View: Consumers are in better financial shape than they ever have been.  A modest deterioration in US house prices will have no ill effects.
Sensible Stories
By , Invest.com, 09/26/2006
MarketMinder's View: Financial markets continue to become more sophisticated, increasing liquidity and efficiency.
Sensible Stories
By , Invest.com, 09/26/2006
MarketMinder's View: There will be no US consumer-led recession.  Increased globalization and emerging economies can more than offset any slowdown in the United States.
Sensible Stories
By , Invest.com, 09/26/2006
MarketMinder's View: Market consolidation continues to march forward.  It's hard to see a shrinking supply as anything but positive.
Market Misperceptions
By , Invest.com, 09/26/2006
MarketMinder's View: For any given situation, there is an optimal amount of debt.  Rarely is it zero.
Market Misperceptions
By , Invest.com, 09/26/2006
MarketMinder's View: Once again, the popular press misses that much of the money being borrowed in the US is being re-invested at higher rates of return. Declining interest rates this month highlight that the market understands what many academics are missing.
Sensible Stories
By , Invest.com, 09/26/2006
MarketMinder's View: Senators Schumer and Graham's tactics are misguided.  Government overregulation and protectionism can slow the pace of free trade and globalization.