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blog Institutional
Investment
Management
 /  Admin

Wide Tail Observations from Stifel Nicolaus

Friends at Stifel Nicholaus passed along the following observations from Richard Cripps, CIO at the firm. The last year - to be sure - has shown us that the highly improbable has been uncharacteristically commonpla... read more
blog Institutional
Investment
Management
 /  Admin

Revisiting Lows

After enjoying a nice twenty percent rebound from November 20th through the first week of this year, the markets are pulling back aggressively once again and threaten to test their prior lows. The reasons are alway... read more
blog Institutional
Investment
Management
 /  Admin

Sign of the Times

Much of our quarter end reporting season is winding down, so we hope to be back blogging in the coming weeks on our thoughts about the economy and the stock market. Our overall gameplan for 2009 remains the same. W... read more
blog Institutional
Investment
Management
 /  Admin

Weighing in on Madoff and SEC Exams

For anyone who has been watching the business media lately, the details surrounding Bernie Madoff's huge $50 billion ponzi scheme is both amazing and heart breaking. Amazing in that it went on for so long without b... read more
blog Institutional
Investment
Management
 /  Admin

Mortgage Rates, A Treasury Bubble, and Oil's Comeuppance

Thirty year mortgage rates have tumbled almost a percent to about 5.5% in the week since the Fed and Treasury department started making purchases of mortgage bonds in the open market. It looks like this most recent... read more
blog Institutional
Investment
Management
 /  Admin

Random Thoughts

We continue to receive favorable comments and thoughts on our blog postings. If you've found them to be of interest to you personally, feel free to share them with a friend or have them sign up to receive the posts... read more
blog Institutional
Investment
Management
 /  Admin

China Joins the Bailout Crowd, Energy and Materials Stocks Rally

This morning brought news that China will be injecting $600 billion into their economy to stimulate growth and hopefully avoid a severe slowdown there and abroad. This stimulus amounts to roughly 16% of the country... read more
blog Institutional
Investment
Management
 /  Admin

Recent Thinking

We've been relatively quiet on the blog front over the last week. The good news is that we received funding for a new foundation account and have been busy picking our spots and getting it invested. (It's a great t... read more
blog Institutional
Investment
Management
 /  Admin

Finish the Race

The markets plunged yesterday, retesting the lows hit a couple of weeks ago. Retests are typical in bear markets, but this one came quicker than might have been expected. Over the last few days the guests on CNBC's... read more
blog Institutional
Investment
Management
 /  Admin

Market Retests Prior Lows

The stock market is selling off aggressively today, retesting the lows hit in the last two weeks. Earnings season is well underway and while guidance is universally cautious, companies that have strong balance shee... read more
blog Institutional
Investment
Management
 /  Admin

Buffetology

From a friend in the business: The ratio of stock market value to U.S. GDP has fallen to 78%. This is based on the latest estimate for GDP at $14.3 trillion and U.S. market cap of about $11.2 trillion. The reason t... read more
blog Institutional
Investment
Management
 /  Admin

True Value

Over the summer, the price of oil spiked to $145 per barrel. Many folks said that the move from $90 to $145 at the time was based on the strong fundamentals of emerging market demand. As our readers know, we believ... read more
blog Institutional
Investment
Management
 /  Admin

Current Thoughts

It still boggles my mind that the markets actually closed up last week. Including yesterday, the markets have had moves either to the upside or downside of at least 2% for six straight days. (rounded) So far today,... read more
blog Institutional
Investment
Management
 /  Admin

Never A Day Like This

I don't think I have ever quite experienced a trading day like this. Things were just awful for most of the day and the financial index was down as much as 5% at the worst point and is now up nearly 9%. Around 1pm,... read more
blog Institutional
Investment
Management
 /  Admin

Economic Update Haiku

The Market's Goofy Down Four Percent, Disney Up Thank God for Mickey read more
blog Institutional
Investment
Management
 /  Admin

What Happened Today

As everyone knows, the markets got killed today. Each of the primary market indices were down over four percent, with financials leading the way on news that Lehman Brothers declared bankruptcy and Merrill Lynch wo... read more
blog Institutional
Investment
Management
 /  Admin

Pepper & Salt, WSJ 9/10/08, and other Market News

In other news, Lehman is all the talk this morning on CNBC. I won't go into the details, but suffice it to say, the financial markets will continue to have their share of troubles. Buffet apparently told his underw... read more
blog Institutional
Investment
Management
 /  Admin

Buy the Bleeding: Time to Revisit Energy and Industrials?

Yesterday's announcement of the takeover of Fannie and Freddie provided a brief respite for the markets, with the financial sector surging and taking the S&P 500 up a couple of percent. Today, the action is a tad d... read more
blog Institutional
Investment
Management
 /  Admin

Uncertainty and the Birth of Black Swans

The stock market has been weak all week. Many indices fell by over three percent yesterday and the carnage continues today. The perception of lower oil prices being a good thing has, at least in the short run, morp... read more
blog Institutional
Investment
Management
 /  Admin

Gustav Fades, Oil Plunges

The big news of the day is oil's big decline -- likely a result of Gustav's failure to bring the level of destruction originally feared in our country's largest concentration of refinery capacity. While oil has rec... read more
blog Institutional
Investment
Management
 /  Admin

Slow Days, Olympic Sized Hangovers, and Russia

The bad news is that the markets were pretty ugly yesterday. The good news is that volumes were relatively light and will likely remain so as we head into a holiday shortened week. When big moves to either the upsi... read more