Well damned if this wasn’t a good news type of day. We’d wager the only people unhappy with how Wednesday turned out are Treasury shorts (and there are a lot of them) who got burned badly by a Fed that managed to sprinkle just enough dovish pixie dust into today’s hike to send yields plunging. Oh, […]

The fund-of-funds ETF structure provides an efficient and economical approach to the implementation of many investment strategies. Although critics often complain that fund-of-funds ETFs only put fees on top of fees, the reality is often quite different, making the structure a welcome addition to the investment world. Typically, an ETF directly owns the securities in […]

The FOMC voted today to raise the federal funds corridor by another 25 bps. It was the third such change and the second over the past three months. Judging by the reactions to it, you would think this is 2004 again. It is not. It is instead perfectly consistent where on a day when the […]

This note has three parts: Short summary of our current market view and portfolio allocation implications Bullet point outline of details behind our thinking in 5 segments (Trend, Valuation, Sentiment, Breadth, Forecasts) Supporting graphics for most of the bullet points provided in 24 charts and tables. The short summary is of our market view and intended allocation actions for […]

Usually, a stock with a 17% yield has a lot of risk – especially its dividend. There’s a reason it yields 17% while its peers yield less than a third of that amount. Wall Street is telling you it expects the dividend to come way down… or that the company’s prospects are well below others […]