November 2014 Texas Manufacturing Survey Rate Of Growth Slows
Of the four Federal Reserve districts which have released their November manufacturing surveys, all are forecasting growth. A complete summary follows. [note that values above zero represent expansion]. The market was expecting 8.0 to 12.0 (consensus 9.0) versus the actual of 6.0. Texas factory activity increased again in November, according to business executives responding to […]
Week In Review: The Path Matters More Than The Destination
“Two roads diverged in a wood and I – I took the one less traveled by, and that has made all the difference.” – Robert Frost Whenever I see headlines that read “stocks hit new highs,” I tend to cringe. Stocks are not hitting new highs. A particular index, the S&P 500, is. The German […]
You Thought QE Was Over
A couple of weeks ago in the weekly newsletter (subscribe for free E-Delivery)(subscribe for free E-Delivery)I discussed the series of events behind the decline of the market in October and the subsequent surge. “The chart below shows the series of events that has propelled the markets higher in recent days as a massive short covering rally, […]
The Clock Is Ticking In Switzerland
For most of my career in international investing, I had always placed a great deal of faith in Switzerland’s financial markets. In recent years, however, as the Swiss government has sought to hitch its wagon to the flailing euro currency and kowtow increasingly to U.S.-based financial requirements, this faith has been shaken. But this week […]
Gasoline Volume Sales, Demographics And Our Changing Culture
The Department of Energy’s Energy Information Administration (EIA) data on volume sales is over two months old when it released. The latest numbers, through mid-September, are now available. However, despite the lag, this report offers an interesting perspective on fascinating aspects of the US economy. Gasoline prices and increases in fuel efficiency are important factors, but there […]
EC Holiday Fever Takes Hold Of Stock Investors, But A Pullback Is Needed
With warmer weather arriving to melt the early snowfall across much of the country, investors seem to be catching a severe case of holiday fever and positioning themselves for the seasonally bullish time of the year. And to give an added boost, both Europe and Asia provided more fuel for the bull’s fire last week […]
E Global Investing Update
PM Abe of Japan will probably call a snap election after dissolving the Diet. China caused waves across our portfolio. First of all, in an admission that something was needed to set GNP growth back on track, China cut interest rates in a new stimulus initiative. Then some of the details of the deal on cutting carbon emissions […]
Why College Is Necessary But Gets You Nowhere
This is the time of year when high school seniors apply to college, and when I get lots of mail about whether college is worth the cost. The answer is unequivocally yes, but with one big qualification. I’ll come to the qualification in a moment but first the financial case for why it’s worth going […]
Russia Moves Toward Increasing Economic Freedom
Kremlin Factions and the Enemies of Socialism Well, isn’t that a shocker. With Russia’s economy under serious threat from Western economic sanctions and falling oil prices, a major Kremlin faction has quite unexpectedly gotten some wind behind its sails. In essence, there are two economic viewpoints that are supported in the Kremlin: one is represented […]
Downgraded: The Macro Outlook In Wisconsin
The Department of Revenue’s Wisconsin Economic Outlook, released last week, details a noticeable deterioration in forecast performance, in just the eight months. Figure 1: Real personal income (bn Ch.09$, SAAR) (thick blue, thick red), and forecast from March 2014 (Winter 2014 issue) (light blue), and November 2014 (Fall 2014 issue) (light red). Source: Wisconsin Economic Outlook, Winter 2014 and Fall 2014 issues. […]
