Oksana Aronov, a managing director at JPMorgan Chase, is recommending against investing in U.S. Treasuries right now, according to Bloomberg News. Although the ten-year Treasury note is currently yielding 1.58% (at a time when equivalent Japanese and European Central Bank sovereign bonds have negative yields), its real yield (i.e. the yield after factoring in inflation)…
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The Orlando Sentinel reported that the Walt Disney Company retirement plan committee is facing a class-action lawsuit for offering the Sequoia Fund in its portfolio of investment choices for employees. Why? Because Sequoia lost 7.3% last year and is down over 13% this year, mostly due to one bad investment: Valeant Pharmaceuticals. Over the last…
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This blog was prompted by an article in the SJ Mercury News reporting that Jake Peavy, the San Francisco Giants pitcher, had been defrauded out of more than $15M by Ash Narayan, a financial advisor with RGT Capital Management in Irvine, CA. According to the SEC lawsuit, Narayan had fraudulently shifted $33M from client accounts…
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I recently attended a seminar about public pension reform led by Chuck Reed, formerly mayor of San Jose and currently board member of the Retirement Security Initiative. As you probably recall, Reed led the effort to pass a pension reform measure for San Jose in 2012. Here are some of the implications of the underfunded…
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Today’s unexpected vote by U.K. citizens to exit the European Union (EU) has resulted in stock market turmoil worldwide. Unsurprisingly European stocks have taken a beating. U.K. stocks dropped over 3%, German stocks over 6%, and in France the CAC-40 plunged over 8%. Even the Japanese Nikkei fell over 7%, its worst single-day performance in…
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If you were holding an S&P 500 mutual fund in 2008 that dropped 37%, you’d likely feel that your fund should go down in history as one of the worst ever. But in reality the fund didn’t do anything wrong except to invest in a part of the market that happened to experience a calamitous…
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