You may be familiar with the term “tax loss harvesting.” Towards the end of each year, many investors routinely sell assets such as stocks or mutual funds with embedded losses in order to offset the current taxes they will have to pay on gains from other assets. This strategy generally works well during periods of…
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You may not be aware that you can utilize a retirement plan for investments other than stocks, bonds, and mutual funds. There are numerous custodians that will help you take the money in your retirement plan and buy land, paintings, unregistered securities, or even self-finance a new franchise or business start-up. And you get to…
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There are many indicators that provide clues as to the future performance of one or more capital market asset classes. Unfortunately none are perfect, otherwise 2008 might not have turned out so ugly. Today I’d like to explain two useful indicators that bond investors would do well to heed: LIBOR and the TED spread. LIBOR,…
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Jason Zweig, the noted Wall Street Journal columnist, noted recently that between the first and second quarters of 2012, the Federal Reserve’s measure of margin loans at brokerage firms rose 9%, to $161.8 billion, the highest level in nearly four years. The high-water mark was $386 billion in August 2008—two weeks before the collapse of…
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The National Association for Business Economics (NABE), a large international association of applied economists, strategists, academics, and policy-makers, recently surveyed its 236 members on a number of government policy issues. The results show that there is not much support among economists for policy tightening over the next 12 months. In fact, the economists recommended increasing…
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Conventional wisdom has it that Republicans are friendlier to Wall Street than Democrats. One might assume, therefore, that when a Republican is in the White House, stock market performance would be better than during a Democratic administration. An interesting 2003 academic research paper by Pedro Santa-Clara and Rossen Valkanov at UCLA’s Anderson School of Business…
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