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 Opinion and Insight

 
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fullissue
WOWS full issue, September 9, 2016
An Alternative Way To View Or Print The Entire Current Issue As A Single Document
9/09/16 4:00 AM
Attention Paid-Up Subscribers: To read or print the entire current issue as a single document, use the "easyprint" feature in the "Nav bar" to the right to open it, or any of WOWS' individual features, as an Adobe PDF file, and then print it. Alternatively, you can click "more" at the bottom of this paragraph and then click the red Adobe icon that appears. Your second click will download the full issue .pdf file of WOWS' latest issue to your computer, a process that -- depending on the file size and your connection speed -- might take more than the blink of an eye. Then, depending on preferences you've set on your device, it will either open automatically or show up in your downloads folder, waiting to be opened. [More]
 
listeningin
Paul Lountzis: Value Maven
Have You Heard The One About The Traveling Analyst? He's No Joke
9/09/16 6:00 AM
I didn’t speak with Paul Lountzis today, even as stock and bonds across the market slipped, slid and sagged in what the talking heads inevitably described — in tones that would have been suitable for contemporaneously recounting the evacuation of Dunkirk — as “the worst market selloff since Brexit.” 

But I’m pretty sure Paul, whose youthful visage graces the first page of this publication this week — far from quaking — was eagerly combing his screens for long-followed stocks that, just perchance, were falling into his buying zones. That is, if Paul  wasn’t flying hither and yon to meet with someone — anyone — who might shed light on the proclivities of the movers and shakers at companies whose numbers have caught his eye. And if Paul wasn’t at his screens, his investment team most certainly was.

For the founder and owner of Lountzis Asset Management LLC — its headquarters newly relocated from Wyomissing, PA to NYC — is a relentless searcher for value in stocks, as well as the occasional preferred or bond. [More]

 
guestperspectives
What Moves Currencies?
It’s All Relative & Everyone Wants To Be Cheaper Than The Buck
9/09/16 8:00 AM
A Gary Shilling
Currencies are a relative thing. None are independent, and the price of a currency, say the dollar, is always measured against others such as the euro, pound or yen. This is obvious, but important to remember since it means that currency values are internationally determined. [More]
 
Simple, Not Easy
Winning By Avoiding Investing’s Unforced Errors
9/09/16 7:00 AM
By Frank K Martin
The chart below portrays the market’s (S&P 500’s) reaction to both the signals and the noises during the second quarter. The daily high-low-close bar chart for the bellwether index is in white, as is the solid white curved horizontal line, which is the moving average for the index’s closing value for the preceding 200 trading days.

It helps to differentiate the longer-term trend from the shorter-term squiggles. [More]
 
Don’t Fall For “TINA”
Next Recession Will Decimate Holders Of All Expensive Assets
9/09/16 6:00 AM
By Albert Edwards
One thing we constantly hear from clients is that despite equities being very expensive, they are the “cheapest“ of a very expensive array of assets, all inflated by super-loose monetary policy. Bonds (both corporate and government) and property are seen by most investors as even more ludicrously expensive than equities.

So the argument goes, “there is no alternative” — aka “Tina” — other than to buy equities as the default option. [More]
 
Goldilocks Scenario
The Markets Continue Acting As If It’s Just Right
9/09/16 5:00 AM
By Craig A Drill
Though long in the tooth, the U.S. economic expansion — now in its eighth year — is not encountering the forces that presage the ending of a business cycle and the beginning of a bear market.

Inflation is not problematic. [More]
 
chartsightings
No Time To Hike Rates
Declining Global Economies Killing Off The Bull Market
9/09/16 7:01 AM
By Thomas R Peterson
Employment: The headline was “Total nonfarm payroll employment rose by 151,000 in August...” and no doubt that is a bad number.

The Household Data version was even worse. [More]

 
Correlation Run Amuck
When Amazon And Silver ETF Trade In Lockstep
9/09/16 5:01 AM
By Joe Weisenthal
The only thing you need to know about this market right now is that shares of Amazon.com Inc. have been tracking the price of silver over the last 10 days. [More]

 
deepdive
Withering Productivity
Why It Has Slowed So In U.S. & What To Do About It
9/09/16 8:00 AM
By Martin Neil Baily and Nicholas Montalbano
Productivity is the most important determinant of the growth in living standards over the long run and its growth has been weak since 2004 and dismal since 2010. [More]

 
Resource Equities
An Investment Only A Mother Could Love
9/09/16 7:00 AM
By Lucas White and Jeremy Grantham
We believe the prices of many commodities will rise in the decades to come due to growing demand and the finite supply of cheap resources. [More]

 
acuteobservations
Acute Observations, week ending September 9, 2016
Perceptive Commentary from September 1-9, 2016
9/09/16 8:00 AM
Andrew Addison
Even as some of the indices registered new 52-week highs, increasing numbers of stocks have begun to retreat. The percentage of stocks trading above their 50-day and 10-week moving averages has been declining — even as their underlying indices have advanced.  Most recently, the percentage of S&P 500 stocks trading above their 50-day moving averages has been declining since early-July — even as the SPX advanced. [More]

 
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