“Who will buy treasuries when the Fed doesn’t? Yields may have to go higher, maybe even much higher to attract buying interest.” -Pimco’s BILL GROSS POINTS TO PONDER 1. Thanks to intense media attention on the fiscal woes of some municipalities, retail investors began withdrawing in droves from tax-free bond… Read More

“Like all bubbles, these exaggerated increases (in commodities and other higher risk assets) can rapidly reverse when interest rates return to normal levels.” -MARTIN FELDSTEIN, former chief economic adviser to Ronald Reagan, referring to the Fed’s QEII program POINTS TO PONDER 1. Continuing the pattern of conflicting economic releases, the… Read More

“There is a big difference between an inflation scare and an inflation cycle and most pundits are underestimating the degree of austerity that is on its way at all levels of government, which will outlast the commodity boomlet.” -DAVID ROSENBURG POINTS TO PONDER 1. With inflation fears running rampant once… Read More

“In China, of course, just like in most emerging markets, you’re dealing in a country where the rule of law and the independence of the courts are extremely questionable… That’s why emerging markets…deserve to trade at a discount compared to developed markets.” -LOUIS GAVE Being Evergreen Capital’s chief investment officer… Read More

“You can never say never, but I cannot imagine a convincing argument for further quantitative easing after this round, given what is developing now in the economy.” -Dallas Fed Chief RICHARD FISHER POINTS TO PONDER 1. The battle against inflation in emerging markets continues to escalate, largely driven by soaring… Read More

“No persons are more frequently wrong than those who will not admit they are wrong.” -Author FRANCOIS DUC DE LA ROCHEFOUCAULD POINTS TO PONDER 1. The Fed’s ultra-easy monetary policy is looking increasingly out-of-phase with the mounting evidence of a healing US economy. The manufacturing version of the Institute… Read More

“The mood in the market is better, but the fundamental problems of the euro zone remain unresolved.” – NOUIEL ROUBINI, NYU Professor of Economics (and one of the few academics to warn in advance of the housing bubble’s demise). 1. The US stock market has witnessed a persistent narrowing… Read More

“There’s clearly a buyers strike in the market for state and local government debt that is largely based on fear and misperception. The mass selling of munis, which represent the bedrock of the US economy, is incredible.” – Influential strategist and economist DAVID ROSENBERG   POINTS TO… Read More

“The aggressiveness of our accommodative policy may soon backfire on us if we don’t begin to gradually reverse course.” – Philadelphia Fed President, CHARLES PROSSER, referring to the Federal Reserve’s government bond buying program. POINTS TO PONDER 1. A few years ago, the US economy was artificially stimulated… Read More

“The most reliable way to anticipate the future is by understanding the past.” -JOHN NAISBITT, Megatrends Author Special message: First, Happy New Year to all! Based on our clients’ investment results for 2010, it was certainly a happy old year. We’d be thrilled to see anything approaching those returns… Read More