Cash Positions
How Much Cash Is Stashed Overseas?
Tallying the overseas cash pile, predicting how much may be repatriated, and the potential impact on stock performance are challenging undertakings, which require more art than science.
Cash Left The Sidelines Long Ago
The “cash on the sidelines” is a Supply/Demand argument that we’ve struggled with even in the most bullish of times; every purchase of a security is matched with a sale. But even taking the argument at face value, current holdings of retail investors and mutual fund managers suggest that the cash left the sidelines long ago.
Tracking The Growing Cash On Corporate Balance Sheets
Yes it’s true that Small Caps have more cash on their balance sheets but, on a trend basis, the Small Cap cash advantage is shrinking.
July Mutual Fund Flows
According to the latest ICI report, fund managers investing in U.S equities were hoarding cash during the month of June. Percentage of assets rises to 4.1%, but still near all-time lows.
A Different Spin on Liquidity
Cash, as a percent of the NYSE market value, has never been lower.
Musings on Investment Specialization
Cash no longer considered to be part of an equity portfolio...risk is considered to be the consequence of underperforming the S&P 500, not the impact of a bear market.
Potential Fuel for the Equity Boiler: Two Diverging Gauges
U.S. focus equity mutual funds’ cash reserves is now almost as high as back in late 1990 and early 1991 (the last major market low).
A Major Market Top in the Making
Since turning negative on July 2, the Major Trend Index has deteriorated very rapidly. Major stock market top now seems to be developing. There are now five stock market positives and seven negatives.
Monitoring Mutual Fund Cash Flows
$8 billion net inflow to Domestic Equity Funds in June. New and secondary equity offerings picking up, big block insider sale at record high (in dollars).
Worth Noting
T-bonds are now clearly in the lead in the 1995 Performance Derby. Do dividend yields matter? Polling the pros in Baltimore and Boston.
View From the North Country
Cash isn't trash, not in 1993 and not today. The real value of cash is its opportunity value, not its yield. Are you an AARP member? "Seeds of Generational Warfare” points out many of the reasons for the growing demographic conflict, young versus old.
The Waves of Cash…An Update
In September, $3 billion was switched from money market funds to equity mutual funds and $5 billion was switched out. Over 50 investment services now make mutual fund and market timing recommendations. Herein we track the dramatic increase in fund switching and comment on the implications.
Inside the Stock Market
The Major Trend Index shifted to Negative status as noted in the special May 22 Interim Memo. However, downside vulnerability appears quite limited. At any rate, expect a good market in the last half of 1984. It is too late in the decline for most to build cash, although some futures hedging may be appropriate for those who can.
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