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Cash Positions

Feb 07 2017

How Much Cash Is Stashed Overseas?

  • Feb 7, 2017

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.

Jun 05 2015

Cash Left The Sidelines Long Ago

  • Jun 5, 2015

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.

Sep 05 2004

Tracking The Growing Cash On Corporate Balance Sheets

  • Sep 5, 2004

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.

Aug 05 1998

A Different Spin on Liquidity

  • Aug 5, 1998

Cash, as a percent of the NYSE market value, has never been lower.

Aug 05 1998

July Mutual Fund Flows

  • Aug 5, 1998

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.

Aug 05 1997

Musings on Investment Specialization

  • Aug 5, 1997

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.

Apr 05 1997

Potential Fuel for the Equity Boiler: Two Diverging Gauges

  • Apr 5, 1997

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).

Aug 05 1996

A Major Market Top in the Making

  • Aug 5, 1996

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.

Jul 05 1995

Monitoring Mutual Fund Cash Flows

  • Jul 5, 1995

$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).

Jun 05 1995

Worth Noting

  • Jun 5, 1995

T-bonds are now clearly in the lead in the 1995 Performance Derby. Do dividend yields matter? Polling the pros in Baltimore and Boston.

Sep 05 1994

View From the North Country

  • Sep 5, 1994

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.

Nov 04 1986

The Waves of Cash…An Update

  • Nov 4, 1986

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.

Jun 05 1984

Inside the Stock Market

  • Jun 5, 1984

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.