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Dec 07 2022

Mixed Messages From VLT

  • Dec 7, 2022

While VLT for the S&P 500 continued to trend lower in November, the DJIA calculation edged higher and triggered a new BUY signal. The message could soon get more confusing: A BUY signal for the Russell 2000 would be triggered if that index closes December above 1,813, while the S&P 500 and NASDAQ would have to climb more than 11% and 15%, respectively, to trigger a VLT BUY.

Dec 05 2000

View From The North Country

  • Dec 5, 2000

“What? You’re buying MORE Junk Bonds?!” “Regulation FD” could ultimately improve the depth and quality of analyst research, turning the focus back to more relevant, longer term outlooks. “Sell Side” Stock Research: The reasons why we no longer use it.

Mar 05 2000

Performance By Cap Tiers...Our New Measures

  • Mar 5, 2000

S&P 500, S&P 400, and Russell 2000 may not always present accurate readings of Big cap, Mid cap and Small cap performance, respectively.

May 05 1999

View From The North Country

  • May 5, 1999

Chasing the tale of past performance…The large cap indexing stampede. It’s not too late to get invested in emerging market funds. Also “Richer than your wildest dreams”…The advertising pitch of online trading firms. Who is protecting the public from this?

Oct 05 1997

Indexing Update

  • Oct 5, 1997

Index fund net inflows remained low in September at about $1.1 billion (estimated). This is almost flat compared to the $1.2 billion in August.

Sep 05 1997

August Fund Flows

  • Sep 5, 1997

In August, there were two weeks of net outflows from U.S. focus equity funds, the most recent was so small it hardly shows up on the chart.

May 05 1997

Index Fund Update

  • May 5, 1997

Index fund assets approaching $78 billion, 6% of U.S. focus fund assets... Year to date, index fund flows now account for about 14% of domestic total.

Mar 05 1997

Current Outlook

  • Mar 5, 1997

It’s “Never Never Land”...stock market now above all past valuation extremes. Ultimately, a big bear market is out there, but shorter term the market may go higher.

Mar 05 1997

February Mutual Fund Flows

  • Mar 5, 1997

Revised January 1997 U.S. equity mutual fund flows of $23.4 billion, setting an all-time record. February’s estimate of $20 billion brings YTD U.S. focus fund flows to $43 billion, well ahead of last year’s record pace.

Mar 05 1996

Big Cap Market

  • Mar 5, 1996

Big cap bias in market may be driven by increased enthusiasm for index funds. S&P becoming difficult to beat, P/E ratios of Royal Blue tiers compressing.

Nov 05 1995

Worth Noting

  • Nov 5, 1995

Steve's thoughts on borrowing to buy mutual funds, indexing and an eerie post-Halloween graphic.

Oct 01 1989

View from the North Country

  • Oct 1, 1989

Welcome Scott Archer.... More Bank Troubles and Write-Offs.... U.S. Banks Played Key Role in Oil Bath, Real Estate Debacle, Third World Loans and Busted LBO’s.... America As The “Center” Of the World Economic Universe.... Australia/New Zealand Update

Jan 07 1987

1987 Starts With A Bang

  • Jan 7, 1987

Even after the excitement of early January, it still looks like a major cyclical bull market top is in progress.

Oct 03 1986

Circles and Cycles: The Current Index Fund Boom

  • Oct 3, 1986

Herein, we examine the new surge of indexing on the part of pension funds, explaining why we think it may be just the wrong time to be abandoning active investment management. While ultimately most equity managers can be expected to underperform the averages, the timing of the current rush to indexing may be all wrong. Shades of the late 1970’s!

Jul 01 1985

View from the North Country

  • Jul 1, 1985

South African Divestiture: The campaign against investing in companies doing business with South Africa is rapidly building momentum…TV Tulips: Recent prices paid for commercial TV properties may be tulip bulb prices… Will It Take a Crisis?: I am just about convinced that only a crisis can bring meaningful fiscal reform.