The major problem facing investment advisors is helping clients with asset allocation. Your client is intelligent and engaged. The problem is that they are focused on what worked last year, and your job is to help them with what will work next year. Our company has an internal ranking of pundits and advisors. John Rutledge […]
There is so much attention on oil prices that it seems like CNBC has become the Energy Channel. It is not surprising. The energy "sector" is up over 20% on the year and also accounts for the largest segment of earnings growth. The S&P uses the term "sector" as it is defined in Morgan Stanley […]
Pundits on TV and websites express amazement that today’s CPI data show no change overall and only a .1% increase in the core rate. Writers on Cramer’s site, experts on CNBC, and even Bill Gross all claim that government measures of inflation are silly and inaccurate. To them, it is obvious that prices are much […]
None of this means that Charles is wrong in his prediction. Markets do not march straight up without pause. But there are different ways to look at the evidence, and tempting to see it as supporting your own position.
Now you see why I call the “multiple” a Fudge Factor! Anyone can offer an opinion on what it should be. Better to use some data…..