Posted in Uncategorized
by
Sunday, 28 April 2013

One of the enduring topics in investment lore, and among the great controversies in investment practice, is the value and possibility of profitable market timing. It is a natural thing: after all, who among us would not be grateful for an insight or methodology which would, if not all the time, at least on balance, enable us to increase our investment commitments at propitious moments, and to decrease them at less propitious ones?  To read the full report: The Investment House Quarterly 1Q2013

Posted in Uncategorized
by
Monday, 28 January 2013

U.S. Equity markets were flat this quarter, with the S&P – .38%, as the election, fiscal cliff, and debt ceiling issues took turns grabbing media attention. As Shakespeare might have said of the financial press: “Sound and fury signifying nothing.” Meanwhile, 2012 S&P 500 returns defied the pessimists, logging a 16% annual gain, versus a 4.23% gain in 10 year treasuries, a flat performance in commodities, and a decline of 1.42% in the dollar index.  To read the full report: The Investment House Quarterly 4Q2012

Posted in Uncategorized
by
Sunday, 28 October 2012

Equity markets were broadly higher this quarter, with the S&P up 6.35%, bringing its year to date gains to +16.44%. Bonds were up slightly (interest rates lower), and commodity prices surged 11.39%. Neither the European Financial Crisis, nor the looming Fiscal Cliff was sufficient to derail the momentum. This is particularly impressive given the continued outflow of mutual fund dollars from equities: Morningstar reports that investors sank $29.9 billion into taxable bond funds in September alone, while simultaneously withdrawing $16.8 billion from US stock funds, representing the 17th consecutive month of mutual fund outflows from US stocks. In the year to date, US stock funds have lost $82.6 billion, while the year to date inflows to taxable and municipal bond funds were $194.1 Billion and $43.1 Billion, respectively.  To read the full report: The Investment House Quarterly 3Q2012