11/30/12

A bearish view

Source: CNBC - You can sense almost an air of desperation from David Kostin, Goldman Sachs chief U.S. equity strategist, in his latest note to clients as he pleads with them to take money out of stocks before they fall off the fiscal cliff.

In the note, Kostin vehemently defends his year-end S&P target of 1250 despite the benchmark’s recent rise to above 1400. The strategist still sees a 12 percent drop ahead, believing that Congress will fail to address the fiscal cliff before the election, and maybe even before the end of the year.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/29/12

What drives commodity prices.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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How the Fed impacts the trend of commodity prices.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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Is long-term investing a viable investment strategy?

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/28/12

The real reason of the European crisis. The impossible solution.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/26/12

Technical patterns

The market is weak. Commodities are weak. Bonds are strong.

What caught my attention was the utility average. Very strong. Is the seasonality for this sector kicking in? See the above chart for details (click on the chart to enlarge it). Time will tell.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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An important not-so-popular leading indicator

The above graph shows the coincident-to-lagging indicator (click on the chart to enlarge it) (source: Zerohedge). I discussed this guage in my book Profiting in Bull or Bear Markets. It is an important leading indicator of the economy. And right now it is pointing south.

If this ratio is right we should see weak commodities and lower yields.

Let's see. Time will tell.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/23/12

THE BUSINESS CYCLE: THE COMPOSITE INDEX OF COINCIDENT INDICATORS

The composite index of coincident indicators provides information on what is happening now in the economic system, and is computed using four measures that reflect the current strengths and weaknesses of the economy.

The index of coincident indicators represents what is happening to the economy at the present moment, and its growth is a close approximation of the growth of business. Its trend reflects what is happening now to business activity The measures included in the computation of the index of coincident indicators are the following:

1. Employees on non-agricultural payrolls.
This indicator includes full-time and part-time workers and does not distinguish between permanent and temporary employees. Because the changes in this series reflect the actual hiring and firing of all but agricultural establishments, government agencies, and the smallest businesses in the nation, it is one of the most closely watched series for gauging the health of the economy.

2. Personal income less transfer of payments.
This indicator measures the real salaries and other earnings of all persons in inflation-adjusted dollars. This series excludes government transfers, such as social security payments, and includes an adjustment for wage accruals less disbursements. Income levels are important because they determine both aggregate spending and the general health of the economy.

3. Index of industrial production.
This index measures the physical output of all stages of production in the manufacturing, mining, and gas and electric utility industries. This index has historically captured a majority of the fluctuations in total output.

4. Manufacturing and trade sales.
Sales at the manufacturing, wholesale, and retail levels reflect trends in the economy and represent real total spending. That is, spending adjusted for inflation.

The economy is strong if employment, production, income, and sales are all growing rapidly. The business cycle is slowing down if the components of the coincident indicators are slowing down too.

Since the leading indicators have been chosen because they lead the economy, changes in the growth of the leading indicators also lead changes in the growth of the coincident indicators.

Investors should expect the economy to accelerate following a strong performance of several months in the index of leading indicators. On the other hand, the economy will slow down following a slowdown of several months in the index of leading indicators.

The relationship between the composite index of leading and coincident indicators is that a decline in the growth in the index of leading indicators is followed after several months in a decline in the growth of the coincident index. On the other hand, an increase in the growth of the leading index is followed after a few months by an increase in the growth of the coincident index.

(From Chapter 4 of my book Profiting in Bull or Bear Markets. Published also in Mandarin and on sale in China. The book is available at Amazon.com).

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/20/12

11/19/12

Observations

Jim Schmidt is the superb editor of Timer Digest. His publication ranks market timers of stocks, bonds, and gold and is penned in Greenwich, CT. He called me a few days ago. He told me, to my surprise, that he used to race his day sailer on the same lake I had my boat here in Akron.

But he did not call to tell me that. The real reason was to tell me that my buy/sell signals were not clear. He could tell that I was bullish in the near term, but my long-term outlook was not so obvious. He was right (he usually is). I did not spell it out as I should have. The reason is that I do not think in terms of buy/sell. When I talk about long-term outlook I focus on the trend of the risk imbedded in the market.

Anyway, after the call, I started thinking about the meaning and use of the two signals from an investor’s viewpoint. How do you use the fact that I am a long-term bear? What do you do when I say I am a short-term bull? Is there a practical application of this information?

My conclusion is “no.” Let me explain how I see it.

There are two main drivers in money management: risk (or the probability of making money) and the relative strength of asset classes and stock sectors.

Stock market risk increases as short-term interest rates rise. Market risk is high right now - and rising. In market timing parlance I am bearish over the long term. As risk rises, fewer and fewer sectors are attractive. Investors can only profit from being in these unique sectors.

Now, what does it mean to be a long-term bear when the market tells us to be selective and we can still make money in the few sectors that are strong?

My point is that changes in risk and the attractiveness of asset classes move continuously and gradually. The task of professional investors is to adjust their position to reflect these changes in the various markets as driven by economic and financial forces.

(This Observations appeared in the 3-7-05 issue of The Peter Dag Portfolio ).

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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What caught my attention today

Stocks and commodities were very strong. Usually strong commodity and stock markets are accompanied by lower bond prices.

Instead today bond were strong. Are bonds trying to tell us something about risk?

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/17/12

What is it all about?

The whole issue of "fiscal cliff" is about a simple truth. The time has come to pay the piper.

We bought stuff. We enjoyed every minute of it. We borrowed from banks - always ready to gives us the money.

Now we have to pay. Now we are realizing we did not save enough to pay for our medical needs. We did not save enough for our retirement.

Now we are realizing the markets want us to pay and we do not have the money. So, we have to pay with lower quality services, a more mundane health care, and less retirement income.

Our wealth was inflated by debt. Now that we have to pay, we are realizing the sad truth. And it is unpleasant, to say the least.

Inflation? I do not know. But it seems difficult to see how 300 million people can generate enough demand to cause prices to rise when they are forced to tighten their belts.

Will then bond prices continue rising?

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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Thought of the day

The value of all stocks lost 7% of nominal GDP - or $1.135T - since September 12th.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/14/12

Technical patterns

Interesting day, to say the least.

The pattern is alive and well. Stocks sharply down. Corporate bonds up.

Commodities flat. Copper down. Gold flat. Gold seems to be acting more and more like a commodity.

My subscribers were warned about market weakness. I repeated my warning in the latest Dag's Exclusive Market Alert. They know what to do.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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The end of a failed experiment?

From BusinessWeek: "Spanish workers staged a second general strike this year as unions across Europe prepared the biggest coordinated protests yet against budget cuts that policy makers say are needed to end the region’s debt crisis. In Spain, unions said most auto and metal workers joined the strike, even as power demand was just 13 percent below usual. One of Portugal’s two biggest labor groups also called a strike, partial walkouts are planned in Greece and Italy, and French unions are urging workers to join protest marches."

The Euro cannot survive. It is creating too much pain! Why are they insisting in punishing so many millions of people? The continent is being ravaged by misery and recession.

Why? Because they are afraid of Germany. They want neutralize its power by making her part of a "whole". But Southern Europe cannot become like Germany.

Will Germany become like Southern Europe?

11/13/12

About investment strategy and likely returns if you are a buy-and-hold investor.

A very interesting article.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Shouldn't you too subscribe to The Peter Dag Portfolio?

About earnings and the economy

From The Washington Post.

Analysts had forecast a 3.1 percent decline in earnings when the quarter ended, yet so far it has dropped by only 0.1 percent.

.... only 40 percent of the companies that have reported beat analyst forecasts on their revenues.

.... profit margins staying at historically elevated levels in the July-through-September quarter.

.... 62 companies have issued negative guidance about their expected profits,...

.... employers still feel no real pressure to sweeten their wages to get good workers.

.... the economy isn’t growing fast enough to make sales rise in any meaningful way.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Shouldn't you too subscribe to The Peter Dag Portfolio?

Technical patterns

The futures point to a weak market in opening.
Commodities broadly weak - oil, gold, copper, ...
Bond yields down - prices up.

It looks like the market correction is not over. Will it end when Congress reaches an agreement on the fiscal cliff?

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/12/12

Interesting comparison

Click on the chart to enlarge it.

11/11/12

Take your time...read this article...with an open mind...

You may not agree with everything they say in this in-depth article. But sometimes it is useful to listen to a friend and listen to what he says, he thinks about you, about your health. Things you do not have the time to think about.

Take your time. It is a long essay.

Just click Notes on the Decline of a Great Nation

11/9/12

Observations

The markets are always right. It is difficult to accept this concept, even for the major players on Wall Street.

Take the idea that yields have to rise because the administration is following inflationary policies. Major bond investors have gone aggressively public with this view for a few years. And they have been dead wrong. Yields are still at the levels of early 2003, at 4.2% to be exact. Eventually they will be right. Eventually.

The other big idea, discussed in the press for the past several years and recently in Davos at the World Economic Forum, is that China has to revalue the renminbi. At that meeting, Vice-Premier Huang Ju has provided the vision that the per capita income will rise from the current US$ 1000 to US$ 3000 by 2020. In other words, China, in spite of all the hype, is still a deeply underdeveloped country.

I always believed that a strong country has a strong currency. A currency is an asset for that country. It reflects the strong productivity of most of its industries. It reflects widespread innovation and a visible competitive advantage vs. its trading partners.

Investors in strong currency countries can go around the world and buy productive assets at a discount. This is what the US did after WWII in Europe until the late 1960s. Everybody was respecting us then. If China does not want to float its currency, it is because they believe the renminbi would devalue, not revalue. They are smart. A strong renminbi would give them a tremendous advantage in procuring resources to grow. A devaluation is too costly. Why risk?

They do not let their currency float because if it devalues relative to the US$, the cost of acquiring badly needed US technology would be greater and would hinder their development programs.

They still have enormous problems in the banking system, infrastructures, and the little publicized outrageous income differential between the fast growing regions and the farmland. We cannot blame an underdeveloped country for our problems.

(This Observations appeared in the 2-7-05 issue of The Peter Dag Portfolio ).

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

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11/7/12

The technical pattern is alive and well

Stocks are sagging as of this writing. High-grade corporate bond prices very strong.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Shouldn't you too subscribe to The Peter Dag Portfolio?

11/6/12

THE BUSINESS CYCLE: THE COMPOSITE INDEX OF LEADING INDICATORS

The composite index of leading indicators is a summary statistic for the U.S. economy. This index is constructed by averaging its individual components in order to smooth out a good part of the volatility of the individual series. The purpose of this index is to provide indication on the future trend of the U.S. economy. As a result, a slower growth in this index foretells that the growth of the economy is likely to decline in the future. On the other hand, an increase in the growth of this index is an indication that the growth of the economy will rise in the near future. The composite index of leading indicators is computed using ten measures that have the property of leading the business cycle at peaks and at troughs. The typical lead-time is about 12 months at peaks and a few months at troughs.

The indicators used to compute the composite Index of Leading Indicators are the following:
1. Average weekly hours in manufacturing. The average hours worked per week by production workers in manufacturing industries tend to lead the business cycle because employers usually adjust work hours before increasing or decreasing their work force.
2. Average weekly initial claims for unemployment insurance. The number of new claims filed for unemployment insurance is typically more sensitive than either total employment or unemployment to overall business conditions. This series tends to lead the business cycle and is inverted when included in the leading index.
3. Manufacturers' new orders, consumer goods and materials. These goods are primarily used by consumers. The inflation-adjusted value of new orders leads actual production because new orders directly affect the level of both unfilled orders and inventories that firms monitor when making production decisions.
4. Vendor performance, slower deliveries diffusion index. This index measures the relative speed at which industrial companies receive deliveries from their suppliers. Slowdowns in deliveries increase this series and are most often associated with increases in demand for manufacturing suppliers, and therefore, tend to lead the business cycle. The National Association of Purchasing Managers provides this information which represents the number of managers experiencing slower deliveries. An increase in this index suggests that the economy will improve.
5. Manufacturers' new orders, non-defense capital goods. This series represents new orders received by manufacturers in non-defense capital goods industries. As explained for the series on new orders, new orders for non-defense capital goods lead the business cycle.
6. Building permits, new private housing units. This series represents the number of residential building permits issued. This is an important indicator of construction activity, which typically leads most other types of economic production trends.
7. Stock prices, 500 common stocks. The Standard & Poor’s 500 Stock Index reflects the price movements of a broad selection of common stocks traded on the New York Stock Exchange. Increases and decreases in stock prices, which reflect increases and decreases in overall financial liquidity, is another good indicator of future economic activity.
8. Money supply, M2. The money supply M2 is expressed in inflation-adjusted dollars. M2 includes currency, demand deposits, other checkable deposits, travelers’ checks, savings deposits, small denomination timed deposits, and balances in money market mutual funds.
9. Interest rate spread, 10-year Treasury bonds less Federal funds. This series is constructed using the ten-year Treasury bond rate and the Federal Funds rate, an overnight inter-bank borrowing rate. Changes in this spread lead important turning points in economic activity.
10. Index of consumer expectations. This index reflects changes in consumer attitudes concerning future economic conditions and is the only indicator in the leading index that is completely expectations based.

The use of rate of change over 12 months is recommended when using business cycle indicators. The main reason is that asset prices in trends in the financial markets are particularly sensitive to changes in the growth rate of economic indicators. Furthermore, the use of rate of change helps to compare the growth rate of one indicator versus other indicators.

The main reason the index of leading indicators leads turning points of the business cycle is that many of the components used to compute the index reflect decisions or commitments to change output, such as new orders and building permits or measures of financial liquidity, such as money supply and stock prices. Stock prices respond immediately to increases in liquidity injected in the banking system by the Federal Reserve, as discussed in detail later in this book. The term liquidity is representative of how fast the money supply is growing. Rising growth in the money supply means that the Federal Reserve is increasing liquidity in the system, while a decrease in the growth of the money supply implies the Fed is taking liquidity off the banking system. How this is done will be discussed in the chapter concerning the operations of a Central Bank. All these measures affect economic growth with a lead of several months. For instance, the growth of the money supply leads changes in the growth of the economy by about two years.

Orders are a leading indicator, because they reflect the decision of business firms to buy new machines and expand existing capacity. However, it takes time to convert orders into machines or plants. Therefore, such orders tend to precede changes in the production of goods or machinery.

Another important component of the index of leading indicators is building permits. Let's assume that building permits start rising, reflecting a commitment to build more housing due to, for instance, declining interest rates. Rising building permits will eventually be reflected in increased construction activity, in the completion of buildings, in the production of materials that are needed to build houses, and eventually to their final sales.

It is reasonable to expect that some time will elapse from the time the building permit is granted, to the time the production of the equipment needed to build the buildings is completed, and finally for the buildings to be sold. For this reason, changes in the growth of building permits tend to anticipate - that is lead - the growth in overall business activity.

Another important leading indicator is the Index of Stock Prices, as represented by the S&P 500 common stocks index. The stock market is an important leading indicator of economic activity because changes in stock prices tend to lead changes in business activity by several months, and its action is available daily. The reason the stock market is a leading indicator of economic growth is because it reflects, like the money supply, the growth of liquidity in the economic system. For instance, the growth of the money supply and the change in stock prices measured on a year-over-year basis started to increase quite sharply in 1995. Economic growth resumed quite strongly towards the end of 1997 and early 1998.

Since financial liquidity reflects an expansion of credit, the more liquidity is made available, the more money is eventually used in business to build houses, to manufacture goods, to buy other companies, or to invest. A decline in the growth of stock prices signals that liquidity in the economic system is growing more slowly. The outcome is that consumers have less money to spend, investors have less money to invest in new ventures, and overall business activity is likely to slow down.

Another important leading indicator is the growth of the money supply, which measures credit expansion. We will deal in detail with this type of indicator when we talk about the Federal Reserve, which is the central bank of the United States, in Chapter 6. We will also see how the central bank impacts the growth of the money supply, and as a result, the growth of the economy. For the time being, it is enough to say that the money supply is also a measure of liquidity is the economic system and is closely controlled by the Federal Reserve.

When more liquidity is made available through the banks, there is more money to borrow. Consumers and businesses will then borrow and use the money to invest, thus, impacting the growth of the economy. If the liquidity in the banking system slows down, there is less money to borrow, and business activity will slow down because there is less money available to spend and to invest.

The composite index of leading indicators provides an overview of the future trends of the economy. It simplifies the analysis because it summarizes trends of ten indicators that in the past have proven to be reliable leading indicators of economic activity. Although all measures are important, the reader will find that changes in the growth of the money supply provide the most reliable indication of future trends because of its long lead time in predicting changes in economic activity.

(From Chapter 4 of my book Profiting in Bull or Bear Markets. Published also in Mandarin and on sale in China. The book is available at Amazon.com).

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Shouldn't you too subscribe to The Peter Dag Portfolio?

11/3/12

Thought of the day

If there is anything we can learn from history is that a country goes through five major phases in its development.

Phase 1. Free people generate growth.
Phase 2. Growth creates wealth.
Phase 3. Wealth is followed by concentration of power.
Phase 4. Concentration of power causes stagnation.
Phase 5. Stagnation is followed by discontent (Greece, Spain, Italy, Arab Spring).

Why is Europe stagnant for years? Excessive concentration of power - political and financial.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Shouldn't you too subscribe to The Peter Dag Portfolio?

11/2/12

A crazy day

Not because the market soared in the opening and tsnked most of the day. Inexorably.

What was crazy was that all asset classes declined - commodities, stocks and most bonds. PTY, BND, and BOND managed to show some gains. REITS were firm.

Tough market.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

Disclaimer.The content on this site is provided as general information only and should not be taken as investment advice nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Shouldn't you too subscribe to The Peter Dag Portfolio?

11/1/12

Please join me in Akron

I will be talking about the markets and how to profit in bull or bear markets. Emphasis will be on current trends in stocks, commodities, bonds and the global economy.

I will also give you an update on the European crisis and on the implications for the US.

Where and when.

Akron-Summit County Public Library,
Main Library Building, 60 S. High St.
Parking is free after 6 PM.
The 6:30 PM meeting Tuesday Nov 6, 2012 in Meeting Room 1 is open to the public.
No membership is required.