2/27/13

My proposal for the solution of the European problems.

Each country should go back to its original currency.
Each cuntry will use the Euro for all international transactions.

In this way each country has the option to devalue or revalue its currency depending on its productivity relative to other countries. The local business will have to pay more or less to buy the Euro to transact international business depending on the value of its currency .

Why not! What's wrong with it? It is the only way to free all the European countries from the shackle of the common currency.

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.

IS THE MARKET TOO HIGH?
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2/25/13

Technical pattens

Our heuristic models are working as we expected. We have been pointing out a pattern we use to hedge market tumbles...as it happened today.

Stocks wildly weak, as expected by our timing indicators. Commodities weak. And bonds very strong.

My point is that commodities and bonds - properly used - are excellent hedges in a rising or weak stock market. Today has been no exception.

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.

IS THE MARKET TOO HIGH?
With over 30 year experience, The Peter Dag Portfolio will show you if this is the time to become aggressive in the market or to become more defensive. You will receive your user id to access 4 FREE issues – and all the previous ones - of The Peter Dag Portfolio. Email your request to info@peterdag.com. New subscribers, please.

About the Italian elections

Nonsense. Nothing will change. Forget about all the emotions in the financial press.

Italy has been and will continue to be dominated by the industrial power base of the north, the unions, and the guilds. The government is a humble servant to this power structure. The rest of the people get oppressed ...like in Spain, Greece, and France.

Concentrated power will never give up its turf. I have been there. I lived there. I studied there.

This is the main reason the ides of a united Europe does not work. Too many feuds of power. Like in the middle ages.

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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2/24/13

Thought of the day

Keep focused. Watch commodities. Are they declining (including gold)? If so, the economy is slowing down - possibly contracting.

Not sure? Then watch corporate or Treasury bond prices. If they are rising they confirm the weakness in commodities.

This is a great relation. I use it backed by my proprietary indicators. It keeps me from getting in trouble and lose money.

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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2/23/13

Thought of the day

Bloomberg - Spending Cuts Threaten State Recoveries, Governors Say.

Everybody complains about the deficit and about excessive government spending. However, as soon as you mention cuts people panic and protest. Crazy. Really crazy!

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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2/22/13

LONG-TERM ECONOMIC AND INVESTMENT TRENDS: INTRODUCTION

The challenge in managing investment risk deals with two basic issues. The first one is to select the asset that investors think offers the greatest opportunities. History shows that stocks are the asset of choice in declining and/or low inflationary periods. Hard assets, such as real estate and commodities, have proven to provide superior returns during times of rising and/or high inflation.

The second issue is in deciding how much money the investor should invest in a particular asset. The amount of money to be invested initially and in the future depends on the assessment the investor has of short-term and long-term economic trends.

In the previous chapters we have presented indicators that help investors recognize important economic trends and possible areas of risk and opportunities. At the end of the analysis of the main economic indicators, they were summarized in three main groups: leading, coincident and lagging indicators. It was also suggested that the growth of the economy, relative to its long-term average, has an important impact on the financial markets and the overall investment climate. The relative movement of the leading, coincident, and lagging indicators, and of the economy relative to its growth potential, affects short-term investment decisions.

These decisions are the outcome of the answer to questions such as: What should I do now? What should my strategy be in the coming months? What is the asset that offers the greatest opportunities and least risk, depending on the phase of the business cycle?

In the following chapters we will analyze in more detail each particular asset and how its price is affected by the business cycle itself. However, before beginning that discussion, it is important investors gain an appreciation and understanding of the broad, long-term economic trends. The first issue investors need to be aware of is to understand the kind of economic times they are living in.

(From Chapter 5 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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2/20/13

The pattern is alive and well


The market is sinking, down about 1% @3:46 EST.

Corporate bonds strong and commodities sinking. Do you see a viable hedging 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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What am I watching?

If the market declines I am trying to guess what is happening to commodities, bond prices, and High-yield bonds. This morning, for instance, the market is gradually sliding. So, I told myself that what I should see is weak commodities, strong corporate bonds, and weak high-yield bonds.

This is exactly what was happening. I am trying to make money out of patterns I recognize between various asset classes. Bonds, for instance, can be an attractive asset class. Too bad few people understand them. I have several videos on the subject on www.petedag.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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2/19/13

Observations

As a teenager I did not like to go to school. Italian schools were tough. Instead I liked to play tennis. It was fun to travel around Italy, playing tournaments, winning them, and having parties with fellow players and friends after a final.

History and philosophy -- required courses -- were not my priorities. Life, however, plays interesting tricks. Eventually.

The study of history is now my main business. I need to learn from the past. Understand and discover new patterns. This is my passion.

This focus on history led me to look into how historical events impact our way of thinking. This is probably going to be my third book. As I uncover new concepts and developments, I take notes. I am beginning to get excited as new relationships emerge. I am learning.

History is about the ebb and tide of civilizations. Nations and empires rise and fall. Initially countries have the ingredients to dominate. Slowly, however, they dissolve.

They fold under the weight of change, caused by new developments they do not understand. Like GM. The rise of power has the seeds of its demise. We are ingrained in what we do and we become paralyzed by our culture. We cannot react to what is obviously happening.

The riots in France are a classic example. Right after 9/11, I suggested that what happened was a desperate action by desperate, poor people (I provided the data).

Europe is overwhelmed by swarms of immigrants from Africa, Turkey, Balkans, Philippines, Indonesia, Latin America, and Middle East. Boats full of people from Albania are landing in southern Italy. Crime is rising. Europe is invaded by poor people and Europeans are unprepared. Concerned. Paralyzed. Unrest is evident in Germany, Holland, U.K., Belgium, and now in France.

As in the last years of the Roman Empire, the “barbarians” are invading us. They desperately want to change the world order to gain our attention. To share our wealth. Are we fighting the wrong war against terrorism? Is it time to focus on the real problem?

(This Observations appeared in the 11-21-2005 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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2/18/13

Europe is in deep trouble.

Bloomberg - Lars Seier Christensen, co-chief executive officer of Danish bank Saxo Bank A/S, said the euro’s recent rally is illusory and the shared currency is set to fail because the continent hasn’t supported it with a fiscal union.

I have been saying this for years.

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.

A personal invitation
Find out how our investment strategy based on business cycle developments can assist you in managing your portfolio in these uncertain times. Review The Peter Dag Portfolio for one month - 4 issues and all the previous ones - absolutely FREE.

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2/16/13

The pattern of the markets

One of our strategies we use is based on the following pattern between stocks and high-grade bonds. (We also make large use of strategies based on business cycle developments).

1. The bottom in the stocks market is followed by a peak in the bond market (prices).
2. A bottom in the bond market is followed by a top in the equity markets.

This relationship, if keeps repeating, is saying to sell bonds following a visible bottom in the stocks market. It is also saying to start selling stocks if the bond market strengthens in a convincing way. It is also suggesting to stay in bonds as long as the market remains weak or after a strong market move.

Right now high-grade bonds are not doing well. They have been weak since mid December, a month after the bottom of the stock 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.

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2/14/13

The markets always win

Bloomberg - The euro-area recession deepened more than economists forecast with the worst performance in almost four years as the region’s three biggest economies suffered slumping output.

Euro-Area GDP Slumps Most Since Depths of 2009. Recession Gross domestic product fell 0.6 percent in the fourth quarter from the previous three months, the European Union’s statistics office in Luxembourg said today. That’s the most since the first quarter of 2009 in the aftermath of the collapse of Lehman Brothers Holdings Inc.

They rather sink with the ship than save it. Absolutely incredible how more than 300 million people can be fooled by a nonsensical idea. But the markets always win. The markets will force the European bureaucrats to recognize their foolishness.

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.

A personal invitation
Find out how our investment strategy based on business cycle developments can assist you in managing your portfolio in these uncertain times. Review The Peter Dag Portfolio for two months absolutely FREE. Send us your email address at info@peterdag.com and receive your personal user id and password to access our service at www.peterdag.com. New subscribers, please.

2/11/13

THE BUSINESS CYCLE: INVESTMENT IMPLICATIONS

In the prior sections we reviewed the concept of leading, coincident, and lagging indicators, how they are computed, what they mean and how they can be used. In the previous section we looked at how the business cycle evolves from a period of slow growth, to stronger growth, then slower growth again, going through four distinct phases. As the business cycle moves through these phases, the economic indicators maintain precise relationships, as discussed above. In particular, we have noticed how rising lagging indicators, such as change in unit labor costs, inflation, and interest rates provide crucial information for investors. It warns them to look for a peak in the leading indicators, such as stock prices and changes in the growth of the money supply.

The purpose of this section is to see how the evolving economy creates situations making it necessary to adjust your investment portfolio. We will examine the process from the investor's viewpoint in order to recognize the strategic implications derived from changes in the growth of the economy.

At the beginning of phase one the economy grows very slowly, and as we have seen, the posture of the Fed is let the money supply grow faster in order to accommodate the demand for credit. The increased availability of credit is a measure of the liquidity in the economic system. The money supply accelerates and this increased liquidity has an immediate positive effect on stocks. Profit margins start improving because of the declining cost of money, cost of labor, and raw material prices.

The U. S. dollar, sensing there is an improved tone in the economy, strengthens. This is an important barometer of the health of the economy. The stronger dollar confirms that all the trends in place are likely to continue. Production at this time is still weak and so are commodities. Because of the slack in the economy, the unemployment rate is high, capacity utilization is low, commodities are weak, inflation is declining and short-term interest rates are heading down or are stable, while bond yields decline due to lower inflation.

This is the phase of the business cycle that is most favorable to stocks. Investment in commodities and hard assets are not particularly attractive due to low inflationary pressures. Because of lower inflation, bond yields decline making bonds an attractive investment.

As the economy strengthens in phase one, several developments take place. Initially, they occur gradually but then they become more and more visible. Commodities do not decline as rapidly and eventually stabilize for several months. Then they start gradually rising. The action of commodities is followed closely by short-term interest rates. Bond yields do not decline as rapidly, and eventually they bottom. For instance, in 1994 when the economy strengthened quite visibly, commodities rose quite sharply, accompanied by a rise in interest rates from 3 to 6% and also by sharply rising bond yields.

This gradual change in trend suggests the economy is slowly moving into phase two when growth becomes quite strong. The business cycle moves into phase two when the economy grows beyond potential. Risks are beginning to increase for some assets while others become more attractive. As the economy grows above potential, commodities start growing quite rapidly. Therefore, investments in commodities or industrial types of assets that are commodity driven become attractive.

Inflation bottoms out at the beginning of phase two and the odds favor even higher inflation as resources become more fully utilized. Because of increasing inflation, bond yields bottom and possibly rise. Bonds, as a result, become less attractive. This is the time when risk begins to shift. Investment in stocks becomes riskier because the business cycle is in a strong growth phase with yields too high to justify current price earnings ratio. Commodities also remain an attractive investment. With inflation rising, real estate investments are beginning to offer a good opportunity as prices of real estate reflect the underlying inflation and tend to rise at a faster pace than inflation. Due to rising inflation, bond yields are rising, thus making bonds a high-risk investment.

In phase two, when the economy becomes very strong, the Federal Reserve recognizes that the strong growth in credit is causing the economy to overheat, generating strong inflationary pressures. Therefore, the Fed will attempt to slow down the growth in credit to achieve slower and more sustainable growth in the economy. Two developments usually happen at this time. The money supply slows down, a sign that the liquidity in the system is decreasing. Stocks peak due to slower growth in the money supply as short-term and long-term interest rates continue to rise.

The dollar weakens, as we mentioned above, thus making foreign investments more attractive. Profits decline as costs rise and productivity slows down. The business cycle now moves into phase three with the financial markets at a high-risk level while hard asset investments (energy stocks, gold stocks, commodities, real estate, art, etc.) provide more attractive returns.

In phase three, the leading indicators such as, growth of the money supply, stocks, and profits, decline. The dollar is weak as the economy slows down and tries to readjust. Bond yields keep rising and production slows down and commodities do not rise as rapidly and eventually decline. Inflation is still rising, short-term interest rates continue rising and the Fed is firm in controlling the growth in credit. The Fed will continue this policy until there are signs inflation will decline. Bond yields will eventually follow inflation down.

Phase three is a very unfavorable period for financial instruments and is more favorable for hard assets. Eventually, the economy enters phase four. The economy is slow, the Federal Reserve has finally achieved its objective of slowing down the economy below potential, and investors begin to see signs that inflation is declining. Phase four is a very important phase because all of the indicators that created a slowdown are now reversing themselves and create new investment opportunities. Inflation peaks and starts declining. Bond yields peak, wages slow down, and costs decline. Bonds offer good investment opportunities at this time. The Federal Reserve recognizes that inflation has been brought under control and the economy is likely to stabilize.

Low inflation and lower bond yields make stocks attractive again. Short-term interest rates decline because now the Fed is gradually easing and the financial instruments become attractive again. Commodities are weak, inflation declines, short-term rates and bond yields continue to head downward. The dollar finally improves as the excess generated in phase two and three are brought under control.

The Fed recognizes business conditions are normal again and allows liquidity to increase. The business cycle is close to entering phase one with all the financial markets in an uptrend.

The major developments that take place in phase one can be summarized as follows:
• The growth of the money supply is rising rapidly.
• The dollar is improving.
• The stock market is rising.
• The growth of the economy, as measured by the growth in production, sales, income, and employment, stabilizes and improves but remains below its growth potential.
• Profits bottom and then improve.
• Commodities continue to weaken and eventually bottom.
• Short-term interest rates continue to decline and eventually bottom.
• Long-term interest rates continue to decline and eventually bottom.
• Inflation continues to decline and eventually bottoms.

The major developments that take place in phase two can be summarized as follows:
• The money supply continues to rise very rapidly and eventually peaks.
• The dollar remains strong and eventually peaks.
• The stock market continues to rise and eventually peaks.
• The economy, as measured by the growth in production, sales, income, and employment, grows very rapidly above the growth potential.
• The growth in profits rise rapidly.
• Commodities are very strong and rise.
• Short-term interest rates rise.
• Long-term interest rate rise.
• Inflation rises.

The important developments that take place in phase three are the following:
• The growth of the money supply continues to decline.
• The dollar is weak.
• The stock market is weak.
• The economy, as measured by the growth in production, sales, income, and employment, continues to slow down and eventually falls below its long-term growth potential.
• Profits continue to remain strong and eventually decline.
• Commodities peak and eventually decline.
• Short-term interest rates eventually peak and then decline.
• Long-term interest rates continue to rise and eventually decline.
• Inflation continues to rise and eventually decline.

The developments that take place in phase four can be summarized as follows:
• The growth of the money supply continues to decline and as soon as short-term interest rates peak, it begins to rise again.
• The dollar declines and eventually strengthens.
• The stock market remains weak and eventually strengthens.
• The growth of the economy, as measured by the growth of production, sales, income, and employment continues to slow down.
• Profits continue to remain weak.
• Commodities are weak.
• Short-term interest rates decline.
• Long-term interest rates decline.
• Inflation declines.

The rest of this book will examine in more detail the various aspects of the financial markets and we will discuss which indicators are most suitable to assess the risk and predict the trend of each asset.

First, however, we must deal with a very important issue and that is to examine the important changes in the economy in the financial markets that took place since 1955. Why did these changes take place? What can we learn from them? How can we use the lesson of history to protect your portfolio? What happened after 1955 has an invaluable and profound impact on how to establish a long-term investment strategy. This is the subject of the next chapter.

(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?

2/8/13

An importan thought

... simplicity has been difficult to implement in modern life because it is against the spirit of a certain brand of people who seek sophistication so they can justify their profession. (Nassim Nicholas Taleb)

In other words, a complex system works better when left alone.

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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2/7/13

The markets always win

The Dollar has been very weak. The Euro very strong. Why is the dollar so weak?

A currency measures productivity and overall attractiveness of a country relative to others.

Our productivity tumbled 2% in the Q4 and labor costs adjusted for productivity jumped 4.6%.

Our leaders should listen to the markets to decide what are the policy priorities for the country. It is wonderful to have a great healthcare system. But if we do not produce the wealth to pay for it we will all suffer.

The markets always win.

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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2/5/13

Outlook for 2013

Click on the table to enlarge it.

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?

Observations

When we do not know, we do not feel safe. The ontological issue (the study of “being”) has hounded humankind since day one. We feel comfortable when we know, when we understand who and what we are. What makes us tick.

We are not at ease when we talk about the future, about the non-being, about what is there when we go beyond ourselves. Religion has filled this gap to make us feel more comfortable. Since day one, the keepers of our spiritual security assured us that there were one or many gods. They gave these gods non-human powers, without knowledge or experience of these powers and how they could manifest themselves.

Why am I saying all this? Because I am utterly amazed by the nonsense I read about the current and future chairman of the Fed. We need a god of finance, so we invented one: the chairman of the Fed. He knows. He performs special rites (like talking to Congress and announcing the Fed’s decisions to “raise” interest rates) to protect us and to show us the way to everlasting financial and economic security.

In my presentations I show the growth of the money supply since 1950, a measure that is closely correlated to changes in economic growth. The Fed, supposedly, has the power to control money. But then, how come the graph of the growth in money supply goes all over the map, anticipating with uncanny reliability periods of poor and strong growth (more details after page 5).

If the Fed were so powerful, why would they not make money grow at a steady 7%, thus giving us steady growth in GDP, earnings per share, income, stocks, …?

Do they “raise” interest rates? But why do copper, crude oil, gold, burlap, earnings per share, … closely mirror the trend of short-term interest rates? Do they also control all these other aspects of the economy? The Fed can only temporarily keep interest rates below inflation. They do it in critical times. But eventually the markets win, as they did in the 1970s. They always do.

(This Observations appeared in the 11-7-2005 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.

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

2/3/13

Nigel Farage ... 3 minutes...worth it...

Poor Europe! Poor Europeans!

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?