The “Most Hated Bull Market” of all time is also proving to be one of the most resilient. But despite the scorn heaped upon the bears, it’s worth pausing a moment to remember why they’re wrong – and it’s not because they think the pullback is coming.
Category: Macro Commentary
16
May
2013
15
May
2013
Book Review: Fortune’s Formula
When a friend of ours headed to the World Series of Poker last summer mentioned basing his bet size on Fortune’s Formula, and we gave him a semi-blank stare – he told us to go pick up the book Fortune’s Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall […]
01
May
2013
Wasendorf’s Next Gig
Russ Wasendorf has already put together his next project. We’re talking about Jr., of course. He’s trying to get back on his feet while the old man sits in jail, having launched an ecommerce site in his new home. We’re hoping for the sake of ex-PFG customers that he enjoys great success with his new venture.
23
Apr
2013
Ditching the 60/40 Mentality
The 60/40 portfolio is one of those bits of investment philosophy that’s so deeply ingrained, many people take it for granted. But we’re starting to see that change. Between the financial crisis highlighting the risk in stocks, and the Fed’s “low interest rates forever” policy depressing the returns in a traditional bond portfolio, the 60/40 portfolio is finally on the verge of losing its status as an unchallenged truth of investing.
05
Apr
2013
Corzine at Fault… Again (We Know!)
Another missive on MF Global that we can drop straight into the “things we already knew” file: a new report from trustee Louis Freeh alleges that Jon Corzine was largely responsible for the downfall of the company. Not exactly shocking material, and quite a bit of it is simply a re-hash of other reports on the subject, but it does contribute to the mountains of damning evidence against Corzine.
28
Mar
2013
HFT’s Biggest Foe? The Laws of Physics
We’re not exactly huge fans of high-frequency trading, mostly because of the worry that regulators will cause more harm than good with new laws to curb the practice. But even without new laws from Washington, HFT is already in danger of running up against much tougher laws: the laws of physics.
26
Mar
2013
PFGBest Update: Paying the Bills
The unwinding of the mess that Russ Wasendorf left behind has surely been a daunting task, but we haven’t exactly been impressed with its execution. There have been a number of missteps along the way… and now, we’ve just discovered how large the bill for all that “service” is going to be.
22
Mar
2013
PFGBest Update: The Tax Man Cometh
It’s hard to believe, but today we can use the words “IRS,” “Taxes,” and “PFG Best” in the same sentence – and the result is good news. Customers who lost money in the company’s fraud may now at least get a little relief when filing their taxes.
20
Mar
2013
PFGBest Update: Good News for 30.7 Accounts
The PFG trustee’s motion for 30.7 account holders’ money to be treated the as an individual class was approved today by the judge in the PFG case. What does it mean for recovery totals? It depends not only on the type of account, but on the outcome of several other possibilities that are still up in the air. But a clearer picture of the best and worst case scenarios is starting to take shape.
20
Mar
2013
JPMorgan, MFGlobal, and the Way Forward
For former MF Global customers, one of the last barriers to resolving the case has finally come down. JP Morgan has relinquished its claim to significant portion of the remaining money for distribution, in addition to agreeing to pay an addition sum to the trustee. But a new survey released this week shows how much work still remains to restore confidence in the industry.
