Global Market Commentary, Analysis and Investments
A moment of silence, please, for our fallen comrade, the Dow Jones Industrial Average…
Yes, it’s true; the beleaguered index fell through 10,000 yesterday to finish the trading session below where it stood last November. But yesterday was not the first time the Dow ever fell below 10,000. In fact, it was the 28th time since March 29, 1999 – the Dow’s very first close above 10,000.
[Read more...]Is this it? Is this the beginning of the end?
In the beginning there was the word. And the word was ‘subprime.’ When investors spoke the word in 2007, markets quaked. By the autumn of 2008, Lehman Bros. had gone broke and stocks were falling all over the globe.
The end of the beginning came on March 9th, 2009. Stocks had lost about half of their value…a loss of about $25 trillion, worldwide. The first stage was over.
[Read more...]The public spectacle continues. Bankers appeared in Congress yesterday.
‘Yes…we sold a lot of toxic, explosive stuff to our clients,’ they said.
‘Yes, we used our own money to bet against them…’ admitted Goldman’s top man.
‘Yes, we blew up the whole world economy. We’re sorry.’
[Read more...]Anthony Bolton may be Britain’s greatest investor. He ran the Fidelity Special Situations Fund from 1979 until his retirement in 2007. Over that 28-year span, the fund earned nearly 20% annually, thoroughly beating the market average of 13% over that time.
Because of his long and exceptional track record running a mutual fund and because of his association with Fidelity, he has been tagged the “Peter Lynch of Britain.” (Lynch ran the Fidelity Magellan Fund from 1977–1990 and posted a 29% average return.)
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Fed Vows to Maintain Public Financial Health
Extend and pretend…
That's the government's way of handling the crisis. Extend credit and cash to those who don't deserve it. Then, pretend that everything is okay…
But the problems don't go away. They just get stretched into the future…
What did the feds do for GM? They took over the company. They extended cash and credit. They put in place a “Cash for Clunkers� program to encourage people to buy cars. Then, they pretended that the problems were solved.
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