June 2009
Letter From The Portfolio Manager Still
Climbing The Wall Of Worry And Other "On The Wall" Observations
The wall next to my desk is, as they say, an "information-rich" environment
and one constant among this disparate collage of information, is a list
of somewhat unusual and thought-provoking statistics that I keep positioned
right at eye-level ...
June 2009
Fixed-Income Market Commentary May
Fixed Income Review -- Bond Ratings: From "AAA" (U.S. Treasuries
- for now) to "D" (GM)
The flight from quality continued to play out in May as the Treasury
Index was
down again (1.0% for the month). Thus far, March has
been the only positive month for the index in 2009. Pressure is coming from a
couple of different angles ...
Analyst Spotlight Under
the Hood of Leveraged ETFs
Do
you have a view on the market? (Who doesn't?) Maybe you think the
market is set
to rally 10% over the next few months. Wouldn't it be great if there
was a vehicle that allowed you to get twice the return of the index? ...
Research Perspectives
Keynes'
Beauty Pageant
At Kobren Insight Management we often write about the important market
factors of valuation and sentiment and how they impact market returns.
In this short article, we will use an illustration that might help bring
some of these thoughts on sentiment and valuation together. An important
thing ...
Five
Factor Equity Model as of June 2009 Our outlook is cautiously optimistic
for the coming 12-18 months. We can't deny the positive fundamental and technical
developments in recent weeks, but we are still modestly lowering our outlook
...
