The average return of our best scoring ADRs from 1-year ago (12/9/2013) returned % in the past year, with no turnover. That generated 251 bps of excess to the MSCI EAFE index. The best performers from our list last year include SIG up 71%, SHPG up 60%, and IRS up 41%. The average ADR score is 49.16, which is…
Just a few short months ago, investors were “buy buy buy”-ing the fact that The Baltic Dry Index had resurged off multi-year lows ‘proving’ China’s renaissance and that world economic growth will re-approach Nirvana. Simply put, with collapsing commodity prices (iron ore for instance) and massive fleets of credit-driven mal-investment-based vessels, it should surprise no one that…
Gold is hated more than ever by both governments and the financial services community. This is because it has now become imperative to keep the illusion of confidence in sovereign debt and paper currencies. To that end, a gentleman by the name of Willem Buiter, Citigroup’s chief economist, shot into the media spotlight by writing…
I posted over the weekend that it was make or break time for the indexes. It appears that it might be break time. All of the indexes with the exception of small caps (RUT or IWM) issued a consolidation warning at the close today. A consolidation warning occurs when Twitter or StockTwits momentum breaks its confirming…
Paul Simon says it best when you’re talking about the action in the oil markets lately: Oil just keeps ‘slip slidin’ away. Prices are at levels not seen since 2010. This startling price action is causing fascinating reactions in a broad number of industries and sectors. One particularly interesting reaction is that of the automobile…
As everyone knows, stocks do not go up in a straight line, not even during the holidays. So although the future looks bright for U.S. equities as the major indexes continue to hit or challenge new highs, the market has been gasping for a breather to gather bullish conviction. My fear has been that we…
The Jobs Report scored big Friday, reporting 321,000 new jobs for November and a strong monthly wage increase. Unfortunately, the outlook for GDP growth indicates this robust level of jobs growth is not likely to continue for long. Over the last two quarters, the economy grew at a 4.2 percent clip, about double the pace for…
Well for the last decade, anyways! Chart below is a weekly chart of GLD and DXY. As shown below powerful moves in the USD (DXY) do not send gold crashing. The USD looks like it is completing a A-B-C correction. Once the C is done, and the DXY falls, gold will do well. How much…
The new week has begun with two macro-economic disappointments. First, after the recent capex data, economists had expected Japan’s 0.4% quarterly contraction in Q3 to be largely revised away. However, the actual report came out worse, showing slightly deeper contraction (-0.5%). Moreover, this was due primarily to the downward revision in business spending to -0.4% from…
How about the price of crude? It’s now down 40% in six months! The oil biz has been knocked on its ass as a result. The oil stocks have been taken behind the shed and beaten with a stick, losses of 20-40% in market cap are common. The fallout (good and bad) from the drop…
