"The US stock market has now recovered virtually completely from the selloff in the third quarter of last year. Further gains from current levels may have to wait for decisive policy changes in Washington."
Equity-Market Barometer – 1/12 |
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~ R. David Ranson, President
and Director of Research
H.C. Wainwright & Co. Economics
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Play a brief audio introduction
from R. David Ranson, President and Director of Research.
Approximate runtime 3 minutes after download - broadband recommended.
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 Gold is for Real Wealth Preservation—Not Speculation
This insightful 60-minute webinar was presented March 8, 2011 by David Ranson in association with Bullion Management Group Inc. The webinar reveals little-known facts about the relationship of gold price to inflation and includes investment recommendations for the use of gold to minimize the impact of inflation on a portfolio. Replay the webinar or Open a PDF summary.
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Wainwright's Monthly Client Conference Call
Each month Wainwright conducts a monthly Client Conference Call with David Ranson, John Tamny and, on occasion, guest speakers. The conference calls feature an up-to-the-minute recap of our most recent research findings as well as the opportunity for clients and invitees to get an immediate response to pressing questions. The call routinely takes place at 8:00 am PST on the first Thursday of the month and lasts approximately 30 minutes.
If you are already a client, please join us by logging in to the Conference Call page prior to the next call and following the instructions for participation. If you are not a client and are interested in becoming one, fill out a signup form and request a guest invitation to the next scheduled event.
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Publication Highlights as of February 1, 2012
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Get the stories behind the headlines here! |
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 The Capitalist Perspective |
| Changing Times by Steve H. Hanke and Richard Conn Henry |
| The imperfections of the Gregorian Calendar (introduced 1582) cause dislocations in communication and commerce across national boundaries and time zones that are increasingly obsolete in a globalized economy. Read The Capitalist Perspective now without charge. [ Read ] |
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Interest-Rate Outlook |
| What does the imputed rent index tell investors about inflation? |
| The largest single component of the consumer price index is not a price measurement, but a statistical "imputation." Its movements are not related to movements in the index as a whole. And it is a lagging indicator rather than a leading indicator of the CPI. |
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Tactical Asset Selector |
| Valuing high-yield debt relative to equities |
| Neither equities nor high-yield bonds performed well in recent months. Which is "cheap" or "rich" relative to the other? |
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Strategic Asset Selector |
| Why a booming gold market is bad for stocks |
| In recent weeks, the stock market and the price of gold have been positively correlated. But over strategic time horizons it has been very much the other way. |
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Economy Watch |
| Good and bad debt--good and bad austerity |
| The conventional view of austerity in a sovereign debt crisis is that it is economically harmful and yet absolutely necessary. This diagnosis is internally contradictory and only partially true. |
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Fixed-Income Barometer |
| Highlights: |
| The Fed has locked itself into the famous liquidity trap. Recent changes in procedure for releasing information about intentions and forecasts are little more than window dressing. |
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Economic Barometer |
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| The slowdown in the world economy still looks mild, and is no longer threatening enough to restrain the rise in oil prices. All inflation indicators except interest rates are flashing red. |
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Equity-Market Barometer |
| Highlights: |
| The US stock market has now recovered virtually completely from the selloff in the third quarter of last year. Further gains from current levels may have to wait for decisive policy changes in Washington. |
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International Barometer |
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Foreign-exchange Value of the Dollar: Uncertain relative to the euro; declining relative to most major currencies over the next couple of years.
Equity Markets:
Most favored - Argentina
Least favored - Hong Kong
Bond Markets:
Most favored - U.S.
Least favored - U.K.
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Get the stories behind the headlines here! |
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