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15 Jun 2012 Uncertainty Continues

Posted at 11:29h in The Friday Brief by Sam Bass Jr.

US equity markets are off their May lows by about 4.5% to 5% depending on the index while economic releases continue to show the economy slowing. These reports and news from Europe and Washington's ambivalence over the approaching fiscal cliff all keep a pretty tight lid on short-term optimism.

08 Jun 2012 Why Do We Not Sell In Falling Markets?

Posted at 13:05h in Briefs about our Process, The Friday Brief by Sam Bass Jr.

Last week's Brief discussed how markets have telegraphed or predicted, since April, the recent slide in equities. It raised a question from a few of you as to why we don't sell when we know stocks are going down? It is an excellent question deserving of a thoughtful answer, as it goes to the heart of our investment management philosophy.

01 Jun 2012 Treasuries Remain the Best Hedge Against Equity Risk

Posted at 17:28h in The Friday Brief by Sam Bass Jr.

Europe is unraveling and signs are mounting that the global recovery is in jeopardy. A Chinese purchasing managers’ index showed manufacturing grew less than estimated last month in that country, the weakest production growth since December. Manufacturing, the stalwart of the US recovery, grew at a slower pace in May in response to weakness in the global economy. A similar gauge of manufacturing in the 17-nation euro zone fell to a three-year low of 45.1 in May. And unemployment in the US unexpectedly increased providing further evidence that the labor-market recovery is stalling.

24 May 2012 Why Greece Matters

Posted at 13:45h in The Friday Brief by Sam Bass Jr.

Ancient Greece is known as the cradle of western civilization. But today, the bough on which it rests threatens baby, cradle and all. How does a country barely 3% of the Euro economy, ($318B compared to $425B for NC) with a population roughly the size of North Carolina's (10 million) threaten an entire global economy?