Today’s Wall Street Journal carries an editorial titled “How Washington Defriended Investors.” The piece dissects how the recent private equity position taken in the social media company Facebook by wealthy clients of Goldman Sachs put at a disadvantage the ordinary investor of much more modest means that was not afforded the same opportunity to purchase … Continued
On behalf of all of us at Sigma, we would like to extend our best wishes in this blog for a happy, healthy and prosperous New Year. We are reasonably constructive on the global and US economic outlook for 2011, expecting further moderate growth. We are mindful of the fact that common stock prices have … Continued
At Sigma, we traditionally use the end of the year to go through taxable portfolios and sell positions that have significant losses so that they can be used to offset realized gains for our clients. This simple process is used to lower tax bills through a few straightforward trades and is a no-brainer if tax … Continued
We continue to hear about the struggles of our economy due to “uncertainty.” Much of the criticism towards Washington focuses on this “lack of certainty.” Businesses have been crying that this lack of certainty regarding regulation and taxes has postponed plans to spend and hire, resulting in growing amounts of cash on their balance sheets. … Continued
Many of my blogs over the past few months have focused on government policy – fiscal and/or monetary. While this may seem to the casual observer somewhat removed from investment analytics, the reality is that government policy always impacts the financial markets (Ronald Reagan’s massive tax cuts in 1981 ignited the subsequent stock market rally; … Continued
Robert Frank writes in the New York Times on 11/28/10, that taxpayers who have incomes above $250,000 can handle the tax increases embedded in the expiring tax cut legislation from the Bush Administration because it would not “…affect their own standard of living.” He notes further that “Truly wealthy families wouldn’t have to alter their … Continued
As a former professional baseball player, it appears appropriate to me to take my “portfolio managers” hat off and turn it around and attempt to be the General Manager for the Detroit Tigers in analyzing where the Tigers were a year ago versus where they are today, given the announcement of recent trades and some … Continued
Thanksgiving has always been my most favorite holiday. I have many childhood memories waiting downtown Detroit for Santa to appear on Woodward. My Dad and Uncles would wedge a wooden plank between two ladders from where my sister, cousins and I would watch the parade while drinking hot chocolate from a thermos. While the parade … Continued
While we think there is some small cause for celebration in GM going public today and repaying a portion of the taxpayer’s money, we believe GM has a long way to go before proving it is a completely rehabilitated company. GM still has a number of problems to face as a public company. Their market … Continued
The United Nations reported on November 4, 2010 “There had been tremendous advances all over the world since 1970, as indicated by the Human Development Index… .” This Index measures health, education, and income levels across the globe. Some may assert it is not a comprehensive measure of the well being of the world’s inhabitants, … Continued
Like a large number of their fellow Americans, the Democrats lost their house on Tuesday. The power has shifted in Washington with the Republican controlled house serving as a counterbalance to President Obama and the Democratic majority in the Senate. A major concern is gridlock in this weak economy. Gridlock would be a result of … Continued
Given expectations of material changes in the contours of Congress after next week’s elections, it is not inconceivable that the leader of the Democratic Party, President Obama, could launch a “November Surprise.” While this is pure speculation, our hunch is that it could be related to the Afghan war which is very unpopular with the … Continued
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