By most measures, stocks are currently trading at or near all-time highs.  On that basis, one might conclude that stocks are at least high and perhaps too high.  This is looking at the markets in absolute terms. But what about relative value?  Are stocks high compared to the major alternative investments, cash and/or fixed income?  … Continued

Over the last several weeks there have been a number of commentaries and news items suggesting that stock picking has fallen out of favor and investors, both individual and institutional, are shifting some assets to passive investments, such as index funds and ETFs.  Some commentators have even suggested that stock pickers seek other employment. Not … Continued

The concept of sustainability, particularly with respect to natural resources, is the subject of a heightened level of interest.  Specific proposals are increasingly appearing in corporate proxies and many companies are introducing practices that are designed to protect and extend the useful life of natural resources. While environmental sustainability is garnering increased attention, investors should … Continued

There is a spirited debate within the investment community on the role that “alternative investments” should play in one’s portfolio.  In the simplest of terms, an alternative investment is an investment in an asset class other than stocks, bonds and cash.  One of the rationales used to promote these investments is that by introducing alternative … Continued

A few days ago The Wall Street Journal carried an excellent article by Mark Hulbert, basically concluding that, “trying to time the market is by and large a losing proposition, even for the pros.” Mr. Hulbert further noted that, “it is hard to decide when the market has peaked and it’s time to get out.  It … Continued

It has been said that “flying is hours and hours of sheer boredom punctuated by moments of stark panic.” The stock market would seem to have some of the same attributes.  Most of the time, the popular averages tend to drift along, generally with a moderately positive bias, and relatively modest percentage gains and losses. … Continued

Wikipedia defines credit risk as the risk that a borrower will default on any type of debt by failing to make required payments.  With the recent news regarding Argentina’s debt, this may be a good time for investors to carefully review their fixed income strategy. Two years ago, we blogged the question, “If You Borrow … Continued