During a recent portfolio review with one of my clients, she asked me why she didn’t have to pay any taxes last year even though her portfolio had substantially increased in value. She said the income and gains reported on her tax return were minimal. She was expecting a large tax bill given the portfolio … Continued
The most recent Presidential proposal to raise tax revenue once again targets the two percent. But does it? The proposal would cap the tax exemption at 28%; for those in higher brackets income derived from municipal bonds would be taxed for the percent their tax bracket is above that waterline. For example, consider someone who … Continued
The press is rife with references to the Dow Jones Industrials having recently reached a new high level of 15,000. What does it mean? Is the stock market ready to back off having more than doubled off of the March 2009 lows? Is this the early stages of a new bull market, as legendary investor … Continued
A few days ago, PBS Frontline ran a made-for-TV special titled “The Retirement Gamble”. Given the stir that this piece generated in our mainstream media as well among our clients, I felt it would be worthwhile to comment. First, we agree with the premise that most Americans are not adequately prepared for retirement. That is, … Continued
Last week at a luncheon I attended everyone in the room was asked to introduce themselves and give a brief overview of what they do. One woman’s introduction stood out. She introduced herself and then said “I sell people lifetime income streams. I don’t deal in stocks, bonds, or mutual fund investing. I give people … Continued
While it is unlikely that Voltaire had fossil fuels in mind when he wrote those words, several hundred years ago, the fit, for the US, is quite compelling. We use and need a lot of energy. We account for approximately 5% of the world’s population but contribute more than 20% of the world’s goods and … Continued
Sigma Investment Counselors President and CEO, Bob Bilkie, CFA, recently submitted the following in response to the US Securities and Exchange Commissions’ Request for Comment regarding Duties of Brokers, Dealers, and Investment Advisers for those providing investment advice (Release No. 34-69013; IA-3558; File No. 4-606). Thank you for providing a comment period pursuant to your … Continued
The Wall Street Journal carries a headline today titled “Growls Keep Coming From the Bear’s Den”. This article, which touts warnings from investment strategists about bad things to come for common stock investors, arrives on the heels of one of the best periods for investing in stocks (the four years and also the three months … Continued
Yesterday I had the opportunity to attend a presentation by Sandy Pianalto, President of the Federal Reserve Bank of Cleveland. She provided her perspectives about what the Fed was seeing in the data/ thinking at the time they took the actions taken since mid-2008 through today (i.e. QE1, 2, Operation Twist, etc.). 1) The revisions … Continued
Google partly defines alchemy as “a form of chemistry and speculative philosophy practiced in the Middle Ages and the Renaissance and concerned primarily with discovering methods for transmuting baser metals into gold”. Today, investors and their advisors are faced with historically low yields on fixed income securities. Many investors have generally assumed that their fixed … Continued
I spent the beginning part of this week in Florida watching the Detroit Tigers play the Washington Nationals. I think these two teams could meet again in the October Classic. The Detroit Tigers have a combination of incredibly good starting pitching and outstanding power hitting. The relief pitching is a question mark but notwithstanding the … Continued
Former Detroit mayor Kwame Kilpatrick was convicted of corruption yesterday. There was widespread speculation that a jury of his peers might acquit in spite of compelling evidence to the contrary. This would have been a blow to the rule of law and the fortunes of cities with a culture of corruption that were/are attempting recovery. … Continued
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