In economics, present value is a future amount of money that has been discounted to reflect its current value.  In short, money now is worth more than money in the future. To put the issue in a context that should be familiar to most of us; if you put your house on the market, you … Continued

It is probably fair to say that the “rule of law” is one of the key pillars of our government and financial system.  Wikipedia defines the rule of law as “the legal principle that the law should govern a nation, as opposed to arbitrary decisions by individual government officials”. As investment advisors, we are well … Continued

I was having breakfast with a companion this past Saturday, when he asked me, “Would you invest right now if you had cash?”  I chuckled and directed him to the blog my colleague wrote earlier in the week covering just that subject (https://sigmainvestments.com/invest-now-or-wait-for-a-correction/) with an answer in the affirmative. He then asked, “Where do you … Continued

Bitcoin. All comments and questions are welcomed. Bob Bilkie, CFA

Yes and Yes. But I think most observers would agree that a Rolex is much more than a time piece. For some it may be a fashion statement, a status symbol, a store of value, or something else. At a time when wearing a watch seems to be giving way to personal time keeping by … Continued

The media has been making much of the stock market recently hitting “new highs” and then doing so again and again. What does not make the headlines is whether the increase from the prior high is one point, or one hundred points, but only that it is a “new high”. Sometimes, this can be misleading … 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

All comments and suggestions are welcome. Walter J. Kirchberger, CFA

Phil Mickelson, one of the world’s leading golfers, reportedly sent shock waves at last weekend’s golf tournament when he said “there are going to be some serious changes for me because I happen to be in that zone that has been targeted both federally and by the state. And, you know, it doesn’t work for … Continued

I hope on this day, the second inauguration of President Obama, that he and the republicans in Congress hold it in their hearts to compromise where needed to advance the cause of ALL Americans. Comments or questions welcomed. Bob Bilkie, CFA

Industry sales of light vehicles increased 13.4% to 14.5 million units compared to 12.8 million in 2011. By any measure, this represented another year of strong recovery and was certainly a key factor in providing additional employment at both the OEM and supplier levels. Industry observers are expecting further gains in 2013. Rising sales also … Continued

If you work for Ford or GM and drive a Toyota, you are not supporting your employer. If you work for a municipality but live and shop in a different community, you are not supporting your employer. Fortunately, we live in a country with many freedoms. No one is going to force you to buy … Continued