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HomeNew ArticlesBears Gone Bulls Badly Hit since late OctoberThe S&P 500 Index and other major U.S. indices violated important support levels on November 19 suggesting the market is now poised to break its October 2002 lows. The S&P 500 Index is now down 45% in 2008 – its worst year since 1931. Several high profile hedge funds and traditional equity fund managers turned bullish on stocks following the crash in October. Through yesterday, these advisors are sitting on losses exceeding 15% as stocks continue to swoon. »
Semiconductors Hit Decade LowsToday, the Philadelphia Semiconductor Index, aka the SOX, took out its 1998 low of 182, closing at 177 this afternoon. »
Hedge Fund Selling has been IntenseFrom Vince Farrell at RealMoney. A report making the rounds today detailed managers' Form 13-F filings. This report shows what managers own. Their holdings of U.S. stocks by and large plummeted. The decline in the size of the positions could be from market share losses or the sale of a position, or most likely, both. »
PE Ratio and ReturnsThere is a fairly simple relationship in long-term investing - the lower price you pay for an asset, the higher your expected return. The lower the price/earnings ratio of the market, the higher the long-term return from stocks. From Greg Mankiw. »
Stocks and the Yield CurveThe yield curve is steep. Historically, that has been good for stocks, at least over the intermediate term. From Bespoke. »
More Countries to Impose FX ControlsIndonesia announced foreign exchange controls last week, triggering the first round of restrictions or limits on foreign currency trading. Other nations are sure to follow as economic growth falls off a cliff this quarter compounded by plunging exports. As the global financial crisis deepens and spreads to the real economy, more countries will resort to protectionist policies in the emerging markets, eventually imposing semi or hard foreign exchange controls. »
Free Reality Check TeleseminarJoin me, Andy Sernovitz, Pam Slim, and Rich Sloan for a Reality Check teleseminar today (11/18/08). 2:00 pm Pacific time. Sign up here. »
"These are Not Unprecedented Times." - John HussmanGood article by John Hussman. »
Volatility Peaking?Great graph at VIX and More. Fifty day volatility dropped yesterday. That has signaled a bottom in stocks over the past 20 years. »
CMBS Spreads Off the ChartsI haven't written much about commercial real estate lately. CMBS spreads are off the charts. »
The Art of Laying People OffOver at the American Express OPEN Forum, I posted an article explaining “The Art of Laying People Off.” Actually, I hope you don’t have to read it. »
Stocks with EV/EBITDA Less Than 6.0xThere are 83 companies in the S&P 500 with an enterprise value to earnings before interest, taxes, depreciation and amortization - or EV/EBITDA - multiple of less than 6.0x. Many of those companies are cyclical companies which will see falling profitability and higher valuation. However, the following companies are also trading at 6.0x EV/EBITDA or lower. »
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