?This has been the worst year for active managers in history. We have never seen numbers of people missing benchmarks so large. As the markets have moved up, the tracking error has grown. People are missing about a third of the upside in the markets,? said Thomas Lee, a chief equity strategist at JP Morgan.
My Fed Call. Survey traders and investors today, and you will find that 99% believe further quantitative easing via QE3 will be announced on Thursday. Poll vote Fed governors and you get a more realistic 50% probability. I think it is much less than that ? and therein lies the trade. I think that markets
Global Trading Dispatch?s Trade Alert Service posted a new all-time high yesterday, clocking a 63.2% return since inception. The 2012 YTD return is now at 23.05%. That takes the average annualized return up to 33.3%, ranking it among the top performing hedge funds in the world. Those happy subscribers who bought my service on May
Look at the charts for the barbarous relic below and you can only come to one possible conclusion. If the Federal Reserve disappoints on Thursday, just a little bit, even by a smidgeon, and does not deliver QE3 and gold sells off big, you should jump in and by the stuff like crazy. All of
?Inflation steals from savers, and inflation is the logical consequence of printing too much money,? said Oracle of Omaha, Warren Buffett.
NOTE TO READERS: There is a short letter today because I spent the entire weekend writing Trade Alerts, which you will receive right at the Monday morning opening. Last Friday, China announced a $150 billion reflationary public works budget designed to arrest the current free fall in the country?s GDP growth rate. The move came
Since nothing less than the fate of the free world depends on the judgment of Ben Bernanke these days, I thought I?d touch base with David Wessel, the Wall Street Journal economics editor, who has just published In Fed We Trust: Ben Bernanke?s War on the Great Panic. I doubted David could tell me anything
?Over the next several years, you will be shocked and surprised at the strength of the emerging Chinese consumer,? said Stephen Roach, the former Chairman of Morgan Stanley Asia.
A number of readers have asked me why I?m not trading now. Since I put out my calls to sell Treasury bonds in August (click here for ?The Great Treasury Bond Crash of 2010? ), and buy US stocks in September (click here for ?My Equity Scenario for the Rest of 2010? ), I have
The gold rush is back on in California. On my way back from Lake Tahoe recently, I saw that every bend of the American river was dotted with hopeful amateur miners, looking to make a windfall fortune. Weekend hobbyists were there panning away from the banks, while the hardcore pros stood in hip waders balancing