Investor Letter: Thoughts On The Second Half

 July 23 2013     David Templeton
Our firm's Second Quarter 2013 Investor Letter provides a review for the first half of the year. In our Letter we discuss our current investment position, as well as recent changes to our client portfolios. Our recent investment biases have served our clients well. Strategically we have favored U.S. equities and shorter maturity bonds while at the same time avoiding gold (broad commodities for tha...

Warren Buffett On The Markets

 July 19 2013     David Templeton
In the below video Warren Buffett provides his take on stocks and the market. A couple of key points he mentions are:A stock doesn't know you own it, andOnes feeling about the market is not reciprocated by the market.H/T: Abnormal Returns

Dow Rally Following Prior Market Contractions

 July 19 2013     David Templeton
The Chart of the Day charting service's recent report on Dow rallies following market declines of at least 30% shows the current rally is below average in both magnitude and duration. The report notes,"The Dow just made another post-financial crisis rally high. To provide some further perspective to the current Dow rally, all major market rallies of the last 112 years are plotted on today's ch...

Foreign Sales Increase For S&P 500 Companies

 July 18 2013     David Templeton
S&P Dow Jones Indices recently reported foreign sales data for S&P 500 companies for 2012. In the report, S&P 500 Foreign Sales Edge Up, it is noted there is some difficulty in obtaining foreign sales data since companies are not required to provide a breakdown when providing financial reports. Nonetheless, S&P explains the procedure used in reporting the information. In the final analysis the dat...

Dividend Payers Underperforming Non-Payers For First Six Months Of The Year

 July 17 2013     David Templeton
It seems much of the focus around the stock market this year has centered around investors chasing the dividend paying stocks. The theme of the discussion has been bond investors have been buying "bond like" stocks in an attempt to enhance the yield on their investments. The thinking has been bond yields are so low, one can buy dividend paying stocks with higher yields than a bond of the same comp...

The Social Security Debate Continues: Emphasizing the Need for Financial Planning

 July 16 2013     Terry Horan
Summer and retirement planning may not sound like a natural pairing, but a recent New York Times article has reminded me – like a sand gnat on the beach – that no season can be exempt from an awareness of certain hard truths.   The article – actually a Times editorial – argued against broad-based cuts in Social Security benefits, on the grounds that the system is equipped to pay full benefits u...

End Of Low Interest Rate Environment: Where To Invest

 July 13 2013     David Templeton
The recent market focus has been centered on Ben Bernanke's comment that the end is near for a very accommodating Federal Reserve, i.e., quantitative easing (QE) tapering is near. The market's reaction was one where the 10-year Treasury rate shot higher (prices declined) as evidenced in the below chart. This rise in rates also influenced mortgage rates as detailed in the second chart below.From Th...

Does 401(k) Auto-Enrollment Help or Hinder Retirement Savings?

 July 11 2013     Michael Napier
A study by Aon Hewitt recently caught my attention.  The article indicates that 401(k) automatic enrollment helps with the overall participation rate in the plan, but causes employees to save less than they normally would if they chose to enroll on their own. The trend holds true for employees across all salary ranges. Below are the statistics on savings rates as a percentage of an individual’s sa...

Equal Weighted S&P 500 Outperforming Cap Weighted S&P 500 Index

 July 8 2013     David Templeton
The equal weighted S&P 500 Index ETF, RSP, continues to outperform the capitalization weighted S&P 500 Index on a year to date basis. The equal weighted index maintains a higher weighting in the smaller cap companies in the S&P 500 Index and small cap stocks (IWM) have been outperforming the larger cap issues this year.A part of this outperformance may be attributable to the fact small cap compani...

Women And Investing

 July 7 2013     David Templeton
Consuelo Mack of WealthTrack recently aired two interview segments that focused on women and their investing and retirement needs. American women control $8 trillion in assets and this figure is expected to grow to $22 trillion by the end of the decade. Yet the traditional wealth management approach doesn’t necessarily work for women’s needs. In the first video Consuelo Mack's guests, Morgan Stan...
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