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A Big Week for the Market

This is the final full trading week before the election. I am going to take the opportunity to lay out the trends as I see them and the state of the market within the context of those trends. Starting with equities

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The Micro and the Macro At the Same Time

Sometimes it’s “macro” time and sometimes it’s “micro” time. Micro time is generally how I refer to earnings season. That is normally when we can take a step back from the bigger picture themes such as interest rates, currencies, policy and stimulus and focus on what companies are saying about their business over the past

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If Small-Cap Is Taking Control, Consider These Two Non-Generic ETFs

Dan Russo, Chief Market Strategist at Chaikin Analytics headlined his 10/12/20 newsletter to clients with the question: “Changing of the Guard?” He noted that our ETF Power Rank on the tech-heavy Invesco QQQ Trust, Series I ETF (QQQ) (ETF Home) fell from Bullish to Neutral while that of the small-cap oriented iShares Russell 2000 ETF

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Value For A Growth-Obsessed World: Six Infrastructure Plays

Value For A Growth-Obsessed World: Six Infrastructure Plays I could understand how anyone who read my post last week, which suggested Defunding the Value Police, might come away with the idea that I’m anti-value, a spokesperson for the dark side. Not so, not at all. I’ve always been about value and still am. What I’m against

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Defund The Value Police — Unless Or Until They Get It Right

I wouldn’t be surprised at all if the market’s recent tech wreck caused the long dormant Value Police to run to the spotlight. Ignore them; they’re still wrong. Value can never work in isolation, but always works when joined with growth. Softbank shenanigans aside, I wouldn’t be at all if the market’s recent tech wreck

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Small-Capitalization Stocks

What It Will Take For Small-Capitalization Stocks And ETFs To Shine

Led by Fama-French  and the Quant community, Wall Street has long considered Small-Capitalization to be a significant factor in and of itself. Not so! Fundamental assessment of businesses shows that large and small companies are structurally different and that all else being equal, smaller firms are riskier. Aiming at small-cap per se a risk-on choice;

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Future-FANMAG Stocks Are Highly Valued, But Not Necessarily Overvalued

There are lots of stocks out there that have the potential to become FANMAG-like superstars of tomorrow, and ETFs that invest in them. One can, however, wonder if such stocks and ETFs expose investors to the sort of value crash we experienced in 2000-02. Analyzing the Chaikin multi-factor Power Gauge model, I suggest that such

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The One Constant is Change

Creative destruction is the hallmark of progress. We can think of it as economic innovation. There is actually an entire page on Wikipedia devoted to it. You can check it out here. According to the site, it is a concept in economics which since the 1950s has become most readily identified with the Austrian-born economist

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ETFs That Invest In Classier Versions Of Junk Bonds

Having cut my teeth with High-Yield (Junk) bonds back in the heyday of the era, when Drexel Burnham and Michael Milken ruled the kingdom from the famous X-shaped Beverly Hills trading floor (with Milken holding down the center point) and annually feted courtiers with what later became dubbed “The Predator’s Ball” (if you haven’t heard

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