Unlike new issue stocks that are brought to market with price restrictions until the deal is sold, most municipal bonds are free to trade at any time once they are purchased by the investor. Professional traders regularly trade and re-trade the same bonds several times a week. A feature of this market is a larger proportion of smaller retail investors compared to other sectors of the U.S. securities markets. Some municipal bonds, often with higher risk credits, are issued subject to transfer restrictions.
Jim, I have so much been looking forward – ever since we launched this podcast two years ago with Jim Rogers, actually, as our first guest – I’ve been looking forward to getting you on the program. And, frankly, I’m glad it took this long because I don’t think there’s ever been a more important time in the last ten years to be very closely observing interest rates.
A bear market occurs when the major indices continue to go lower over time. They will hit new lows. More important, their highs will be lower than before as well. The average length of a bear market is 367 days. The conventional wisdom says it usually lasts 18 months. Bear markets occurred 32 times between 1900 and 2008, with an average duration of 367 days. They typically happened once every three years.

We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. Read More

Check which signs of Imperial decline you see around you: The hubris of an increasingly incestuous and out-of-touch leadership; dismaying extremes of wealth inequality; self-serving, avaricious Elites; rising dependency of the lower classes on free Bread and Circuses provided by a government careening toward insolvency due to stagnating tax revenues and vast over-reach--let's stop there to catch our breath. Check, check, check and check.

The first time I watched this I thought it was a joke – product of National Lampoon. Then the reality of it hit me like a ton of bricks. Is this really a productive use of Congressional time? The entire U.S. system is hurling toward a debt-induced financial and economic apocalypse. At the same time the Deep State, using Trump as its hand-puppet, is alienating the U.S. from the EU/NATO, this country’s last remaining allies. Read More


Repayment schedules differ with the type of bond issued. Municipal bonds typically pay interest semi-annually. Shorter term bonds generally pay interest only until maturity; longer term bonds generally are amortized through annual principal payments. Longer and shorter term bonds are often combined together in a single issue that requires the issuer to make approximately level annual payments of interest and principal. Certain bonds, known as zero coupon or capital appreciation bonds, accrue interest until maturity at which time both interest and principal become due.
This book will make self investors think about how to allocate their own investments. Markets have really fallen apart since the book went to press. Of course commodity sectors, international and emerging markets have fallen as much or further and the dollar has risen. I think Peter Schiff's analysis deserves a lot of merit and the selloffs in the overbought commodities and emerging markets areas gives investors a great opportunity to reanalyze their own portfolios. Great read!
Traffic in Knoxville, Tennessee, can be a bear anytime, but in late spring the slowdowns on Neyland Drive are often caused by Canada geese. — Joelle Anthony, Audubon, November-December 2004 True, the rally has been around the corner since Memorial Day. But bears have dominated market sentiment for so long since the Federal Reserve Board raised interest rates last February, that traders feel the market is headed for a major tectonic shift … — Anthony Ramirez, New York Times, 19 July 1994 Hikers in the woods are far more likely to wear a bell to deter bears than to take precautions against bees. But bears kill two to seven people in North America annually, bee stings kill 600 to 900. — Allan J. Davison, Chemical & Engineering News, 15 Mar. 1993 a mother bear and her cubs The bears outnumbered the bulls on Wall Street today.
Investopedia does not provide tax, investment, or financial services. The information available through Investopedia’s Advisor Insights service is provided by third parties and solely for informational purposes on an “as is” basis at user’s sole risk. The information is not meant to be, and should not be construed as advice or used for investment purposes. Investopedia makes no guarantees as to the accurateness, quality, or completeness of the information and Investopedia shall not be responsible or liable for any errors, omissions, inaccuracies in the information or for any user’s reliance on the information. User is solely responsible for verifying the information as being appropriate for user’s personal use, including without limitation, seeking the advice of a qualified professional regarding any specific financial questions a user may have. While Investopedia may edit questions provided by users for grammar, punctuation, profanity, and question title length, Investopedia is not involved in the questions and answers between advisors and users, does not endorse any particular financial advisor that provides answers via the service, and is not responsible for any claims made by any advisor. Investopedia is not endorsed by or affiliated with FINRA or any other financial regulatory authority, agency, or association.
Jonathan H. Adler, Professor at Case Western University School of Law, noted, regarding George W. Bush’s secret policy for the NSA to access everyone’s phone-records, that “The metadata collection program is constitutional (at least according to Judge Kavanaugh),” and he presented Judge Kavanaugh’s entire published opinion on that. Kavanaugh’s opinion stated that the 4th Amendment to the US Constitution could be shoved aside because he thinks that the ‘national security’ of the United States is more important than the Constitution. Kavanaugh wrote: Read More
Rankin/Bass Productions, in cooperation with Tadahito Mochinaga's MOM Production in Japan, produced an "Animagic" stop motion animated television special, called The Ballad of Smokey the Bear, narrated by James Cagney.[68] It aired on Thanksgiving Day, November 24, 1966 as part of the General Electric Fantasy Hour on NBC.[69] This same day, a Smokey Bear balloon was featured in the Macy's Thanksgiving Day Parade, so it was advertised as "Thanksgiving is Smokey Bear Day on NBC TV." [69] During the 1969–1970 television season, Rankin/Bass also produced a weekly Saturday Morning cartoon series for ABC, called The Smokey Bear Show.[70] This series is animated by Toei Animation in Japan.

RATE AND REVIEW this podcast wherever you listen.Turkey is the Epicenter of Emerging Market ConcernsRight now, the epicenter of the concerns about the emerging markets is coming from Turkey. What is the problem with the Turkish lira? Turkish President Erdogan is veering off into some very dangerous territory with his stance with the Central Ban ...…


Your correct. Lump into the mix of policies coming out of Sacramento and DC. RE in California is in for another leg down starting this summer. Problem will be even worse if QE is halted by the Fed. Any upward trend in home prices may start happening in the 2015-2020 time frame. The toxic sludge that was the no mortgage down to minimal down is still in the system. As long as that is the case, kiss any correction goodbye.

vt (pret bore; pp borne) tolerar, aguantar, soportar; (to give birth to) dar a luz; child-bearing age edad fértil; to — down pujar; Bear down as if you were having a bowel movement.. Puje como si estuviera defecando (haciendo popó); to — weight soportar peso; You shouldn’t bear weight with your left leg for two weeks..No debe soportar peso con su pierna izquierda durante dos semanas.

As longtime readers know, my work aims to 1) explain why the status quo -- the socio-economic-political system we inhabit -- is unsustainable, divisive, and doomed to collapse under its own weight and 2) sketch out an alternative Mode of Production/way of living that is sustainable, consumes far less resources while providing for the needs of the human populace -- not just for our material daily bread but for positive social roles, purpose, hope, meaning and opportunity, needs that are by and large ignored or marginalized in the current system. Read More
That's how bears and bulls first became linked in people's minds. In the 17th century, hunters would sell a bearskin before catching a bear. In the stock market, short sellers did the same thing. They sold shares of stock before they owned them. They bought the shares they day they were to deliver them. If share prices dropped, they would make a profit. They only made money in a bear market.

Basically, the strategy is to go long unless the unemployment rate is rising and the price trend is falling. Unemployment is rising if the reported rate is above its trailing twelve-month moving average and price trend is falling if the S&P 500 is below its trailing ten-month moving average. “Livermore” found that this indicator beats all others over the period from 1930 to 2016.

Of course, in that event, the FED will probably stand ready to provide liquidity to market makers and banks, but now, after the shame of the 2007–2008 bailouts, they would face much more political heat if they do try to prop up the market now. So, they will likely hesitate and that means there first must be a panic… Unless Powell surprises me and preempts this and says next week that the FED will stand by to stabilize the markets.
I’ve been to Japan several times, and I can personally attest to the fact that the people there have been demoralized by the last two decades. The sense of forward movement that was common in Japan two decades ago has been replaced by a sense of lowered expectations and insecurity. In the US, I remember this demoralization in the early 1990’s, with that weak economy and high crime levels. But then the late 1990’s boom time came and all that was forgotten, and even the early 2000’s recession and 9/11 couldn’t shake the optimism. But now, the sense that things are going downhill seems to be back in the US, especially among the middle class (the moneyed class is doing fine).
Michael J. Panzner, author and 25-year Wall-Street veteran, says that "the real reasons behind the sell-off ... include the bursting of history's biggest housing bubble, which triggered a shockwave of wealth destruction that has wreaked widespread havoc throughout the economy, as well as the unraveling of a multi-trillion-dollar financial house of cards built on greed, ignorance, and fraud."[15]
The need to minimize the cost of distance has caused businesses and individuals to cluster around urban areas. This trend began during the Industrial Revolution 250 years ago, when millions of people moved to cities to work in factories. As Karen notes “Cities are dense urban hubs that minimize the cost of moving raw materials, labor and finished goods.”
Three of the four worst bear markets were preceded by high valuation. Among the four worst bear markets with over 40% losses, three of them including the Great Depression in 1929, dot-com bubble in 2000 and subprime crisis in 2007 started with somewhat extreme market valuation. The only exception is the 1973 bear market caused by Arab oil embargo and subsequent recession, but it had an above-average PE to start with as well.
Shall I give you the time frames and % of price cuts done by various lenders in this area to dump the REO’s? They are so ver ver predictable …… 4-6 weeks to first cut of 9.87 -11.11%, another 4 -6 weeks and another cut of antoher 7/5 -10%,….another 6 weeks and now they are 23 -30% of the original list……. ANd they always end up taking offers that are 7 -15% off the list price du jour….
The public agencies raising money through bonds—such as states, cities, and counties—are known as municipal issuers. The ability to raise such funds is an exercise of the municipal issuer's buying power. In all bond issuances, the issuer serves as the focal point and the head of the financing team, and oversees the transformation of an idea for a project into an issuance. However, in some cases, the bond measure for a public project must first be approved by voters.[12]
Although Jeffrey manages one of the world’s largest bond funds, he is an independent thinker who has courage and conviction in his beliefs—maybe because he comes out of left field. Jeffrey holds degrees in mathematics and philosophy from Dartmouth College and was once the lead for a new-wave rock band, back when Paul Volcker had me paying 18% interest on that loan.
One of the strangest things about this strangest-ever expansion has been the way pretty much everything went up. Stocks, bonds, real estate, art, oil – some of which have historically negative correlations with others — all rose more-or-less in lock-step. And within asset classes, the big names behaved the same way, rising regardless of their relative valuation.
!function(e){function n(t){if(r[t])return r[t].exports;var i=r[t]={i:t,l:!1,exports:{}};return e[t].call(i.exports,i,i.exports,n),i.l=!0,i.exports}var t=window.webpackJsonp;window.webpackJsonp=function(n,r,o){for(var s,a,l=0,u=[];l1)for(var t=1;td)return!1;if(p>f)return!1;var e=window.require.hasModule("shared/browser")&&window.require("shared/browser");return!e||!e.opera}function a(){var e="";return"quora.com"==window.Q.subdomainSuffix&&(e+=[window.location.protocol,"//log.quora.com"].join("")),e+="/ajax/log_errors_3RD_PARTY_POST"}function l(){var e=o(h);h=[],0!==e.length&&c(a(),{revision:window.Q.revision,errors:JSON.stringify(e)})}var u=t("./third_party/tracekit.js"),c=t("./shared/basicrpc.js").rpc;u.remoteFetching=!1,u.collectWindowErrors=!0,u.report.subscribe(r);var f=10,d=window.Q&&window.Q.errorSamplingRate||1,h=[],p=0,m=i(l,1e3),w=window.console&&!(window.NODE_JS&&window.UNIT_TEST);n.report=function(e){try{w&&console.error(e.stack||e),u.report(e)}catch(e){}};var y=function(e,n,t){r({name:n,message:t,source:e,stack:u.computeStackTrace.ofCaller().stack||[]}),w&&console.error(t)};n.logJsError=y.bind(null,"js"),n.logMobileJsError=y.bind(null,"mobile_js")},"./shared/globals.js":function(e,n,t){var r=t("./shared/links.js");(window.Q=window.Q||{}).openUrl=function(e,n){var t=e.href;return r.linkClicked(t,n),window.open(t).opener=null,!1}},"./shared/links.js":function(e,n){var t=[];n.onLinkClick=function(e){t.push(e)},n.linkClicked=function(e,n){for(var r=0;r>>0;if("function"!=typeof e)throw new TypeError;for(arguments.length>1&&(t=n),r=0;r>>0,r=arguments.length>=2?arguments[1]:void 0,i=0;i>>0;if(0===i)return-1;var o=+n||0;if(Math.abs(o)===Infinity&&(o=0),o>=i)return-1;for(t=Math.max(o>=0?o:i-Math.abs(o),0);t>>0;if("function"!=typeof e)throw new TypeError(e+" is not a function");for(arguments.length>1&&(t=n),r=0;r>>0;if("function"!=typeof e)throw new TypeError(e+" is not a function");for(arguments.length>1&&(t=n),r=new Array(s),i=0;i>>0;if("function"!=typeof e)throw new TypeError;for(var r=[],i=arguments.length>=2?arguments[1]:void 0,o=0;o>>0,i=0;if(2==arguments.length)n=arguments[1];else{for(;i=r)throw new TypeError("Reduce of empty array with no initial value");n=t[i++]}for(;i>>0;if(0===i)return-1;for(n=i-1,arguments.length>1&&(n=Number(arguments[1]),n!=n?n=0:0!==n&&n!=1/0&&n!=-1/0&&(n=(n>0||-1)*Math.floor(Math.abs(n)))),t=n>=0?Math.min(n,i-1):i-Math.abs(n);t>=0;t--)if(t in r&&r[t]===e)return t;return-1};t(Array.prototype,"lastIndexOf",c)}if(!Array.prototype.includes){var f=function(e){"use strict";if(null==this)throw new TypeError("Array.prototype.includes called on null or undefined");var n=Object(this),t=parseInt(n.length,10)||0;if(0===t)return!1;var r,i=parseInt(arguments[1],10)||0;i>=0?r=i:(r=t+i)<0&&(r=0);for(var o;r
This situation is the result of decades of stagnant wage growth. Since 1979, real (inflation-adjusted) hourly wages for the bottom quintile of earners fell by 1%. Worse, the inflation adjustment is based on the CPI, which as I’ve said many times, understates the real cost of living for most people. But wages haven’t stagnated for everybody. As the below chart shows, real hourly wages for the top quintile of earners have increased by over 27% in the same period.
Hindsight is the most exact of all sciences. Most people who live their life backwards have a miserable life. Having been around for a while, I tend not to look back, especially not at negative events. Much better to embrace uncertainty since everything going forward from here is uncertain. We can’t do anything about the past but we certainly have more control over our future. And looking at the next few years, it does seem that these are going to be extremely turbulent both economically, socially and politically.
When I was a young lad, there was a classmate (let's call him "Frankie") in the very early years of my education whose behavior was quite often deemed as "peculiar" and while I found him immensely entertaining, the teaching staff and my fellow students did not entirely agree. Frankie was the kind of kid who would bang on our doorknocker on a frigid winter morning just before sunrise, fully clad in hockey skates, gloves and stick, and ask if he could skate on our frozen backyard hockey rink. The fact that it was a school day made it not exactly the brightest of decisions but my Dad would invariably say "Alright. You two boys have got 20 minutes then back in your houses to get ready for school." It was never an outright rejection on the grounds of unsuitable behavior; it was more so an accommodation for the simple reason that 20 minutes of hockey at 6:35 a.m. in advance of school was a "noble enterprise" and certainly beat watching Captain Kangaroo over a bowl of Fruit Loops. Read More
The online battle royale game Fortnite: Battle Royale parodies Smokey and his motto in a loading screen featuring Cuddle Team Leader, a woman dressed in a teddy bear costume replacing Smokey and doing his signature finger-pointing pose. Below her is the message "Only YOU can prevent V-Buck scams", warning players not to risk security compromises by attempting to obtain free virtual currency offered by hackers as bait.[71]
CNBC is the recognized world leader in business news, providing real-time financial market coverage and business information to nearly 800 million homes worldwide, with headquarters on 3 continents and 20 bureaus around the globe. Award-winning journalists provide content on TV as well as online - where cnbc.com is the #1 non-portal business and news website. Our goal is for our consumers to Capitalize on CNBC - to increase their knowledge and profit from it. We want to make them the smartest people in the room; keep them ahead of the curve; make them members of an elite club. CNBC. First in Business Worldwide.
Before we dive in, I want to make clear that the goal of this letter is not to say whether liberal internationalism is good or bad, or defend the backlash against it. My objective is to highlight the current state of the order and give insight into Niall’s argument behind why he believes it is over. As investors, it is imperative we understand this trend because it has major implications for financial markets we need to think about. With that being said, let’s dive straight in.
The SEC crackdown on ICOs has, apparently, finally extended to one of the industry's most enthusiastic and prolific promoters: former software security pioneer John McAfee, who has earned a reputation for outrageous behavior (including promising in July 2017 to eat his dick on national television if bitcoin doesn't hit $500,000 in three years) in recent years.
As the bull market of the 1990s has turned into the bear market of the (early) 2000s, households have sharply reversed their more than decade-long trend of increasing their share of assets held in stocks. On balance, households have reallocated their assets away from stocks and toward tangible real assets, such as housing and other durable goods, as well as toward safe liquid financial assets, including cash, bank deposits, and money market mutual funds.
Indeed, in today's fraught environment it can be well and truly said that the chartmonkeys have become deaf, dumb and blind to everything happening on Planet Earth external to the gaming tables where they slosh around in their cups. After all, to use the latest evidence, what could be more indicative of a political system fixing to implode than this weekend's utterly phony and disgustingly undeserved deification of the late Senator John McCain? Read More
I have preached, in fact I have over-preached, on staying agile in tough markets. Remember, when the beat-down comes your way, I want you all to cover the P/L on your screen with a post-it. This one little trick is something I do myself. By doing this, the trader allows him or herself to make tough, reasoned decisions without the constant distraction that one's profit/loss number can be.
Money has been around for most of human history. From Mesopotamia (or even earlier), all civilizations have employed some kind of medium of exchange to facilitate transactions regardless of their geographical locations, legal and economic systems, religious beliefs or political structures. Have you ever wondered why? In a brief essay entitled “On the Origins of Money,” the nineteenth-century Austrian economist Carl Menger provides an answer to this question. Menger argues that money emerged spontaneously in different times and places to overcome the disadvantages of barter and facilitate the expansion of trade. Which disadvantages?  Read More
Swiss-born Marc Faber, now a resident in Thailand, holds a PhD in economics and is an investment advisor and fund manager through his firm, Marc Faber Ltd. He also writes a monthly investment newsletter, "The Gloom, Boom and Doom Report." As Money notes, Faber is consistently bearish, and frequently is called "Dr. Doom." He sees two big red flags right now.
One thing that turns a correction into a bear market can be investor psychology. Since much of investing, especially in the short term, is about trying to guess what other investors may be thinking and react accordingly, selling can breed more selling. That is, people who think other people are selling may try to get out of positions before they lose more value, depressing stock prices in the short term.

You’ll keep wasting money on expired put options (like spending insurance premiums), and it will drag down your returns during bull markets. Then during a bear market, you might get a nice payout when one of your recent round of put options finally becomes valuable, but it might not make up for all the expired put options you already paid for, depending on how long you’ve been doing it.

The post-millennials have arrived. As the oldest millennials turn 37, demographers have designated a new generation for those born after 1996, Generation Z. The oldest members of this cohort just graduated from college and had their first (legal) alcoholic beverages. As they wind their way through college, post-millennials will change higher education, just as previous generations did. 
Bear markets are inevitable, and you have to be willing to endure them in exchange for the opportunity to get life-changing wealth from your investments during the stock market's upward moves. Fortunately, there are ways to prepare for bear markets that can make it easier to get through them when they hit. You can even boost your overall returns if you're willing to use some smart investment strategies that others may be too fearful to use.

Every once in a while the trading action in a given market breaks through its historically normal boundaries and starts exploring new territory. This can mean one of two things: Either something fundamental has changed, creating a “new normal” to which participants will have to adapt. Or the extreme move is a temporary aberration that will eventually be corrected by an equally extreme snap-back into the previous range. Read More


The truth is California has been living off phony home equity gains for 40 years. Nothing was ever produced to create this money, Nothing. But, they all spent this counterfit cash into the economy like it was real. California has flourished under this scheme of ever increasing Real Estate prices, but the free ride is over. Now they’ll have to learn how to actually produce something to have prosperity.


A great example of what we can expect can be taken from Japan. In 1989, the Japanese stock market index (Nikkei) was at 38,916 points with a P/E ratio of 60. This is almost double the valuation of the S&P 500, but if we apply the S&P 500’s current P/E ratio of 26.14 to the Nikkei in 1989 it would be at 16,954 points. Fast forward almost 30 years and the Nikkei is at 18,331 points for an imaginary total return of 8% if equal the current S&P 500 P/E ratio.
These two early pieces of legislation against short- selling reveal a common theme in the history of the bears. Bubbles occur when speculators drive asset prices far above their intrinsic value. The collapse of a bubble is frequently accompanied by an economic crisis. Who gets the blame for this crisis? Not the bulls, who were responsible for the bubble and the various frauds and manipulations perpetrated to keep shares high, while cashing in their profits.
We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. Read More
Phil is a hedge fund manager and author of 3 New York Times best-selling investment books, Invested, Rule #1, and Payback Time. He was taught how to invest using Rule #1 strategy when he was a Grand Canyon river guide in the 80's, after a tour group member shared his formula for successful investing. Phil has a passion educating others, and has given thousands of people the confidence to start investing and retire comfortably. 

First I said I believed the US stock market would plunge in January, but I also said that January would not be the biggest drop, but just the first plunge that begins a global economic collapse: the big trouble for the economy and the stock market, I said, would show up in “early summer.” That’s when the stock market crash that began in January would take its second big leg down, and global economic cracks would become big enough that few could deny them. Read More
So I have been rolling this whole mess around in my head: Trump wins the RNC nomination. Hillary wins the DNC nomination by cheating over Bernie via the great “Super Delegate Scandal.” DNC comes up with a plan to dig up dirt on Trump via Steele and his Russian contacts. Steele apparently fails to come up with anything substantial or is too incompetent to understand his lies will not hold water when looked at closely and so publishes the phony baloney Russian Dossier. DNC and Clinton via Steele and Fusion GPS worm their way around the FBI and FISA courts and get a FISA warrant on a low-level Trump flunky Carter Page. Page is promptly removed from the Trump campaign. Using the FISA warrant, FBI spies on Trump and apparently finds nothing. Hillary email scandal erupts. Comey states Hillary is guilty as hell but no one will prosecute so no charges are brought up. DNC calls for Comey’s head. Trump wins the election and becomes POTUS. Trump appoints Flynn, then promptly fires him when he finds out he is compromised. Comey is outed as a corrupt idiot and so Trump fires him. DNC cries foul about firing Comey, even though they were literally calling for his head 6 months previous for his coverage of Hillary email scandal. DNC screams for a special council, Sessions recuses himself for no reason (clearly making POTUS Trump angry), and so deputy AG Rosenstein (who signed off on the junk Russian Dossier FISA warrant) assigns his and Comey’s good friend Muller to lead the investigation (clear conflict of interest on multiple fronts). Muller investigates for a year and finds nothing of substance (except completely unrelated crap on Flynn and a few others). Nunes investigates and finds out everything above (it is not even hidden very well). Nunes wants to release the memo. DNC balks badly and ultimately fails. The memo is released.
Meeker provided an eloquent defense of short sales. He argued that the bears stabilize prices by providing liquidity and creating demand – by covering their shorts – in a falling market. Shorting was not illegitimate, in his view. “A short sale,” wrote Meeker, “represents a debt contracted in goods rather than money.” In this it was similar to many other business contracts.
Now. According to Edward Jones, the last one began nearly eight years ago, twice the post-1900 average duration between bear markets. The last real correction in the S&P was in 2011, when a one-two punch of European debt fears and Congress' nearly shutting the government before cutting federal spending with unemployment still at 9 percent caused a 21.6 percent drop in the S&P between May and October. Depending on the index you use, that one may have even been a bear market: The Dow Jones Industrial Average dropped by "only" 19 percent.

The public agencies raising money through bonds—such as states, cities, and counties—are known as municipal issuers. The ability to raise such funds is an exercise of the municipal issuer's buying power. In all bond issuances, the issuer serves as the focal point and the head of the financing team, and oversees the transformation of an idea for a project into an issuance. However, in some cases, the bond measure for a public project must first be approved by voters.[12]
I have had an interesting life, in the course of my retirement from business; my retirement happened somewhat by chance, in the year 1988; one Friday evening I presided a meeting of a group directors of Elektra, a Mexican company the property of my father and myself. We had had some 500 of these meetings in past years; they took place every two weeks. My son Richard was present, having been with the company since 1980. (He had arrived in 1980 from Dallas, Texas, looking for a post at Elektra, after being fired from his job  – he had called his supervisor a fool, if not something worse. He was probably right in his judgment of his superior officer’s decisions, but of course saying what you think is not the best way to get along in business). Read More
The Trimtabs CEO said that, even accepting the argument about annual rebalancing and the fact that an aging demographic has greater need for income investments, investors could choose to go into cash or cash equivalents instead of bonds likely to go down in value. Some bank certificates of deposit are now yielding as much, in some cases more, than Treasurys. "There are other asset classes than stocks and bonds," Santschi said. "There's cash, real estate, commodities, precious metals."
Likewise, the entrepreneur needs low-entropy “channels” to turn the idea in his mind into a product or service. George defines these predictable carriers as “The rule of law, the maintenance of order, the defense of property rights, the reliability and restraint of regulation, the transparency of accounts, the stability of money, and a level of taxation commensurate with a predictable role of government.”

Yet in many ways, bad news for bonds is good news for equities. Investors seem to turn to stocks when bond prices are falling, as changes in bond yields and equity performance have been positively correlated since 1998. Plus, an increase in inflation expectations that's driven by economic growth is usually a good sign for equities, especially when expected inflation crosses the 2 percent threshold.
×