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<title>Minyanville - Oliver Pursche RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
		<item>
<title><![CDATA[What's Really Going on With Bonds? LIBOR Rates Have the Answer]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/fixed-income/articles/US-equities-bond-market-libor-rates/6/17/2013/id/50377</link>
<pubDate>
			Mon, 17 Jun 2013 13:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/fixed-income/articles/US-equities-bond-market-libor-rates/6/17/2013/id/50377</guid>
<description>
<![CDATA[I've always believed that investors need to pay attention to what the bond markets are telling us. However, simply following headline news can create more confusion than clarity. In the past month, we've seen stories about how the US Federal Reserve may cut bond buying by fall, mortgage rates have risen half a percent, and 10-year Treasuries are up nearly as much.
 
It seems simple to see that bond yields are spiking. But the story is really much deeper. I, for one, think the secret to understanding what's happening with bonds is to pay close attention to LIBOR rates. Why ]]>
</description>
<content:encoded>
	<![CDATA[I've always believed that investors need to pay attention to what the bond markets are telling us. However, simply following headline news can create more confusion than clarity. In the past month, we've seen stories about how the US Federal Reserve may cut bond buying by fall, mortgage rates have risen half a percent, and 10-year Treasuries are up nearly as much.
 
It seems simple to see that bond yields are spiking. But the story is really much deeper. I, for one, think the secret to understanding what's happening with bonds is to pay close attention to LIBOR rates. Why ]]>
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			<item>
<title><![CDATA[New ETFs and a Highly Successful Bank: How Investors Can Profit From China's Growth]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/etfs/articles/New-ETFs-and-a-Highly-Successful/6/13/2013/id/50320</link>
<pubDate>
			Thu, 13 Jun 2013 16:06:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/etfs/articles/New-ETFs-and-a-Highly-Successful/6/13/2013/id/50320</guid>
<description>
<![CDATA[Investors have long sought to take advantage of the growth in China.

Many believe the spate of China-focused exchange traded funds serve them well.  Perhaps they represent a lot of progress since Richard Nixon's 1972 visit and famous handshake with Mao Zedong, but in reality, the current brand of ETFs do not serve investors particularly well.
 
In particular, purchases of shares in Chinese companies for bundling in ETFs purchased by foreigners are constrained to "H" shares, so named because they are a separate class of stock trading not on the Shanghai Stock Exchange nor the Shenzhen Stock Exchange, but on ]]>
</description>
<content:encoded>
	<![CDATA[Investors have long sought to take advantage of the growth in China.

Many believe the spate of China-focused exchange traded funds serve them well.  Perhaps they represent a lot of progress since Richard Nixon's 1972 visit and famous handshake with Mao Zedong, but in reality, the current brand of ETFs do not serve investors particularly well.
 
In particular, purchases of shares in Chinese companies for bundling in ETFs purchased by foreigners are constrained to "H" shares, so named because they are a separate class of stock trading not on the Shanghai Stock Exchange nor the Shenzhen Stock Exchange, but on ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Is Japan the Canary in the Coal Mine?]]></title>
<link>
			http://www.minyanville.com/sectors/global-markets/articles/Is-Japan-the-Canary-in-the/5/28/2013/id/50030</link>
<pubDate>
			Tue, 28 May 2013 10:51:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/global-markets/articles/Is-Japan-the-Canary-in-the/5/28/2013/id/50030</guid>
<description>
<![CDATA[After last October's initiation of "Abenomics," the QE-like monetary policy initiated by Japanese Prime Minister Shinzo Abe, the Nikkei (INDEXNIKKEI:NI225) has rallied some 50%. However, after pushing the Bank of Japan to raise its inflation target to 2%, the Abe plan is meeting market resistance and the faults are becoming visible.

The problem with the 2% inflation target lies with Japanese banks, which hold an enormous amount of Japanese government bonds (JGBs), and would likely come under severe capital pressures as this occurs. The thesis is that as inflation rises, interest rates will as well; this means that bond values ]]>
</description>
<content:encoded>
	<![CDATA[After last October's initiation of "Abenomics," the QE-like monetary policy initiated by Japanese Prime Minister Shinzo Abe, the Nikkei (INDEXNIKKEI:NI225) has rallied some 50%. However, after pushing the Bank of Japan to raise its inflation target to 2%, the Abe plan is meeting market resistance and the faults are becoming visible.

The problem with the 2% inflation target lies with Japanese banks, which hold an enormous amount of Japanese government bonds (JGBs), and would likely come under severe capital pressures as this occurs. The thesis is that as inflation rises, interest rates will as well; this means that bond values ]]>
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			<item>
<title><![CDATA[As Markets Soar Into Unknown Territory, Collar Profits With the S&P 500]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/Collar-Profits-With-S2526P-500-255EGSPC/5/22/2013/id/49957</link>
<pubDate>
			Wed, 22 May 2013 10:23:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/Collar-Profits-With-S2526P-500-255EGSPC/5/22/2013/id/49957</guid>
<description>
<![CDATA[While the news is all pretty good from an investment perspective, we're still in unknown territory. Continued monetary easing around the world may continue to drive markets up further. I, for one, think it will, but with the market at record levels after a 28% run over the past 12 months, I'd rather be a bit cautious.  

One strategy you can use to get a little more upside, but protect yourself on the downside, would be to put a collar on the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), which tracks the S&P 500 (INDEXSP:.INX). Here's how you could do it. ]]>
</description>
<content:encoded>
	<![CDATA[While the news is all pretty good from an investment perspective, we're still in unknown territory. Continued monetary easing around the world may continue to drive markets up further. I, for one, think it will, but with the market at record levels after a 28% run over the past 12 months, I'd rather be a bit cautious.  

One strategy you can use to get a little more upside, but protect yourself on the downside, would be to put a collar on the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), which tracks the S&P 500 (INDEXSP:.INX). Here's how you could do it. ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Small Is Beautiful: Now's the Time for Growth-Oriented Investors to Move Into Small-Cap Stocks]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/stocks/articles/Growth-Oriented-Investors-Move-Into-Small/5/17/2013/id/49876</link>
<pubDate>
			Fri, 17 May 2013 10:22:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/stocks/articles/Growth-Oriented-Investors-Move-Into-Small/5/17/2013/id/49876</guid>
<description>
<![CDATA[I like -- no, love -- large multi-national dividend-paying stocks.  If you read my musings, you will notice it's a theme I return to over and over again. 
 
But these large-caps can be sleepy sometimes.  For instance, Johnson & Johnson (NYSE:JNJ), which has been on a tear lately, basically went nowhere from 2005 to 2012.  Except for growing its dividend from $1.32 to $2.40 over that time period, the stock was very frustrating to own. 
 
And sometimes when a stock is going nowhere, the notion of owning smaller, faster-growing companies that are dominating niches and plowing earnings back into the ]]>
</description>
<content:encoded>
	<![CDATA[I like -- no, love -- large multi-national dividend-paying stocks.  If you read my musings, you will notice it's a theme I return to over and over again. 
 
But these large-caps can be sleepy sometimes.  For instance, Johnson & Johnson (NYSE:JNJ), which has been on a tear lately, basically went nowhere from 2005 to 2012.  Except for growing its dividend from $1.32 to $2.40 over that time period, the stock was very frustrating to own. 
 
And sometimes when a stock is going nowhere, the notion of owning smaller, faster-growing companies that are dominating niches and plowing earnings back into the ]]>
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<title><![CDATA[8 Dividend-Paying Stocks for Our Longer Lives]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/personal-finance/articles/retirement-planning-fixed-income-investing/5/2/2013/id/49602</link>
<pubDate>
			Thu, 2 May 2013 15:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/personal-finance/articles/retirement-planning-fixed-income-investing/5/2/2013/id/49602</guid>
<description>
<![CDATA[In 1900, the life expectancy for Americans was 49 years. When the Social Security Act was passed in 1935 , the life expectancy was less than 63 years. This is an interesting data point considering the fact that Social Security more or less codified the retirement age at 65. Taken literally then, the expected duration of retirement was negative two years. 
 
This made retirement planning, from a financial perspective, rather easy. Technically, no planning was required. 
 
Today, with life expectancies pushing 80 years (higher for females, lower for males), planning is trickier. Specifically two burning questions have emerged: How can ]]>
</description>
<content:encoded>
	<![CDATA[In 1900, the life expectancy for Americans was 49 years. When the Social Security Act was passed in 1935 , the life expectancy was less than 63 years. This is an interesting data point considering the fact that Social Security more or less codified the retirement age at 65. Taken literally then, the expected duration of retirement was negative two years. 
 
This made retirement planning, from a financial perspective, rather easy. Technically, no planning was required. 
 
Today, with life expectancies pushing 80 years (higher for females, lower for males), planning is trickier. Specifically two burning questions have emerged: How can ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Jamming on PBJ: The Exchange Traded Fund That's Been on a Tear]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/etfs/articles/Jamming-on-PBJ253A-The-Exchange-Traded/4/24/2013/id/49451</link>
<pubDate>
			Wed, 24 Apr 2013 13:16:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/etfs/articles/Jamming-on-PBJ253A-The-Exchange-Traded/4/24/2013/id/49451</guid>
<description>
<![CDATA[Last week I wrote about food stocks and offered a list of the companies I like (see &#39;Pass the Ketchup!&#39;: Why Food Stocks Should Not Be Overlooked).

The thesis on food stocks is simple: Aggregate demand never diminishes.  This doesn't mean there's no risk in food and beverage companies.  There's plenty.  Remember, highflier Green Mountain Coffee Roasters (NASDAQ:GMCR) is trading at about half of its August 2011 peak.  But companies with proven management teams, strong balance sheets, and a large portfolio of products can enjoy twin growth drivers: grabbing share from their less nimble brethren and capitalizing on growing organic ]]>
</description>
<content:encoded>
	<![CDATA[Last week I wrote about food stocks and offered a list of the companies I like (see &#39;Pass the Ketchup!&#39;: Why Food Stocks Should Not Be Overlooked).

The thesis on food stocks is simple: Aggregate demand never diminishes.  This doesn't mean there's no risk in food and beverage companies.  There's plenty.  Remember, highflier Green Mountain Coffee Roasters (NASDAQ:GMCR) is trading at about half of its August 2011 peak.  But companies with proven management teams, strong balance sheets, and a large portfolio of products can enjoy twin growth drivers: grabbing share from their less nimble brethren and capitalizing on growing organic ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA['Pass the Ketchup!': Why Food Stocks Should Not Be Overlooked]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/stocks/articles/food-stocks-should-not-be-overlooked/4/18/2013/id/49350</link>
<pubDate>
			Thu, 18 Apr 2013 14:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/stocks/articles/food-stocks-should-not-be-overlooked/4/18/2013/id/49350</guid>
<description>
<![CDATA[If you read The Snowball, the biography of Warren Buffet -- and a great read, I might add -- his diet provides a remarkably good divining rod for productive investments.  In case you don't know, Warren Buffett is a greater disciple of hamburgers than Wimpy (if you&#39;re too young to know who that is, check out J. Wellington Wimpy on Wikipedia). When Buffett toured China with buddy Bill Gates, he suffered mightily in the hinterlands of that country and beat a path to McDonald's (NYSE:MCD) as soon as he got back to Beijing.
 
When Buffett announced he would acquire food ]]>
</description>
<content:encoded>
	<![CDATA[If you read The Snowball, the biography of Warren Buffet -- and a great read, I might add -- his diet provides a remarkably good divining rod for productive investments.  In case you don't know, Warren Buffett is a greater disciple of hamburgers than Wimpy (if you&#39;re too young to know who that is, check out J. Wellington Wimpy on Wikipedia). When Buffett toured China with buddy Bill Gates, he suffered mightily in the hinterlands of that country and beat a path to McDonald's (NYSE:MCD) as soon as he got back to Beijing.
 
When Buffett announced he would acquire food ]]>
</content:encoded>
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			<item>
<title><![CDATA[Why Investors Can Only Benefit From Share Buybacks Through Large-Cap Companies]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/stocks/articles/Why-Investors-Can-Only-Benefit-From/4/11/2013/id/49217</link>
<pubDate>
			Thu, 11 Apr 2013 13:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/stocks/articles/Why-Investors-Can-Only-Benefit-From/4/11/2013/id/49217</guid>
<description>
<![CDATA[From purely an armchair perspective, I've had trouble with financial engineering, because of the lack of social productivity attached to it.  At least when Andrew Carnegie was done lashing the backs of Slavs and other unfortunate immigrants, we had Pittsburgh to show for it (by the way, I've written a book on immigration policy called Immigrants: Unleashing the Economic Force at Our Door, which argues in favor of immigrants and immigration).
 
However, one financial slight of hand that I like offers patient investors a nifty opportunity.  Specifically, today's low, low interest rates, which I believe will persist for the balance ]]>
</description>
<content:encoded>
	<![CDATA[From purely an armchair perspective, I've had trouble with financial engineering, because of the lack of social productivity attached to it.  At least when Andrew Carnegie was done lashing the backs of Slavs and other unfortunate immigrants, we had Pittsburgh to show for it (by the way, I've written a book on immigration policy called Immigrants: Unleashing the Economic Force at Our Door, which argues in favor of immigrants and immigration).
 
However, one financial slight of hand that I like offers patient investors a nifty opportunity.  Specifically, today's low, low interest rates, which I believe will persist for the balance ]]>
</content:encoded>
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			<item>
<title><![CDATA[Here Come the Bears! 5 Reasons Not to Fear a Stock Market Reversal]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Here-Come-the-Bears2521-5-Reasons/4/4/2013/id/49064</link>
<pubDate>
			Thu, 4 Apr 2013 10:02:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Here-Come-the-Bears2521-5-Reasons/4/4/2013/id/49064</guid>
<description>
<![CDATA[April is typically one of the strongest months for US equities. This year, however, it appears that a reversal of fortune may be in the cards. For those who are concerned about a significant market correction, or perhaps even the long-awaited "beginning of the end," I suspect you will have to wait a bit longer.
 
Stocks registered 1%+ losses on Wednesday, and gold (NYSEARCA:GLD) -- a traditional safe haven -- lost nearly 1 1/4%. As a result, I expect the doomsayers to come out swinging, announcing an eminent economic and market apocalypse. To be fair, the problems the world is ]]>
</description>
<content:encoded>
	<![CDATA[April is typically one of the strongest months for US equities. This year, however, it appears that a reversal of fortune may be in the cards. For those who are concerned about a significant market correction, or perhaps even the long-awaited "beginning of the end," I suspect you will have to wait a bit longer.
 
Stocks registered 1%+ losses on Wednesday, and gold (NYSEARCA:GLD) -- a traditional safe haven -- lost nearly 1 1/4%. As a result, I expect the doomsayers to come out swinging, announcing an eminent economic and market apocalypse. To be fair, the problems the world is ]]>
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			<item>
<title><![CDATA[Earnings Season on Deck: Where to Put Your Money Now]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/earnings/articles/Earnings-Season-on-Deck-where-to/4/2/2013/id/49028</link>
<pubDate>
			Tue, 2 Apr 2013 11:58:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/earnings/articles/Earnings-Season-on-Deck-where-to/4/2/2013/id/49028</guid>
<description>
<![CDATA[The first quarter of 2013 was one of the best first quarters on record, and the Dow Jones Industrial Average (INDEXDJX:.DJI) and S&P 500 (INDEXSP:.INX) both closed at new all-time highs. Corporate earnings, however, don't appear to have fared quite as well. According to FactSet, year-over-year earnings growth will shrink by 0.7% in Q1, partially explaining why cyclical P/E ratios (according to recent research by Yale Economist Robert Shiller) now stand near all-time highs. So a bit of caution for investors is certainly advisable. Of course, as is always the case, there are pockets of both strength and weakness. 
 
See ]]>
</description>
<content:encoded>
	<![CDATA[The first quarter of 2013 was one of the best first quarters on record, and the Dow Jones Industrial Average (INDEXDJX:.DJI) and S&P 500 (INDEXSP:.INX) both closed at new all-time highs. Corporate earnings, however, don't appear to have fared quite as well. According to FactSet, year-over-year earnings growth will shrink by 0.7% in Q1, partially explaining why cyclical P/E ratios (according to recent research by Yale Economist Robert Shiller) now stand near all-time highs. So a bit of caution for investors is certainly advisable. Of course, as is always the case, there are pockets of both strength and weakness. 
 
See ]]>
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			<item>
<title><![CDATA[Amid the Storm, an ETF for Income, and Maybe Some Growth]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/etfs/articles/In-This-Stormy-Economy-an-ETF/3/29/2013/id/48988</link>
<pubDate>
			Fri, 29 Mar 2013 09:55:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/etfs/articles/In-This-Stormy-Economy-an-ETF/3/29/2013/id/48988</guid>
<description>
<![CDATA[The second quarter has proven to be a rough time for investors over the past few years.  For instance, in last year's swoon -- during which equities took a peak-to-trough dive of 9.9% coincident with all the hue and cry in Europe, elections, and deficits -- it was a time that challenged the intestinal fortitude of even the heartiest investors.
 
I'm expecting a repeat performance. What with Europe rising to the fore again, oligarchs wondering where their money is, an 8% rise already in what many people are calling an already-overheated market, and earnings season coming with some difficult year-over-year ]]>
</description>
<content:encoded>
	<![CDATA[The second quarter has proven to be a rough time for investors over the past few years.  For instance, in last year's swoon -- during which equities took a peak-to-trough dive of 9.9% coincident with all the hue and cry in Europe, elections, and deficits -- it was a time that challenged the intestinal fortitude of even the heartiest investors.
 
I'm expecting a repeat performance. What with Europe rising to the fore again, oligarchs wondering where their money is, an 8% rise already in what many people are calling an already-overheated market, and earnings season coming with some difficult year-over-year ]]>
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<title><![CDATA[As Market Correction Looms, Investors Face Three Choices]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/As-Market-Correction-Looms-Investors-Face/3/21/2013/id/48839</link>
<pubDate>
			Thu, 21 Mar 2013 10:55:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/As-Market-Correction-Looms-Investors-Face/3/21/2013/id/48839</guid>
<description>
<![CDATA[Recently I wrote an article titled Why Investors Should Expect S&P 1600 by the End of 2013 citing how and why the S&P 500 (INDEXSP:.INX) would reach 1,600 before the end of this year and ultimately settle around 1,575 by year-end.
 
I still believe this to be true.  However, given a near 10% rise in the index in the first two and a half months of the year, the equity markets may have gotten ahead of themselves. 
 
Over the past few trading days, the advance/decline ratio has narrowed significantly to indicate a narrowing of market breadth.  Moreover, financial shares, which ]]>
</description>
<content:encoded>
	<![CDATA[Recently I wrote an article titled Why Investors Should Expect S&P 1600 by the End of 2013 citing how and why the S&P 500 (INDEXSP:.INX) would reach 1,600 before the end of this year and ultimately settle around 1,575 by year-end.
 
I still believe this to be true.  However, given a near 10% rise in the index in the first two and a half months of the year, the equity markets may have gotten ahead of themselves. 
 
Over the past few trading days, the advance/decline ratio has narrowed significantly to indicate a narrowing of market breadth.  Moreover, financial shares, which ]]>
</content:encoded>
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<title><![CDATA[Why Investors Should Expect S&P 1600 by the End of 2013]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/In-the-Crosshairs253A-S2526P-1600-255EGSPC/3/1/2013/id/48472</link>
<pubDate>
			Fri, 1 Mar 2013 10:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/In-the-Crosshairs253A-S2526P-1600-255EGSPC/3/1/2013/id/48472</guid>
<description>
<![CDATA[If you close your eyes and tune out the noise, your portfolio could benefit greatly. In spite of all the talk of sequestration, market pullbacks, Italian politics, and so on, there are concrete reasons why I believe the S&P 500 (INDEXSP:.INX) will blow past its all-time high of 1527, set in July 2007, and reach 1600 before the end of the year.
 
First of all, I don't think it's a very bold forecast; after all, 1600 is a mere 5Â½% away. Moreover, as you will see in this article, in spite of politicians around the world trying their best to ]]>
</description>
<content:encoded>
	<![CDATA[If you close your eyes and tune out the noise, your portfolio could benefit greatly. In spite of all the talk of sequestration, market pullbacks, Italian politics, and so on, there are concrete reasons why I believe the S&P 500 (INDEXSP:.INX) will blow past its all-time high of 1527, set in July 2007, and reach 1600 before the end of the year.
 
First of all, I don't think it's a very bold forecast; after all, 1600 is a mere 5½% away. Moreover, as you will see in this article, in spite of politicians around the world trying their best to ]]>
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<title><![CDATA[The Upside of Apple]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/The-Upside-of-Apple-tech-news/2/22/2013/id/48310</link>
<pubDate>
			Fri, 22 Feb 2013 11:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/The-Upside-of-Apple-tech-news/2/22/2013/id/48310</guid>
<description>
<![CDATA[In my opinion, the efficient market theory is not very, well, efficient. How else could one explain the recent proposed purchase of H.J. Heinz (NYSE:HNZ) by Berkshire Hathaway (NYSE:BRK.A) at a 20% premium? All that excess value could have sat for years among investors, were it not for a single investor who saw it and snatched it up. And let's not forget that Berkshire is not known for overpaying. That crafty Buffett thinks there's still more upside or he wouldn't have done the deal.
 
This gets me to &ndash; as so many stories in finance and investment do these days ]]>
</description>
<content:encoded>
	<![CDATA[In my opinion, the efficient market theory is not very, well, efficient. How else could one explain the recent proposed purchase of H.J. Heinz (NYSE:HNZ) by Berkshire Hathaway (NYSE:BRK.A) at a 20% premium? All that excess value could have sat for years among investors, were it not for a single investor who saw it and snatched it up. And let's not forget that Berkshire is not known for overpaying. That crafty Buffett thinks there's still more upside or he wouldn't have done the deal.
 
This gets me to &ndash; as so many stories in finance and investment do these days ]]>
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<title><![CDATA[Next Week's Market-Moving Events: The Housing Market Index Will Likely Set the Tone]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Next-Week2527s-Market-Moving-Events-Housing/2/15/2013/id/48180</link>
<pubDate>
			Fri, 15 Feb 2013 16:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Next-Week2527s-Market-Moving-Events-Housing/2/15/2013/id/48180</guid>
<description>
<![CDATA[As of Friday, 304 stocks within the S&P 500 (INDEXSP:.INX) had positive momentum, while only 24 had negative momentum. So far, just over 70% of the S&P 500 constituents have reported earnings; out of these companies, 70% have exceeded EPS forecasts and 65% have beaten revenue expectations. The S&P essentially ended flat for the week, while the Rydex S&P Equal Weight ETF (NYSEARCA:RSP) managed to outperform by a few basis points.
 
The Trade:
 
Although the VIX (^VIX) is trading near record lows, longer dated protection (put prices) has become expensive. Moreover, call premiums continue to shrink. As such, increasing your ]]>
</description>
<content:encoded>
	<![CDATA[As of Friday, 304 stocks within the S&P 500 (INDEXSP:.INX) had positive momentum, while only 24 had negative momentum. So far, just over 70% of the S&P 500 constituents have reported earnings; out of these companies, 70% have exceeded EPS forecasts and 65% have beaten revenue expectations. The S&P essentially ended flat for the week, while the Rydex S&P Equal Weight ETF (NYSEARCA:RSP) managed to outperform by a few basis points.
 
The Trade:
 
Although the VIX (^VIX) is trading near record lows, longer dated protection (put prices) has become expensive. Moreover, call premiums continue to shrink. As such, increasing your ]]>
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<title><![CDATA[8 Sweetheart CEOs: More Cash for Shareholders, But...]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/8-Sweetheart-CEOS253A-More-Cash-For/2/14/2013/id/48143</link>
<pubDate>
			Thu, 14 Feb 2013 16:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/8-Sweetheart-CEOS253A-More-Cash-For/2/14/2013/id/48143</guid>
<description>
<![CDATA[If you believe leadership matters, here's a group of guys to bet on: 

	
		Thomas Linebarger, Cummins Inc. (NYSE:CMI)


	
		Donald Washkewicz, Parker Hannifin Corp. (NYSE:PH)


	
		Hugh Grant, Monsanto Co. (NYSE:MON)


	
		Samual Allen, Deere & Co.  (NYSE:DE)


	
		Douglas Oberhelman, Caterpillar Inc. (NYSE:CAT)


	
		Rex Tillerson, Exxon Mobil Corp. (NYSE:XOM)


	
		Robert Iger, Walt Disney (NYSE:DIS)


	
		Joe Watson, Chevron Corp. (NYSE:CVX)

According to my way of thinking, these chief executives are the top CEOs in the country because they've been able to accomplish an amazing feat during a slow to no growth period in the stock market and the US economy. Specifically, they've presided over ]]>
</description>
<content:encoded>
	<![CDATA[If you believe leadership matters, here's a group of guys to bet on: 

	
		Thomas Linebarger, Cummins Inc. (NYSE:CMI)


	
		Donald Washkewicz, Parker Hannifin Corp. (NYSE:PH)


	
		Hugh Grant, Monsanto Co. (NYSE:MON)


	
		Samual Allen, Deere & Co.  (NYSE:DE)


	
		Douglas Oberhelman, Caterpillar Inc. (NYSE:CAT)


	
		Rex Tillerson, Exxon Mobil Corp. (NYSE:XOM)


	
		Robert Iger, Walt Disney (NYSE:DIS)


	
		Joe Watson, Chevron Corp. (NYSE:CVX)

According to my way of thinking, these chief executives are the top CEOs in the country because they've been able to accomplish an amazing feat during a slow to no growth period in the stock market and the US economy. Specifically, they've presided over ]]>
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			<item>
<title><![CDATA[This Week's Market Moving Events: Cisco, Deere, and GM Report Earnings]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/This-Week2527s-Market-Moving-Events253A-Cisco/2/11/2013/id/48016</link>
<pubDate>
			Mon, 11 Feb 2013 08:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/This-Week2527s-Market-Moving-Events253A-Cisco/2/11/2013/id/48016</guid>
<description>
<![CDATA[So far two-thirds of stocks within the S&P 500 (INDEXSP:.INX) have reported earnings, painting a healthy picture for corporate profitability. Of the companies that have reported, 70% have beat earnings estimates and 65% have beat revenue expectations. On average, revenues increased 7% year-over-year, while earnings rose 11%. As a result of the broad market breadth, equal weight ETFs outperformed their market-cap weighted counterparts for a fourth week in a row.
 
The Trade:
 
Expect volatility to climb again this week as small caps take center stage in the earnings season. If the Nasdaq (INDEXNASDAQ:.IXIC) fails to break the 3,200 level on ]]>
</description>
<content:encoded>
	<![CDATA[So far two-thirds of stocks within the S&P 500 (INDEXSP:.INX) have reported earnings, painting a healthy picture for corporate profitability. Of the companies that have reported, 70% have beat earnings estimates and 65% have beat revenue expectations. On average, revenues increased 7% year-over-year, while earnings rose 11%. As a result of the broad market breadth, equal weight ETFs outperformed their market-cap weighted counterparts for a fourth week in a row.
 
The Trade:
 
Expect volatility to climb again this week as small caps take center stage in the earnings season. If the Nasdaq (INDEXNASDAQ:.IXIC) fails to break the 3,200 level on ]]>
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<title><![CDATA[Next Week's Market Moving Events: Yum Brands, Visa, Moody's Earnings on Tap]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Yum-Brands-Visa-Moody2527s-Earnings-on/2/1/2013/id/47844</link>
<pubDate>
			Fri, 1 Feb 2013 16:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Yum-Brands-Visa-Moody2527s-Earnings-on/2/1/2013/id/47844</guid>
<description>
<![CDATA[The S&P 500 ETF (NYSEARCA:SPY) turned 20 this week, as the index rose about 1%, in large part due to a 1% gain on Friday. The Equal Weight S&P ETF (NYSEARCA:RSP) slightly outperformed, gaining almost 1.2% for the week. Market volatility returned as mixed to slightly negative economic data reintroduced doubts about the strength and sustainability of the economic recovery. Through midday Friday, just under half of the companies within the S&P 500 (INDEXSP:.INX) have reported earnings; of these, 69% have beaten EPS expectations, while 64% have beaten revenue forecasts.

The Trade:

Energy is the only sector within the S&P ]]>
</description>
<content:encoded>
	<![CDATA[The S&P 500 ETF (NYSEARCA:SPY) turned 20 this week, as the index rose about 1%, in large part due to a 1% gain on Friday. The Equal Weight S&P ETF (NYSEARCA:RSP) slightly outperformed, gaining almost 1.2% for the week. Market volatility returned as mixed to slightly negative economic data reintroduced doubts about the strength and sustainability of the economic recovery. Through midday Friday, just under half of the companies within the S&P 500 (INDEXSP:.INX) have reported earnings; of these, 69% have beaten EPS expectations, while 64% have beaten revenue forecasts.

The Trade:

Energy is the only sector within the S&P ]]>
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			<item>
<title><![CDATA[Active or Passive Asset Management? Wrong Question, Investors]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/asset-management-russell-2000-spy-etfs/2/1/2013/id/47829</link>
<pubDate>
			Fri, 1 Feb 2013 13:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/asset-management-russell-2000-spy-etfs/2/1/2013/id/47829</guid>
<description>
<![CDATA[I attended a celebration in honor of the 20th anniversary for the creation of the first ETF ever, State Street's SPDR S&P 500 ETF (NYSEARCA:SPY) in Manhattan on Tuesday.  It was a swish affair, as perhaps it should be, given the revolution this product launched. 

During the hours leading up to the reception, I kept working through the question that has burned brightly since SPY was launched: Which is superior, active, or passive asset management? 

The funny thing is, I arrived at conclusion this time, but not wanting to be a spoiler at the ETF party, I resisted a skyward ]]>
</description>
<content:encoded>
	<![CDATA[I attended a celebration in honor of the 20th anniversary for the creation of the first ETF ever, State Street's SPDR S&P 500 ETF (NYSEARCA:SPY) in Manhattan on Tuesday.  It was a swish affair, as perhaps it should be, given the revolution this product launched. 

During the hours leading up to the reception, I kept working through the question that has burned brightly since SPY was launched: Which is superior, active, or passive asset management? 

The funny thing is, I arrived at conclusion this time, but not wanting to be a spoiler at the ETF party, I resisted a skyward ]]>
</content:encoded>
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