Yearly Archives: 2011

Margin Call

In a scene from the movie Margin Call, a banker looks out of his car window and says “look at these people, wandering around with absolutely no idea what is about to happen.” That’s an accurate portrayal of the current … Continue reading

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Markets Briefly Enter Bear Market in 2011 – Investor Anxiety Surges

Sovereign debt issues have taken center stage to press stock prices down with increased ferocity. The S&P 500 declined 14% for the quarter, while the MSCI EAFE index (Developed International Stocks) dropped 19%. Our system exited developed international stocks in … Continue reading

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Markets End Flat for the Quarter after Renewed Volatility

After making sizable moves higher and lower, the markets finished the quarter flat, with the S&P 500 gaining just 0.1%. In late May, as a result of the decline, we exited from our emerging markets and developed international stock positions. … Continue reading

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Markets Advance 90.5% from 2009 Bottom

In our April 2009 commentary letter, only weeks after the markets hit the bottom of one of the worst declines on record, we chose to focus on the likely gains ahead for the stock market. Specifically we said that since … Continue reading

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Despite Fears, Stocks Advance in 2010

Despite an overtly timid mindset among investors, the bulls are the victors for 2010. The market advance in December capped off a rising year to put the S&P 500 ahead 13% for the year. The Toews system was invested through … Continue reading

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