News & Insights

  • 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. By early June, we had completed exiting from our US stock and high yield bond positions and were allocated to

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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 1928, on average, after declines of 30% or more, “the Dow Jones Industrial Average rebounded 90.7% before peaking, with the

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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 the majority of the fourth quarter. Our system exited developed international stocks and high yield bonds due to a decline

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  • Markets Move Higher after a Fearful Mid-Year decline

    At the end of the 2nd quarter, stocks were in a severe correction, having dropped over 15% in just over 2 months. The market reached a bottom on July 2nd and made a healthy advance into the end of the quarter. Our system re-entered stocks in early September. At the end of the quarter, our proprietary accounts were fully invested

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  • Stock Market Drops in Second Quarter

    Shortly after the market hit bottom in April of 2009, we wrote that after major declines, gains were historically “decisive and significant.” The market affirmed that projection with an advance off the bottom of 65% by the end of 2009. That gain, along with robust GDP growth in the first quarter of 2010, led many to believe that the markets

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  • Gains Continue into the Fourth Quarter

    During the most recent quarter, the S&P continued its impressive rise and advanced 6.02%. Throughout the quarter, our proprietary models remained fully invested (with the exception of a 3 day partial sale out of Emerging Markets in some portfolios). In fact, we have remained fully invested in US and Developed International stocks since we entered the markets in late March

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  • Emerging Markets and our Dynamic Hedging Strategy

    Investing in emerging markets has the potential to generate high returns and also bring potential diversification benefits. Our case for emerging markets is justified by four principal causes: · Emerging markets (EM) possess a high rate of growth of GDP relative to developed countries · Emerging markets are expected to be an increasing percentage of global GDP Emerging markets return

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  • Stock Market Makes Significant Gains for Quarter

    In our last commentary, we looked at the powerful nature of rebounds following large stock market drops. Our conclusion was that large stock market losses have historically been followed by significant moves higher. Historians will be heartened that, once again, history is repeating itself. During the 2nd Quarter, stocks had their best return since the 2nd quarter of 2003 with

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