Monthly Archives: April 2011

Redacted Version of the April 2011 FOMC Statement

March 2011 April 2011 Comments Information received since the Federal Open Market Committee met in January suggests that the economic recovery is on a firmer footing, and overall conditions in the labor market appear to be improving gradually. Information received since the Federal Open Market Committee met in March indicates that the economic recovery is […]

It Would Have Happened Already, Redux

I went to a set of presentations at Towson University this evening and heard two panels on the investment outlook — one domestic, one international.  What fascinated me was the relative unanimity of opinion.  All or almost all agreed that: Bonds are overvalued. Stocks are slightly undervalued.  Large Cap Value is attractive. Commodities, especially gold, […]

Book Review: The Financial Numbers Game

I think that accounting quality is the single most neglected area of investing.  There are few that spend time trying to analyze whether the financial statements are fairly presented.  For value investors like me, that can be the difference between a value investment and a value trap. Accrual entries on the balance sheet can be […]

When Everything is Strong, Redux

It has been a long day, but I want to add one note to Thursday night’s piece: I would not sell the market immediately.  The summary of my recent research is that market moves from undervalued to overvalued, to more overvalued.  At more overvalued, momentum of the market slows down.  This is the time to […]