Commentary

Each month, the BCWM Portfolio Management team publishes an Investment Commentary that examines the latest developments in financial markets and the economy. We filter out the noise and present the information most relevant to our investment strategies and management of our clients’ portfolios.

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Ten Years After

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Globally, stock markets are on a tear and the U.S. stock markets are no exception. In the first two months of 2013, the S&P 500 is up over 6% and, as I’m writing this in March, it is hitting new highs. Last December I wrote, “We don’t feel stocks are horribly expensive and see some…
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AAA, Apple and Complacency

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The Department of Justice (DOJ) announced it is suing Standard & Poor's (S&P) over actions related to the sub-prime mortgage disaster. If you recall, investors all over the world lost billions of dollars by investing in mortgage-backed securities (MBS) to which S&P (and other ratings agencies) gave their top rating of AAA...right before those MBS's…
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Buy and Hold? Not Necessarily.

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On New Year’s Day, Congress and the White House reached resolution regarding the “fiscal cliff,” and the next day the Dow Jones Industrial Average climbed 308 points (2.35%). Those of us in the investment business love to make predictions to show how smart we are. Of course, we aren't always correct with our predictions, but when we…
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Twinkies & Ding Dongs

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Hardly a day goes by that we don’t get a phone call from someone about the “fiscal cliff”…you know, that period of time beginning January 1 when all the Bush tax cuts expire. None of the calls are from someone trying to reassure us that everything is going to be OK. All of the calls…
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Fiscal Mudslide

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Just prior to the election four years ago, in my November Investment Commentary I wrote, “The economic issues today...are much bigger than either of the presidential candidates. The loser might be the winner in this election.” I could repeat that statement today except the part about the loser being the winner. I’m confident Mitt Romney…
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