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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Facebook and Other Natural Disasters

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Facebook shares began trading publicly this past month. The Initial Public Offering (IPO) of Facebook was the most exciting and over-hyped IPO in a long time… maybe ever. Everyone wanted in on it because everyone was sure the stock price would do nothing but go up after the first minute of trading. The media absolutely…
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He Undressed the Maid Himself

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I just returned from back-to-back conferences featuring some of the brightest minds in the investment industry. The Strategic Investment Conference, May 2-5, was followed by the 65th annual Conference of the CFA Institute May 6-9. At the CFA Conference, Daniel Kahneman delivered a talk he called “Psychology for Behavioral Finance” in which he attempted to…
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The Supremes

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The United States Supreme Court recently heard arguments regarding the Patient Protection and Affordable Care Act… also known as Obamacare (you can read all 906 pages of it at http://www.gpo.gov/fdsys/pkg/BILLS-111hr3590enr/pdf/BILLS-111hr3590enr.pdf). At issue is whether it is constitutional to enact a law forcing every citizen to purchase health insurance… or pay a fine/tax/penalty if they don’t.…
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Beware the Ides? Not this March

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I’m a little late posting my Investment Commentary for March. I've been waiting for something to write about. I have become used to disaster and excitement. The world has become eerily quiet and uneventful. No dictatorships have been overthrown lately, Syria notwithstanding (they’re working on it). Occupy Wall Street has become “Go Back Home and Occupy Mom…
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Class Warfare? The Speech Obama should have Delivered

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When President Obama was running for election four years ago, part of his campaign theme had to do with the unification of America. You know, bring everyone together as patriotic Americans against common enemies and for common causes. Ironically, his attempts to increase taxes on “the wealthy” have not resembled anything remotely similar to unification…
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