Warren Buffett has remained quiet, despite being the largest Wells Fargo (NYSE:WFC) shareholder. Why so quiet? I feel he likely doesn’t agree with WFC’s practices (or doesn’t care), but what’s he really to do? He can’t sell, and buying isn’t a sound idea – this isn’t a generational buying opportunity for WFC.
In our Q4 Outlook report released last week, we highlighted the fact that while valuations for equities were high, there is case to be made that relative to alternatives, equities were attractively valued. The TINA (There Is No Alternative) argument, as it’s called, suggests that even with equities trading at rich valuations, they are attractive compared to yields on fixed income securities....more>>>
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FINRA Hits Merrill With $7M Penalty on Customer Accounts
The Securities and Exchange Commission on Thursday approved amendments to FINRA rules to increase the number of arbitrators on the public arbitrator list that FINRA sends to parties during the arbitration panel selection....more>>>
September 22, 2016: Markets opened higher again Thursday, wallowing in the Fed decision to leave interest rate alone until at least December. All equity sectors traded in the green late in the day, led by the new real-estate group and the telecoms. WTI crude oil for November delivery settled at $46.32 a barrel, up 2.2% for the day. December gold closed up 1% on the day to settle at $1,344.70. Equities....more>>>
BMO’s Andrew Kaip and team call Barrick Gold’s (ABX) earnings “slightly positive” for its shares. They explain why:
Elko Daily Free Press/Associated Press
Barrick reported adjusted EPS of $0.14 in Q2/16, above our estimate for $0.12 and in line with consensus at $0.14. Production was 1.34Moz gold at [all-in sustaining cost, or AISC,] of $782/oz, compared....more>>>
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Warren Buffet aims to hold stocks forever. Were a bit less patient. But we like playing the long game: picking a few solid companies, sticking with them through tough times and hanging on for years, even a decade or more. Investing for the long haul can smooth out the risks of buying individual stocks, which may tumble or stay depressed for ages before taking off. A companys innovations may also....more>>>
Most games in life are cooperative. Many are competitive. A few are perverse.
That’s what the crude oil market is like today. It reminds me of the prisoner’s dilemma. In the prisoner’s dilemma, two parties that would benefit from cooperating together tend not to do so because of other incentives that if both follow, they will both end up in a worse place.
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