Behind Davis Advisors’ “Wall of Mistakes”
Danton G. Goei joined Davis Advisors in 1998. He is a portfolio manager for the Davis Large Cap, Global, and International Portfolios and a member of the research team for other portfolios. In this interview, he discusses those funds and why Davis maintains a “wall of mistakes” that immortalizes its investment blunders.
Building a Better U.S. Economy
This shouldn’t surprise anyone, but public trust in the federal government is eroding. Sixty years ago, 75 percent of Americans expressed faith in the government to do the right thing “most of the time” or “just about always.” Seventy-five percent! You can’t get 75 percent of people to agree on anything now, as the recent “Laurel or Yanny” video proved.
Trump "Victories" on Trade are Anything But
Earlier this year when President Trump began beating the drums loudly, causing fear of a trade war (and assuring us that such a conflict could be easily won), I cautioned that he had no idea the trouble he was courting . Based on his spectacular misunderstanding of the power dynamic built in to international trade, he was also in danger of bringing a knife to a gunfight.
S&P 500 Snapshot: Down 0.24% from Yesterday
The S&P 500 fluctuated around a smaller interval to start the week and dropped midweek. The index saw a gain of 0.31% from last Friday and 0.24% loss from yesterday. The index is up 0.95% YTD and is 5.27% below its record close.
ECRI Weekly Leading Index Update
This morning's release of the publicly available data from ECRI puts its Weekly Leading Index (WLI) at 148.5, down 0.2 from the previous week. Year-over-year the four-week moving average of the indicator is now at 3.34%, down from 3.80% last week. The WLI Growth indicator is now at 3.5, down from the previous week.
The Madness of Crowding Out
Public debt may be growing at the expense of private debt, the Chinese bond market is opening up, and important dates for tariffs are fast approaching.
Asia's Stability Makes It Poised for Growth
Matthews Asia CIO Robert Horrocks says Asia’s political and economic environment looks strong for the region’s long-term growth prospects.
Outlook May 2018
Market signals have been decidedly mixed thus far into the year. By this time a year ago, the S&P 500 had already returned 5%. Today, in early May, the S&P 500 is down fractionally, while volatility and bond yields are up.
My Conversation with Bitcoin Visionary Marco Streng
This week I had the opportunity to sit down with Marco Streng, the wunderkind bitcoin visionary behind Genesis Mining. Genesis, as many of you reading this might know, is the world’s largest cloud bitcoin mining company, with over 2 million customers worldwide. It calls Iceland home, whose cool climate and affordable green energy are ideal for mining newly minted virgin cryptocurrencies. Last year, Genesis helped connect the blockchain sector and traditional capital markets by partnering with HIVE Blockchain Technologies, the first publicly traded digital currency mining firm.
Across the Line
A review of last month’s market-moving events across countries and asset classes.
Insights from ICON Advisers: May 2018
A review of bonds, domestic equities, and international equities at the four-month mark of 2018.
Thoughts from the Mailbox
Today’s letter will be a little different. First, I want to relate some of the conversations I’ve had over the last week in my travels—a little glimpse into the life of John. Then I’m going to reproduce some recent letters from readers, with some mea culpas and comments from me. I literally get dozens and sometimes hundreds of interesting letters each week. They make me think and I read as many as I can. I think you’ll enjoy them.
South Korea Courts Investors with Unbelievable Payouts
Call it the news of the year, perhaps even of the decade. For the first time since the Korean Peninsula was divided in 1948, leaders of the two warring nations met late last week in what had the look and feel of a jovial reconciliation between two estranged family members. Kim Jong-un of North Korea and President Moon Kae-in of South Korea made a number of important, though tentative, breakthroughs, including an agreement to denuclearize the peninsula and a pledge to revisit several infrastructure projects that would help bring some economic unity to the two Koreas.
Generational Change in Cuba?
The Cuban National Assembly recently elected Miguel Diáz-Canel as Cuba’s new president. There has been much media conversation about a generational shift in Cuba. In this report, we discuss the potential for change on the island nation, which has been communist since the 1959 Cuban Revolution.