Green Book August 2003
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Featured Articles
An Explanation For The Confusing S&P 500 Book Value Revision?
We still have been unable to get a satisfactory explanation from Standard & Poor’s of why and how they revised their Book Value calculation. The revisions were huge and had a significant impact on our valuation metrics.
Bond Market Summary
High Yield bonds rated marginally attractive after continued spread narrowing.
Equity Group Leadership In 2003
Equity group leadership in 2003…..Top twenty group performance leaders have heavy tech concentration. Health Care also well represented.
Insider Block Measures....Recent Selling Binge Shows Signs Of Slowing
Despite the recent rise in net selling over the past 5 months, we still view recent buy signals in Q4-2002 and Q1-2003 as bullish for the stock market.
Japanese ADRs...Update
A brief recap of our reasons for a bullish outlook on Japan’s stock market.
July Mutual Fund Flows...The Big Difference A Year Can Make
Main Street’s unexpected return to Wall Street. July marks fifth consecutive month of net inflows, now totaling nearly $60 billion YTD.
NASDAQ & NYSE Short Interest
Both the NYSE and NASDAQ short interest ratios saw increases in July.
Plugging Into Unregulated Power Producers
In early August, the Unconventional Portfolio is establishing a new equity holding in the Unregulated Power Producers.
Scanning The Markets
The equity market resumed its strong performance in July.
Tech Watch
The broad Tech sector has rallied significantly from lows and is not cheap by traditional measures.
The 2003 Darwin Award Winner!
For our newer readers, these awards are given each year to bestow upon (the remains of) that individual, who through single-minded self-sacrifice, has done the most to remove undesirable elements from the human gene pool.
The Blind Stampede Into Bond Funds
Investor preference toward bond funds, chasing performance, may be left behind once again. Bonds not expected to generate very good returns from current levels based on historical analysis of returns.
View From The North Country
Stage is set for market’s next advance, breaking out of its two month consolidation.
Volatility Update…..Both Indexes Show Lower Volatility In 2003
In 2003, the NASDAQ has not been as volatile as in recent years, but is still more volatile than the S&P 500.
Wind In The Sails
Continue to position our portfolios to take advantage of the current updraft in the U.S. stock market. Economic results and earnings reports continue to surprise on the upside.
Table of Contents
Stock Market
- View From The North Country
- Wind In The Sails
- Equity Group Leadership In 2003
- An Explanation For The Confusing S&P 500 Book Value Revision?
- July Mutual Fund Flows...The Big Difference A Year Can Make
- Volatility Update…..Both Indexes Show Lower Volatility In 2003
- Insider Block Measures....Recent Selling Binge Shows Signs Of Slowing
- NASDAQ & NYSE Short Interest
Of Special Interest
Macro Monitor
Equity Strategies
At Random
An Explanation For The Confusing S&P 500 Book Value Revision?
We still have been unable to get a satisfactory explanation from Standard & Poor’s of why and how they revised their Book Value calculation. The revisions were huge and had a significant impact on our valuation metrics.
Bond Market Summary
High Yield bonds rated marginally attractive after continued spread narrowing.
Equity Group Leadership In 2003
Equity group leadership in 2003…..Top twenty group performance leaders have heavy tech concentration. Health Care also well represented.
Insider Block Measures....Recent Selling Binge Shows Signs Of Slowing
Despite the recent rise in net selling over the past 5 months, we still view recent buy signals in Q4-2002 and Q1-2003 as bullish for the stock market.
Japanese ADRs...Update
A brief recap of our reasons for a bullish outlook on Japan’s stock market.
July Mutual Fund Flows...The Big Difference A Year Can Make
Main Street’s unexpected return to Wall Street. July marks fifth consecutive month of net inflows, now totaling nearly $60 billion YTD.
NASDAQ & NYSE Short Interest
Both the NYSE and NASDAQ short interest ratios saw increases in July.
Plugging Into Unregulated Power Producers
In early August, the Unconventional Portfolio is establishing a new equity holding in the Unregulated Power Producers.
Scanning The Markets
The equity market resumed its strong performance in July.
Tech Watch
The broad Tech sector has rallied significantly from lows and is not cheap by traditional measures.
The 2003 Darwin Award Winner!
For our newer readers, these awards are given each year to bestow upon (the remains of) that individual, who through single-minded self-sacrifice, has done the most to remove undesirable elements from the human gene pool.
The Blind Stampede Into Bond Funds
Investor preference toward bond funds, chasing performance, may be left behind once again. Bonds not expected to generate very good returns from current levels based on historical analysis of returns.
View From The North Country
Stage is set for market’s next advance, breaking out of its two month consolidation.
Volatility Update…..Both Indexes Show Lower Volatility In 2003
In 2003, the NASDAQ has not been as volatile as in recent years, but is still more volatile than the S&P 500.
Wind In The Sails
Continue to position our portfolios to take advantage of the current updraft in the U.S. stock market. Economic results and earnings reports continue to surprise on the upside.
Stock Market
- View From The North Country
- Wind In The Sails
- Equity Group Leadership In 2003
- An Explanation For The Confusing S&P 500 Book Value Revision?
- July Mutual Fund Flows...The Big Difference A Year Can Make
- Volatility Update…..Both Indexes Show Lower Volatility In 2003
- Insider Block Measures....Recent Selling Binge Shows Signs Of Slowing
- NASDAQ & NYSE Short Interest
Of Special Interest
Macro Monitor
Equity Strategies
At Random
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