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Monthly Archives: February 2007


A Message From the Capital Markets?

Feb 28, 2007

By proceeding, I acknowledge that I have read and understood the Disclosure and Copywrite Statements. Dear Clients, Ordinarily, I would not inundate you with so many musings in a matter of days. However, yesterday’s market action was notable. You may be wondering what happened to the stock market and what the implications might be for… More

What do Inflation, Economic Slowdowns, & Trade Deficits have in Common?

Feb 23, 2007

By proceeding, I acknowledge that I have read and understood the Disclosure and Copywrite Statements. Dear Friends & Clients, We are off to an excellent start in 2007! Your portfolios are showing nice YTD returns due in large part to positions in silver, gold, oil, and Japan. Let me say, with personal humility and with… More

Oil: Has it Bottomed?

Feb 5, 2007

By proceeding, I acknowledge that I have read and understood the Disclosure and Copywrite Statements. I have added a 5% position in United States Oil Fund (ticker symbol: USO) to partially replace the liquidated PIMCO position. USO is an Exchange Traded Fund (ETF) that tracks the physical spot price of West Texas Intermediate Light Sweet… More

The Problem with Passively Managed Commodity Funds

Dear Clients. Last week, I liquidated your entire position in PIMCO Commodity Real Return Strategy Fund (Ticker symbol PCRDX or PCRAX) which represented approximately 10% of your overall portfolios. PCRDX is a mutual fund that is intended to mirror the Dow Jones-AIG Commodity Total Return Index which is an unmanaged index comprised of 19 physical… More