JPS Global Investments — Summer 2014 Newsletter

Dear Reader,

Sometimes change is good. In that spirit, I have revamped my newsletter. Whereas in letters past, I have provided a digest of the markets, I have decided to take a different tack going forward and share some personal observations and anecdotes of the world of investing with you. Rather than trying to take a panoramic picture of what is an ever changing landscape I will focus on finding unique snapshots that I hope you will find interesting, insightful, and at times perhaps even amusing.


Press: Demands for Fossil Fuel Divestment at UO

The Register Guard — Eugene Oregon April 19 2014; The University of Oregon Foundation should sell its fossil fuel stocks, according to a UO student body vote tallied late Friday afternoon in an Associated Students of the University of Oregon election. The nonbinding 2,427-899 vote also asks the foundation, a nonprofit organization that manages the ...


JPS Global Investments — Spring 2014 Newsletter

Dear Reader,

Whereas in much of the country summer has been underway for a while, here in Portland it is not reliably summer until after the 4th of July, at least according to the locals. It only takes a rainy day or two in June for that assertion to persist. In similar fashion, non-Oregonians believe it always rains in Portland. It really doesn’t. Where am I going with this? Once people have framed a belief, they will look for the data points to confirm and perpetuate it. Let us segue to real estate. One often hears the phrase “real estate is the best long-term investment,” but is it really true or is it just perpetuated by behavioral biases that filter out all evidence to the contrary?


Press: Investment World Shifts to Sustainability? Portland Business Journal (01/13)

Investment world shifts toward sustainability — or does it? An event last week at the Ecotrust building brought together a panel of impact investors and a room heavily peppered with investment advisers. The conversation was all about making investments that deliver solid returns while addressing some aspect of sustainability— environmental impact, social justice and economic ...


JPS Global Investments Newsletter Volume 6, Issue 4: The Quarter in Review (01/13)

2012 was a good year for US stocks. The S&P 500 Index started the year at 1,258 and closed 13% higher at 1,426. Globally, the story was much the same, with the MSCI All Country World Index closing up 13% as well. Investors, meanwhile, continued to be fixated on bonds, especially the riskier bond categories as they stretched for yield. The yield on high quality bonds barely compensates for inflation and comes with significant interest rate risk, which is why investors are engaging in this yield-versus-quality trade off. It might make more sense to solve the yield problem with a tilt toward stocks, considering that the yield on the stock market is actually higher than the yield on the 10-year Treasury, which - except during the height of the financial crisis - has not been the case since the 1950s.