5/9/2014

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 ...

4/15/2014

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?

1/30/2013

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 ...

1/15/2013

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.

10/15/2012

JPS Global Investments Newsletter Volume 6, Issue 3: The Quarter in Review (10/12)

“Sell in May and go away,” an old Wall Street adage that suggest one is better off getting out of the stock market in May and coming back sometime after the summer, though when exactly is not entirely clear. This would have worked nicely in 2010 and 2011 and 2012 seemed set to repeat the pattern. However, it didn’t. At the beginning of May, the S&P 500 Index stood at 1,397 and by June 1st it had dropped to 1,278, but then the tide slowly turned, as would only become clear in retrospect, and the S&P 500 ended up at 1,440 at the close of the third quarter, up 5.7%. Though I agree that the market is inefficient, I don’t believe it is so inefficient that investors are well served to sell in May, or sell because an original AFL team wins the Super Bowl, or other variants of reading the tea leaves. Investing is hard and humbling work and unfortunately I don’t know of any short cuts.