JPS Global Investments — Fall 2015 Newsletter
October has been a good month so far, with markets clawing back some lost territory, but the third quarter of 2015 was a tough one for investors around the world and across investment categories. Depending on which index you look at, US stocks were down in the 7-9% range. European stocks — left for dead by many investors — also had a tough quarter, but they are still in the black for 2015. The real damage occurred in Asia, with China’s markets losing a third of their value.
JPS Global Investments — Summer 2015 Newsletter
As I contemplated what to write about for my summer investment newsletter, my first inclination was to not talk about Greece and China. The financial press has had its sights trained on these two topics for some time now, and the markets are already accounting for the increased likelihood of a political miscalculation in Europe and the popping of the China credit bubble. The fact that the stock markets in Europe and the euro have seen only modest volatility, is not a lack of market attention, but rather a conviction that the European Central Bank can immunize the rest of Europe against contagion from whatever happens in Greece. Only when markets blatantly over- or underreact, do investors have a reasonable chance of making money by selling when others are greedy and buying when others are fearful. Most of the time, investors are better off sticking with their original plan because — with the exception of extreme circumstances — it is hard to conclude with conviction that the market has it wrong.
JPS Global Investments — Spring 2015 Newsletter
Winning silver is losing gold, or at least in our culture that is a commonly held view. In the world of sports, all the glory and a disproportionate share of the earnings go to the very top athletes. Second best does not pay as well. That mind set translates to the world of investments, where the top performing investment managers and asset classes soak up a majority of the savings flowing into capital markets. But whereas top performing athletes can often put up repeat performances in subsequent years, high flying asset classes and managers tend to fade must quicker and in unpredictable ways.
JPS Global Investments — Winter 2015 Newsletter
A new year always brings new hope and aspirations to make changes for the better with regards to health, career, money, and relationships. They key word is “change” as we seek to improve on how we did things in the past. Strangely — when it comes to investing — people’s tendency is the opposite: to look at the past rather than the future and invest in yesterday’s performers.
JPS Global Investments — Fall 2014 Newsletter
I have never been much of a fan of the local news broadcast. It doesn’t make me particularly happy or improve my understanding of the world to learn about the latest car crash, burglary, or consumer scam. On the more uplifting side, stories of a cat stuck in a tree, a dog on a skateboard, or a Girl Scout Troop giving back to the community are a bit lost on me. But these days I could be tempted to “go local,” because the news that actually matters is quite unsettling at present: Ukraine, Islamic State, Ebola, and Hong Kong, to name a few headlines. Goldman Sachs came out with a call to “buy American Exceptionalism,” but it sounded more like a sales pitch and in this interconnected world it is hard to believe we can dance while Rome burns.