Stocks and Dollars

GBPUSD: Having closed lower the past week, GBP remains vulnerable to the downside as we enter 2012 suggesting a follow through lower on the back its medium term weakness could play out. This is coming on the back of its Nov and Dec’2011 weakness and if a continuation of that

By John Lindauer:

Paul Krugman’s December 29th New York Times Op-Ed piece “Keynes Was Right” is a brilliant tour de force from one of America’s greatest economists and worldly philosophers. He accurately describes Keynes’ remedies for an economic malaise such as that of today’s United States, and correctly notes that the Congress and White House have inadequately applied them to the American economy. It ought to be required reading for all congressmen, presidents, and economic pundits – despite the fact that its policy implications may be misleading and unrealistic.

Keynes’ basic thesis is quite simple and well-known to every businessman – customers are important and if employers don’t have enough of them, they will have to lay off workers and cut back on production. That was the situation that existed in the UK in the 1930s, when Keynes wrote his epic “General Theory” – employers did not have enough customers. So millions of

Complete Story »

This is the 12th piece in our Positioning for 2012 series. Readers can find the entire Positioning For 2012 series

here

.

David A. Nadel is a Portfolio Manager and Director of International Research for Royce & Associates, LLC, investment adviser to The Royce Funds.

Seeking Alpha’s Leland Montgomery recently spoke with David to learn more about his rather unique views on international investing and where he sees the best opportunities for 2012.

Seeking Alpha (SA): How would you generally describe your investing style/philosophy?

David Nadel (DN): We are buy-and-hold investors in global companies with market caps up to $5 billion. We invest with a 3-5 year horizon in businesses with defensible market positioning, strong balance sheets, and sustainable high returns on capital.

SA: Within equities, are there any particular sectors or themes you are currently overweight or underweight? If so, why?

DN: We are benchmark agnostic, but are functionally overweight

Complete Story »

This is the 12th piece in our Positioning for 2012 series. Readers can find the entire Positioning For 2012 series

here

.

David A. Nadel is a Portfolio Manager and Director of International Research for Royce & Associates, LLC, investment adviser to The Royce Funds.

Seeking Alpha’s Leland Montgomery recently spoke with David to learn more about his rather unique views on international investing and where he sees the best opportunities for 2012.

Seeking Alpha (SA): How would you generally describe your investing style/philosophy?

David Nadel (DN): We are buy-and-hold investors in global companies with market caps up to $5 billion. We invest with a 3-5 year horizon in businesses with defensible market positioning, strong balance sheets, and sustainable high returns on capital.

SA: Within equities, are there any particular sectors or themes you are currently overweight or underweight? If so, why?

DN: We are benchmark agnostic, but are functionally overweight

Complete Story »

In the Dec 16th email on eur/yen, affirmed the short position (resold on Dec 12th at 102.65), and long held target at the Oct low at 100.80 and below. The market has indeed continued lower since, breaking below that 100.80 low, and earlier reaching a level not seen in over

By Jeff Miller:

The investing community goes back to work on Tuesday for a short week that could see plenty of action.

Everyone is doing a review of 2011, so I tried to do something really different with “The Year that Wasn’t“. Please take a look at what might have happened (but didn’t) and offer your own take. I think the theme is worth consideration, so I might do it again if there is interest.

I will have more traditional “year ahead” pieces next week, including some specific ideas for the coming year.

Today’s focus is shorter — the week ahead. The key question is whether America is also going back to work. This week will be all about jobs, culminating with the monthly employment situation report on Friday.

Felix remains bullish for the near-term. While I was skeptical last week, I am more inclined to agree this week. I’ll explain further in

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By Eugene Profit:

This is the 11th piece in our Positioning for 2012 series. Readers can find the entire Positioning For 2012 series

here

.

Eugene Profit founded Profit Investments in 1996, and has overall management responsibility for the firm and client portfolios. Profit Investments manages $2 billion, including large and small cap institutional accounts and mutual funds (tickers PVALX, PROFX). Eugene’s unique investment management philosophy can roughly be described as ‘valuation sensitive growth investing.’

Eugene graduated from Yale with a degree in Economics, where he was also an All American football player. Following his graduation, Eugene played in the NFL for 5 seasons (3 with the New England Patriots and 2 with the Washington Redskins) before a hamstring injury forced him to retire in 1991. In 2009, Eugene was cited by PSN as Top Gun Manager of the Decade for his Profit Large Cap Equity portfolio’s risk-adjusted performance returns over a 10-year period.

Complete Story »

In the Dec 16th email on eur/yen, affirmed the short position (resold on Dec 12th at 102.65), and long held target at the Oct low at 100.80 and below. The market has indeed continued lower since, breaking below that 100.80 low, and earlier reaching a level not seen in over