David Kotok | TalkMarkets | Page 8
Chairman and CIO, Cumberland Advisors
Contributor's Links: Cumberland Advisors
David R. Kotok co-founded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in economics from The Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from The School of Arts ...more

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Leveraged ETF Tracking Error
The so-called tracking error of a leveraged ETF over the long run is not really the same as the traditional tracking error; instead, it reflects the compounding effect.
TNB And The Regulatory Dialectic
Back in the 1980s, Professor Edward Kane coined the term regulatory dialectic to capture the dynamics of how regulated financial institutions found innovative ways to circumvent regulations designed to restrict their behavior.
Today’s Employment Report
Markets are already reacting to the outlook for slowing growth. Future Fed hiking is being repriced to fewer and fewer rate rises.
Trump Trade War Tariffs & Markets
Stocks are cheap, and American business wants to grow.
The November Bond Market Bounce
The last three weeks of November have seen a bounce in the bond market, with intermediate and longer bond yields falling after spending most of 2018 rising.
The FOMC: What Next?
In another week the FOMC will have its final meeting of 2018 and its last with the current mix of policymakers. Already, the discussion has turned to what the Committee will do at that and subsequent meetings.
Eurozone Equity Markets Face Political Headwinds
Eurozone equity markets have had a difficult year thus far, losing some 13.2% as of November 28, as measured by the iShares MSCI Eurozone ETF, EZU.
Margin Trading Vs. Leveraged ETFs
Leveraged ETFs have the ability to achieve the same goal as margin trading while eliminating the margin call risk at potentially a lower cost.
Is The Municipal Bond Market Sleepy?! Pension Doomsday?
Many participants in the marketplace are aware of pension-funding shortfalls as well as the growing burden of providing healthcare to retirees and paying for long-term debt.
Week In Review (Nov 12, 2018 – Nov 16, 2018)
What prices looked good? Where did we put cash to work? How about energy? We have an update for you about International and Emerging Markets.
Brexit Breakthrough Followed By Threat Of Breakdown
On November 13, British Prime Minister Theresa May and her Brexit negotiating team reached agreement with the European Union (EU) negotiators on a draft withdrawal treaty.
The Failing Trump Navarro Trade War
The United States seems to be losing the ill-conceived Trump-Navarro trade war. The evidence of this loss continues to mount.
Deficit, Fed, Post-Midterms
Estimates are that the US Treasury will end 2018 with a cash balance of $410 billion. That balance will be reduced to about $200 billion by March 1, 2019.
Italy Update: Still A Concern For Investors
The Italian drama continues, with the European bond markets demonstrating great resilience despite the risks presented by the Italian government’s proposed fiscal policy stance, which has been rejected by the European Commission.
World Series Theory Of The Bond
The bond market on average does better after a National League win in the Series, with a slightly better upside number and a considerably better downside number.
Federal Reserve Independence – Under Attack Again?
The last few days, President Trump has made inflammatory and in some instances misguided remarks as to the nature of current Fed policy, its impact on the stock market and potentially on the economy.
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