David Kotok | TalkMarkets | Page 7
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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Trade Wars And Government Shutdowns Can Be Fishy Business
Trade resolutions could put significant wind back into the sails of a stock market that has seen a nasty selloff in recent weeks.
4Q2018 Review: Puerto Rico Insured Bond
It has been a busy quarter for the Commonwealth of Puerto Rico.
Total Return Taxable Fixed Income: 4Q 2018 Review
After a poor start to the quarter, the Treasury market rebounded nicely over the month of December, providing positive performance across the Treasury curve as the equity market suffered from negative sentiment.
4Q2018 Review: Munis Turn It Around
Muni yields rose in the first six weeks of this quarter – mostly in sympathy with US Treasuries. Since early November, AAA muni yields (AAA) have dropped across the board.
Yogi Berra, The Fed’s Balance Sheet, And Liquidity
What are the essential mechanics of Federal Reserve asset purchases, and how might they affect liquidity in the market?
Market Backlash
A patient FOMC could reasonably wait to make its first rate move in 2019 until its July meeting.
4Q 2018 Review: Market Volatility
From the trade war to the Fed, the fourth quarter of 2018 has been full of uncertainty, which is markets’ least favorite scenario.
The Global Economy Moderation & International Equity Markets
As 2018 draws to a close, economic growth in almost all economies, including that of the US, is moderating but is still expansionary and in most cases remains above long-term trends.
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.
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