As is our custom, we conclude the year by reflecting on the 10 most-read articles over the past 12 months. In decreasing order, based on the number of unique readers, those are:
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Gundlach’s One-Word Explanation for June’s Decline
By Robert Huebscher
July 2, 2013
According to Doubleline's Jeffrey Gundlach, a single word explains the declines global capital markets experienced in June.
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Gundlach – Don’t Sell Your Bonds
By Robert Huebscher
June 11, 2013
Don't sell your bonds just yet, according to Jeffrey Gundlach. Global economic growth is slowing, he said, and the U.S. will be competing for a larger slice of a shrinking worldwide pie. A weaker economy dims the prospects for higher interest rates. The benchmark 10-year Treasury yield – currently 2.08% – will be 1.70% by the end of the year, according to Gundlach, providing profits for holders of long-term bonds.
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Gundlach’s Predictions for 2013
By Robert Huebscher
January 15, 2013
Don't expect the low volatility that characterized the capital markets in 2012 to continue. Global economic uncertainty remains, and markets are poised like a 'coiled snake' to reward or penalize investors in certain asset classes, according to Jeffrey Gundlach.
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Gundlach – Where to Expect the Next Crisis
By Robert Huebscher
September 17, 2013
Unless there is a crisis, don't expect a major decline in interest rates, according to Jeffrey Gundlach. And if such a crisis occurs, Gundlach warned, it will most likely take place in this emerging market.
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Gundlach: Investors are asking the Wrong Question
By Robert Huebscher
March 12, 2013
If you're trying to assess the Federal Reserve's so-called exit strategy from quantitative easing, then you're asking the wrong question, according to Doubleline's Jeffrey Gundlach. Quantitative easing is a permanent policy tool, he said, and investors should be asking what that means for their investment strategy.
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Why DFA’s New Research is Flawed
By Michael Edesess
September 10, 2013
DFA is a company with a laudable history, founded on solid principles and a valuable product concept. From its launch, the investment firm identified and filled a need at low cost to the client, based on elementary but sound theory and simple, compelling, transparent empirical research. It later increased its value to clients by pioneering passive trading strategies. I admire its founders and their accomplishments. But I am afraid the company has succumbed to a dreadful descent into scientism.
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Comparing Advisors to Jim Cramer: Measuring Your Professional Alpha
By Bob Veres
February 5, 2013
Jim Cramer, Suze Orman and other so-called investment pundits and gurus are constantly telling consumers that they can do a great job of managing their portfolios on their own. Let's look at what the research has to say about the various investment performance benefits that advisors should be able to give their clients during the accumulation phase of their lives – excess returns above what do-it-yourself investors could obtain on their own. I call those excess returns 'professional alpha.'
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The Power of Diversification and Safe Withdrawal Rates
By Geoff Considine
July 30, 2013
When Bill Bengen published his seminal research in 1994, a 4% safe withdrawal rate (SWR) was clearly attainable with a variety of asset allocations. But bond yields are lower now than they were then, and equity returns for the next 20 years are unlikely to exceed those of the prior two decades. Indeed, a new paper by three highly respected researchers showed that SWRs for stock-bond portfolios are well below 4%. But as I will demonstrate, a 4% SWR is still possible with a more diversified portfolio – and without subjecting clients to additional risk.
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GMO’s Montier on Why to Hold Cash
By Robert Huebscher
June 18, 2013
Central bank policies have distorted markets to such a degree that investors are devoid of any buy-and-hold asset classes, according to James Montier. But according to Richard Bernstein, the flood of liquidity unleashed through quantitative easing (QE) now offers investors compelling opportunities.
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Jeremy Siegel - The Market is 10% to 15% Undervalued
By Robert Huebscher
December 3, 2013
According to Wharton's Jeremy Siegel, 'the fair market value for the stocks today is 10% to 15% higher, and that might even be on the conservative side.'
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