No Legg to Stand On

By | August 17th, 2016|Advisor Insights|

There’s not that many long-running relationships on Wall Street to begin with, and now there’s one less. Last week, Bill Miller, the Legg Mason manager made famous by beating the S&P 500 from 1991 to 2005, is leaving the Baltimore-based money firm after 35 years. The breakup is somewhat anticlimactic, of course, since Miller’s good [...]

Rhymes With Utopian

By | August 3rd, 2016|Advisor Insights|

So, what do you do when you’ve made a billion dollars trading other people’s money and the regulators have barred you from trading other people’s money? Here’s an idea: Start trading other people’s ideas. Quantitative investing is the process of choosing potential investments based purely on statistical measurements True enough, the infamous Steven A. Cohen, [...]

You Bet Your (Herba)Life!

By | July 19th, 2016|Advisor Insights|

On Friday, the FTC announced it had reached a settlement with Herbalife Ltd. that will allow the “nutritional-products” company to avoid being classified as a pyramid scheme. In return, the Los Angeles-based outfit will have to make significant changes to its business practices and pay a $200 million fine for its deceptively promissory behavior. A [...]

Unsentimental Journey

By | July 5th, 2016|Advisor Insights|

By way of reminder, it was June 23 when voters in Great Britain decided to go on permanent vacation from the European Union. Here we are nearly two week later, and the markets are still tallying up the winners and losers. According to the Wall Street TripTik, the S&P 500 lost 5% in two days [...]

Exchange Traded Fun

By | June 20th, 2016|Advisor Insights|

So, in today’s bizarre trading world, where a “speed bump” can be defined as a delay of 350-millionths of a second, the SEC voted Friday to certify the IEX Group Inc as the U.S.’s 13th national stock exchange. The decision is notable in that it makes the IEX the only exchange anywhere to include a [...]

Dude, You’re Getting a Dell

By | June 6th, 2016|Advisor Insights|

Thomas Rowe Price, Jr. was 40 years old when he bolted from his position as the head of investment for MacKubin, Legg and Co. in 1937. That year, he and three of his Baltimore buddies launched T. Rowe Price and Associates to trade stocks for investors who appreciated the boys’ asset-based fee system. T. Rowe [...]

Out of Bounds

By | May 26th, 2016|Advisor Insights|

Fore! Welcome to the 2016 Dean Foods Tournament of Whatever’s the Opposite of Champions. In what’s hoped to be the first and last of this classless classic, the nation's largest processor of fluid milk features the most loathsome lineup of crooked CEOs, gluttonous gamblers, and avaricious athletes ever assembled for an event. First out [...]

Caribbean Coriolis

By | May 13th, 2016|Advisor Insights|

Somewhat disappointingly, the little nugget about how the hemispheres affect which way water rotates in a toilet is a myth. Fact is, the configuration of drains is responsible for the direction of spin to a degree that overwhelms the slight influence of the earth’s rotation. What is true is that all things flow downhill. Witness, [...]

Bits and Pieces

By | April 25th, 2016|Advisor Insights|

Did you know that bitcoin was launched in a paper published October 31, 2008 by some form of higher intelligence calling itself Satoshi Nakamoto? We didn’t either. The still mysterious pseudonym’s detailed workings of the new currency, including the brilliant mathematical code that would operate it, were published the following January. The first money business [...]

Board to Tears

By | March 30th, 2016|Advisor Insights|

Remember Yahoo! Inc.? If not, here’s a clue: The struggling company with the exclamation point in its corporate name was an Internet search engine pioneer. It’s true…you can look it up on Google. In 1994, "Jerry and David's Guide to the World Wide Web" was renamed "Yahoo!" Shares of Yahoo have fallen 22% over the [...]