CI Outlook - Archives

November 2011

Remarkable!  That is all you can say about current market volatility.  And much of this market movement is being driven solely by news from Europe.  This is the situation we had discussed some years ago when we opined that although the United States had recognized the short comings of its banks Europe had yet to do so.  Now Europeans are in the same place we were in 2008.  Fortunately the worlds central banks have had time to prepare for this situation and the fallout should be contained.  With that in mind we continue to believe that our markets daily reactions to the on again off again salvation of Greece and the other troubled Euro countries is useless.  While the situation is serious it is starting to become clear that it is probably not fatal for the United States and its financial system.  That is why we have committed some of the portfolio cash reserves to the market.  Although we are not 100% committed to the market we became more heavily invested in October.

Recent purchases have included ETF’s that represent materials stocks and technology stocks.  In each case the prices of the underlying stocks were beginning to discount a severe recession, an outcome we do not think is likely.  Also, where suitable we bought GNC a vitamin and supplement retailer with over 6000 locations world-wide.  The company is doing well and should prosper with the new larger format stores it is rolling out.  We also added Merck, due to its relatively high dividend and promising product pipeline.  Last we bought Intel for its divided and potential appreciation.

In closing we note that the market began October down 3% on the first trading day.  It repeated that pattern in November.  Obviously we hope this month follows the same script as October. 

Thank you for your business.  Please call us with any questions, comments or to set up a meeting to discuss your investments.


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