April 22nd, 2013
U.S. equities began short-term declines in April during each of the last three years. The market may be due for a similar pullback this year because its advance since mid-November has been out of sync with weak earnings and slower economic growth.
Stocks need to pause as investors recognize that forward-looking estimates are too high and need to come down or we need to see a genuine improvement in the economy to justify where stocks are today.
To read Bloomberg’s complete article and see more details behind a second quarter pullback please CLICK HERE.
March 5th, 2013
Simpson, 81, and Bowles, 67, became unlikely celebrities after failing to carry off one of President Obama’s more abitious first term endeavors. In 2009 he appointed them to lead his National Commission on Fiscal Responsibility and Reform, a bipartisan group that was supposed to produce a “grand bargain” both parties could endorse to bring the country’s long-term spending and revenue into alignment.
The plan went nowhere. Rather than shelve it, the co-chairmen hit the road. Today, Simpson and Bowles circulate in a gilded world of financial conferences, corporate speeches, and television studios, propounding their solution to the country’s fiscal predicament. Audiences get an earful about Washington profligacy, the political system’s cowardice, and the need to take an ax to a whole array of supposedly sacrosanct programs. But mostly they’re told that without a long-overdue budget reckoning America is headed for disaster.
To read the complete article on Simpson and Bowles click here.
February 1st, 2013
Abraham Lincoln is very much in the news these days, with examinations of his character, his actions, and his leadership style. The New York Times has an article about the management lessons that can be learned from Abraham Lincoln.
Some of the most enduring Lincoln quotes bring us wisdom in a nutshell. Reuters columnist Lucy P. Marcus brings us her top ten Lincoln quotes. To see her list please CLICK HERE.
January 25th, 2013
On January 10th, Governor Brown released his budget proposal for the State of California’s 2014 fiscal year. The budget reverses years of operating deficits and projects surpluses in both the current fiscal year and in 2014, confirming Gurtin’s view of California’s improved fiscal position.
The State’s recent actions and voter approval of new tax revenues have brightened the fiscal outlook and brought the State’s budget into balance. Though the budget proposal is merely the first step in what is likely to be a typically argumentative and politically fraught budget season, Gurtin Fixed Income believes the challenges facing California are markedly more manageable and palatable than in recent years.
For Gurtin Fixed Income’s full report please click the following link:
Gurtin Fixed Income Credit Research Flash_CA Budget_January 2013