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He who loves money will not be satisfied with money...

- Ecclesiastes 5:10 -

For nearly 70 years, the US economy ran relatively smoothly without a signficant hitch from the banking sector.  Aside from a few S&L's that got sideways in the 80's, the US banking sector was the model of effeciency from the mid-1930's until 1999.  The reason -- A simple act of legislation known as the Glass-Steagall Acts.

A CRITICAL LESSON FOR ALL INVESTORS

I just saw the movie Moneyball this weekend and I have to say the filmmakers did a better than decent job of telling the remarkable story of Billy Beane and how his unconventional methodologies built a severely underpriced MLB contender. There was no possible way for them to fit the entire story into a 2 hour film which will not prevent me from uttering the words so often uttered by those posing to be intellectually superior and say, “I liked the movie…but the book was better.”

Dear Clients,

In 1987, Charlie Sheen stared in Wall Street, a rivoting tale about bankers gone bad.  Fast forward 24 years and I ask myself just how different is the present day Charlie Sheen (CS) and the present day Wall Street (WS):

In a few short months, new 408(b) regulations become effective.  As of January 1, 2012, service providers, typically listed on annual Form 5500 Section C filings, will be required to disclose whether they are acting as a fiduciary to the plan and, if so, in what capacity.

This morning I turned on one of the financial media stations to see what was going on in the markets and the big news was the BLS Employment Report which provided some not-so-optimistic figures.  A couple analysts on the show were cackling about how the figure was meaningess because of the dire weather in January.  Now, if memory serves, these same perma-bull analysts were chearing December's numbers like 15 year old girls at a Lady Gaga concert.  Back in December, they showered praise on the central bankers and government beaurocrats for creating the stimulus which was successfully revivin

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In the May issue of Money magazine, they name John Hussman as the Best Bear Market Money Manager Around. The article points to the major advantage of Hussman’s Strategic Growth fund (HSGFX) as being:

By proceeding, I acknowledge that I have read and understood the Disclaimer, Performance Reporting Disclosure and Copyright Statements . Dear clients, As of the close of the first quarter, all of your accounts are up for the year and beating the indexes by a substantial margin. Here is how my performance has stacked up compared to the averages as of the 3/31/09:

By proceeding, I acknowledge that I have read and understood the Disclaimer, Performance Reporting Disclosure and Copyright Statements . Dear Clients, The following is my Performance Update and Outlook for February. All prices and returns are as of 2/28/09.