Personal Commentary

Michael Lewis recently wrote an article appearing in Conde Nast’s Portfolio.com titled The End which details the root cause of the credit crisis and the ensuing collapse of Wall Street firms like Morgan Stanley and Merrill Lynch. It is a must read by all. When I shorted financials starting in April of ’07, I did not realize how bad things really were, I just knew that whatever the investment banks were doing was not sustainable. I had no idea how the mortgage/CDO market became so enormous and so out of whack. This article does a remarkable job of explaining how such a massive dislocation happened and why. You can read The End of Wall Street’s Boom by clicking on the link.

We update our Global/Macro outlook every two years in July.  We aim to have a new outlook posted by July 25, 2009.  The following is our Long-term Market Outlook from July 31st, 2007.

Wow, what a day for the market. All the major indexes erased yesterday's losses! It was a "red-letter day" for the Dow achieving it's best one day advance of 2007. But from a technical standpoint, the market continued to weaken. Over the past two days, more stocks have declined than advanced. About an equal number of stocks hit new lows today and yesterday then hit new highs even though the markets are only points off their 52-week highs.

By proceeding, I acknowledge that I have read and understood the Disclaimer, Performance Reporting Disclosure and Copyright Statements . The following is an update of a post that I wrote on April 17th, 2007 regarding the probability of a Goldilocks scenario versus Stagflation. I’ll update the data on the last day of each month and repost it.

We serve as an Advisor on 401(k) plans, also known as Defined Contribution Plans, through a variety of brokers including Fidelity Investments, America’s largest 401(k) provider. We are very passionate about the 401k marketplace because we feel that 401(k)’s are one of the most effective means of funding a secure retirement for America's middle class, however, they are often loaded down with unnecessary expenses and offer poor investment options.

We are a 401(k) advisor offering open-architecture 401(k) retirement plans, also known as Defined Contribution Plans, through a variety of brokers including Fidelity Investments, America’s largest 401(k) provider.

By proceeding, I acknowledge that I have read and understood the Disclaimer and Copyright Statements .

By proceeding, I acknowledge that I have read and understood the Disclaimer and Copyright Statements .

Eight years ago today, my dear mother passed away. (Many of you knew my mom who we called Amazing Grayce which was certainly not a misnomer.) On that day, I began the incredibly difficult process of learning a life changing lesson, which is that I’m not in control of things and that my life wasn’t going to follow my script for it. So, what the heck does this have to do with your account and my management of it? It’s really quite simple. Investing in capital markets is the one business where you have no control. Mr. Market is in control and he doesn’t care about my opinion or anyone else’s. Even the greatest investors are impotent in controlling the market. In order to attain any success in the business of investing, you have to being willing to submit to Mr. Market.

Disclaimer Statement McKinney Avenue Capital is a Registered Investment Advisor providing investment advisory services to individuals and institutions that uses its own research, along with other data, in making investment decisions for its managed accounts. As a result, McKinney Avenue Capital may have executed transactions for its managed accounts in securities mentioned prior to postings on this world wide website.

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