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There is a saying about the stock market to ‘Sell in May and Go Away’ which I believe was first documented in a 2002 academic paper by Sven Bouman and Ben Jacobson. They analyzed 37 countries going back to the 17th century and found that this occurred in 36 of them. Besides potentially using this for investing purposes it would seem to refute the efficient market thesis if it is accurate. According to the Stock Trader’s Almanac since 1950 the Dow Jones Industrial Average has ...
To generalize the economic problems of Europe, focus on demand: the lack thereof. In essence, Europe is relying on the European Central Bank to add incremental growth but the logic of growth without demand is illusory at best. The ECB’s latest stimulus plans seem as impotent as previous programs such as the much maligned OMT. Add to this the fact that ECB Head, Mario Draghi, did not seem his hyper confident self at his last press conference where he announced the details of the Asset Backed Securities ...
The average bid of high-yield flow-name bonds rocketed 272 bps in today’s reading, to 101.33% of par, yielding 6.74%, from 98.61, yielding 7.86%, on Oct. 16, according to LCD. All 15 of the constituents notched big gains, with none less than one full point and many in the two-to-four-point context. In a snapback rally from the depths of October’s nosedive, the average posted its single largest gain in roughly three years, or since a gain of 332 bps for the observation of Sept. ...
With about 4% of public listings on Bangladesh’s stock exchanges held by foreigners, Shahidul Islam estimates foreign holdings in Bangladesh’s public equities are at, or near, their all-time high. Mr. Islam is the CEO of VIPB Asset Management Company, an asset manager focused on growing Bangladesh’s nascent market for mutual funds. Mr. Islam, age 41, is a CFA Charterholder and has 14 years of experience in Bangladesh’s banking and capital markets. Mr. Islam kindly agreed to give his perspective ...
Hong Kong’s modern history is a remarkable story: a leasehold on a rock by a colonial empire from a vast and rising power; a lease whose expiry was honoured, creating a strange, unintended and successful experimental outcome. For more than a century, and even since its return from British to Chinese sovereignty in 1997, Hong Kong has combined access to the vast population, business opportunity and culture of China, with British ease of business and the rule of law. Hong Kong grew, and ...
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