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July, 2016 Archives

Richard's Thoughts on the Perfect Business

By Mary Anne and Pamela Aden and the Dow Theory Team

 

Richard's Comments

 

For my own part, I've been in a number of businesses -- from textiles to book publishing to owning a night club to the advisory business.

 

Along the way I developed this list of criteria which go to make up the mythical PERFECT BUSINESS. Now obviously, the ideal business does not exist and never will.

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Watch Japan

By Benjamin J. Butler

 

Seoul, South Korea

 

I am still in Seoul, wondering where to go next in fact. The world is changing quickly. Trends that we have been discerning for some time are accelerating and new ones are emerging. I had a conversation with one of the organizers of California’s Burning Man this week who said that virtual reality just hit an inflection point and funding has accelerated. (Readers might remember we forecast this in a year-end edition of Dow Theory.)

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Daily Recap

Stocks were mostly higher in Asia and Europe, while London indices bounced around their pre-Brexit highs.  Despite the despair in France over recent terrorist atrocities, even the CAC 40 index had a good pop, up over 1%. 

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Trend vs. Value

by Jon S. Strebler

 

Markets exist because at any given time at least one person believes a particular item is a good buy at a certain price, while another person thinks it is a good sale at that same price. Obviously, they can't both be right, at least if they're both looking at the same time frame. Somebody's going to be a winner and the other guy a loser on the trade.

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Everything Hinges on Inflation (Expectations)

By Matthew Kerkhoff

 

A few weeks ago I wrote a piece about the flattening yield curves in the top five economies. The implication being that these economies are under duress, as investors forgo adequate compensation in favor of stashing their cash somewhere safe.

 

Before getting into the heart of today’s article, I want to show you a great chart that I came across. It’s a three-dimensional chart of the U.S. yield curve.

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Richard's Thoughts on the Three D's ... Dollar, Debt, and Deflation

Richard's Comments

 

I want all my subscribers to fully comprehend the following concept: today the whole world must be viewed as a gigantic flow-of-funds entity. Today, money moves internationally.

 

If wheat is over-priced, money from all over the world moves out of wheat. If the stock of Time Warner is a worry because the company is up to its neck in debt, money from around the world moves out of Time-Warner. If German denominated bonds look undervalued, global funds pour into German bonds. In other words, today all values must be considered in terms of global valuation and global money flows.

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