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Posted by on Feb 23, 2017 in ETF Strategist, Featured, Investment Perspective, Market Insight

Don’t Make The Same Mistake As Norway

Don’t Make The Same Mistake As Norway

By Roger Nusbaum, AdvisorShares ETF Strategy   The Financial Times had a lengthy writeup on the Government Pension Fund of Norway and that it is considering increasing its equity allocation from 60% to 75% as it tries to grapple with oil prices that although are well off the bottom are still low. The declines and only partial recovery has created budget deficits that need to be managed and the withdrawal rate from the sovereign wealth fund and by extension the fund’s returns are of course relevant. ZeroHedge also weighs in with its usual gloom and more gloom. I’ve written a lot of blog posts on endowments/sovereign wealth funds/pensions because I think there is a lot to learn in terms of what to do and also what not to do. Changing asset allocation after eight years of rising equity prices to own more equities is a probably shouldn’t do or at least is a risky proposition. It’s a perpetual fund (in terms of time horizon) so there was no life...

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Posted by on Feb 21, 2017 in Dennis Gartman, Market Insight

Then It Was Back to Greece

Then It Was Back to Greece

February 21, 2017 Dennis Gartman is editor and publisher of The Gartman Letter, and strategic advisor of the AdvisorShares Gartman Currency Hedged Gold ETFs (GEUR & GYEN). He regularly contributes to AlphaBaskets and lends his institutional insight to educate advisors and investors about commodities and the forex markets, including about trading gold in different currency terms.   Money is leaving the European Continent as concerns over the fiscal circumstances in Greece are once again at the front and very center stage, but also as concerns grow of the possibility… not a probability, but merely a possibility… that Ms. Le Pen and her National Front Party may actually win the upcoming election in France in late April. Le Pen and the National Front have made it very, very clear that should they win the election they will move to take France out of the Euro and out of the European Union swiftly and completely. This properly frightens capital at the margins in Europe and that capital is looking for safer...

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Posted by on Feb 21, 2017 in ETF Strategist, Market Insight

AdvisorShares Weekly Market Review – Week Ending 2/17/2017

AdvisorShares Weekly Market Review – Week Ending 2/17/2017

Highlights of the Prior Week A Little Bumpier, But Higher!   Macro Although there were a few more ups and downs last week, domestic markets moved strongly higher. The Dow Jones Industrial Average gained 1.73%, the S&P 500 added 1.49%, the NASDAQ moved ahead 1.77% and the Russell 2000 lagged behind up 0.77%. The yield on the Ten Year US Treasury Note moved up two basis points on the week to 2.42% which seems rather docile given the 0.6% print for PPI last week and the same 0.6% for CPI. These were the largest gains since 2012 for these data points. While this would seem to be inflationary, the probability of a rate hike by the FOMC at its March meeting has actually declined to 17.7% as of late Friday In the last month, the yield of the French OAT has skyrocketed more than 20 basis points back over 1% perhaps due to what could be a populist outcome in the upcoming French election should Marine Le Pen emerge...

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Posted by on Feb 17, 2017 in Market Insight, Morgan Creek

Around the World with Yusko: The Global Search for Alpha: All Roads Lead to China

Around the World with Yusko: The Global Search for Alpha: All Roads Lead to China

Please join Mark Yusko, CEO and CIO of Morgan Creek Capital Management and Portfolio Manager of the AdvisorShares Morgan Creek Global Tactical ETF (GTAA), on Wednesday, February 22nd at 1:00pm EST/10am PST for Morgan Creek’s latest session of the Around the World with Yusko webinar series. Be sure to attend this upcoming webinar titled, Around the World with Yusko: The Global Search for Alpha: All Roads Lead to China. Viewers may, and are encouraged to, submit questions during the event. If you would like to register for the webinar, please click...

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Posted by on Feb 16, 2017 in ETF Strategist, Investment Perspective, Market Insight

The Blurry Line Between Active & Passive

The Blurry Line Between Active & Passive

By Roger Nusbaum, AdvisorShares ETF Strategist   Barron’s had an interesting ‘other voices’ column titled The End Of An Active-Investing Era by Donald Callaghan. Most of the article was about difficulty of outperforming the passive indexes. Active versus passive is not the point of this post, that’s been written about 1000 times, other than to say there are too many real world variables to active versus passive for that to even be the right question. A diversified portfolio likely includes both active and passive vehicles, owning any individual stocks is an active endeavor, certain strategies use passive vehicles in active strategies, an 80 year old client living comfortably off of Social Security and portfolio income is far more likely to care about that income while avoiding the market’s ups and downs and there are other points that make active versus passive the wrong question. What was more interesting was the conclusion with Callaghan’s ‘four key tactics’ Invest for the long term without market timing Invest globally Be Contrarian Allocate...

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Posted by on Feb 14, 2017 in Dennis Gartman, Market Insight

US & Japanese Relations:  A Sensible Way Forward

US & Japanese Relations: A Sensible Way Forward

February 13, 2017 Dennis Gartman is editor and publisher of The Gartman Letter, and strategic advisor of the AdvisorShares Gartman Currency Hedged Gold ETFs (GEUR & GYEN). He regularly contributes to AlphaBaskets and lends his institutional insight to educate advisors and investors about commodities and the forex markets, including about trading gold in different currency terms.   The forex market is breathing a sign of collective relief and the dollar is trading quietly on either side of the levels that prevailed and were marked here on Friday following the rather pleasant “summit” meetings over the weekend between Japan’s Prime Minister, Mr. Shinzo Abe, and President Trump. We expand upon that in our “political commentary”, but suffice it to be said that the currency question appears not even to have been brought up at the extended meetings and golf shared by the two political leaders. Instead, the relations between the US and Japan were shown to be on the most stable grounds, with President Trump making it quite clear that...

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