Monday, September 24, 2007


excerpts from this week's report:

"So, is it Benjamin Bernanke or Benjamin Betray Me?

Last week’s abrupt monetary policy about face by the Fed (matched earlier by the Bank of England) has been greeted by two clearly divergent market responses: cheers from equity investors, jeers from..."

"The Fed’s action also signals the seeming demise of the data driven decision process and the return of pre-emptive thinking. And that brings me to the central point I wish to address today: moral hazard...."

" today’s FT, former US Treasury Secretary, Larry Summers, makes the argument for the pre-emptive philosophy and cautions against being too harsh on the Fed re the moral hazard consequences raised by many, present company included. Mr. Summers sums up his views as follows..."

"What Mr. Summers fails to include in his overall excellent commentary is the fact that the solution to the problem might have been better obtained with a more surgical approach..."

Investment Strategy Implications

"As the Fed’s decision fades from the front page yet lingers in the real economy, factors such as earnings results and outlooks and valuation models will step to the forefront and become the focus of investment decision-making. With 3Q earnings results just around the corner and as 2008 forecasts come into view, the time is at hand to..."

also in this week's report:

* Valuation Model
* Model Growth Portfolio
* Investor Sentiment Data
* Technical Analysis Focus
* Sectors and Styles Market Monitor
* Key Economic Indicators

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