The Big Picture

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• 2017 Maserati Alfieri Coupe
• How do financial institutions forecast sovereign spreads?
• 3-D View of the Yield Curve
• IMF Credit Outstanding By Member
• Congratulations Skip Schweiss, Fiduciary of the Year
• More Long Bonds Now!
• 10 Thursday AM Reads

2017 Maserati Alfieri Coupe Posted: 20 Mar 2015 03:00 AM PDT Look out Porsche 911, Maserati's Alfieri coupe coming in 2016 — and its gorgeous!   Source: Digital Trends     Source: Digital Trends

How do financial institutions forecast sovereign spreads? Posted: 20 Mar 2015 02:00 AM PDT

3-D View of the Yield Curve Posted: 19 Mar 2015 01:00 PM PDT Fabulous graphic from the NYT:   Source: The Upshot

IMF Credit Outstanding By Member Posted: 19 Mar 2015 10:00 AM PDT Source: Capsidea

Congratulations Skip Schweiss, Fiduciary of the Year Posted: 19 Mar 2015 09:30 AM PDT The Committee for the Fiduciary Standard Names announced that Skip Schweiss has been recognized as for his Outstanding Fiduciary Advocacy and Commitment. New York, NY – March 19, 2015 – The Committee for the Fiduciary Standard today announced that it has named Skip Schweiss as its Fiduciary of the Year. Established in 2011, the Fiduciary of the Year Award recognizes the person who has made outstanding contributions to advance the vital role of the fiduciary standard in serving the best interests of investors, and restoring trust in the capital markets and those who provide investment advice. Previous winners include David Tittsworth, W. Scott Simon, Ron Rhoades, and Eugene Maloney. The Committee presented the Award to Mr. Schweiss today, at the fi360 national conference in Orlando, Florida. Mr. Schweiss is President of TD Ameritrade Trust Company, Managing Director of Advisor Advocacy & Industry Affairs, and Managing Director of Retirement Plan Services at TD Ameritrade Institutional. "Skip has worked tirelessly to provide a powerful voice and support for fiduciary advice and advisors who are fiduciaries. He's accrued a large body of work in this arena, is active with a number of fiduciary advocacy groups, and his views are always insightful. This, in turn, benefits investors who seek an advisor they can trust to put their interests first, before their own or their firms' interests," says Kathleen M. McBride, Chair of The Committee for the Fiduciary Standard. "Particularly now, as the discussion heats up, we are very fortunate to count Skip's voice among leading fiduciary advocates." The Committee's five core principles of the fiduciary standard are: o Put the client’s best interests first; o Act with prudence, that is, with the skill, care, diligence and good judgment of a professional; o Do not mislead clients — provide conspicuous, full and fair disclosure of all important facts; o Avoid conflicts of interest; o Fully disclose and fairly manage, in the client’s favor, unavoidable conflicts. This is an important issue, one that has not received enough attention.     Previously: Find a financial adviser who will put your interests first (Washington Post, October 25, 2014) Fiscal Hawks Should Love Cheaper Retirement Plans (Bloomberg February 24, 2015)

More Long Bonds Now! Posted: 19 Mar 2015 07:30 AM PDT Every once in a while, there is a way to resolve a host of problems that is so obvious it gets overlooked. With that in mind, and in light of yesterday's Federal Open Market Committee meeting and the reaction that followed, let's have a look at four big problems: crumbling U.S. infrastructure; federal budget deficits;  normalizing U.S. monetary policy; and the shortage of investment-grade debt. There is a single solution to all of them: Issue more long bonds, preferably 30- or 50- year securities. Earlier this week, I discussed “The Worldwide Deficit of High-Quality Debt,” so let's focus on the other three. Continues here

10 Thursday AM Reads Posted: 19 Mar 2015 04:15 AM PDT Good post-FOMC rally morning. Settle in for our daily train reads: • Market Valuation Metrics: Where Do We Stand? (Alpha Architect) but see Everyone Hates U.S. Stocks (Bloomberg) • FOMC Day’s Wild Ride (Irrelevant Investor) • Meet the New Bond King: Joshua Barrickman is the opposite of Bill Gross. But his Vanguard index fund is poised to become the biggest bond fund (WSJ) • Don't call it a currency war. Call it textbook economics (Real Time Economics) • China Stocks Rise to Highest Since 2008 Amid World's Best Rally (Bloomberg) see also European Stocks Hit The Target (Dana Lyons) Continues here

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