Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Stocks’

Stocks Are Crawling, Not Jumping, to New Records

Posted by hkarner - 25. August 2017

Date: 24-08-2017
Source: The Wall Street Journal

The Dow Jones Industrial Average hasn’t closed up 1% or more since April

U.S. stocks remain near their all-time highs even with some recent setbacks.

Just don’t thank big one-day moves for that.

The Dow Jones Industrial Average hasn’t closed up 1% or more since April 25, which was 83 trading sessions ago. If it fails to do so again Wednesday, it’ll mark the longest such streak for the blue-chip index since the 102 trading days ending in March 2007.

It’s the latest sign of how dull stock trading has been for much of 2017. While major indexes have recently jumped in response to corporate earnings reports, perceived changes in the prospects for tax reform, and news around staffing changes at the White House, the moves have been largely muted–something some investors and analysts have attributed to the lukewarm enthusiasm for stocks in general. Den Rest des Beitrags lesen »

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Stock on Trumponomics

Posted by hkarner - 9. August 2017

Thanks to H.F. A great analysis (hfk)

2017 08 04 By Michael Hudson, Friday, August 4, 2017 
The Real News Network

“Trump is Turning Against the White Working Class that Elected Him,”

Rising stock prices is not an indicator of financial health like Trump would have you believe, specially when you examine who is buying that stock, says economist Michael Hudson, the author of J Is for Junk Economics.

SHARMINI PERIES: It’s the Real News Network. I’m Sharmini Peries coming to you from Baltimore. The rise of stock prices in the US stock market could be an indication of economic growth and prosperity, but it could also be an indication of the concentration of wealth of the rich and powerful. Which is it? To answer that question, we need to look at other economic indicators. In the press conference that President Trump had just a few days ago announcing his new chief of staff, General John Kelly, Trump took the opportunity to give himself credit for the rising stock prices. Let’s listen.

DONALD TRUMP: We’ve done very well, lots of records created, John. You look at stock market, the highest it’s ever been. Unemployment, lowest in 17 years. Companies are doing tremendously well. Business spirit is the highest it’s ever been, according to polls. You look at the polls, the highest it’s ever been in the history of these polls. We’re doing very well. We have a tremendous base. We have a tremendous group of support. The country is optimistic. Den Rest des Beitrags lesen »

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How “Shareholder Value” is Killing Innovation

Posted by hkarner - 2. August 2017

Yves here. Lazonink’s key points may seem a bit abstract at first, but they do get to the essence of the big defects of the “shareholder value” ideology.

By William Lazonick, Professor of Economics, University of Massachusetts Lowell. Originally published at the Institute for New Economic Thinking website

Conventional wisdom holds that the primary function of the stock market is to raise cash that companies use to invest in productive capabilities. The conventional wisdom is wrong. Academic research on corporate finance shows that, compared with other sources of funds, stock markets in advanced countries have in fact been insignificant suppliers of capital to corporations. What, then, is their function? If we are to understand employment opportunity, income distribution, and productivity growth, we need an accurate analysis of the role of the stock market in the corporate economy.

The insignificance of the stock market as a source of real investment capital exposes as fallacious the fundamental assumptions of the prevailing ideology that, for the sake of economic efficiency, a business corporation should be run to “maximize shareholder value” (MSV). As a rule, public shareholders do not invest in a corporation’s productive capabilities; they simply buy shares outstanding on the market, hoping to extract value that they have played no role in helping to create. And in practice, MSV advocates modes of corporate resource allocation that undermine innovative enterprise and result in unstable employment, inequitable incomes, and sagging productivity. Den Rest des Beitrags lesen »

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Dividenden: Des Anlegers unterschätzter Freund

Posted by hkarner - 17. Juli 2017

Alexander Hahn, 16. Juli 2017, 10:00 derstandad.at

Ob als Beiwerk oder als ausgewählte Strategie: Dividenden sind für Anleger ein interessantes Instrument. Doch was sagt die Dividendenrendite aus, und wer bestimmt die Höhe?

Wien – Für viele Aktienanleger gelten Dividenden nur als willkommenes Beibrot, eigentlich hoffen sie jedoch auf üppige Kursgewinne. Dass diese selbst über längere Zeiträume keineswegs gewiss sind, zeigt die genaue Betrachtung des österreichischen Leitindex ATX und seines deutschen Pendants Dax in den vergangenen zehn Jahren. Während das Wiener Börsenbarometer mehr als ein Drittel unter dem Stand von 2007, also unmittelbar vor der Finanzkrise, notiert, hat der Dax heuer wieder neue Rekordmarken erklommen. Ein Plus von 56 Prozent steht seither zu Buche. Den Dax deshalb als Kursrakete zu betrachten täuscht jedoch, werden bei ihm doch als sogenannter Performanceindex – im Gegensatz zum ATX – die Dividenden der Unternehmen mit eingerechnet. Lässt man die Ausschüttungen außen vor und betrachtet allein die Kursentwicklung der Indexfirmen, ergibt sich ein wesentlich bescheideneres Bild. Dann kommen Anleger in zehn Jahren bloß auf knapp 13 Prozent Wertzuwachs. Diesen gewaltigen Unterschied, immerhin fast 43 Prozentpunkte in der Wertentwicklung, machen allein die Ausschüttungen der Unternehmen aus. Den Rest des Beitrags lesen »

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When Everything Is Expensive, Not Investing Is a Great Option

Posted by hkarner - 27. Juni 2017

Date: 26-06-2017
Source: The Wall Street Journal

Stocks are at record highs and bond yields exceedingly low. It is time to hoard cash for the next buying opportunity.

In a world where many markets look expensive, putting cash to work is hard. Simply hanging on to more of it might be a good idea.

That is particularly the case after the first half of 2017 has delivered good results across the board. Most strikingly, both bonds and stocks are up. The MSCI World index of developed-market stocks is up 9.7% so far this year, while long-dated bonds are also partying, with the 30-year Treasury yield falling around 0.25 percentage point to just 2.73%, boosting prices. Corporate-bond yield spreads are back to their tightest levels since the global financial crisis. Den Rest des Beitrags lesen »

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The markets are quiet. Too quiet?

Posted by hkarner - 20. Mai 2017

Date: 18-05-2017
Source: The Economist by Buttonwood

The low level of a popular measure of volatility causes alarm

HAN SOLO, a hero from the Star Wars movies, has a habit of saying, at tense moments, “I have a bad feeling about this.” Many commentators are echoing this sentiment after a recent fall in the Volatility Index, or Vix, below ten. Their fears deepened on May 17th, when the Vix lurched above 15 and American stockmarkets had their worst day in eight months. Incessant turmoil in the White House at last seemed to take its toll.

A low Vix reading is usually seen as a sign of investor complacency. The previous two occasions on which the index fell below ten were in 1993 and early 2007 (see chart). One preceded the bond market sell-off of 1994 and the other occurred just before the first stages of the credit crisis.

The value of the Vix relates to the cost of insuring against asset-price movements via the options market. An option gives the purchaser the right, but not the obligation, to buy (a call) or sell (a put) an asset at a given price before a given date. In return, like anyone buying insurance, the purchaser pays a premium.

The price of this premium is set by supply and demand, reflecting the views of the purchaser and the person who sells, or writes, the option. A number of factors determines its size. One is the relationship between the market price and the exercise price; if the market price is $10, then the right to buy the asset at $5 must cost at least $5. Another is the length of the options contract; the longer the time period, the greater the chance that prices will move enough to make the option worth exercising and the higher the premium. Den Rest des Beitrags lesen »

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Megabetrug von Bankern und Börsianern in Deutschland aufgedeckt

Posted by hkarner - 18. April 2017

Bei sogenannten Cum-Ex-Geschäften soll es um mehr als zehn Milliarden Euro gehen. Die Beteiligten sollen sich Steuern vom Fiskus erstatten haben lassen, die nie bezahlt worden waren.

Die Behörden im deutschen Bundesland Nordrhein-Westfalen haben einen Ring von Bankern und Börsenhändlern aufgedeckt, der den Fiskus um mehr als zehn Milliarden Euro betrogen haben soll. Wie Medien am Dienstag berichteten, sagten mehrere Insider bei der Staatsanwaltschaft Köln und dem Landeskriminalamt aus, was sie über die dubiosen Aktiengeschäfte wissen und nannten Namen von Akteuren.

Die Aussagenden erhoffen sich laut dem Bericht von NDR, WDR und „Süddeutsche Zeitung“ einen Strafnachlass oder Straffreiheit – denn in den Fällen wegen schwerer Steuerhinterziehung drohen mehrjährige Haftstrafen. Die beteiligten Banken und Börsenhändler sollen den Angaben zufolge mit Unterstützung von Anwaltskanzleien riesige Aktiengeschäfte dazu genutzt haben, sich von Finanzämtern Steuern erstatten zu lassen, die zuvor gar nicht an den Fiskus gezahlt worden waren.  Den Rest des Beitrags lesen »

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Stock Market Valuations and Hamburgers

Posted by hkarner - 10. April 2017

By John Mauldin, April 9, 2017 

To refer to a personal taste of mine, I’m going to buy hamburgers the rest of my life. When hamburgers go down in price, we sing the ‘Hallelujah Chorus’ in the Buffett household. When hamburgers go up in price, we weep. For most people, it’s the same with everything in life they will be buying — – except stocks. When stocks go down and you can get more for your money, people don’t like them anymore.

– Warren Buffett, Fortune magazine: “The Wit and Wisdom of Warren Buffett”

A few weeks ago I spent two days giving multiple speeches alongside my friend Steve Blumenthal of CMG in a very cold New Jersey on the heels of a rather strong blizzard that had left the countryside white and beautiful. I listened to Steve do deep dives on stock market valuations. He started each of his presentations with Warren Buffett’s hamburger story, quoted above, before jumping into multiple charts. After a while, we began to go back and forth during his presentations, as I had my own insights on market valuations, generally in sync with his. Den Rest des Beitrags lesen »

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Börsen: Nach Traumstart 2017 droht jetzt der Crash

Posted by hkarner - 3. April 2017

veröffentlicht am 3. 4. 2017 von , trend.at 

Die Börsen sind im ersten Quartal 2017 abgegangen wie die Raketen. Viele Börsen notierend nahe oder am Allzeithoch. Die Bilanz und warum es jetzt an den Börsen kritisch werden könnte.

 Der Dax notiert nahe dem Rekordhoch von 12.390 Zählern vom April 2015. Seit Jahresanfang sprang das deutsche Aktienbarometer um mehr als sieben Prozent in die Höhe. Im vergangenen Jahr betrug der Zuwachs über 23 Prozent. Der MDax, der Index mit den mittelgroßen deutschen Werten, setzte seinen Rekordlauf mit einer neuen Bestmarke fort. Der US-Aktienindex S&P ist ebenfalls in Fahrt. Seit Anfang des Jahres legte dieser um 5,3 Prozent zu.

Die Rallye-Stars seit Jahresbeginn im Überblick:

Die Wertentwicklung seit Beginn 2017:

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U.S. Stocks Overvalued? Time to Look at Europe

Posted by hkarner - 24. März 2017

Date: 23-03-2017
Source: The Wall Street Journal

Balance of political risks seems to have shifted

The market’s political pendulum may be swinging back. Hope for U.S. President Donald Trump’s new administration has been driving U.S. markets, while fear of populist upheaval has gripped Europe. The balance of risks are now shifting in Europe’s favor.

Tuesday’s 1.2% drop in the S&P 500 is mostly notable for how long it has been since the market has seen such an event. The last time the index fell more than 1% was in October. But it also represents a challenge to a market that has been running on hopes for good things to happen, namely optimism about corporate tax reform and growth. Bond markets have been more circumspect, with yields locked in a relatively narrow range since December.

By contrast, the conversation in Europe has been all about avoiding bad things, especially the risks posed by 2017’s electoral calendar. The French presidential elections are set to dominate headlines in the next two months, but the closely watched Dutch vote passed without drama. And meanwhile, the European economy has been moving ahead. In February, IHS Markit’s eurozone composite purchasing managers index hit a near six-year high at 56. The European Central Bank has started to sound more confident as the threat of deflation has passed. Den Rest des Beitrags lesen »

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