Current Issue - July 2016

Debbie and I spent most of the month of May on an extensive European research trip that started in Budapest, Hungary, and ended in Paris. Immigration and terrorism, perhaps not surprisingly, headlined the list of subject matter locals were most interested in talking about. The United Nations High Commissioner for Refugees estimates that the number of forcibly displaced people has surpassed 60 million, including a recently reported 19.5 million refugees. In Paris, automatic weapons and armed military are on many corners, especially in proximity to the city's famous landmarks, museums, and embassies. Meanwhile, hotels have been cutting rates to try and keep occupancy up. The condition is truly terrifying.

There are still strong pockets of stability, however, even in a changing Europe. This year, Switzerland surpassed the United States in competitiveness on the IMD World Competitiveness Scoreboard. Only Hong Kong is considered more competitive now. The Swiss people's success has been driven by economic freedom and a strong rule of law to back it up. My top recommended mutual fund this month is a simple way to include innovative, market-leading Swiss companies in your portfolio. Also in the issue, I'll remind you of the common-sense words of the great Richard Russell, including how patience and the miracle of compounding can keep your portfolio safe from market turmoil. More >>

Economic Analysis - July 2016

Each month, I provide you with an Economic Analysis supplement to the issue. This supplement provides you with a bird's eye view of the indicators that I monitor on a regular basis. The incisive, story-telling charts included in this supplement are updated every month and range from "The Leaders" to "World Currency Reserves/World Gold Reserves." There will always be great new material as well as timely reference dates, and my comments spell out the meaning of each chart for you. Download in pdf format.

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Puerto Rico Bond Default?

June 30, 2016 Puerto Rico’s potential bond default could be an owner’s manual for overburdened U.S. states. Two days before a potential historical default, Puerto Rico Governor Alejandro Garcia Padilla made it clear that the commonwealth won’t pay bondholders even as Congress votes on a bill allowing the island to restructure its $70 billion in debt. “On July […] More »