Current Issue - May 2014

When you work in the investment business for more than five decades as I have, you develop a nose for speculative excess. The level of stock market speculation today is disturbing as investors gobble up every overpriced IPO in sight. Moreover, the S&P 500, influenced by a group of names I do not consider investment quality, has advanced into a full-blown bubble. And brokers are pushing structured products like trigger securities to rake you over the coals. Using the same kind of misdirection insurance salesmen use to sell index annuities, they will offer you the opportunity to participate in the upside of the stock market with minimal risk to your principal. Sound too good to be true? It is, and I'll explain why in this month's issue.

Where can you turn in an overheated environment like this? In my five decades of investing, I have always remained fully invested in a broadly diversified mix of largely dividend- or interest-paying securities. I rarely make a sale. I have little inclination to share any of my long-term profits with the government via the tax route. As such, new cash flow is my concern regarding additional investments. This month, I'm adding two new stocks and two new ETFs to my Monster Master Lists. One of each is in the coal sector, while the others are in the gold sector. Far from the dead duck portrayed by many on the political and green fronts, coal use is on the rise all over the world. Meanwhile, gold miners have been beaten to a pulp, and the gold royalty and stream company I'm recommending has a diversified portfolio of cash-flow-producing assets, providing a dividend and probably more upside potential than a gold ETF with less risk than an operating company. More >>

Economic Analysis - May 2014

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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This Can't End Well

April 15, 2014

Bob Davis and Esther Fung report on the worrying glut of vacant property in China's third and fourth tier cities. In big international cities like Beijing and Shanghai, prices continue to rise. But evidence is mounting that in dozens of third- and fourth-tier Chinese cities rarely visited by foreigners, overbuilding is out of control and […]

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