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Getting Back to Even

As my former colleague and legendary trader would quip when one of his personal investments would go south, “I feel like I spend my whole life trying to get back to even.”  I was reminded of him last week as I reviewed recent housing data.  Home prices have finally...

Sitting in Cash? Why?

Investors are sitting in cash. Consider the following news items from the financial services industry… In July, Morgan Stanley’s wealth management unit reported a 1% drop in profit margins. UBS reported a 16% profit margin decline in the second quarter. A June Merrill...