5 Things To Ponder: "Bear-ly" Extant

"It is a bad sign for the market when all the bears give up. If no-one is left to be converted, it usually means no-one is left to buy.” - Pater Tenebrarum

That quote got me thinking about the dearth of bearish views that are currently prevalent in the market. The chart below shows the monthly level of bearish outlooks according to the Investors Intelligence survey.

The party has got out of hand

Yes, dear reader, the party has got out of hand – thanks to all the free booze supplied by Ben Bernanke and Janet Yellen. It’s time to look for the car keys. 

This is not to say that it won’t go on longer. And it is not to say that it won’t get wilder, too. There are already people with lampshades on their heads. And girls are dancing on the tables. 

It seems obvious. The ‘market’– especially when prices are high and the music is loud – is made of up people who are not serious and who are not willing to do the hard work. If you can put on your positive thinking cap and do a better job of figuring out how much a stock is really worth, you’ll probably do better than the average investor.

DYI

THE GREAT WAIT CONTINUES!......DYI

High-end house flipping is soaring

High-end flipping, however, is heating up. Flips with a sale price of $750,000 or more rose 21 percent from a year ago, while homes priced below $400,000 declined as a share of all flips from a year ago, according to RealtyTrac. Homes priced between $750,000 and $1 million had a 41 percent return, which explains why flippers are heading to higher-priced neighborhoods. 

Flipping is definitely getting harder, as there are fewer distressed properties for sale. Prices may be easing, but they're still rising because supplies are low. 

"The secret to flipping houses is getting the property to be at a great price, and there's just very, very few properties in our area at low prices," said David Fogg, a real estate agent in Burbank, California.

DYI Comment: Buying properties at a great price and/or stocks, bonds, gold etc. is the name of the game. You would not know it from the MPT (Modern Portfolio Theory) crowd who believes that your rate of return is bake in the cake by the very nature of the asset you are buying.  Price matters and price matters BIG TIME.  Currently U.S. stocks and junk bonds are priced to the heavens that will deliver poor returns over the next 10 years and losses for those holding less than 8 years. 

**************

A Warning from Graham and Dodd 

John P. Hussman, Ph.D.

“During the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude towards the investment merits of common stocks… Why did the investing public turn its attention from dividends, from asset values, and from average earnings to transfer it almost exclusively to the earnings trend, i.e. to the changes in earnings expected in the future? The answer was, first, that the records of the past were proving an undependable guide to investment; and, second, that the rewards offered by the future had become irresistibly alluring."

Benjamin Graham & David L. Dodd, Security Analysis, 1934

While investors presently dismiss the potential for valuations to remain well-correlated with actual subsequent market returns, and there’s no assurance that they will, the foregoing rule-of-thumb has historically had a nearly 90% correlation with S&P 500 nominal total returns over the following decade. The chart of this relationship (from the April 21 comment) is shown below. Note that secular valuation lows as we saw in 1949 and 1982 have generally occurred at levels that have implied near-20% annual 10-year total returns for the S&P 500. The 2009 low was certainly a great improvement from the 2000 extreme, bringing prospective 10-year returns to about 10% annually (and slightly higher on several other reliable valuation measures), but current valuations are no longer consistent with prospective 10-year returns anywhere near those levels.

Based on a broader set of historically reliable valuation methods, our consensus estimate is closer to 1.5% annually. Given a dividend yield of 2% for the S&P 500, it follows that we expect the S&P 500 Index to be lower a decade from now than it is today.

A legendary value investor, Benjamin Graham insisted that "operations for profit should be based not on optimism but on arithmetic." Careful arithmetic is important in order to resist the temptation to rely on what Graham called "some generalized statement, sound enough within its proper field, but twisted to fit the speculative mania." For example, many investors casually dismiss valuations today by parroting "lower interest rates justify higher valuations." But they do so without doing the associated arithmetic, and without recognizing that even those higher "justified" valuations willstill be associated with poor subsequent equity returns. As I detailed in Optimism versus Arithmetic, if we assume that short-term interest rates will remain at zero for another 3-4 years instead of a more normal 4%, one can justify stock valuations 12-16% above where they otherwise might be. That 12-16% elevation would in turn shave about 4% annually from equity returns over that same 3-4 year perod. Unfortunately, the most reliable valuation measures we identify are more than double pre-bubble historical norms, so the "justified valuation" argument is exactly the sort of twisted statement that Graham warned about.

DYI Comments:  This is one very pricey stock and long term bond market as future returns will be poor at best and losses at worst.  My aggressive portfolio remains the same with zero stocks and only 2% in long term bonds.  For the speculator who is bearish time will appear to have stood still but for the truly long term investor nothing more than a blink of an eye waiting for better values to arrive.  Markets will regress back to their mean and in this case down to the mean then overshoot as they invariably do!

Price to dividends are now 117% above their average.  Unless one believes that we are now at some new permanent high (then returns will be permanently low as well) stocks are now at a speculative high.

J. Paul Getty Quote! 

Stock Market - "For as long as I can remember, veteran businessmen and investors - I among them - have been warning about the dangers of irrational stock speculation and hammering away at the theme that stock certificates are deeds of ownership and not betting slips. 

The professional investor has no choice but to sit by quietly while the mob has its day, until enthusiasm or panic of the speculators and non-professionals has been spent. He is not impatient, nor is he even in a very great hurry, for he is an investor, not a gambler or a speculator. There are no safeguards that can protect the emotional investor from himself."

AGGRESSIVE PORTFOLIO - ACTIVE ALLOCATION - 09/1/14

Active Allocation Bands (excluding cash) 0% to 60%

85% - Cash -Short Term Bond Index - VBIRX

13% -Gold- Precious Metals & Mining - VGPMX

 2% -Lt. Bonds- Long Term Bond Index - VBLTX

 0% -Stocks- Total Stock Market Index - VTSAX
 0%-REIT's- REIT Index Fund - VGSLX

[See Disclaimer]

THE GREAT WAIT CONTINUES!

DYI 

To put a finer point on it: For major economies, if the ratio of private debt to GDP is at least 150 percent, and if that ratio grows by at least 18 percent over the course of five years, then a big crisis is likely in the offing. RICHARD VAGUE Atlantic Magazine

Government Debt Isn't the Problem—Private Debt Is

The Roaring Twenties, the Japanese boom of the '80s, and the U.S.'s in the early 2000s have one thing in common: They were debt-fueled binges that brought these economies to the brink of ruin.

Former Fed Chairman Alan Greenspan, discussing the financial crisis of 2008,wrote that “financial bubbles occur from time to time, and usually with little or no forewarning.” 

That’s misleading at best. The 2008 collapse was predictable. And, more generally, major financial crises of this type can be seen well in advance—and prevented—if you know what to look for. In fact, there’s a fairly simple formula that predicts such crises with a high amount of confidence. And it suggests that the world economy remains in more peril than is generally appreciated. 

Look familiar? Time and again, that’s the story we found: A major financial crisis is preceded by a runup in private debt relative to GDP. In fact, there seems to be only one other ingredient required for a crisis: that the absolute level of private debt is high to begin with. We found that almost all instances of rapid debt growth coupled with high overall levels of private debt have led to crises. 

Until the moment of reckoning, things may seem wonderful. Rapid private-debt growth fueled what were viewed as triumphs in their day—the Roaring Twenties, the Japanese “economic miracle” of the ’80s, and the Asian boom of the ’90s—but these were debt-powered binges that brought these economies to the brink of economic ruin. 

What’s alarming is that, of the two ingredients for an economic crisis—high private debt and rapid private-debt growth—one is still with us even after the 2008 collapse. Private debt in the U.S., relative to GDP, stands at 156 percent. That’s lower than the 173 percent it reached in 2008, but it’s still nearly triple the level—55 percent—it was at in 1950. Indeed, across the globe there has been a steep climb in the ratio of private debt to GDP over that period.

Exploding Private-Plus-Government Debt To GDP: Davos (World Economic Forum) Conversation Starter

The note suggests overall nonfinancial debt, and not just government debt, should be a topic of conversation for the Davos World Economic Forum this week. That includes private debt held by households and corporations, among others. 

“The idea of using debt to boost economic growth is predicated on the idea that at least the debt/GDP ratio should fall back in times of economic growth,” wrote SG analyst Kit Juckes. “It didn’t happen in the great moderation of the 1990s, and it isn’t showing any signs of happening now, either.”

Number of the Week: Total World Debt Load at 313% of GDP

$223.3 trillion: The total indebtedness of the world, including all parts of the public and private sectors, amounting to 313% of global gross domestic product. 

Advanced economies tend to draw attention for their debt at the government and household levels. But emerging markets are gathering debt at an increasing pace to drive their economic development.

Marc Faber: McDonald's shows bear market is coming

On Tuesday, McDonald's (MCD) reported that global same-store sales in August fell 3.7 percent in August, well short of expectations. The worst drop occurred in the Asia-Pacific region on the back of a Chinese meat safety scandal, but even U.S. sales slid 2.8 percent. 

"We've had a bull run since October 2011 without more than an 11 percent correction," he notes. "And now we're probably not going to get a correction, but more likely, a bear market that will be 20 to 30 percent at some point." 

Add that to Faber's observation that "the U.S. is the most pricey market compared to other markets in the world," and he has constructed a bearish case.

Market Cap to GDP: The Buffett Valuation Indicator

September 8, 2014

by Doug Short

In a CNBC interview earlier this spring CNBC interview (April 23rd), Warren Buffett expressed his view that stocks aren't "too frothy". However, both the "Buffett Index" and the Wilshire 5000 variant suggest that today's market is indeed at lofty valuations, now above the housing-bubble peak in 2007. In fact, the more timely of the two (Wilshire / GDP) has risen for eight consecutive quarters and is now approaching two standard deviations above its mean -- a level exceeded for six quarters during the dot.com bubble. 

DYI

Why this Simple and Yet Effective Improvement to Dollar Cost Averaging is Not Available to 401k's or IRA's is beyond Me!

TWINVEST  

Created by Robert Lichello in the 1970s.

Here’s how it works.

With TwinVest or Dollar Cost Averaging you decide your dollar amount based on your recurring time frame.  I'll use for our example once per month ($500) but you can do this on any saving schedule that suits you. 

SIMPLE ARITHMETIC (its not math, just arithmetic)

Your TWINVEST Code

1.  Multiply 0.75 times your investment amount (IA) then multiply by the share price (SP) of your stock.  For those of you who like formulas....  TWINVEST Code = 0.75 x IA x SP

Example: $500 per month to invest into Vanguard Total Stock Market Index (VTSAX).  0.75 x 500 x 50.68 = 19,005  You now have your TWINVEST Code.

2.  Divide your current share price into the TWINVEST Code this value will be the dollar amount to invest into your stock or mutual fund with the remainder going into a cash reserve (MMF or short term bonds, CD's etc.)  For you formula lover's.....  TWINVEST code / current share price = $ Invested in Stock

Continuing with our example. 19,005 / 50.68 = $375 to be invest into VTSAX the remaining $125 will be put into cash reserve.

Your TWINVEST Code (step 1) is locked in for the duration of investment activity, it is a static number no longer needed to be calculated.

The beauty of TWINVEST

The beauty of TWINVEST that from your starting point as markets rise you put less money into stock (or bond fund) or as the market drops you invest more and if it drops substantially you will use your reserve funds.  The only time you will have to re-compute your TWINVEST Code is when it only allows you to invest 25 or less dollars for you now have tripled your money.  Right off the bat you can see this is far superior to dollar cost averaging as your risk adjusted return will be higher (lower risk).  Why something so simple is not available to 401k's or IRA's is beyond me.

One side note:  For those using a mutual fund when they declare a capital gain you will have to add back in that per share amount to the current price to divide into your TWINVEST Code.

High volatility is TWINVEST's Friend.

DYI 

Most People Don’t Believe It, But We Are Right On Schedule For The Next Financial Crash

But the truth is that what we are observing right now is classic bubble behavior.  The stock market crashes of 1929, 1987 and 2008 were all preceded by irrational market rallies in the spring or summer.  The financial markets have become completely divorced from economic reality, and such a state of affairs never lasts forever.  It is just a matter of time before a correction comes. 

But every time there is a bubble, most people end up getting caught up in all of the euphoria.  And it is happening again.  In fact, CNBC has just reported that bearishness among market newsletter writers is the lowest that it has been since 1987.  But of course we all remember what happened back in 1987... 

For example, Nobel Prize-winning economist Robert Shiller is warning that market valuations are tremendously bloated right now... 

Shiller, a Yale University professor who is often cited as one of the most influential people in economics and finance in the world, created a metric that compares stock prices with corporate profits. The metric recently climbed above 25. That level has only been surpassed three times since 1881: 1929, 1999 and 2007. 

Steep market tumbles followed each instance, including the bursting of the dotcom bubble in the early 2000s.

The Two Pillars of Full-Cycle Investing 

John P. Hussman, Ph.D.

History teaches clear lessons about how this episode will end – namely with a decline that wipes out years and years of prior market returns. The fact that few investors – in aggregate – will get out is simply a matter of arithmetic and equilibrium. The best that investors can hope for is that someone else will be found to hold the bag, but that requires success at what I’ll call the Exit Rule for Bubbles: you only get out if you panic before everyone else does. Look at it as a game of musical chairs with a progressively contracting number of greater fools.

In any event, the reason most investors won’t get out of this bubble is that it will require other investors to get in by taking the stock off their hands – and with bearishness running at the lowest level in 27 years, those potential buyers increasingly represent value-conscious investors like us whose demand is likely to emerge only at materially lower valuations.

DYI Comments:   Amen to that John; price to dividends are now 117% above their long term average going back to 1871.  A 50% to 60% decline will change our investment stance significantly, currently of course DYI's model portfolio maintains a very defensive stance.

AGGRESSIVE PORTFOLIO - ACTIVE ALLOCATION - 09/1/14

Active Allocation Bands (excluding cash) 0% to 60%

85% - Cash -Short Term Bond Index - VBIRX

13% -Gold- Precious Metals & Mining - VGPMX

 2% -Lt. Bonds- Long Term Bond Index - VBLTX

 0% -Stocks- Total Stock Market Index - VTSAX
 0%-REIT's- REIT Index Fund - VGSLX

[See Disclaimer]

Even the Council on Foreign Relations Is Saying It: Time to Rain Money on Main Street

When an article appears in Foreign Affairs, the mouthpiece of the policy-setting Council on Foreign Relations, recommending that the Federal Reserve do a money drop directly on the 99%, you know the central bank must be down to its last bullet. 

The September/October issue of Foreign Affairs features an article by Mark Blyth and Eric Lonergan titled “Print Less But Transfer More: Why Central Banks Should Give Money Directly To The People.” It’s the sort of thing normally heard only from money reformers and Social Credit enthusiasts far from the mainstream. What’s going on? 

The Fed, it seems, has finally run out of other ammo. It has to taper its quantitative easing program, which is eating up the Treasuries and mortgage-backed securities needed as collateral for the repo market that is the engine of the bankers’ shell game. The Fed’s Zero Interest Rate Policy (ZIRP) has also done serious collateral damage. The banks that get the money just put it in interest-bearing Federal Reserve accounts or buy foreign debt or speculate with it; and the profits go back to the 1%, who park it offshore to avoid taxes. Worse, any increase in the money supply from increased borrowing increases the overall debt burden and compounding finance costs, which are already a major constraint on economic growth.

DYI Comment:  Sky high market for stocks and bonds with an economy doing so poorly that the very influential Council on Foreign Relations has jumped in with their recommendations.   Whether this idea of direct transfers bears fruit or not it does show the the level of frustration and desperation.  A shifting sands economy holding up an overblown bond and stock market.

DYI

Bears at Their Lowest Levels Since 1987.  Now What?

The big news today isn’t coming from the economy or world events, it is the fact the number of bears in the US Advisors’ Sentiment Report came in at their lowest level since February 1987 at just 13.3%.

This matters because many use this poll as a contrarian indicator.  The thinking goes if there are no bears left, then we could be near a major peak as there is no one left to buy as everyone is bullish.  Lastly, this poll looks at what newsletter writers are thinking.  

I’ll leave you with this thought.  Technically, I continue to see very few problems with the market.  One of my favorite indicators is the cumulative advance/decline issues at the NYSE.  When you have many issues advancing, this usually means the overall market will follow suit.  Not much wrong with this picture.

DYI

 

READING ASSIGNMENTS

Finance

NYSE Margin Debt Remains a Cause for Concern

Pump And Dump VC Style: Kleiner Perkins’ Gambit To Shear The IPO Sheep

Europe’s Fantastic Bond Bubble: How The Central Banks Have Unleashed Monumental Speculation

S&P Tops 2000 But Weary Consumers On Strike: The Recovery Delusion Gets Obvious

Health

A Call for a Low-Carb Diet That Embraces Fat

People who avoid carbohydrates and eat more fat, even saturated fat, lose more body fat and have fewer cardiovascular risks than people who follow the low-fat diet that health authorities have favored for decades, a major new study shows.

But more recent clinical studies in which individuals and their diets were assessed over time have produced a more complex picture. Some have provided strong evidence that people can sharply reduce their heart disease risk by eating fewer carbohydrates and more dietary fat, with the exception of trans fats. The new findings suggest that this strategy more effectively reduces body fat and also lowers overall weight.

 “To my knowledge, this is one of the first long-term trials that’s given these diets without calorie restrictions,” said Dariush Mozaffarian, the dean of the Friedman School of Nutrition Science and Policy at Tufts University, who was not involved in the new study. “It shows that in a free-living setting, cutting your carbs helps you lose weight without focusing on calories. And that’s really important because someone can change what they eat more easily than trying to cut down on their calories.”

DYI Comments:  I can definitely attest to the fact that a low carb, high fat, moderate protein diet WORKS. I've been on this journey now for about 14 months dropped 40 pounds and I no longer require blood pressure medication.  Energy is off the scale plus at age 60 I have a 4 pack abs (it appears that a 6 pack is on its way) to say the least I'm astonished.  WHY?  I'm on a very easy diet to follow and most importantly I never go hungry.  I ate myself thin.  Of course there is no longer any pastas along with pizza and of course all of the sugar laden desserts are no more.  A small price to pay as ALL of my health markers improved so much so that my cost of insurance dropped to only $35 per month (Corp. policy with Kaiser).

No medication costs and much lower premiums for insurance.

Thought I pass this on.....

Millennial Alert

Jobs & Low Cost Real Estate

Here is list of cities that have job growth along with modest real estate costs.  Take your pick of different climate and cultural regions that may suit your fancy or curiosity.  Job growth on average for all of the major U.S. cities is 1.9% as compared to the select cities at 2.8%.  Just as Willie Sutton reasoned as to why he robbed banks "that is where the money is" OR "these are the cities where the jobs are".

Dallas Texas

Salt Lake City, Utah 

Denver Colorado

Minneapolis, Minnesota

New Orleans, Lousisiana

Seattle, Washington

Austin, Texas

DYI
     

What the Baby Boomers turned Retirement Boomers mean for Growth, Jobs, Inflation and the Markets

That sounds quite gloomy, but what are the actual implications? My main issue in my posts last year was that while everyone was complaining about low growth, growth was actually much faster than you could long-term expect (that is until about 2025). While people talk a lot about a “new normal” and how the Great Recession has slowed credit growth and therefore economic growth, my opinion is that only the slack from the recession made the current growth possible. Now that unemployment is fast approaching what economist regard as “full employment” (or the “natural rate of unemployment”, which is estimated by the Congressional Budget Office), labor shortages are becoming wide spread and growth will actually slow further till it reaches a new equilibrium, where unemployment is steady.

This was what I thought about when I last year wrote about temporary full-employed recessions, something completely unusual to the US, but not that unusual in other countries that have a shrinking work force. Growth will be so slow that the economy will just due to the usual short-term fluctuations temporary shrink without causing the usual hallmarks of recessions like a spiking unemployment rate. The 1st quarter of this year, though weather-related, may be sign of things to come.

So low growth, low unemployment and low inflation (until around 2025). Where does that leave the Federal Reserve and the financial markets? With inflationary pressure absent, there is less need to raise rates, but with unemployment lower there is also no justification to conduct quantitative easing (QE) forever and let the FED balance sheet explode. So while a see QE to end in October as planned, I don’t see any meaningful interest rate hikes either. For quite some time people have feared that the more than 30-year old bull market in bonds will end in a big crash, once the Fed starts raising rates. I don’t see that.

And stocks? They have been living a great life in the last 5½ years thanks to an ever-expanding Fed balance sheet.

With the end of QE, the risky asset party will be over, while bond yields will be depressed for another decade, till inflation will eventually pick up after the retirement wave will have peaked around 2025.

DYI Comments:  During a bridge tournament one of the players partner after winning the hand scolded him by saying "we should have lost that hand."  He resorted to luck instead of skill level to win. Investing is much like the game of bridge which favors the skilled players over those who rely on luck. Currently the long end of the bond market is just like playing bridge using skill instead of resorting to chance. In my prior post I stated that our 10 year Treasury bonds a proxy for high quality paper is now 95% above its long term average as measured by Price to Interest.  What this tells us is that bonds historically measured are way over valued.  However it appears they could stay that way for many years to come; the problem is knowing exactly when!?  By staying (I'm comparing short/long bonds only) with short dated bonds you are playing your hand correctly.  Many will continue to stay out on the long end and reap the higher rewards playing on luck to get out before the interest rate tide turns.

9-1-2014

BONDS

100 - [100 x ( Curr. PI - Avg. PI / 2 ) ]

________________________________

(Avg. PI x 2 - Avg. PI/2)

Avg. Price to Interest PI   22

Current Price to Interest   43

% Allocation  3%

3% x 60% (max. allocation) = 2%

(43PI - 22PI)/22 x 100 = 95% above average

DYI

 

The Roaring 20's
60's Go Go Years
New Economy Era
Dot Com Tech Bubble
Housing Bubble

Introducing

the

QE BUBBLE!

After the fact all of these bubbles seem self evident as this current episode of financial mayhem plays out.  Professor Hussman spells it out in his current annual report.

Happy Labor Day,

KENNETH E. ROYER

Editor Dividend Yield Investor 

10 year Treasury Bonds Price to Interest Ratio is 95% ABOVE Average.....DYI's Bond Allocation Down to 2%......

9-1-2014

BONDS

100 - [100 x ( Curr. PI - Avg. PI / 2 ) ]

________________________________

(Avg. PI x 2 - Avg. PI/2)

Avg. Price to Interest PI   22

Current Price to Interest   43

% Allocation  3%

3% x 60% (max. allocation) = 2%

DYI Comments: DYI uses the 10 year Treasury note as a proxy for all interest rates to determine how far above or below their average.  Currently the Fed's are now into full blown interest rate financial repression as future returns for bond holder on an after inflation basis will be negative.  It appears that this repression of negative interest rates will continue for the next 3 to possibly 5 years.  These sub atomic low rates are destroying the returns for retiree's and basic savers of bank CD's.  More and more retiree's are now resorting to spending their principal to makes ends meet.  When the money is gone especially for those in their 70's and above it is way to late to dust off the resume and go back to work.  This of course has forced many, in their desperation for yield, into long dated bonds and/or junk bonds.  When interest rates normalize these neophyte investors (they really are savers) will be in for a rude shock when their principal value drops further drawing down their remaining principal.

Currently the Price to Interest is now 95.45% ABOVE the long term average (4.63% or PI 22) for 10 year Treasuries (since Jan 1, 1871).  To qualify as a bargain PI would have to be below the average; this is a long way away from being a bond bull.
 
To be blunt THIS IS ONE "JACKED UP" market for stocks and bonds. Speculation is here and now the reason it is harder to see for it is in all asset categories.  Except for gold and the gold mining companies there is remaining value despite the fact that the Dow to Gold ratio is pricey.

 

AGGRESSIVE PORTFOLIO - ACTIVE ALLOCATION

Active Allocation Bands (excluding cash) 0% to 60%

85% - Cash -Short Term Bond Index - VBIRX

13% -Gold- Precious Metals & Mining - VGPMX

 2% -Lt. Bonds- Long Term Bond Index - VBLTX

 0% -Stocks- Total Stock Market Index Fund - VTSAX
 0%-REIT's- REIT Index Fund - VGSLX

[See Disclaimer]

**************

Maximum Aggressive Portfolio

(Super Max)

75% Cash - Hussman Strategic Total Return Fund - HSTRX

13% Gold - Tocqueville Gold Fund - TGDLX

  2% Lt. Bonds - Zero Coupon 2025 Fund - BTTRX

10% Stocks - Federated Prudent Bear Fund - BEARX

  0% REIT'S - REIT Index Fund - VGSLX

[See Disclaimer]

DYI's Aggressive portfolio is now at a surprising 85% cash.  Gold mining companies the best bargain of the lot is at a scant 13%.  These four asset categories are broadest uncorrelated assets but due to the sub atomic interest rates forcing investors to seek higher yields they are all pushed up way beyond their average interest or dividend yields.  Caveat Emptor (buyer beware) for those holding or purchasing at these prices returns over the next 10 years a 0 to 2 percent nominal (before inflation, taxation, fee's and commissions) is at best to be expected.   For those who are patient better values await.

THE GREAT WAIT CONTINUES......    

DYI

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