Salient to Investors: Shares of discount brokers are gaining the most since 2003 relative to the S&P 500, a sign that small investors are joining the 4-year bull market. Discount broker stocks beat the market by at least this much in 1997, 1999, 2003 and 2009, years in which the S&P 500
READ MORE... →Salient to Investors: The number of hedge funds investing in gold is at the lowest level since 2010. Farhan Mumtaz at EurekaHedge said hedge fund performance declines tied to volatility and withdrawals led either to closures or a shift in strategies – the number of funds investing in gold fell
READ MORE... →Salient to Investors: The S&P GSCI Spot Index has lagged the MSCI All-Country World Index for 6 months, the longest stretch since 1998. Hedge funds cut combined bullish bets across 18 US raw-material futures by 51 percent from a 16-month high in September and are bearish on 6 of them. EPFR Global
READ MORE... →Salient to Investors: US balanced funds received record inflows of $35.2 billion from January to April, the most in any four months, showing easing individuals’ reluctance to join the record-breaking rally in the S&P 500 Index. Inflows into hybrid funds reached records in February 1994 in the middle of a 417 percent gain
READ MORE... →Salient to Investors: Hedge funds continue to be an overpriced, middling asset class. Goldman Sachs found that hedge funds returned an average of 5 percent in 2013 versus a 15 percent gain in the S&P 500, while only 5 percent of the funds beat the S&P and more than 1
READ MORE... →Salient to Investors: George Soros and BlackRock cut stakes in gold ETFs in Q1, signaling waning investment demand. The World Gold Council said gold ETP demand dropped 13 percent in Q1 from a year earlier and outweighed a surge in purchases of coins, bars and jewelry in China and India. Frank McGhee at Integrated Brokerage
READ MORE... →Salient to Investors: George Soros cut holdings of gold ETPs in Q1, 2013. John Paulson maintained a stake and Schroder Investment Mgmt bought in Q1. Deutsche Bank said assets in SPDR will probably drop by an additional 2 million to 4 million ounces after slumping 9.7 million ounces since mid-December. Jeffrey Currie et al at Goldman Sachs
READ MORE... →Salient to Investors: Bloomberg Global Poll: International investors are the most bullish on the US and Japanese markets in more than 3.5 years as both economies are seen to be improving. Over 40% will reduce gold exposure over the next 6 months, close to 3 times more than those who
READ MORE... →Salient to Investors: International net selling of long-term US equities, notes and bonds in March was the largest since May 2009 and shows investors were willing to seek higher-yielding assets amid signs of a stronger US economy. Gennadiy Goldberg at TD Securities said the data does not suggest a pronounced global investor
READ MORE... →Salient to Investors: Fund Gurus write: Market corrections have been short lived due to periods of high volatility and not underlying fundamental issues. Stocks are very attractive. Values are in line with historical 10-yr average but companies have strengthened their balance sheets and are positioned for further revenue growth. Many
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