This Week's Message: Second half of September data/trend wrap up...

It's become my recent custom to use my current trends file to provide the weekly message twice each month. Two-weeks ago I shared the mid-September look, below, chronologically, is the balance of the month.

Advisor Fees

A hot topic these days is the fee structure of the various platforms from which financial advice and investment management is delivered. Hedge funds, in particular -- with their extremely high cost regimes -- have been under intense scrutiny the past couple of years. While boutique firms, such as ours, have, for the most part, been able to fly under mainstream media's radar, I wonder if that tide hasn't begun to change.

Our Relationship

The investment advice industry, or, more to the point, the financial services industry, finds itself in the spotlight to a greater extent today than perhaps it ever has before. Beginning next year, anyone who receives compensation for delivering advice has to adhere to a standard that ensures that he or she is solely looking out for the client's best interest. I find it ironic that regulators are attempting to force onto an entire industry a practice that has essentially guaranteed the success of its firms that were already holding themselves to such a standard (folks do business with folks they trust).

Market Commentary: Today's volatility and a quick look at the charts (video)

Quote of the day...

You think maybe the media paints things with a certain emotion in mind to get your attention?

Here's Josh Brown on his blog, linking to a very good article he penned for CNBC:

"I hope you like it, and by the way, I didn’t write this headline. I’m told this is the sort of thing that works really well on the web:

I’ve never seen anything like the massacre of the hedge fund business this year (CNBC)"

This Week's TV Segment (video)

I suspect that a number of my readers don't agree with the stock market's (I have to assume that we all agree with the peso's) analysis of Monday's debate, or disagree with my analysis of the market's analysis. Meaning, maybe Trump did win the debate and the stock market actually liked it. For that to be the case stock traders would have to entirely divorce themselves from the opinions of currency traders (and many traders trade both). Which would be highly unusual.

And allow me one once again to reiterate that what you're reading, and viewing, herein with regard to my analysis of the market's analysis of the election is simply that: my -- entirely objective -- analysis of the market's analysis.

 

The Debate

I'm getting some push from subscribers to weigh in more on the political environment and its impact on the markets. So, hesitatingly, I'll do so. And, as I do, I want to make very clear that I will keep my commentary to my perspective on what the market is signaling. I.e., nothing herein should be viewed as an endorsement for either candidate: