Publications

Research Reports - Chronological

 

Date Report Title
August 7 The Capitalist Advisor An Intellectual Power Outage
The unenlightened energy policy of the U.S. is solely responsible for the numerous blackouts of recent years, including the outage last week, which plunged eight states (plus parts of Canada) and fifty million people into darkness -- and into an uncivilized, non-industrial existence. Moreover, that policy is due solely to the irrational doctrines that continue to be taught in philosophy and economics at most American universities.
August 7 Investment Focus Rising Bond Yields: Bullish or Bearish for Stocks?
Give the recent, sharp rise in U.S. Treasury bond yields, many strategists have come to assume that it is (or will be) bearish for U.S. stocks.
July 30 InterMarket Forecaster The InterMarket Forecaster
July 22 Investment Focus Secular Bear Markets
Secular bear markets in equities -- multi-year periods of stagnating or declining stock prices-- are the bane of every investor. Although equities tend to deliver the best risk-adjusted returns (versus other assets) over the very long term (many decades),  investors can waste many years of their lives with no investment gains if they become mired in a secular bear market.
July 10 Investor Alert Sector Forecasts Yielding Investor Profits
In the nine months since U.S. stock prices hit a trough on October 9th the S&P 500 sectors that IFI favored nine months ago (at the end of September 20021) have outperformed those sectors that we disfavored -- by 21.2% points using a simple average and by 10.6% points using a weighted average (based on our advised weightings in late-September). ...Annualizing this nine-month performance, we find that the expected out-performers beat the expected under- performers by 14.1% points. Our sector forecasts have been very profitable for those investors who've fully deployed them.
June 30 InterMarket Forecaster The InterMarket Forecaster
June 24 Investor Alert Fed Rate Cuts, the Gold Price and U.S. Equity Performance
According to one account of the Federal Reserve meetings taking place today and tomorrow, Fed officials are likely to cut the overnight Fed Funds rate (currently 1.25%) because they are 'impatient' to see an economic recovery in the U.S.1 In our view, using market-price estimates, Fed officials will cut rates, but that stuff about 'impatience' is pure hogwash -- as is the widespread claim that Fed rate cuts are quickly bullish for equities. In fact, rate cuts tend to be bullish only after a long lag -- and only after the Fed makes clear that it's finished with rate-cutting. Rate cuts are bearish while they're being enacted (and promised).
June 13 Investment Focus Plunging T-Bond Yields: Bullish or Bearish for U.S. Equities?
The U.S. T-Bond yield has plunged by nearly 175 basis points in the past year (to 3.20%) -- the fourth-largest (annual) drop since 1920. Is that bullish or bearish for U.S. equities?
June 9 InterMarket Forecaster The Policy Mix Index
A further improvement in the U.S. 'policy mix' is apparent -- and that should provide a reasonably bullish context for U.S. equity performance over the coming few quarters.
May 30 InterMarket Forecaster Why Do Equities Cool When the Weather Gets Hot?
As investors look toward the summer months, those aware of seasonal variations in equity performance may recall the old Wall Street adage: 'Sell in May and go away.'
May 23 InterMarket Forecaster The InterMarket Forecaster
May 12 Investment Focus Sector and Industry BETAs as Signals of Relative Equity Performance
In corporate finance, BETA is a historical measure of a stock's variability relative to the variability seen in some broader index (like the S&P 500). If the broad market is likely to rise by any material degree, one can reasonably expect high-BETA stocks to rise by even more (i.e., they'll be likely out-performers). Similarly, such stocks are likely to decline by more than the entire market declines (they'll be likely under-performers) -- when the market declines materially.
May 7 Investor Alert What Does a Weak Jobs Recovery Portend for U.S. Stocks?
What signal, if any, might a U.S. equity investor obtain by observing a weak, post- recession recovery in U.S. employment? The answer is: a less bullish signal than if job growth has been robust. Indeed, job growth has not been robust in the U.S. since the last recession ended in December 2001. Nor has output grown very quickly -- at least not when compared to eight other recoveries in the U.S. since the 1950s.
April 30 InterMarket Forecaster The InterMarket Forecaster
April 21 The Capitalist Advisor Iraq: One Battle in a Wider War
Many commentators have remarked recently that the U.S. stock market has not rebounded by as much as they expected, especially given the recent, rapid U.S. military success in Iraq. Others fear the market will be stuck in a long-term trading range...
April 9 Investment Focus Exchange-Traded Funds: Asset Allocation Made Easy
 What factor most explains an investor's performance in any particular year -- or over many years, for that matter? Extensive market research has demonstrated that nearly 95% of performance is attributable to one's initial asset allocation. The balance is due to the timing of investments and the selection of specific securities. While most investors consider only the typical, tri-partite allocation (stocks, bonds and bills), we've shown that commodities de- serve as much attention -- as a separate class that of- ten outperforms stocks, bonds and bills. S&P 500) or its sub-indexes, especially after deducting their (often exorbitant) management expenses.
April 3 Investor Alert Gold: The Objective War Correspondent
Now, more than ever, equity investors should pay attention to the message being delivered by gold. Let the neophytes get their 'news' from biased reporters like Peter Arnett and Geraldo Rivera -- or from the media sheep who nip at the heels of U.S. military leaders in daily briefings at Central Command in Qatar. And let the Keynesians persist in dismissing gold as a 'barbaric relic.' It's no such thing -- and in recent weeks it's been predicting a swift and decisive U.S. defeat of the real barbaric relic, a.k.a. Saddam Hussein.
March 31 The Capitalist Advisor From Containment to Pre-Emption: A New, Pro-Capitalist Defense Policy
The U.S. war against the terrorist regime in Iraq is a proper and welcome action. In our view it should have occurred long ago. But on the bright side, this war could mark the beginning of a new, pro-capitalist (and bullish) U.S. foreign policy.
March 28 InterMarket Forecaster The InterMarket Forecaster
March 14 Investment Focus CAPEX, the 'Excess Capacity' Myth and Sector Performance
Yesterday's sharp price action gave investors just a small taste of what's to come if the U.S. finally wages war quickly and effectively. Equity prices and the dollar shot upward, gold and oil prices plunged and the T-Bond yield increased (allowing a narrowing in corporate spreads). Market commentators continue to mislead investors by claiming that such equity rallies (and commodity-price declines) reflect a lesser chance of war. In fact they reflect a great chance of war. The news that most affected markets yesterday was testimony by Colin Powell that the U.S. would likely go to war even if it does not getting backing from the U.N.
March 7 Investor Alert Snow "Isn't Troubled"-- So Markets Are
As we predicted, new U.S. Treasury Secretary John Snow has presided, without objection, over a weak dollar. He hasn't said explicitly that he favors a weak dollar. But his actions speak louder than his words; he's done nothing to stem the dollar's decline.
February 28 InterMarket Forecaster The InterMarket Forecaster
February 24 Invester Alert Inflation, Inflation Everywhere -- But Not a Jot, They Think
It is somewhat bizarre that economists, Fed officials and commentators in the financial media have been worrying about 'deflation' (a rise in the purchasing power of a currency) in recent years and months. Not only is deflation non-existent -- but if it did exist it would be bullish for equity performance.
February 17 The Capitalist Advisor Bush is All Hat and No Horse
Investors should be careful not to be fooled by the conventional commentary about war and the markets. Every week that U.S. stock prices and the U.S. dollar decline, while oil and gold prices rise, commentators attribute the pattern to 'war.' Every time stocks and the dollar rise, while oil and gold prices decline, the moves are attributed to a lessened chance of war. If that were true an investor in U.S. stocks should be bearish (and an investor in commodities should be bullish) if there is war. Equally, if there is no war, one should be bullish on stocks and bearish on commodities. But it isn't true. Indeed, the facts support exactly the opposite conclusion. which itself harbors terrorist regimes as 'voting' members who oppose U.S. self-defense.
February 7 Investment Focus Corporate Leverage, Credit Spreads and Bond Yields
 Fixed income investors who understand the nature of corporate credit spreads are in a far better position to outperform peers compared to those who don't. Credit spreads--measured as the differences between yields on corporate bonds and yields on Treasury bonds -- exhibit both a cyclical and a secular character.
January 31   Dividend Taxes, Capital Taxes and Investment Returns
Historically, lower tax rates in the U.S. have been associated with above-average returns on U.S. stocks and bonds, while higher tax rates have accompanied below-average returns on each asset class. Thus there is an undeniably bullish aspect to the Bush Administration's recent proposal to abolish the federal tax on dividend in- come and to accelerate scheduled reductions in marginal tax rates on other personal income. But the extent to which these proposals are watered down by Congress or delayed in implementation the near-term effect will be bearish.
January 23   Outlook 2003
This outlook provides investors with market-based forecasts of more than 100 separate variables, 80% of which represent investable assets. Thus the forecasts provide practical guidance to portfolio managers. IFI covers currencies, commodities, stocks, bonds and bills--as well as sector and 'style' bets. Finally, we contrast our forecasts of the S&P 500 price index, S&P 500 operating profits, the price-earnings multiple and the 10-year T-Bond yield with those of leading strategists at Wall Street brokerage firms
January 8 InterMarket Forecaster Informative Anomalies
When, in the 131-year history of S&P indexes before 2002, did the price index 1) decline two straight years, 2) decline by more in the second year than the first and 3) decline while profits increased?
January 1   Track Record 2002

2002		    
December 31 InterMarket Forecaster The InterMarket Forecaster
December 20 Investor Alert War Gold Research and Jobs
A number of recent developments relating to the 'war,' the gold price, a Wall Street research 'settlement' and the 'jobless recovery' are worth noting and explaining -- especially as they are influencing (and will influence) U.S. stocks.
December 10 Investor Alert The Snow Job at Treasury
We were amused to find that market commentators and the media were nearly breathless last weekend in describing the alleged 'shake-up' in President Bush's economic policy team. On December 6th the President fired Paul O'Neil (Secretary of the Treasury) and Larry Lindsey (head of the National Economic Council). Presumably, the President was un-happy with the pair (as he should have been) especially the more important of the two, Mr. O'Neill. Why, then, did Bush bother, yesterday, to nominate John Snow, a near-clone of O'Neill?
December 6 Investment Focus Inflation Deflation and Investment Returns
Equity markets in the U.S. and Japan have suffered in recent years from inflation - not from deflation," as everyone claims. That's why commodities have outperformed stocks in the past three years. Such out-performance is not uncommon: since 1970 in the U.S. commodities have out-performed stocks more than half the time. History shows that inflation is bearish for stocks, while deflation is bullish. To ensure a new bull market in equities, U.S. and Japanese officials must deflate their currencies - or, at the very least, inflate them at a far-lesser rate than they have been since 2000. Until and unless they do so, equities will remain under pressure.
November 30 Capitalist Advisor Free Speech and the Integrity of Research
Investors are best-served by a free flow of information -- not only information of the highest-quality, but information that's analyzed objectively. Unless forecasts are based on sound information and objective methods, they are useless (when not dangerous) to a portfolio manager. Viewing the state of investment information, research and forecasting today, one finds that each is sorely lacking both in quality and objectivity.
November 27 InterMarket Forecaster The InterMarket Forecaster
November 12 Capitalist Advisor The Policy Mix Index: A Slight Improvement
IFI's measure of the U.S. 'policy mix' since we introduced our inaugural reading last April. The index now stands at 43.5, up from 41.8 in April. This reading lies roughly in-between a 'mildly bullish' and 'bullish' signal, with a slight-leaning toward 'bullish.' The policy mix index primarily signals the likely performance of U.S. equities in the coming year.
November 6 Investment Focus The Almighty Consumer is Depressed--and That's Bullish
According to the Conference Board, which has published a "consumer confidence" index since 1967, American consumers were more depressed in October than at any time since November 1993. The index fell to 79.4 in October, down from 93.7 in September and off 28.3% from a recent peak of 110.7 in March.1 That was the largest seven- month decline since 1970. It all sounds pretty grim. In fact, most economists and market commentators -- after repeating the age-old myth that "consumers represent two-thirds of the economy" -- interpret the latest reading as a bearish signal for stocks and the economy.
October 31 InterMarket Forecaster The InterMarket Forecaster
October 18 Capitalist Advisor The Injustice of Insider-Trading Rules
Insider-trading rules punish innocent and productive behavior -- and destroy share- holder wealth. The case against ImClone's Sam Waksal is only the most recent historical example of this. Nearly $5 billion of ImClone's market value (or 90% of its peak) has been destroyed by U.S. regulators: by the fraudulent acts of both SEC and FDA officials. Investors must consider regulatory risk. This report examines the ImClone-Waksal case -- as well as the broader issue of insider trading rules and why they undermine the stock market.
October 14 Capitalist Advisor Elections Futures Market Points to Status Quo in U.S. Congress
When it comes to forecasting election outcomes, market prices are more informative and reliable than public opinion polls -- just as market prices offer better fore- casts of investment outcomes, com- pared to the widespread use of in-accurate and backward-looking economic-accounting data (or 'sentiment' measures). When people put their money where their mouths are, they tend to be more focused, rational and candid.
October 7 Investor Alert A 'Spring-Loaded' Stock Market
Everyone is familiar with the fake canister of peanuts used as a practical joke on the unsuspecting: remove the lid and out pops toy 'snakes' made of coils wrapped in cloth. The victim of the joke is momentarily startled by what springs out and shoots across the room -- or in his face. Investors may well experience a similar surprise some time in the coming months -- a surprise involving not snakes, but stock prices.
September 30 Investor Alert A 'Template' for Persecuting Wall Street
Government officials in the U.S.— at the SEC and the Attorney General's Office of the State of New York — are compelling brokerage firms to pay huge fines, artificially separate their internal departments, fire investment bankers, impose censorship on analysts, appoint lawyers instead of bankers as their CEOs, and curb the firms' favorable treatment of their best clients. This unjust and wealth- destroying persecution was initiated against Merrill Lynch last spring but it continues currently against Salomon Smith Barney (part of Citigroup) and is likely to be extended to at least a half-dozen other brokerage firms before the year is out.
September 27 InterMarket Forecaster The InterMarket Forecaster
September 17 Investment Alert Appeasement Persists -- and Destroys Wealth
A year ago --in the wake of terrorist attacks on America -- we showed how they were the result of decades of U.S. appeasement of Arabic-Islamic barbarism. We warned of bearish market consequences as a result of U.S. officials showing signs -- even after September 11th -- of continued appeasement.3 That is precisely what we've seen over the past year.
September 10 Capitalist Advisor Greenspan's Gremlins
The three most important factors for U.S. equity investors to have known in recent years--setting aside any possible foreknowledge of the terrorist attacks of a year ago--were 1) changes in the dollar price of gold, 2) the position of the Treasury yield curve and 3) the Federal Reserve's view of so- called 'bubbles.'
August 30 InterMarket Forecaster The InterMarket Forecaster
August 28 Investment Focus The Mythical Housing 'Bubble'
August 20 Investment Alert
 		CEOs Sign Away Their Lives
August 5 Capitalist Advisor Guess Whats Wrong with Hong Kong?
Most Asian stocks have dramatically outperformed the U.S. so far this year (and most of the past year). Hong Kong has been an exception--as it has for most of the past five years. Not coincidentally, it was five years ago that the world's largest communist dictatorship (China) took over the only nation in the world that remotely approximated laissez-faire capitalism (Hong Kong). At the time most economists and market commentators believed China's officials would abide by their promise of "one country, two systems"--and that China wouldn't dare "kill the goose that laid the golden eggs."
July 29 Capitalist Advisor What the World Needs Now Is Greed— More Greed
A Secretary Paul O'Neill, SEC Chairman Harvey Pitt, Fed Chairman Alan Greenspan, the U.S. Congress (especially the Republicans), parrot-like media pundits and even 'the man on the street' (who usually knows better than all of the above) -- believes the U.S. stock market has lost $8 trillion (or 46%) from its peak value in March 2000 (or even the $3.5 trillion that's been lost in the past year) due to 'corporate greed' and 'fraud.' They also believe that greed engenders fraud.
July 24 InterMarket Forecaster The InterMarket Forecaster
July 12 Capitalist Advisor

The War on Business Intensifies
Instead of conducting a 'War on Terrorism,' the U.S. government-- to the applause of most economists, journalists and (yes) CEOs--is conducting a War on Business.

July 4 Capitalist Advisor Put The "Independence" Back In Independence Day--The Forgotten Meaning Of America
June 30 InterMarket Forecaster The InterMarket Forecaster
June 28 Capitalist Advisor The Government Takeover of Accounting
Should government interventions intensify -- as is now likely -- investors should expect the quality of accounting to deteriorate still further.
June 19 Capitalist Advisor The Wealth-Transfer Tax Lives
At 55%, the top U.S. estate tax--better called a wealth-transfer tax--is the third-highest in the world
June 7 Investor Alert Mr. Market Is Not Pleased
Mr. Market is not pleased--especially with the U.S. policy mix. Instead of killing terrorists and vanquishing the governments of terror-sponsoring nations, U.S. officials are trying to build a nation-wide 'bunker' that imposes more regulations and costs on business! The U.S. is in the middle of what is, effectively, World War III. It's the Muslim World versus the Civilized World (what's left of it). Yet U.S. officials, instead of fighting known enemies, are effectively appeasing them and surrendering to them. At the same time, an unjust domestic war is being waged in Washington against innocent businesses and shareholders.
May 31 InterMarket Forecaster The InterMarket Forecaster
May 28 Capitalist Advisor Capital on Strike, Part II
May 21 Capitalist Advisor Capital on Strike
Investors should realize that what's commonly referred to as "capital flight" is actually capital going on strike. Another form of it can be seen in the history of 'brain drains'--usually of the most-intelligent entrepreneurs, engineers, doctors and scientists--away from oppressive regimes toward less oppressive or liberalized ones.
May 7 Investment Focus Is It May Day For the Dollar?
The universal signal of distress for aircraft pilots when their plane is going down is "May Day." Fittingly, the U.S. dollar's decline in recent months accelerated after May Day last week -- the same day U.S. Treasury Secretary Paul O'Neill, in testimony before Congress, effectively abdicated responsibility for the value of the dollar.
April 30 InterMarket Forecaster The InterMarket Forecaster
April 24 Capitalist Advisor Introducing the 'Policy Mix Index'
In this report we introduce a 'Policy Mix Index' (PMI) to help investors assess overall government policy and its likely impact on equity returns, profits and the economy.
April 15 Investment Focus Is An Oil Price Spike Necessarily Bearish?
 The oil price cannot be viewed in isolation if investors wish to avoid misleading conclusions (and inaccurate forecasts of portfolio performance).
April 8 Investor Alert Are There Still "Reasons to Be Bullish"—A Retrospective
March 29 InterMarket Forecaster The InterMarket Forecaster
March 22 Investor Alert Return of the Market Saboteurs
March 19 Investment Focus Convertibles with the Top- Down
March 15 Capitalist Advisor Forgotten Heroes of 9/11
March 12 Capitalist Advisor Protectionism and the Dollar
February 28 InterMarket Forecaster InterMarket Forecaster
February 25 Capitalist Advisor Misplaced Investor Wrath
February 13 Investor Alert What Are the Chances of a Bear Market "Three-peat?"
February 6 Capitalist Advisor A Tale of Two Bankruptcies: Enron and Argentina
January 30 Capitalist Advisor To Get Money Out of Politics
January 29 InterMarket Forecaster InterMarket Forecaster
January 23   Outlook 2002
January 14   Track Record 2001
January 8 Investor Alert "Fed Activism, the Yield Curve and the U.S. Business Cycle"
January 4 Capitalist Advisor "Is "Europhoria" Warranted?"
January 8 Investor Alert "Fed Activism, the Yield Curve and the U.S. Business Cycle"
January 4 Capitalist Advisor "Is "Europhoria" Warranted?"

2001		    
December 28 InterMarket Forecaster
December 21 Capitalist Advisor "Why Christmas Should Be More Commercial"
December 11 Investor Alert "Argentina's Collapse in the Context of Previous Emerging Market Disasters"
December 4 Investor Alert "DJIA-NASDAQ Ratio as Forecaster of Relative Performance"
November 27 InterMarket Forecaster
November 21 Capitalist Advisor "Thanksgiving: Producer's Holiday"
November 15 Capitalist Advisor "Messages From Sector Rotation"
November 7 Investor Alert "U.S. Market Performance Surrounding Recession"
October 31 InterMarket Forecaster
October 25 Investor Alert "The Recent Market Rebound - Is It Sustainable?"
October 17 Capitalist Advisor "The Ignoble Nobels"
October 5 Investor Alert "Those Alleged Stimulus Measures"
September 30 InterMarket Forecaster
September 26 Investor Alert "U.S. Market Performance Surrounding War"
September 22 Capitalist Advisor "U.S. Officials Fiddle While America Burns"
September 19 Investor Alert "All Bets Are Off: Here's What Investors Should Do Now"
September 17 Capitalist Advisor "Terrorism and Its Appeasement"
September 7 Investor Alert "A Victory for Microsoft - and the Market"
August 24 InterMarket Forecaster
August 21 Investor Alert "The Waiting Game"
August 15 Capitalist Advisor "The Crime of '71: A Retrospective"
August 10 Investor Alert "The U.S. Dollar: Able Forecaster of Financial Returns"
July 31 InterMarket Forecaster
July 26 Capitalist Advisor "Cutting Through the Globaloney in Genoa"
July 20 Investor Alert "Canada: Is There A Case For Northern Exposure?"
July 10 Investor Alert "Trustbusting: The Risk That Won't Recede"
June 31  InterMarket Forecaster
June 28 Investor Alert "Argentina's Blind Date With an Ugly Currency"
June 18 Investor Alert "GE and the EC's Trustbusters"
June 11 Capitalist Advisor "The GOP's Senate Loss: Bearish, Neutral or Bullish?"
May 31 InterMarket Forecaster
May 23 Investor Alert
May 15 Investor Alert "Capital Gains Tax and Equity Returns"
May 7 Capitalist Advisor "Greenspan's 'Reserve Armies' - and Your Portfolio"
April 30 InterMarket Forecaster "Golden Rules to Profit By"
April 25 Investor Alert "Argentina: Flirting With Disaster"
April 20 Investor Alert "Substantial Fed Rate Cuts Hardly A Surprise"
April 6 Investor Alert "Reasons to be Bullish Today: A Near Mirror Image of Reasons to be Bearish a Year Ago"
March 30 InterMarket Forecaster
March 23 Investor Alert "Japan Doesn't Need More Yen, It Needs a More Valuable Yen."
March 16 Investor Alert "Better Policy Deferred is Not What Markets Prefer"
February 28 InterMarket Forecaster
February 23 Investor Alert "Stagflation" Is Last Year's News
February 14 Capitalist Advisor "The Bush Tax Cuts: Bigger - and Sooner - Would Be Better."
January 30 InterMarket Forecaster
January 4 Investor Alert "Fed Does the Right Thing - And Bullishness is Warranted"

2000		    

December 20

InterMarket Forecaster

 

December 14 

Investor Alert

"The NASDAQ Plunge in Historical Contest"
December 8 Capitalist Advisor "Transition 2000: The GOP Mandate and the Bush Cabinet"

November 22

InterMarket Forecaster

 

November 13

Investor Alert

"Portfolios are Being Gored - But Market Resilience Reflects Improving Fundamentals"

November 9 

Investor Alert

"Investing Amidst Mob Rule"

November 4 

Capitalist Advisor

"Campaign 2000: It Looks Like a GOP Sweep  - and That's Bullish"

October 20 

InterMarket Forecaster

 

October 19 

Capitalist Advisor

"Campaign 2000: Bush Makes a Comeback - But Still Trails in Futures Markets"

October 16 

Investor Alert

"It's a Bloody Good Time to Be Bullish"

October 10 

Investor Alert

"Gold - Not Debt - Forecasts Bond Yields"

October 5 

The Capitalist Advisor

"Campaign 2000: Wait - It Gets Worse"

October 2 

Investor Alert

"Euro-Trash"

September 25

InterMarket Forecaster

 

September 8 

Capitalist Advisor

"Bush's Risky Campaign Scheme"

August 21 

Investor Alert

"What Will the Fed Do After Tomorrow?"

August 14 

Capitalist Advisor

"'Retiring' Social Security: Investment Implications of Proposed Reforms - and Beyond"

August 7 

Capitalist Advisor

"How Gore Might Bushwhack the GOP"

July 21

Capitalist Advisor

"The Injustice of Antitrust"

July 10

Investor Alert

"Fed Policy, Yield Spreads and Bond Returns"

June 30

Investor Alert

"Fed Wrecking Crew Takes a Coffee Break"

June 15

Capitalist Advisor

"The Rational Basis of Price-Earnings Multiples"

May 29

Investor Alert

"When Will the NASDAQ Hit a Real Bottom?" 

May 10

Capitalist Advisor

"Fed Rate Hikes Would Only Further Boost Inflation"

May 1

Investor Alert

"When Earnings Season Becomes Open Season"

April 17

Capitalist Advisor

"The Anti-Wealth Effect"

April 4

Investor Alert

"Antitrust: Landmarks and Landmines"

March 29

Investor Alert

"Oil Headed for $20/bbl Regardless of OPEC"

March 21

Investor Alert

"The Cancer Threatening Biotech Stocks"

February 22

Capitalist Advisor

"Why Greenspan Trashes the Markets"

February 4

Investor Alert

"How Long Can This Keep Going On?"


Books and Tapes

The following web-sites provide access to books and tapes on economics, investments and forecasting by IFI's Chief Market Strategist, Richard M. Salsman.

Upon accessing the following sites, search by "Richard Salsman."