• Follow Essays, Opinions and Curated News for the Public Health, Economics, Finance & Policy Management Space on WordPress.com
  • Member Statistics

    • 678,995 Subscribers-to-Date [Sponsored by a generous R&D grant from iMBA, Inc.]
  • Our ME-P Channels

  • ME-P Archives Silo [2006 – 2017]

  • CERTIFIED MEDICAL PLANNER® program

    New "Self-Directed" Study Option SinceJanuary 1st, 2017
  • Dr. David Marcinko [Publisher-in-Chief]

    untitled

    Distinguished Professor, Endowed Chairman and Wall Street physician executive Dr. David Edward Marcinko MBBS DPM MBA MEd BSc CMP® is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; Oglethorpe University, and Atlanta Hospital & Medical Center in GA; and Aachen City University Hospital, Koln-Germany. He is one of the most innovative global thought leaders in health care business and entrepreneurship today. Dr. Marcinko is a board certified physician, surgical fellow, hospital medical staff Vice President, public and population health advocate, and Chief Executive & Education Officer with more than 400 published papers; 5,150 op-ed pieces and over 135+ domestic/international presentations to his credit; including the top 10 biggest pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published text books in four languages [National Institute of Health, Library of Congress and Library of Medicine]. Dr. Marcinko is past Editor-in-Chief of the prestigious "Journal of Health Care Finance", and a former Certified Financial Planner®, who was named "Health Economist of the Year" in 2010, by PM magazine. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, management and trade publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician's Money Digest and MD News]. As a licensed insurance agent, RIA and SEC registered affiliate, Dr. Marcinko is Founding Dean of the fiduciary focused CERTIFIED MEDICAL PLANNER® chartered designation education program; as well as Chief Editor of the HEALTH DICTIONARY SERIES® Wiki Project. His professional memberships include: ASHE, AHIMA, ACHE, ACME, ACPE, MGMA, FMMA and HIMSS. Dr. Marcinko is a MSFT Beta tester, Google Scholar, "H" Index favorite and one of LinkedIn's "Top Cited Voices". Presently, Professor Marcinko is "ex-officio" and R&D Scholar-on-Sabbatical for iMBA, Inc.

    entrepreneur

    Frontal_lobe_animation

  • www.PodiatryPrep.org

    BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma [Click on Image to Enlarge]
  • Most Recent ME-Ps

  • ME-P Free Adverting Sales Consultation

    The "Medical Executive-Post" is about connecting doctors, health care executives and modern consulting advisors. It’s about free-enterprise, business, practice, policy, personal financial planning and wealth building capitalism. We have an attitude that's independent, outspoken, intelligent and so Next-Gen; often edgy, usually controversial. And, our consultants "got fly", just like U. Read it! Write it! Post it! "Medical Executive-Post". Call or email us for your FREE advertising and sales consultation TODAY [770.448.0769] ************************************************************************ Product Details Product Details
  • Medical & Surgical e-Consent Forms

    ePodiatryConsentForms.com
  • Hope Hetico RN MS [Managing Editor]

    Prof. Hetico
    Professor of Health Care Policy and Administration

    ME-P SYNDICATIONS:
    WSJ.com,
    CNN.com,
    Forbes.com,
    WashingtonPost.com,
    BusinessWeek.com,
    USNews.com, Reuters.com,
    TimeWarnerCable.com,
    e-How.com,
    News Alloy.com,
    and Congress.org

    Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

    Product Details

    Product Details

    Product Details

  • iMBA White Papers

    2017 Customized Industry Topics [$1,500 unlimited corporate license]March 5th, 2017
    Medical Clinic Valuations * Endowment Fund Management * Health Capital Formation * Investment Policy Statement Analysis * Provider Contracting & Negotiations * Marketplace Competition * Revenue Cycle Enhancements; and more! HEALTHCARE FINANCIAL INDUSTRIAL COMPLEX
  • Ann Miller RN MHA [Executive-Director]

    iMBA VIRTUAL OFFICES [1.770.448.0769] Atlanta, GA.
    Location doesn't matter. We welcome new long-distance clients and colleagues.

  • ME-P Publishing

  • SEEKING INDUSTRY PARTNERS?

    If you want the opportunity to work with leading health care industry insiders, innovators and watchers, the "ME-P" may be right for you? We are unbiased and operate at the nexus of theoretical and applied R&D. Collaborate with us and you’ll put your brand in front of a smart & tightly focused demographic; one at the forefront of our emerging healthcare free marketplace of informed and professional “movers and shakers.” Our Ad Rate Card is available upon request [770-448-0769].
  • Reader Comments, Quips, Opinions, News & Updates

  • Start-Up Advice for Businesses, DRs and Entrepreneurs

    ImageProxy “Providing Management, Financial and Business Solutions for Modernity”
  • Up-Trending ME-Ps

  • Capitalism and Free Enterprise Advocacy

    Whether you’re a mature CXO, physician or start-up entrepreneur in need of management, financial, HR or business planning information on free markets and competition, the "Medical Executive-Post” is the online place to meet for Capitalism 2.0 collaboration. Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds. ******************************************************************** THE ME-P DISCLAIMER: Posts, comments and all opinions do not necessarily represent iMBA, Inc.
  • OIG Fraud Warnings

    Beware of health insurance marketplace scams ================================================ OIG's Most Wanted Fugitives at oig.hhs.gov

Are We Still in a Sideways Stock Market?”

Join Our Mailing List 

Are we there YET!

vitaly[By Vitaliy Katsenelson CFA]

In 1976 the Eagles came out with their most successful album, Hotel California, featuring the eponymous single. That song became their claim to fame. Over the next almost four decades the Eagles performed thousands of concerts and they wrote a lot of new songs, but you can’t see yourself going to an Eagle’s concert and not hearing “Hotel California.”  They performed “Hotel California” at every concert and maybe more than once at some. I don’t have the fame the Eagles do, nor do I entertain for a living (unless you call this entertainment).

But, I do feel a little bit like the Eagles when I talk about sideways markets. Let me explain.  I wrote Active Value Investing in 2007, and I followed up with a simplified version, The Little Book Of Sideways Markets, in 2010. Since the books came out, I have given hundreds of interviews and presentations all over the world on the subject.  And just as the Eagles grew sick of playing “Hotel California,” I am sick of sideways markets. When I do interviews now, I politely ask the interviewer to stay away from the topic of sideways markets, as it really bores me.

***

Bull markets

***

Now, recently I’ve received emails form loyal readers and reporters asking“I am attaching an article I wrote for Institutional Investor magazine in April 2013 that answers this question.  And if you want to peer deep into the entrails of sideways markets, read this very lengthy article I wrote for John Mauldin’s (must-read) Outside the Box newsletter.  IMAGE Very little has changed since I wrote this article (or the books).

Okay, the Donald and a Democratic Socialist are the lead contenders for the presidency of the US, but otherwise the framework I discussed in the article is much the same.  I could have written the article today, since the data points I used haven’t fundamentally changed – they’ve only gotten more extreme (despite the recent sell-off). The law of mean reversion (i.e., high valuations lead to lower valuations and high profit margins lead to lower profit margins) is still intact.

P.S. Lately I’ve been travelling more than usual.  I just came back from a two-day trip to San Diego, where I attended the Qualcomm analyst investor day.  I could have watched it online (I usually do), but Qualcomm is one of our largest positions and I wanted to be physically present to get a visceral feel for the management.  I’m glad I went.  I will be spending this week in Miami, attending one of my favorite investment conferences (and this time I have a hotel reservation).

Assessment

In late February a small group of my very close value investor friends is getting together in Denver.  First we’ll visit a few companies, then we’ll ski a few days in Vail and, most importantly, share and debate investment ideas until the wee hours.  We had a similar gathering in Atlanta a few months ago – it was absolutely amazing.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

***

Advertisements

One Response

  1. “Maybe your weird is my normal. Who’s to say?”
    -Nicki Minaj

    FY 2017

    I’ve had numerous conversations with financial advisors over the last several weeks about the current state of markets and thoughts on asset allocation in 2017. Many of these advisors who use our strategies believe that it’s going to be another strong year. We have a pro-business President, the prospect of reduced regulation and lower taxes, and reflationary hope picking up. The consensus is that bonds will continue to sell-off and we are at the cusp of another major secular thrust for equities.

    When asked if I agree? I give the best answer I can: “I don’t know.” As much as I write and provide market commentary, the (harsh) reality is that my crystal ball is as foggy as everyone else’s. I have no idea if stocks will end the year higher than they are now, but I do feel confident in saying that the cycle is normalizing. The great frustration for several years by active managers has been that historical behavior in what leads a market up or down failed to persist. The hunt for yield resulted in a bull market led by traditionally defensive assets, whereas more cyclical ones tied to growth and inflation lagged. Put simply, risk-off was the way to play risk-on with hindsight.

    Finally, for the last several months risk-on behaves risk-on. High beta and more cyclical names take broad market averages higher. The yield curve steepens on strong up periods for equities, and flattens as equities drop. What is important now is that relationships which active managers relied upon for their portfolio allocations are finally starting to matter again. Yes, the media focuses on the term “normalization” in terms of interest rates, but true normalization goes beyond the cost of capital.

    What excites me about this is that it signals a change in market psychology, and likely allow many forms of active strategies to outperform. We should also expect that there will be true risk-off periods ahead. The question for 2017 is not about whether stocks go up or down. It’s if they do both. And so long as risk-on looks risk-on, and risk-off looks risk-off, I suspect those strategies which thrive in down periods can have a year where active management trumps passive.

    Oh, and to be clear – I cringed when I put that quote in from Nicki Minaj as well.

    Michael A. Gayed CFA
    [Portfolio Manager]
    http://www.pensionpartners.com

    Like

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: