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<p>In early April, both foreign and U.S. real estate equities carried forward the positive momentum from March, delivering standout performances among the <a href="https://www.capitalspectator.com/major-asset-classes-march-2017-performance-review/">major asset classes</a> last week. This trend is evidenced by a selection of corresponding exchange-traded products.<br/><a href="https://www.capitalspectator.com/real-estate-stocks-continue-to-rebound/#more-8686" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/real-estate-stocks-continue-to-rebound/" title="6:47 am" rel="bookmark"><time class="entry-date" datetime="2017-04-10T06:47:49-04:00">April 10, 2017</time></a>
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<p>● <a href="https://www.amazon.com/gp/product/1501703064/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1501703064&linkCode=as2&tag=thecapitalspe-20&linkId=360dfced02ff145c5ee2687e51265cd8" target="_blank"><img decoding="async" class="alignleft" src="https://ws-na.amazon-adsystem.com/widgets/q?_encoding=UTF8&MarketPlace=US&ASIN=1501703064&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL250_&tag=thecapitalspe-20" border="0"/></a><img decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=thecapitalspe-20&l=am2&o=1&a=1501703064" alt="" width="1" height="1" border="0"/> <a href="https://www.amazon.com/gp/product/1501703064/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1501703064&linkCode=as2&tag=thecapitalspe-20&linkId=1d511e92bce183d88f394d7416efa2b9" target="_blank">The One Percent Solution: How Corporations Are Remaking America One State at a Time</a><img decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=thecapitalspe-20&l=am2&o=1&a=1501703064" alt="" width="1" height="1" border="0"/><br/>By Gordon Lafer<br/><strong><a href="http://www.cornellpress.cornell.edu/book/?GCOI=80140100151780">Summary</a> via publisher (Cornell University Press)</strong><br/>In the wake of the 2010 Citizens United ruling, the increasing political influence of a narrow segment of the economic elite has become a widely recognized phenomenon. However, what exactly are these affluent individuals doing with their newfound power? *The One Percent Solution* seeks to answer this question for the first time. Gordon Lafer’s work provides an in-depth look at legislation championed by the country’s largest corporate lobbying groups across all fifty state legislatures, covering an expansive range of labor and economic policies.<br/><a href="https://www.capitalspectator.com/book-bits-8-april-2017/#more-8685" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/book-bits-8-april-2017/" title="6:00 am" rel="bookmark"><time class="entry-date" datetime="2017-04-08T06:00:01-04:00">April 8, 2017</time></a>
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<p>The U.S. private sector added a mere 89,000 jobs in March, as reported by the U.S. Labor Department <a href="https://stats.bls.gov/news.release/empsit.nr0.htm">here</a>. This figure significantly lagged behind February’s gain of 221,000 and fell short of the anticipated 170,000 increase projected by economists according to Econoday.com’s consensus forecast. While the <a href="https://www.capitalspectator.com/another-strong-gain-for-payrolls-but-growth-trend-still-moderate/">ADP Employment Report for March</a> suggested a more robust growth outlook, today’s data from Washington paints a more subdued picture of the U.S. labor market.<br/><a href="https://www.capitalspectator.com/us-employment-growth-slows-sharply-in-march/#more-8682" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/us-employment-growth-slows-sharply-in-march/" title="10:17 am" rel="bookmark"><time class="entry-date" datetime="2017-04-07T10:17:55-04:00">April 7, 2017</time></a>
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<p>On Thursday evening, President Trump authorized a missile strike against a Syrian government airfield in retaliation for a chemical weapons attack that left over 80 civilians dead in a northern Syrian town. The implications of this military action on geopolitical, economic, and market risks remain uncertain, but the potential for significant changes is evident. Here’s a brief overview of essential factors to consider as the world assesses this situation:<br/><a href="https://www.capitalspectator.com/us-missile-attack-on-syria-reshuffles-risk-analysis/#more-8680" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/us-missile-attack-on-syria-reshuffles-risk-analysis/" title="6:32 am" rel="bookmark"><time class="entry-date" datetime="2017-04-07T06:32:49-04:00">April 7, 2017</time></a>
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<p>In March, U.S. companies exceeded expectations for job creation, enhancing confidence in the strength of the labor market and its ability to sustain economic growth. The latest <a href="https://www.adpemploymentreport.com/2017/March/NER/NER-March-2017.aspx">ADP Employment Report</a> revealed an increase of 263,000 private payrolls compared to February, marking the fifth consecutive month of gains over 200,000. This uptick signals a strong pace despite first-quarter GDP growth projections being sluggish. However, analyzing employment figures on a year-over-year basis still warrants a cautious interpretation.<br/><a href="https://www.capitalspectator.com/another-strong-gain-for-payrolls-but-growth-trend-still-moderate/#more-8677" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/another-strong-gain-for-payrolls-but-growth-trend-still-moderate/" title="6:49 am" rel="bookmark"><time class="entry-date" datetime="2017-04-06T06:49:07-04:00">April 6, 2017</time></a>
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<p>Projections for U.S. economic growth in the first quarter continue to show signs of weakness, which is putting upward pressure on Treasury yields and raising questions about the Federal Reserve's decision to potentially increase interest rates in the coming months.<br/><a href="https://www.capitalspectator.com/is-the-trump-inspired-reflation-trade-fading/#more-8672" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/is-the-trump-inspired-reflation-trade-fading/" title="6:23 am" rel="bookmark"><time class="entry-date" datetime="2017-04-05T06:23:22-04:00">April 5, 2017</time></a>
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<p>The anticipated risk premium for the Global Market Index (GMI) saw an increase in March. GMI, which represents a market-value weighted blend of the <a href="https://www.capitalspectator.com/major-asset-classes-march-2017-performance-review/">major asset classes,</a> is currently projected to yield an annualized 5.4% over the “risk-free” rate in the long term—50 basis points higher than <a href="https://www.capitalspectator.com/risk-premia-forecasts-major-asset-classes-2-march-2017/">last month's estimate.</a><br/><a href="https://www.capitalspectator.com/risk-premia-forecasts-major-asset-classes-4-april-2017/#more-8668" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/risk-premia-forecasts-major-asset-classes-4-april-2017/" title="6:09 am" rel="bookmark"><time class="entry-date" datetime="2017-04-04T06:09:42-04:00">April 4, 2017</time></a>
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<p>The value of international diversification was evident from a U.S. perspective in March, as foreign stocks and bonds outperformed domestic markets for major asset classes during the month. While U.S. equities saw slight gains, bonds and real estate investment trusts declined in the last month of the first quarter.<br/><a href="https://www.capitalspectator.com/major-asset-classes-march-2017-performance-review/#more-8666" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/major-asset-classes-march-2017-performance-review/" title="6:42 am" rel="bookmark"><time class="entry-date" datetime="2017-04-03T06:42:51-04:00">April 3, 2017</time></a>
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<p><a href="https://www.amazon.com/gp/product/1510713379/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1510713379&linkCode=as2&tag=thecapitalspe-20&linkId=dcf0810063f175662a82914a204cadc3" target="_blank"><img decoding="async" class="alignleft" src="https://ws-na.amazon-adsystem.com/widgets/q?_encoding=UTF8&MarketPlace=US&ASIN=1510713379&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL250_&tag=thecapitalspe-20" border="0"/></a><img decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=thecapitalspe-20&l=am2&o=1&a=1510713379" alt="" width="1" height="1" border="0"/> ● <a href="https://www.amazon.com/gp/product/1510713379/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1510713379&linkCode=as2&tag=thecapitalspe-20&linkId=842523b1929dd010476727dd6e0b5e29" target="_blank">Confessions of a Wall Street Insider: A Cautionary Tale of Rats, Feds, and Banksters</a><img decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=thecapitalspe-20&l=am2&o=1&a=1510713379" alt="" width="1" height="1" border="0"/><br/>By Michael Kimelman<br/><strong><a href="https://www.forbes.com/sites/walterpavlo/2017/03/13/michael-kimelmans-confessions-of-a-wall-street-insider-is-worth-a-read/#fb0826ad8c43">Review</a> via Forbes</strong><br/>As former U.S. Attorney Preet Bharara contemplates his next steps following his dismissal by President Trump, his record on insider trading cases presents a mixed picture. Rather than focusing on senior executives at major banks responsible for the 2008 financial crisis, he directed his efforts towards the hedge fund sector. Although he successfully convicted high-profile individuals like billionaire Raj Rajaratnam and Goldman Sachs board member Rajat Gupta, the backlash from cases like Todd Newman and Anthony Chiasson's ultimately led to their convictions being overturned. While many media outlets highlighted Bharara's mixed record, few delved into the strategies he employed to secure these convictions. Michael Kimelman now provides insight into that experience.<br/><a href="https://www.capitalspectator.com/book-bits-1-april-2017/#more-8665" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/book-bits-1-april-2017/" title="7:57 am" rel="bookmark"><time class="entry-date" datetime="2017-04-01T07:57:08-04:00">April 1, 2017</time></a>
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<p><a href="http://hbswk.hbs.edu/item/bubbles-for-fama">Bubbles for Fama</a><br/><strong>Robin M. Greenwood (Harvard Business School), et al.</strong><br/><em>February 2017</em><br/>This study evaluates Eugene Fama’s assertion that stock prices do not demonstrate speculative bubbles. Utilizing U.S. industry returns from 1926–2014 and international sector returns from 1985–2014, our findings reveal: (1) While Fama is correct that a sudden price surge within an industry portfolio does not typically predict unusually low returns in the future, (2) this type of price spike does indicate an elevated risk of a market crash; (3) certain characteristics of the price run-up—such as volatility, turnover, issuance, and the specific trajectory—can assist in forecasting future crashes and returns; (4) some of these indicators can help investors achieve superior returns by effectively timing market bubbles. These results are consistent across both U.S. and international samples.<br/><a href="https://www.capitalspectator.com/research-review-31-march-2017-managing-portfolio-risk/#more-8664" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/research-review-31-march-2017-managing-portfolio-risk/" title="6:57 am" rel="bookmark"><time class="entry-date" datetime="2017-03-31T06:57:40-04:00">March 31, 2017</time></a>
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