Saturna publishes periodic commentary on the trends and forces shaping today's markets. Here you will find information on Saturna's fund prices and performance, as well as financial news from around the globe.
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2011
December 1, 2011 • How The iPhone Tells Investors to Diversify Internationally | PDF 
Some once-persuasive arguments for international equity diversification are losing their luster, as global economies become so interconnected they often seem to rise and fall together. Persistently high market correlations threaten to negate the most sought-after benefits diversification can provide...
November 1, 2011 • An Endgame for Japan's Debt? | PDF
Japan has the developed world's most indebted government, with public debt exceeding 200% of its gross domestic product. Despite this – and in contrast with the unfolding "sovereign debt crisis" in Europe, where relative debt levels are actually much lower – Japan's bond market...
October 3, 2011 • Panama Canal Expansion: Let the Game-Changing Begin | PDF
The Panama Canal is currently undergoing a major expansion project that will more than double its annual tonnage capacity. Shorter transit times, larger vessel capacity, and higher shipping volumes have the potential to disrupt global shipping routes by...
September 1, 2011 • The Detroit 3: $25 million a Day Black Hole | PDF
In July, fresh negotiations commenced between the Detroit 3 (General Motors, Ford, and Chrysler) and the UAW's 113,000 hourly workers. Their current agreement is set to expire in mid-September of this year. This got us thinking about the good old days...
August 1, 2011 • Who Will Take Over China's Role as the World's Factory Floor? | PDF
The modern, low-cost export manufacturing industry was born in Japan, raised by the Asian Tigers, and matured to perfection in China, where it was truly globalized and amplified to an unprecedented level. Yet the cycle continues. China's phenomenal success as the world's factory has emboldened its labor pool, and rising wages signal...
July 1, 2011 • Political Calculations Distort US Government Debt | PDF
The debate over whether to raise the debt ceiling has focused attention on the country's poor financial health. With myriad press reports speaking to the issues surrounding our national debt and deficit, it is important to keep in mind that the amount of debt reported by any given source will vary according to...
May 2, 2011 • Whither the Dollar? A Haven in Gold? | PDF
In his testimony to the Financial Crisis Inquiry Commission (FCIC) almost a year ago, Warren Buffett recounted a lesson learned some 50 years earlier from his mentor, Benjamin Graham: "[Graham] said you can get in a whole lot more trouble in investing with a sound premise than with a...
April 1, 2011 • Inflation Is Not A Panacea | PDF
It was only last August when economists and investors alike were afraid that the country was about to enter some type of deflationary spiral that would cripple the economic recovery. The solution in the Federal Reserve's eyes was to "print" $600 billion and pump them into the economy over the next ten months or so. And with that...
March 1, 2011 • Bernanke Ducks Blame As Food Prices Shoot Higher | PDF
As rising food prices gain prominence in media headlines worldwide, Federal Reserve chairman Ben Bernanke now finds himself deflecting accusations that the Fed's $600 billion "QE2" Treasury buying program is the main culprit of global food price inflation. In his February 18, 2011, speech...
Feb. 1, 2011 • Travelogue: On The Ground in Brazil and Peru | PDF
There is no substitute for firsthand observation. With this in mind, Saturna analysts ventured to Latin America in December 2010 to take a closer look at Brazil and Peru. The trip confirmed many assumptions, but offered some surprises as well. Here we provide a summary of our insights. Above all our visit to Latin America reinforced to us...
Jan. 3, 2011 • Asian Emerging Markets Will Grow On You | PDF
A year has passed since Saturna put staff on the ground in the heart of Kuala Lumpur, Malaysia, at the offices of our subsidiary, Saturna Sdn. Bhd. As expected, we have gained valuable insight into the emerging markets of Asia. We find the key to unlocking the opportunities these markets have to offer is an understanding...
Performance
data quoted represents past performance which
is no guarantee of future
results. Investment return and
principal value of an investment will fluctuate
so that an investor's
shares, when redeemed, may be worth more or less
than the original cost. Standardized returns current
to the most recent month-end can be obtained
by visiting our Average
Annual Returns Page.
The Adviser has absorbed,
currently or in the past, certain
Fund
expenses,
without which total returns would have been lower.
Note that returns do not reflect the potential
deduction of a 2% redemption penalty on shares
held less than 90 calendar days. To
obtain more detailed information, including investment
objectives, risks, expenses and charges and the
current prospectuses,
please
visit Documents & Forms or call 1-800-SATURNA. Please read
the prospectuses carefully before you invest or
send
money. Distributor Saturna Brokerage
Services, Member FINRA / SIPC.
