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.
Peter Nielsen, MBA, CFA
Bryce Fegley, CFA
Archives:
Current | 2009 | 2008
2008
Dec. 3, 2008 • Smothered Expectations, High Volatility
Jerry Garcia: hail, and farewell. It has been thirteen long years since you died of heart failure, yet
Deadheads still crowd the aisles when the remaining boys amble onto the stage. Why is this? If it
is admitted that no sane man would pay a hundred bucks to hearsomeone besides Garcia (Bob
Weir, this means you) sing...
Oct. 24, 2008 • As Bad As It Gets?
Within living memory, this is as bad as it gets. Beyond living memory, much of the commentary and news we see compares the current crisis to the Great Depression, with the repetition of that sorry
episode an open question. Prior to the past 12 months...
Sept. 18, 2008 • Circle The Wagons, It's A Triple Threat
April is no longer the cruelest month. Towers are certainly falling, and summer is slipping into an illiquid wasteland. As extinction fears mount, the feeling of disbelief and dread is palpable, and shell-shocked investors are left mumbling to themselves in the dark...
Jul. 18, 2008 • Inflation Fear Grows as Bad News Mounts
The most important thing for investment managers to possess, after a pair of loafers, is a keenly developed sense of eschatology. Because if you’re out to make a buck in this world, it helps to
know if and when that world is drawing to a close. You might not need a weatherman to tell
which way the wind’s blowing...
Jun. 19, 2008 • Bogeyman Back On Deck
Inflation. Everyone’s favorite bogeyman is back on deck, and Fed Chairman Bernanke’s
spooked, going so far as to vaguely hint at a change in the direction of monetary policy.
At a Fed sponsored conference on June 9 he stated, "The latest round of increases in
energy prices has added to the upside risks to inflation..."
May. 13, 2008 • Cautious Market Posts Modest Gains
Eleven long months have elapsed since the failure of two Bear Stearns hedge funds exposed
to subprime debt first foreshadowed the massive wreckage in the financial sector that has
transpired to date, including the capsizing of Bear Stearns itself. In that time the US financial
sector has run aground with losses...
Apr. 7, 2008 • Credit Market Plague Spreads
The short-term credit market, once thought to be of little capital risk to investors, has seized up — staggered by the deleterious impact of illiquidity. Grave doubts regarding the stability of the underlying collateral — notably the value of pooled martgage securities — have led to a rash of defaults and restructuring...
Mar. 5, 2008 • On The Brink: Recession Woes Plague Markets
The US economy remains on the brink of recession. A dashboard of economic indicators tells the story: The latest revision of 4th quarter GDP showed growth stalling at just 0.6%. Today’s release of the ISM Non-Manufacturing (services) survey was better than expected...
Feb. 13, 2008 • Recession Worries, Upside Risks
What a difference a week makes!
Not seven days ago the S&P 500 was down 4.6% on recession fears. In the three trading days so far
this week, the market, buoyed in part by a retail sales report that wasn’t a complete disaster,
appears to have sensed a lot of good value opportunities at hand, sending stocks up 2.6%.
Feb. 6, 2008 • Financial Market Uncertainty Continues
With the first presidential nominating contest in Iowa looming, we expected the nominees for each party would likely be sewn up with the "Super Tuesday" contests, while financial market uncertainty would continue indefinitely.
Jan. 30, 2008 • Despite Fed Rate Cut, Market Declines
At least Jim Cramer and Maria Bartiromo are all giddy about things now. The Federal Reserve has reduced the Federal Funds rate by 50 bps. According to Jim, this means that, "financials are out of the woods, thanks to the Fed." Unfortunately, the markets didn’t share his optimism.
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 30 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.
