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
2009
Nov. 30, 2009 • When “Better Than Before” is Bullish Enough
As the US economy makes baby-steps toward recovery, a few signs of progress engender a glimmer of hope that 2010 will see relative improvement. Capital remains a bargain in the nearterm as the federal funds rate remains mired in the sediment of crisis fallout. Individuals and institutions are demonstrably...
Oct. 30, 2009 • Mixed Indicators Set Rickety Stage for 2010 Market Performance
Following up on September's thoughts on the valuation of the S&P 500 (see Market Navigator, 9/28/09) we continue with some views about fundamental and technical indicators that are impacting markets at present. We do this with the disclosure that we tend toward...
Sept. 28, 2009 • Doped Up U.S. Market in Need of Rehab
With the S&P 500 rising 61% from its March 9 low of 666 the overwhelming concern is that the market has risen too far too fast. While Ben Bernanke pre-announced the end of the recession, economic reports continue to cast a shadow over growth prospects. Consider the following...
Aug. 7, 2009 • Green Shoots of Earnings Season: Pay Dirt or Cover Crop?
This U.S. corporate earnings season boosted investor confidence to a level that has allowed the S&P 500 to rise past 1,000, up from 880 on July 9 when Alcoa kicked things off with its announcement of unexpectedly moderated losses. Commodity markets have also rallied...
May 26, 2009 • Most Relevant Analogies: Depression Era, Japan's Lost Decade
As analysts, we often look to history to estimate future outcomes and possible solutions.
The current financial crisis is no different. We've read reports drawing analogies between
our present situation and the recessions of 2001, 1990, 1980, 1973, 1969, 1960, 1957, 1953,
1937, 1929, and earlier. The problem with this kind...
Apr. 23, 2009 • Losses, EPS, and Dividends
The fourth quarter of 2008 was the first time since Standard and Poor's began compiling
earnings data for the broad stock market that the S&P 500 reported a quarterly net loss.
Earnings are especially difficult to forecast during recessions for a number of reasons. Even if
we had a credible estimate...
Mar. 18, 2009 • Fighting Major Up 40% This Year
This week's match-up between the Vancouver Canucks and the Dallas Stars brought to mind the old adage "the more things change, the more they stay the same." While the days of Dave "the Hammer" Schultz and the Broad Street Bullies are over, the sport of hockey is not wanting for blood lust...
Feb. 4, 2009 • Allurements of 2009 Cover Nothing but the Charnel House Within
As investment managers, we venerate a pantheon of deities who vary markedly in degree of
capriciousness: Returns, Preservation of Capital, Avoidance of Taxes, Diversification — all with
their apostles and prophets. One of the failsafes of this pantheon is the cult of the New Year, the
initiates of which can be recognized...
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.
