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
John Scott, CFA
Ben Bortner
Archives:
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2010
Dec. 1, 2010 • Myth of The Third Year Effect Confirmed | PDF 
A couple of months ago, heading into the November 2010 mid-term elections, we scrutinized the commonly held Wall Street belief that the market responds favorably to political gridlock in Washington, D.C. Our analysis of historical S&P return data exposed this belief as unfounded...
Nov. 1, 2010 • Rumors of Stock Picking’s Demise Greatly Exaggerated | PDF
During the financial crisis, the prospects or value of a particular security didn’t matter. Investors needed liquidity to meet margin calls and redemptions, and they sold whatever they could at whatever price they could get. There was literally nowhere for investors to hide. If you thought your holdings were cheap...
Oct. 1, 2010 • Second Round of Quantitative Easing Nothing To Go "Gaga" Over | PDF
It has been an eventful summer. As fall brings a delightful array of colorful foliage brought on by the waning daylight of the harvest season, we find it useful to take stock of the past few months to gain a better perspective on the current economic environment...
Sept. 1, 2010 • The Market Loves Competition — Except In Washington, DC | PDF
With voting season upon us and the 112th Congressional Session approaching, we thought it timely to analyze how the political landscape in Washington, DC may affect the stock market's performance. Conventional wisdom suggests that a monopoly of power in Washington is bad for business...
Jul. 1, 2010 • Investor Skepticism At Odds With Analysts' Optimism | PDF
English philosopher Roger Bacon once said, "Half of science is asking the right questions." At present, it appears that investors and analysts are not asking the same questions — or at least that they are arriving at different answers. While analysts have gradually raised their corporate earnings estimates and related price targets...
Jun. 1, 2010 • EU Sovereign Debt Contagion Mostly Quarantined For Now | PDF
On May 9th, 2010, the European Union (EU) and International Monetary Fund (IMF) agreed to implement a $1 trillion bailout package to prevent sovereign default in Greece and to prevent
the Greek debt crisis from spreading throughout Europe...
May 3, 2010 • Pricey Market Poses Challenges To Index Investors
| PDF
With the market at or near 52-week highs, investors should ask just what sort of long-term returns they can expect to earn on their investment dollar at today's S&P 500 price of 1202. Furthermore, which metrics are appropriate to help investors anticipate future index returns?
Apr. 1, 2010 • End of Trend Shifts Focus to the Future
| PDF
Investors who continue to rely on old habits for asset allocation decision-making are due for a wake-up call. As the 30-year trend of declining interest rates comes to an end, resourceful investors will realize the need to throw out stale assumptions in favor of fresher methods to guide them. One of the challenges...
Mar. 1, 2010 • If a Domino Falls in the EU, Will the Market Remain Sound?
| PDF
After ringing in the New Year with decent market gains, investors have been hit with a credit crisis hangover courtesy of varied foreign governments. The news that Greece had hidden its debt troubles reminds us of British author Jonathan Glancey’s statement, "The pen is mightier than the sword, but no match for the accountant..."
Feb. 1, 2010 • Surging SKUs Could Skew Economic Outlook
| PDF
As the U.S. economy continues to languish in the trough of the current recession, analysts are busy attempting to identify the factors that will lead to recovery. The chicken vs. egg conundrum applies: which will come first, jobs or consumer spending? With promising signals emerging from the business sector...
Jan. 4, 2010 • Hindsight Hints at Hobbled Growth Through 2020
| PDF
Epitaphs for the first decade of the new millennium, "the aughts," have now appeared en masse. They are mostly gloomy, and it is hard to disagree with this assessment. As we lay the decade to rest, we offer our economic review of the past decade, and a glimpse into what we might expect in the next.
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.
