It's no secret that what's happening in Europe is driving financial markets worldwide. Even if you have a sound asset allocation strategy and a well-diversified portfolio, it's hard to ignore the fact that this summer seems to have the potential for turbulence. Markets dislike uncertainty, and at this point uncertainty is high, particularly in advance of the June 17 elections scheduled in Greece.
Is there a fate worse than debt? If there is, it seems to be not dealing with the debt. When there is too much leverage in the system, there is always a risk that things go wrong quickly and unexpectedly. Ken Rogoff and Carmen Reinhart have an op-ed piece on Bloomberg today about the debt overhang and its implications for economic growth. They are among the few commentators who have been consistently correct about the path of the financial crisis, probably because they are among the few who have studied the actual data.
“Our friend Percy Wong of Bank of America recently observed that the ‘only crowded trade was on the sidelines,’ which we felt summed up the current summer, and the mood amongst most of our clients, perfectly. Indeed, there is a lot to digest, what with a) fears for one's job/business following a tough past three years, b) very haphazard economic data, c) the emergence of new risks (e.g., sovereign bond risk amongst European signatures) and d) the new reality of global economic growth no longer being driven by the United States but instead by emerging markets. No wonder so many investors are looking to take cover, whether in the form of bonds (with US 2-year yields now at a record low 0.48%) for investors who believe that fiat currencies will hold their own, or gold for those more skeptical on the ability of paper money to withstand its value, even in a deflation.
After all the debate in recent weeks over issues related to raising the nation's debt limit, it's hard to know exactly what might happen after August 2. Borrowing represents more than 40% of the nation's expenses, and any default on the country's obligations would be unprecedented.
Is there a fate worse than debt? If there is, it seems to be not dealing with the debt. When there is too much leverage in the system, there is always a risk that things go wrong quickly and unexpectedly. Ken Rogoff and Carmen Reinhart have an op-ed piece on Bloomberg today about the debt overhang and its implications for economic growth. They are among the few commentators who have been consistently correct about the path of the financial crisis, probably because they are among the few who have studied the actual data.
“Our friend Percy Wong of Bank of America recently observed that the ‘only crowded trade was on the sidelines,’ which we felt summed up the current summer, and the mood amongst most of our clients, perfectly. Indeed, there is a lot to digest, what with a) fears for one's job/business following a tough past three years, b) very haphazard economic data, c) the emergence of new risks (e.g., sovereign bond risk amongst European signatures) and d) the new reality of global economic growth no longer being driven by the United States but instead by emerging markets. No wonder so many investors are looking to take cover, whether in the form of bonds (with US 2-year yields now at a record low 0.48%) for investors who believe that fiat currencies will hold their own, or gold for those more skeptical on the ability of paper money to withstand its value, even in a deflation.
After all the debate in recent weeks over issues related to raising the nation's debt limit, it's hard to know exactly what might happen after August 2. Borrowing represents more than 40% of the nation's expenses, and any default on the country's obligations would be unprecedented.
Loan growth plays a key role in economic expansion. Simply put: no loan growth, no economic growth. However, there’s a downside. Debt doesn’t matter until it does. Debt has played a key part in the economic downturn and in the gradual recovery. Europe’s sovereign debt crisis has continued to escalate, with no easy way out. In the U.S., the government has borrowed more, but the markets have not punished it for doing so. There’s no sign that that is going to change anytime soon.
Winter officially begins today with the arrival of the Winter Solstice. Recall that solstice means “standing-still sun;” and on December
21st at 5:47 p.m. (EST) the sun will “stand still” over the southern Pacific Ocean (Tropic of Capricorn). At that time the sun’s rays
will be directly overhead, giving the impression that the sun is truly standing still.
The first part of December is a busy time for economists. People want to know what’s going to happen in the coming year. However, nobody’s clairvoyant. Forecasts are certain to be wrong. We can only tell you what to expect. The outlook for 2011 has been especially challenging, as the ground has been shifting under our feet. The tax proposal, the rout in bonds, and simmering concerns about Europe would seem to have significant impacts on the growth outlook, and they do. However, as with any economic recovery, positive forces battle it out with negative forces, with the positive force eventually dominating. Along the way, the pace is typically uneven across time and across sectors. That implies some volatility in the markets as investors debate the strength of the recovery.
High levels of government debt are a big concern for investors both here and abroad. Efforts must be made eventually to reduce deficits. However, acting too soon will weaken the economic recovery. Looking ahead, there are no easy solutions.
The debt ceiling crisis heated up last week, as Moody’s and Standard & Poor’s threatened to lower the credit rating on U.S. debt. The financial markets appeared not to notice or to care, but may simply be expressing a confidence that the debt ceiling will be raised in time. After all, we’ve been here before. As dysfunctional as Washington is, lawmakers aren’t foolish enough to cause a self-inflicted financial calamity. Or are they?
Two clouds hung over the financial markets in the late summer: worries about a European financial crisis and concerns that the U.S. economy might be tipping back into recession. Real GDP rose at a 2.5% annual rate in the advance estimate for 3Q11, which should put to rest fears that the U.S. economy has already entered recession. However, there are still some important uncertainties in the growth outlook for 2012. European leaders dodged a bullet last week, with the agreement on Greek debt (failure would have triggered a more immediate crisis). However, they did not put a number of problems to bed completely. So, how long will the good feelings last?
The Federal Open Market Committee, the Fed’s policymaking arm, will meet on November 2-3. Clearly, there are some differences of opinion among senior Fed officials regarding the appropriate path for monetary policy. However, the dissenters (those wanting to do less) are a small minority. The FOMC will come together with a somewhat less troublesome near-term economic outlook (no recession in the near term), but there are more concerns about growth in 2012.
Last week, the federal government breached the current debt ceiling, $14.284 trillion. The Treasury had begun taking evasive action the week before, but warned that it couldn’t do so beyond early August – and Congress would have to raise the debt ceiling before then. Will the government default? The strong betting is that it won’t. The bond market doesn’t seem to be worried. However, the increased rhetoric could have a bigger impact on the equity and currency markets.
Faster than a speeding tortoise, more powerful than suntan lotion, unable to leap small objects in a single bound – the Joint Select Committee on Deficit Reduction (aka “the super committee”) is stumbling toward its November 23 deadline.
One of the key themes for investors in early 2011 is likely to be a shifting economic picture. For the stock market, things tend to be all or none. That is, either the economy is booming or it’s falling apart – there’s not much ground in the middle. Investors seem to struggle with moderate and uneven economic growth. The tax cut package has taken the double-dip recession scenario off the table, but the data for the next few months are likely to be mixed, suggesting strong growth in one set of figures and more moderate growth in another. That back and forth should create some opportunities for investors.
Financial Synergies Q2 2015 Newsletter discusses many aspects of the current market conditions and our Financial Times recognition as one of the top 300 RIAs in the nation.
What is the "fiscal cliff"? It's the term being used by many to describe the unique combination of tax increases and spending cuts scheduled to go into effect on January 1, 2013. The ominous term reflects the belief by some that, taken together, higher taxes and decreased spending at the levels prescribed have the potential to derail the economy. Whether we do indeed step off the cliff at the end of the year, and what exactly that will mean for the economy, depends on several factors.
Clearly it has been a “rough ride” for the equity markets since their parabolic peak of April 26th, which saw the S&P 500 (SPX/1135.68) tag an intra-day high of nearly 1220 and then experience an eye-popping eight-session, 12.6% decline into its May 6th intra-day “crashette low” of ~1066. While I turned too soon’ly cautious at the end of March, participants should still have been prepared for the cantankerous correction and subsequently positioned their accounts accordingly. Comes the May 6th mauling, I recommended “lifting” most of the downside portfolio hedges, as well as my “bets” on increased volatility (as recommended in these reports), since that Thursday tumble sure looks like a “selling climax” to me. Subsequently, the equity markets have behaved much as forecast.
Similar to Europe and The Summer of Uncertainty (20)
The American Taxpayer Relief Act of 2012Jeff Green
The new year began with some political drama, as last-minute negotiations attempted to avert sending the nation over the "fiscal cliff." Technically, we actually did go over the cliff, however briefly, as a host of tax provisions and automatic spending cuts took effect at the stroke of midnight on December 31, 2012.
Time Running Out for Large Gifts in 2012Jeff Green
Currently, the exemptions for federal gift tax, estate tax, and generation-skipping transfer (GST) tax are at historic highs, and the gift, estate, and GST tax rates are at historic lows. But, in 2013, the exemptions are scheduled to substantially decrease, and the tax rates are scheduled to substantially increase. This raises the question of whether 2012 might be a good time to make large gifts that take advantage of the current large exemptions while they are still available.
What Does the Supreme Court Ruling on the Health-Care Reform Law Mean for You?Jeff Green
On June 28, 2012, the U.S. Supreme Court ruled, in a landmark decision, that the Patient Protection and Affordable Care Act (ACA), including the provision that most Americans carry health insurance or pay a penalty, is constitutional.
The S&P 500 (SPX) has tested 1366 on the upside twice, and not had any success even hanging around this level, as it’s been pushed down quickly both times. This doesn’t bode well for an upside resolution in the near term, but it’s certainly a possibility.
Background
As 401(k) plans have become more popular, plan participants have become increasingly responsible for making their own retirement savings decisions. The Department of Labor (DOL) has become concerned that participants in self-directed 401(k) plans (those that allow participants to direct the investment of their own accounts) might not have access to, or might not be considering, information critical to making informed decisions about the management of their accounts--particularly information on investment choices, fees, and expenses.
The Federal Open Market Committee will meet on Tuesday to set monetary policy. The Fed is widely expected to leave short-term interest rates unchanged and the wording of the economic assessment should be largely the same as in the previous statement. However, we could see another round of asset purchases or some changes to the Fed’s communications.
A positive sign that has come as a result of the back and forth action in the markets over the past couple of weeks is the emergence of a triangle pattern in the S&P 500 (SPX). A triangle pattern, in and of itself, is neither a bullish pattern nor a bearish pattern until the pattern has completed.
Later this month, the government will release the advance estimate of 3Q11 GDP growth. There are uncertainties in that estimate – inventories and foreign trade make up a relatively small part of the economy, but account for much of the quarterly variation in GDP growth. We already have a good idea regarding the “meat and potatoes” of that report. Consumer spending and business fixed investment expanded further in the third quarter, suggesting no recession in the near term. However, the economic outlook for 2012 is a lot less clear.
The Economic Outlook – In A Holding PatternJeff Green
Recent economic figures have been consistent with the view of lackluster-to-moderate growth in the near term – not a recession, although the risk of a renewed downturn remains. Whether the U.S. slips back into recession depends on a number of factors: gasoline prices, developments in Europe, and policies that may or may not come out of Washington, D.C.
In the last few months, some have taken to calling the current economic period, “the Lesser Depression” (instead of “the Great Recession”). There’s no precise definition of “a depression” (and as it is, the definition of “a recession” is rather vague). Most economists would say a depression is a lengthy period of elevated unemployment. That’s exactly what we may be staring out now. Monetary and fiscal policy could provide further support for growth, but there’s a lot of resistance.
The June Employment Report was disappointing. Nonfarm payrolls rose less than expected. Figures for April and May were revised lower. Average weekly hours declined. Temp-help employment fell. There were no bright spots. That doesn’t mean that the economy won’t recover in the second half, but headwinds will prevent growth from being a lot stronger.
The recent data have been mixed, consistent with a slower rate of economic growth in the near term. The economy faced a number of headwinds in the first half of the year. Some of those headwinds are likely to be temporary. Others will linger. Growth should pick up in the second half of the year, but the pace seems unlikely to be especially strong
At this time last year, income tax planning was particularly challenging. Several tax deductions had already expired, and significant changes, including new, higher income tax rates, were scheduled to take effect at the end of the year. Legislation passed in mid-December, however, hit the "reset" button, reinstituting already-expired deductions, and extending major tax provisions--including lower rates--for an additional one to two years.
The Fed Outlook: Uncertainty and ReluctanceJeff Green
The Federal Open Market Committee policy statement and Chairman Bernanke’s post-meeting press conference held few surprises. Monetary policy is still accommodative – and still on hold. There’s also apparently little will at the Fed to do more to help the recovery along. Fortunately for the Fed and the consumer, we can catch a break if oil prices continue to decline.
Senior Fed officials meet next week amid what is widely seen as a slow patch in economic growth. A key question for investors, as well as for monetary policymakers, is whether this slowing will be temporary. Most likely, growth should pick up in the second half of the year. However, there are downside risks in the near term. Moreover, monetary policy appears to be handcuffed and fiscal policy is set to go in the wrong direction.
It’s well known that recessions that are caused by financial crises are much more severe, are longer lasting, and are followed by gradual recoveries. Another lesson from history is that during these recoveries, policies are often tightened too soon. In 1937, efforts to balance the budget led to a recession within the Great Depression. It’s said that those who don’t remember the past are doomed to repeat it.
The recent economic data have been disappointing, but hardly a disaster. The broad range of indicators suggest a slowing in the pace of growth – not a contraction. One month does not a trend make, but the data have generated some anxieties about whether the current slow patch could be a lot longer lasting or turn into something more severe.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The European Unemployment Puzzle: implications from population aging
Europe and The Summer of Uncertainty
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Europe and the Summer of Uncertainty
It's no secret that what's happening in Europe is driving financial markets worldwide. Even if you have a sound
asset allocation strategy and a well-diversified portfolio, it's hard to ignore the fact that this summer seems to
have the potential for turbulence. Markets dislike uncertainty, and at this point uncertainty is high, particularly in
advance of the June 17 elections scheduled in Greece.
Here's a brief review of what has led to the current situation, and how various types of investments have been
affected.
High noon on the continent
To qualify for a second bailout from the European Union and the International Monetary Fund, the Greek
government agreed in February to adopt strict austerity measures intended to cut its budget deficit and debt
burden, and to specify additional cuts by June.
2. However, in the wake of May's Greek parliamentary elections, it's unclear whether that agreement will hold up.
The political parties that signed off on the bailout agreement were eclipsed in the elections by political parties
who campaigned against the austerity programs. However, those parties have been unable to form a coalition
government, so new elections have been scheduled.
One of the major areas of uncertainty is whether a new Greek government would try to renegotiate the rescue
package. That would mean a showdown with Germany and other countries who have stood firm against
renegotiating an agreement that was difficult to get adopted in the first place. In addition to questioning why it
should support countries who are unable or unwilling to balance their budgets, Germany is reluctant to
jeopardize its stellar credit rating. Also, it benefits from being able to borrow at the super-low interest rates made
possible in part by high demand from investors, who are taking money out of Greek banks and putting it into
investments seen as safer, such as the German bund (the equivalent of our Treasury bonds).
European countries that have adopted strict budget cuts designed to reduce deficits have found themselves facing
slower economic growth, angry voters, and even greater difficulty balancing their budgets. Since the recent
election of Socialist François Hollande as president of France, there has been increased talk about the need to
balance austerity with pro-growth measures. But from Germany's perspective, if Greece is allowed to renegotiate
its bailout to try to stimulate growth, what is to stop other countries who are struggling to meet their own
austerity guidelines from making the same demands?
Why don't other countries simply kick Greece out of the eurozone?
Many Germans are asking themselves the same question. However, there are several reasons why leaders are
struggling to avoid a Greek exit (dubbed a "Grexit").
Leaving the eurozone would mean abandoning its shared currency. Greece would need to pay its bills and debts
in some alternate currency, such as a "new drachma." Any such currency would almost certainly be worth less
than the euro, and reduce the value of any assets or accounts held in Greece. The danger of the Greek government
defaulting on debt owed in euros could shake Europe's banking system--already fragile because of the real estate
collapse in many eurozone countries.
Fearing that possibility, investors have already begun pulling money out of Greek financial institutions. That has
raised concerns about the potential impact of a run on the country's banks. (If you've ever seen the movie It's A
Wonderful Life, you've seen what can happen when everyone tries to take their money out of a bank at the same
time.)
Also, a Greek exit from the eurozone or default on sovereign debt would likely increase concern that other debt-
ridden countries--especially larger economies such as Spain--might do the same. And it wouldn't take an actual
3. exit by other eurozone members to create problems. In addition to potentially destabilizing the continent's
banking system, investor fears would affect the interest rates paid by those governments. The rate on a 10-year
Spanish bond has already gone well over 6% recently (Germany and the United States pay less than 2% on an
equivalent bond). A Spanish government already struggling with debt, bailout requests from banks and regional
governments, and austerity measures similar to Greece's can't really afford to pay even more interest on
borrowed money.
Furthermore, rising interest rates on sovereign debt don't just hurt governments; they hurt the banks and other
investors that hold those bonds. Bond values fall when interest rates go up. If banks worldwide suffer losses
because the value of their bond holdings drops, they could have even more trouble meeting capital requirements
and staying afloat, or lending money to businesses and individuals who need it.
What does it all mean for my portfolio?
Investors have already begun to price in the potential disruption of a hasty Greek exit--either voluntary or
involuntary--from the euro. That, coupled with signs of a slowing U.S. economy, cost equities dearly in April and
May. It's unclear how much potential pain has already been recognized by global markets, especially if the U.S.
economy worsens or election results suggest future eurozone infighting. However, remember that even in a bad
market, individual stocks may buck the trend. Also, at least two European scenarios might help equities rally: 1) if
the results of the June 17 Greek election renew optimism about the strength of the bailout/austerity bargain, or 2)
if other eurozone members or the European Central Bank agree to fresh supportive measures, such as a jointly
backed "eurobond." And of course, signs of new strength in the U.S. economy would be helpful.
And it's an ill wind that blows nobody good. As the flight to quality has become a stampede in recent weeks, the
prices of U.S. Treasury bonds have seen a strong rally. Investors have become willing to accept record low interest
rates as a tradeoff for the relative security offered by Uncle Sam. Sooner or later that trend is almost certain to
reverse, but so far the uncertainty abroad has been good news for Treasuries. Unfortunately, investors who have
relied on Treasuries for income and now want to roll over the proceeds of maturing bonds might be disappointed
with today's low interest rates. If that's the case for you, you may need to explore supplemental sources of
investment income to replace any reduction in interest from Treasury bonds.
If you're using a money market fund as a safe haven or a place to park money in anticipation of potential buying
opportunities, don't forget that some funds may still have some exposure to foreign debt (though they may also
have taken steps to hedge that exposure). An investment in a money market fund isn't insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency, and though money market funds
attempt to keep their share value at $1, it is still possible to lose money in one. If you absolutely can't afford even
the remotest possibility of a loss, an FDIC-insured account might be your best bet.
Global troubles can make it more difficult to try to protect your portfolio through diversification; the 2008
financial crisis hurt a variety of asset classes that normally might not be highly correlated. Diversification alone
4. can't guarantee a profit or protect against potential loss. However, it might be worth exploring whether there are
ways to hedge your portfolio's exposure to possible market volatility as Europe wrestles with its ongoing dilemma
and the U.S. economy struggles to recover.
Uncertainty in the financial markets could persist for months, but it's important to keep it in perspective. While
you should monitor the situation, don't let every twist and turn derail a carefully constructed investment game
plan.
This information, developed by an independent third party, has been obtained from sources considered to be reliable, but
Raymond James Financial Services, Inc. does not guarantee that the foregoing material is accurate or complete. This
information is not a complete summary or statement of all available data necessary for making an investment decision and
does not constitute a recommendation. The information contained in this report does not purport to be a complete description
of the securities, markets, or developments referred to in this material. This information is not intended as a solicitation or an
offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. The material is
general in nature. Past performance may not be indicative of future results. Raymond James Financial Services, Inc. does not
provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate professional.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent broker/dealer, and
are not insured by FDIC, NCUA or any other government agency, are not deposits or obligations of the financial institution, are
not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2012.
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