This document discusses the 1st & Main Investment Advisors Q3 2016 newsletter. It summarizes that the advisors have taken a conservative approach to equity allocations since late 2015 due to market corrections. While slowly increasing risk again, they feel prepared if election uncertainty causes challenges. Historically, election results have little long-term impact on markets. The advisors recommend staying focused on goals and broader economic trends rather than election prognostications.
A review of Q4 2015 corporate earnings reveals a significant slowdown in revenue and earnings growth. While these developments have been affected by the sharp decline in commodity prices,they may reveal early signs of recessionary conditions.
Below please find a link to our monthly market perspective piece for December. This month we examine the impacts of the rapidly changing low interest rate environment.
Monthly Market Perspective - January 2017Mark Biegel
Below please find a link to our monthly market perspective piece for January. This month, with the transition in Washington upon us, we reflect on what impact prior presidential cycles had on markets, and assess how this one may turn out.
A review of Q4 2015 corporate earnings reveals a significant slowdown in revenue and earnings growth. While these developments have been affected by the sharp decline in commodity prices,they may reveal early signs of recessionary conditions.
Below please find a link to our monthly market perspective piece for December. This month we examine the impacts of the rapidly changing low interest rate environment.
Monthly Market Perspective - January 2017Mark Biegel
Below please find a link to our monthly market perspective piece for January. This month, with the transition in Washington upon us, we reflect on what impact prior presidential cycles had on markets, and assess how this one may turn out.
Monthly Market Perspective - June 2016David Berger
The drivers of short-term market moves can be vastly different from those which underpin the cycles of longer-term market direction. This month we examine a variety of these factors.
Below please find a link to our monthly market perspective piece for February. This month, with the prospect for potential policy changes ahead, we take a deeper dive into the concept of inflation and what it means to investors.
Following an impressive bounce back from February lows, the durability of the current bull market remains suspect. The benefits of the recent rally appear limited to the large cap, defensive sectors of the market. In prior market cycles, this has portended that the latter stages of a bull market are fast approaching and as such, caution is warranted.
The IMF has based much of it policies on a theoretical framework developed by Polak, Mundell, and Fleming over fifty years ago. Their models were based on a set of assumptions that a do not reflect the economic realities in the developing countries. The IMF’s insistence on demand management policies created policy “blind spots” that prevented it’s acknowledgment of causes of macroeconomic imbalances other than government fiscal mismanagement. There has been some movement toward reform by the Fund and better alignment with its sister organization, the World Bank. Just as the East Asian crisis momentum for change, recent events seem to have created a significant shift in the thinking of the Fund’s staff and policy analyst. The recent global crisis has caused the Fund to acknowledge the limits of monetary policy and bring fiscal policy “center stage” as an important countercyclical tool. In short, the crisis has “exposed flaws in the pre-crisis policy framework” [Carlos E. Guice, Sr.]
Below please find a link to our monthly market perspective piece for December. This month we explore a variety of factors potentially driving markets and evaluate the risks and rewards lying beneath the surface.
Below please find a link to our monthly market perspective piece for May. This month we explore the reality behind market anomalies such as “sell in May and go away.”
Monthly Market Perspective - June 2016David Berger
The drivers of short-term market moves can be vastly different from those which underpin the cycles of longer-term market direction. This month we examine a variety of these factors.
Below please find a link to our monthly market perspective piece for February. This month, with the prospect for potential policy changes ahead, we take a deeper dive into the concept of inflation and what it means to investors.
Following an impressive bounce back from February lows, the durability of the current bull market remains suspect. The benefits of the recent rally appear limited to the large cap, defensive sectors of the market. In prior market cycles, this has portended that the latter stages of a bull market are fast approaching and as such, caution is warranted.
The IMF has based much of it policies on a theoretical framework developed by Polak, Mundell, and Fleming over fifty years ago. Their models were based on a set of assumptions that a do not reflect the economic realities in the developing countries. The IMF’s insistence on demand management policies created policy “blind spots” that prevented it’s acknowledgment of causes of macroeconomic imbalances other than government fiscal mismanagement. There has been some movement toward reform by the Fund and better alignment with its sister organization, the World Bank. Just as the East Asian crisis momentum for change, recent events seem to have created a significant shift in the thinking of the Fund’s staff and policy analyst. The recent global crisis has caused the Fund to acknowledge the limits of monetary policy and bring fiscal policy “center stage” as an important countercyclical tool. In short, the crisis has “exposed flaws in the pre-crisis policy framework” [Carlos E. Guice, Sr.]
Below please find a link to our monthly market perspective piece for December. This month we explore a variety of factors potentially driving markets and evaluate the risks and rewards lying beneath the surface.
Below please find a link to our monthly market perspective piece for May. This month we explore the reality behind market anomalies such as “sell in May and go away.”
The Great Beauty of Italy is not only in the Milan Cathedral, in the Uffizi in Florence, in the Imperial Forum of Rome, in Capri, but mostly lies in the small hidden treasures and mouth watering experience that enrich every corner of our country:
Local markets in towns where the time stood still - Riviera dei Fiori (page 6)
Dinners in old castels (page 5) or with operetta show - Rome (page 21)
The king of salamis: Culatello di Zibello - Emilia Romagna (page 15)
A chocolate aperitif (page 16) - Tuscany
Hundred of Unesco site, from Sacro Monte di Varallo - Lake Maggiore ( page 13) to "Strada Nuova" in Genua (page 7), from the historical centre of San Gimignano to the Villas of Vicenza (page 29), from Monreale, Sicily (page 26) to Castel del Monte, Apulia (page 35)
The kingdoms of Bourbons (page 24) and Normans in the south of Italy
Take a look at our brochure, prepare your luggage and travel with us in the most beautiful country of the world!
ECON 301 Week 5 DiscussionsGroup 2 US Trade PolicySummaryFor.docxjack60216
ECON 301 Week 5 Discussions
Group 2 US Trade Policy
Summary
For our group project we have decided to research, analyze, and formulate an argument on the World Trade Organization (WTO) in regards to the US Trade Policy. In our paper we have discussed what WTO stands for and the goal of this organization. We have also addressed the latest form of trade negotiations among the WTO membership – Doha Development Round and the controversial topics of protectionism and free trade. Among the research we have performed, we as a group have come to a conclusion that we support this organization. Although there are incomplete developments that still need to be addressed, we continue to support this organization because of the fact that numerous nations come together in order to reform these conflicts.
Questions:
1. What makes free trade a better option than protectionism for the economic situation in the US?
2. What consequences would the WTO face if they acted unethically given their power?
Group 3 US Fiscal Policy
Fiscal Policy refers to the practice of monitoring spending levels and tax rates to try and influence our economy. Before the Great Depression, which started in the late twenties, our government had a hands off approach to the economy or a laissez-faire approach. After the Second World War it was deemed necessary for the government to become involved in our economy. (Heakal, Reem) They decided this would be necessary in order to attempt to influence unemployment, the business cycle and inflation. Of course there are many different ideas on the best approach and way to accomplish this.
The government takes initiative in trying to regulate unemployment, unemployment benefits, and taxation. They do this through the use of what is known as automatic stabilizers, which are programs and policies meant to balance fluctuations in the economy. During a recession, automatic stabilizers are expanded, and during an economic boom, the automatic stabilizers are reduced. An example of this would be unemployment benefits (David Weil). When there is a recession and unemployment is high, the government spends more money on unemployment benefits, whereas when the unemployment is low, the government spends less money on unemployment benefits. According to William J. Carrington, an analyst of the Congressional budget office, some of the fiscal policies used to reduce unemployment include household assistance (reducing employees’ taxes, increased unemployment insurance expenditures, and more refundable tax), business assistance, and financial aid to the states. Carrington also shows that to reduce unemployment, unemployment benefit policies must be modified such as an extension to the duration of benefits, reemployment bonuses, and offering wage insurance. Fiscal Policy can also be used to influence new ideas like those in alternative energies.
The United States government often tries to finds ways to stimulate the economy while looking towards its future. T ...
Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...Proactive Advisor Magazine
Brian Glaze & Larry Ware • LPL Financial
- Why hasn’t the Efficient Market Hypothesis disappeared? by Linda Ferentchak
- Climbing U.S. dollar makes exports less competitive
- The seasons of the stock market by Paul Desmond
- Selling proposition: "Plan-based investing" (Jerry Ganz, Packerland Brokerage Services)
Running head Business Environment Analysis ReportPUT SHORT TITL.docxcarlstromcurtis
Running head: Business Environment Analysis Report
PUT SHORT TITLE IN CAPS HERE
BUSI 2043 International Business Environment
Unit - 6
Yorkville University – Vancouver
Submitted by:
Submission Date: 2018-12-15
Introduction
A business research report accumulates and analyzes data about components and conditions outside of a business. Commonly, these reports center around issues, patterns, and factors that chiefs can't control. Reports survey how these outer variables may help or obstruct a business.
Political and regulatory stability
India is picking up significance all inclusive as a quickly creating economy. Speculators from everywhere throughout the world have indicated confidence in the adaptable Indian economy. One of the main considerations for quick financial development in India after 1991 can be ascribed to the gigantic inflow of remote capital. There are different determinants which prompted such gigantic capital inflow in India. A political and legitimate framework is one of the key variables.
Foreign direct investment during the colonial period
To be explicit, the sequential foundation of outside interest in India can be followed back to the establishing of East India Company of Britain. Amid the frontier time from the 1850s' to 1947, India's economy was in the hands of the British Raj. Amid this period, the Indian economy stayed stale and the development rate was very little higher than the populace development rate of 1% .
In any case, then again, a few scientists contend that the British put the capital in making the cutting-edge railroad framework which was viewed as the fourth biggest on the planet. Essentially, under the British Raj, the economy of the towns' that is salary after duty ascended from 27% to 54%. This segment spoke to one-fifth of the aggregate venture that the British made abroad (Meena 2015).
Be that as it may, the British delighted in the product of the venture as the political and legitimate framework was under their control. The inflow of outside capital was high yet the arrival on speculation was not shared. After the Second World War, Japanese organizations entered the Indian market and they improved their exchange with India. Be that as it may, the United Kingdom remained the most predominant financial specialist until 1947 (Shin 2014).
Legal System of India
The Indian legitimate framework is a one of a kind element of the Indian Constitution. It is associated with arrangement of courts that manage both state and association laws.
Nuts and bolts of Indian Legal System:
The Chief Justice and alternate judges of the Supreme Court are selected by the president. The Supreme Court has its own warning and ward which can uphold the essential rights referenced in the Indian constitution. What's more, it fathoms any contention in the middle of the administration of India and ...
Assignment 1 Discussion QuestionThe management of current asset.docxfredharris32
Assignment 1: Discussion Question
The management of current assets and current liabilities in the short run can lead to several challenges for the financial manager. What are some of the more common challenges or problems encountered by the firm in this regard, and what are the possible solutions? Explain your answers.
Assignment 2: Discussion Question
Financial mangers make decisions today that will affect the firm in the future. The dollars used for investment expenditures made today are different from the cash flows to be realized in the future. What are these differences? What are some of the techniques that can be used to adjust for these differences?
Assignment 3: Discussion Question
Valuation of a firm’s financial assets is said to be based on what is expected in the future, in terms of the future performance of the firm, the industry, and the economy. What types of value would you consider when assigning “value” to a firm’s stock or bond? What is the significance of each of the different types of value in the valuation process? Use examples to support your response.
Assignment 4: Discussion Question
The finance department of a large corporation has evaluated a possible capital project using the NPV method, the Payback Method, and the IRR method. The analysts are puzzled, since the NPV indicated rejection, but the IRR and Payback methods both indicated acceptance. Explain why this conflicting situation might occur and what conclusions the analyst should accept, indicating the shortcomings and the advantages of each method. Assuming the data is correct, which method will most likely provide the most accurate decisions and why?
Course Overview (1 of 3)
Defining Finance
Broadly defined, finance is the study of how people manage scarce resources in general, and money and other financial resources in particular. There are two important features that distinguish financial decisions from other types of decisions. The benefits and costs of financial decisions are spread out over time and usually shrouded in uncertainty.
These decisions are made in a financial environment that includes the financial system, institutions, markets, and participants such as individual households, businesses, and governments. It is important to note that a well developed and properly functioning financial system enables the economy to operate efficiently and contributes to the economic growth and development of the country.
Brief History of Finance
Finance emerged as a separate field of study in the U.S. in the early 1900s. At that time finance was taught primarily as a descriptive subject using anecdotes and rules of thumb. The focus at that time was on the formation of new firms, the various types of securities firms can issue to raise funds and the legal aspects of mergers and acquisitions. This continued to be the focus all through the 1920s.
However, during the 1930s the focus shifted to the study of bankruptcy and reorganization, corporate liqu ...
As with most things in economics, taxation is a mixed blessing. It.docxfredharris32
As with most things in economics, taxation is a mixed blessing. It is a blessing for those who receive dollars from taxpayers, which is about 40% of the population; and it is a nuisance for those who have to pay the taxes. The objective of this unit is to help you understand taxes and understand how they affect your life and the economy.
The income tax system began in earnest in 1913 with the Sixteenth Amendment to the Constitution that gave Congress legal authority to tax income. A rudimentary income tax system was tried during the Civil War but was eventually declared unconstitutional. There was no income tax during the high watermark of America's industrial capitalism, beginning in about 1870 and continuing to 1910. If you made money in that era, you kept it. Many of the most famous capitalist names emerge from this era: Rockefeller, Carnegie, McCormick, Swift, and Vanderbilt.
Two major disasters in our economic history, the Great Depression and World War II, changed the role of taxation and government forever. Beginning in the mid-1930s, following the ideas of John Maynard Keynes, the U.S. government began to spend money much more aggressively. In the past, government believed mostly in a balanced budget, but that changed when the Great Depression lingered for an entire decade.
Later, to finance a two-front, world war, taxes were raised to about 90%. Thus began the era of big taxes to pay for big government. Taxes, of course, have fallen from that lofty peak to a more modest 35% marginal tax rate at present, but the number of taxes has increased exponentially. All but six states have an income tax; likewise, many counties and cities have an income tax.
Though there are many ways to slice the tax onion, perhaps the best is the following:
Progressive taxes: This is a tax system in which tax rates increase as income increases. In other words, the more money you make, the more taxes you pay. This system places a greater burden on those best able to pay and almost no burden on the poor. For example, according to Internal Revenue Service (IRS) statistics, the top 50% of earners pay 97% of the taxes. The top 1% of earners pays 30% of all income taxes. On the other hand, over fifty million people, or one-third of the adult population in the United States, pay no taxes whatsoever.
Regressive taxes: In theory, these are the opposite of progressive taxes; these tax strategies fall more heavily on the poor. Common sense would suggest that these would be rarely used in a well-organized economy, but in fact, they are among the most commonly used because of their relative invisibility. Sometimes called the nickel and dime tax, regressive taxes tend to be small for each individual event; therefore, they are not widely noted. A good example of a regressive tax is the sales tax. It takes a much larger percentage of a poor person’s income than the income of someone of wealth. The reason there is no protest is that it takes such a small amount of money on ...
Johnathon Davis • Retirement Tax Advisory Group Inc.
- Profiling ultra-high-net-worth clients by Katie Kuehner-Hebert
- Will weak jobs numbers delay Fed rate hike?
- Why you have way too much invested in U.S. stocks by Meb Faber
- Building a “niche” into a practice focus (Phylyp Wagner, Matt Quattlebaum, H. Beck)
How are institutional investors in North America adapting to increasingly complex risks? Are these risks driving investors to make portfolio changes based on short-term goals or are they making tactical moves to stay focused on long-term objectives?
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
Set off and carry forward of losses and assessment of individuals.pptx
Q3 2016 hr
1. Registered Representative of and Securities and investment advisory services offered through Berthel Fisher & Company Financial
Services, Inc. (BFCFS) • Member FINRA/SIPC.1st & Main Investment Advisors is independent of BFCFS
*The interpretations and organizations of these ideas are the confidential thoughts of 1st & Main Investment Advisors
and do not represent the opinions of Berthel Fisher & Co. Financial Services, Inc.
www.1standmaininvest.com
OCTOBER 2016VOLUME 7, ISSUE 3
Q3 2016 Newsletter
As we enter the home stretch in terms of the
upcoming U.S. presidential election the number
of questions we are fielding from clients certain-
ly lends itself to the fact that it is on the top of
everyone’s mind. Especially when considering
one’s investments.
In terms of our Tactical Allocation Portfolio
(TAP) we have continued our conservative to
moderate approach dating back to Q4 2015 on
the equity side. This has not been in anticipation
of the election, rather a shifting of our model
asset allocation strategy as a result of 10% or
more corrections in both Q4 2015 and Q1
2016. Compounded by the Brexit vote which
we now know was a relative non-event. Even
our most aggressive portfolio took on a more
moderate approach, holding an above average
allocation to fixed-income. Slowly but surely
over the course of the year we have seen a shift
back to risk (as outlined in our weekly market
commentaries) yet feel confident that if indeed
the uncertainty of the election presents chal-
lenges we are well positioned to weather the
Q3 Market Briefing
Inflation & The
Fed
The primary job of
the Federal Reserve is to
control inflation while
avoiding a recession. It does
this with monetary policy.
To control inflation, the Fed
must use contractionary
monetary policy to
slow economic growth. If
the GDP growth rate is more
than the ideal of 2-3%,
excess demand can generate
inflation by driving up pric-
es for too few goods.
The Fed can slow this
growth by tightening the
money supply, which is the
total amount of credit al-
lowed into the market.
The Fed's actions re-
duce the liquidity in the
financial system, making it
becomes more expensive to
get loans. It slows economic
growth and demand, which
puts downward pressure on
prices.
Read More Here
storm. Now seems the time to exercise pa-
tience and have faith in the strategy and its risk
management protocals… just in case.
That said, our most sage advice - given the fact
that historically speaking election results have
had a relatively low impact on long-term global
market returns - is to stay the course. Remain
focused on your goals, your target rate of sav-
ings and broader economic trends that shape
U.S. and global economies. And while we
agree that this is a particularly unusual election
cycle we are not here to prognosticate the re-
sult come inauguration day in January. And
instead prefer to remain cautiously optimistic
as election day approaches. Should the market
continue in an upward trend we anticipate an-
other shift ahead, and a return to business as
usual.
As always we welcome your questions and
comments and wish you and your family a
well.*
Fraser, Dudley & Alex
Inside This Issue:
1Q3 Briefing
Did You Know? 1
Inflation 1
97 Main Street W103 Edwards, CO 81632 • 970.926.2500 • 135 S. Main Street Suite: 103 Greenville, SC 29601 • 864.990.2805
Economics is the study of how individuals, governments, businesses and other organizations
make choices that effect the allocation and distribution of scarce resources. There are two general
areas of economics – microeconomics and macroeconomics.
Microeconomics is the study of how individual consumers and producers make their deci-
sions. This includes a single person, a household, a business or a governmental organiza-
tion. Microeconomics ranges from how these individuals trade with one another, to how prices
are affected by the supply and demand of goods. Also studied are the efficiency and costs associ-
ated with producing goods and services, how labor is divided and allocated, uncertainty, risk, and
strategic game theory (Continued on Page 2…).
Did You Know?
*Source: www.investopedia.com
Election Returns 2
*Source: www.thebalance.com
2. Registered Representative of and Securities and investment advisory services offered through Berthel Fisher & Company Financial
Services, Inc. (BFCFS) • Member FINRA/SIPC.1st & Main Investment Advisors is independent of BFCFS
*The interpretations and organizations of these ideas are the confidential thoughts of 1st & Main Investment Advisors
and do not represent the opinions of Berthel Fisher & Co. Financial Services, Inc.
www.1standmaininvest.com
Did You Know?
97 Main St. W103 Edwards, CO 81632 • 970.926.2500 • 135 S. Main Street Suite: 103 Greenville, SC 29601 • 864.990.2805
Macroeconomics studies the overall, aggregate economy. This can include a distinct geographical region, a country or even the
whole world. Topics studied include government fiscal and monetary policy, unemployment rates, growth as reflected by changes
in the gross domestic product, and business cycles that result in expansion, booms, recessions and depressions.
Two of the most common schools of economic thought are called classical and Keynesian. The classical view believes that free
markets are the best way to allocate resources and the government’s role should be limited to that of a fair, strict referee. Howev-
er, the Keynesian approach believes that markets sometimes don’t work well at allocating resources. Therefore, the government
must step in from time to time and reallocate resources efficiently.
Most economic models are based on assumptions that humans act with rational behavior, seeking the most optimal level of bene-
fit or utility. Though this means that some economic models may be unattainable or impossible, they do provide key insights for
understanding the behavior of financial markets, governments, economies and human decisions. Read more: Economics 101 - Video
Presidential Elections and Stock Market Returns
*Source: www.investopedia.com
S&P 500 Stock Market Returns
Year Return Candidates
1928 43.6% Hoover vs. Smith
1932 -8.2% Roosevelt vs. Hoover
1936 33.9% Roosevelt vs. Landon
1940 -9.8% Roosevelt vs. Willkie
1944 19.7% Roosevelt vs. Dewey
1948 5.5% Truman vs. Dewey
1952 18.4% Eisenhower vs. Stevenson
1956 6.6% Eisenhower vs. Stevenson
1960 .50% Kennedy vs. Nixon
1964 16.5% Johnson vs. Goldwater
1968 11.1% Nixon vs. Humphrey
1972 19.0% Nixon vs. McGovern
1976 23.8% Carter vs. Ford
1980 32.4% Reagan vs. Carter
1984 6.3% Reagan vs. Mondale
1988 16.8% Bush vs. Dukakis
1992 7.6% Clinton vs. Bush
1996 23% Clinton vs. Dole
2000 -9.1% Bush vs. Gore
2004 10.9% Bush vs. Kerry
2008 -37% Obama vs. McCain
2012 16% Obama vs. Romney
*Source: DFS Matrix Book