    
May 10, 2014
Dear Reader,
Welcome to Research Perspectives, a daily newsletter containing a short summary of the economic and market commentaries that we consider most relevant to our audience. These commentaries are from independent research firms, fund companies, and advisors. Having Trouble Printing? If your text is too small to read, then before printing go to "Page Setup" and deselect "Shrink to Fit Page Width" in your browser.  Are Valuations Really Too High? by John Mauldin of Mauldin Economics
I have done quite a number of media interviews and question-and-answer sessions with audiences in the past few months, and one question keeps coming up: "Are valuations too high?" In this week's letter we're going to try to look at the various answers (orthodox and not) one could come up with to answer that basic question, and then we'll look at market conditions in general. Are Valuations Really Too High? by John Mauldin of Mauldin Economics
 What's the Game Changer for Gold?
In the coming days, PIMCO will publish its annual Secular Outlook. A cornerstone of our investment process, it sets the direction for how we will invest our clients' assets over the coming three to five years. Of course, we revisit our outlook and investment conclusions each year to ensure their continued resonance and efficacy. Similarly, we have a regular strategic business planning process and conduct intermittent reviews. And, like our secular process, we often invite an outside expert or two to spark our thinking and challenge our priors. What's the Game Changer for Gold? by Douglas M. Hodge of PIMCO The Media's Reporting of the April Unemployment Rate -- A Little Knowledge Can Be Dangerous Economists have "trained" the media to quickly check out what has happened to the labor force when the unemployment rate declines. If the unemployment rate drops and so, too, does the labor force, then the decline in the unemployment rate might not be a signal of a strengthening labor market. Rather, under these circumstances, the decline in the unemployment rate might reflect potential workers becoming discouraged over the lack of employment opportunities and, therefore, dropping out of the labor force. The Media's Reporting of the April Unemployment Rate -- A Little Knowledge Can Be Dangerous by Paul Kasriel of Econtrarian, LLC Fighting History? A lot of movement to go nowhere can characterize the major indexes to this point in the year. History suggests we're entering a potentially tough period for stocks, due to both seasonal and midterm election year tendencies. Fighting History? by Liz Ann Sonders of Charles Schwab Weekly Economic Commentary The global recovery remains very uneven, deflation and debt: a very bad mix, a new look at Das Kapital, continued. Weekly Economic Commentary by Carl Tannenbaum of Northern Trust The Good, the Bad and the Opportunity Twice a day, in the morning and at lunch, our investment team sits down together to discuss what's important and what's immaterial. This past week, in my opinion, the good outweighed the bad. Much of the economic news was a direct result of government policies, both fiscal and monetary. Here are my findings, which I hope will help you filter through the noise. The Good, the Bad and the Opportunity by Frank Holmes of U.S. Global Investors
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