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From: Advisor Perspectives <advisor_perspectives@advisorperspectives.com>
Sender: Advisor Perspectives <advisor_perspectives@advisorperspectives.ccsend.com>
Date: Tue, 17 Jun 2014 10:12:29 -0400 (EDT)
To: <mainandwall@comcast.net>
ReplyTo: advisor_perspectives@advisorperspectives.com
Subject: Gundlach - The big moment for markets; How to beat the 4% rule; Why Dalbar's results are wrong; Are your client meetings like visits to the dentist?
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Dear Reader, June 17, 2014 - Vol 8 No 24 New! Discuss any Advisor Perspectives article or commentary or a variety of other investment topics on APViewpoint, our complimentary online advisor community. There you can share your views with your peers, Advisor Perspectives authors and more than other 35 industry thought leaders. Simply click "Discuss on APViewpoint" at the top of any Advisor Perspectives article or commentary. Not an APViewpoint member yet? Take five minutes to sign up today If you are experiencing problems opening or navigating through our newsletters, we can send you a text-only version. Please send us an email at info@advisorperspectives.com 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.  Gundlach: A Big Moment for the Economy and the Markets
by Robert Huebscher The benchmark 10-year Treasury bond is an attractive investment, according to Jeffrey Gundlach, although its yield is likely to stay between 2.2% and 2.8% for the remainder of the year. Despite that narrow range, Gundlach foresees pivots in other parts of the investment landscape. 
China No Longer the Low Wage Capital of the World: Our Outlook for Chinese Growth is Below Consensus Sponsored Content by Loomis Sayles - The labor dispute at the Yue Yuen factory in Guangdong Province illuminates broader labor issues in China.
- China is no longer the low-wage paradise it once was, and employees will continue to press for higher wages and better benefits.
- Rising wages should encourage consumer spending, but there is no quick fix for economic rebalancing. Our outlook for GDP growth is below consensus.
Video Highlights Featured Video from Henderson Global Investors Latin American Update by Nick Cowley  Nick Cowley, Investment Manager Global Emerging Markets Equities, recaps the rollercoaster ride that Latin American equities have been on year to date led by currency volatility and rotations in sentiment in Brazil and Mexico. Nick discusses the clear turn of sentiment that occurred in March when Brazilian shares rallied sharply driven by the "hope" that current leadership will change in Brazil during the October elections to a more pro-business friendly candidate similar to the changes made in India.
Retirement Income Strategies: How to Improve on the 4% Rule by Joe Tomlinson In the past few years, the 4% rule has been challenged by those who claim its premise of 4% inflation-adjusted withdrawals is too optimistic under today's market conditions. Others assert that more sophisticated approaches will yield better-than-4% results. I'll evaluate two alternatives - economic utility maximization and required minimum distributions - and also discuss the practical implications for advisors.
A Simple Explanation for DALBAR's Misleading Results by Michael Edesess, Kwok L. Tsui, Carol Fabbri, and George Peacock For a number of years, DALBAR has been publishing a report that purports to show that investors make bad decisions and, as a result, their investments underperform the market by several percentage points. It has captured headlines for years, perpetuating the myth that individual investors invest poorly, and therefore they do much worse than the market average. There's just one thing, the DALBAR result is wrong.
Are Your Clients Meetings Like Visits to the Dentist? by Dan Richards In their desire to give prudent advice, sometimes advisors fail to deliver the positive messages that clients need to stay motivated and on track. Worse yet, some advisors' approaches leave clients feeling that their next visit will be a chore.
Stiglitz: Europe's View on Inequality by Marianne Brunet When you approach a crowd conversing over coffee at an economics conference, you don't normally expect to hear them giddily saying: "He's absolutely adorable! Adorable, and so sweet." But at a recent economics conference in Toulouse, France, participants were raving about Joseph Stiglitz like he was a movie star.
Meditate Your Way to Happiness by Daniel Solin Here is how I increased my level of happiness in my daily life.
Seven Tips for Delivering Bad News by Megan Elliot You can better communicate bad news to clients by keeping the following seven tips in mind.
Career Center Find career opportunities for firms that seek to add financial advisors and planners to their staff. Read more to find out how to post opportunities at your firm.
When Delegating Leads to More Stress by Beverly Flaxington I have been trying to delegate more of human-resources responsibilities to my operations manager. However, my operations manager has made two poor hires in the last six months. I can't delegate if I can't ensure that things are done well. I'm inclined to take back these responsibilities unless you tell me otherwise.
The Four Bureaucratic Horsemen of GM's Apocalypse by Mariko Gordon Bureaucracy is more than just an annoyance; in the case of auto manufacturing, too much of it can cost lives. Today's article takes a look at GM's recently revealed internal bungling and offers four suggestions for avoiding these same types of errors in the running of your business or team.
Highlights from Market Commentaries Here are the top three commentaries from last week:  We Learn From History That We Do Not Learn From History
Market conditions presently match those that have repeatedly preceded either market crashes or extended losses approaching 50% or more. Such losses have not always occurred immediately, but they have typically been significant enough to wipe out years of prior market gains. Our present views are not built on the forecast that stocks must decline immediately, or that we won't go through some additional discomfort if the market pushes to a higher peak. We Learn From History That We Do Not Learn From History by John P. Hussman of Hussman Funds Everybody's Unhappy?! If the equity markets don't experience a sell-off this week, we can probably assume the SPX is in its final upside "blow-off" stage on a trading basis. In such a stage the markets make it seem unbearable to be in too much cash, or worse, totally out of the market. Blow-offs usually end with a parabolic peak and often with a buying climax. If you want to see what a buying climax looks like, go look at the "selling climax" at the March 2009 lows and turn the chart upside down. Everybody's Unhappy?! by Jeffrey Saut of Raymond James The Orphaned Bull Market Howard Gold is an inquisitive writer for Marketwatch.com and we think has done us all a great favor in his latest column titled, "Not even a bull market can interest people in stocks." He points out via the chart below that-despite a huge rebound the last five years in US common stocks-equity holdings as a percentage of global investable assets just climbed to levels only seen at major stock market low points. Relative to the past 50 years, this stock market has been abandoned and orphaned even as it had made participants wealthy. The Orphaned Bull Market by William Smead of Smead Capital Management |
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