THE INVESTMENT STRATEGY LETTER

THE MARKETS IN THE US SURGE TO NEW RECORD LEVELS

China, Japan and Europe are all encouraging growth of their economies in face of a global economic slowdown.  I find it strange that the markets are encouraged by the stimulus and not concerned of why the countries need to artificially stimulate their economies. Neither are investors worried about the $1.2 trillion of bonds issued by emerging market nations, which are also faceting a global slowdown. So, it is full speed ahead and dam the torpedoes! There actually is some good news. Congress will only be in session 8 day until the end of the year.
Carl M. Birkelbach 11/21/14