January 2012 Investor Letter

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Below is a letter that is written monthly for the benefit of Avondale Asset Management’s clients.  It is reproduced here for informational purposes for the readers of this blog.Dear Investors, I’m not sure that the change of a calendar year … Continued

Three Housing Charts

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With some calling for 2012 to be the bottom in the housing market, below are three housing market charts based on data from the Fed’s Flow of Funds report.  I tried to put together some less mainstream ratios for a … Continued

Global Historical CPI Pre 20th Century

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Milton Friedman’s famous quote on inflation explains that inflation is “always and everywhere a monetary phenomenon.”  The attached chart should come as no surprise therefore, that prior to the advent of strong central banks in the 20th century, global inflation … Continued

Initial Jobless Claims

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Initial claims were at 372000 for the week ended December 31.  Claims have been below below 400k since the beginning of November–a good sign but also pretty heavily influenced by seasonal adjustments.  Follow through of this trend in January would … Continued

DVY Making New Highs

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While the S&P is rallying 23 points today, it’s still not quite back to its 2011 high.  In contrast, DVY an etf tracking large cap dividend paying stocks is making new highs.  Being defensive has paid off over the last … Continued

Is LTRO QE in disguise?

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Here’s Draghi’s explanation from an FT interview: Is this Europe’s version of “quantitative easing”? Each jurisdiction has not only its own rules, but also its own vocabulary. We call them non-standard measures. They are certainly unprecedented. But the reliance on … Continued

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