March 2017 - Please Let Us Know

The investment newsletter industry has changed profoundly over the past 40 years, and for the better, from investors’ perspective. For many years it included purveyors who peddled too-good-to-be-true investment strategies to unsuspecting subscribers. So-called “sucker lists” became commodities traded among publishers, who prospered at the expense of unwary readers.

The expanded availability of investment information has changed all this. Investors today can obtain reliable information very quickly at zero (or very low) cost through the internet. An overwhelming body of data and analysis are available directly, literally at investor’s finger tips, through the click of a mouse. While irrelevant data and shoddy analysis has expanded as well, this technological progress has, on balance, made it far more difficult for shady publishers to survive, leaving truly valuable newsletters to continue.

We are happy to say that this publication is among those that have not only survived, but prospered. The Investment Guide, together with its predecessor, Investment Bulletin, has served as a pillar of AIS and AIER research for decades. This has in turn supported a steadily rising client base.

At the same time the ascent of information technology and availability of data undreamed of at AIER’s founding have vastly accelerated the application of statistical reasoning to financial economics. Factor-based investing has risen to the fore, while stock picking and market timing are met with unprecedented skepticism.

We like to think that, unlike most other advisors, we perceived these trends early on. While we have remained circumspect, we have embraced many of the insights that emerged as evidence mounted. The portfolio approach we advocate today is on the surface far different from our past recommendations, but at root simply reflects an evolution of AIER’s longstanding empirical approach to economics as applied to investing.

Rather than prognosticate, our aim is to separate the irrelevant from the relevant, and sound analysis from facile data mining. Most recently we have added a new table, Rates of Interest (intended to be of interest to you, forgive the pun), on the front page. We have also enhanced the Recent Market Statistics table that appears on page 23. All of this data is readily available elsewhere, but we extract only that which is valuable among a sea of extraneous statistics, compile the results and deliver it to you every month, along with articles intended to serve as ever-evolving “instructions” regarding how to use it effectively.

At the end of the day the continued success of this newsletter will depend on how useful you find it. To that end, we want to know what you think. While we cannot accommodate every request, we will make our best effort to identify common suggestions and to incorporate changes.

To read more, subscribe to the Investment Guide.  If you are a current subscriber, you will see Dowload and View buttons on the bottom of the page to access the entire issue.

Also In This Issue:
The Cape Ratio Approaches 30
Are Small cap and value Stocks Still Worth Pursuing?
Greenspan on Gold
The High Yield Dow Investment Strategy
Recent Market Statistics
The Dow Jones Industrials Ranked by Yield
Recommended Investment Vehicles

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Created Date: 04-03-2017
Last Updated Date: 04-03-2017
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