American Investment Services, Inc.

Disciplined, Diversified, & Cost Effective

2015

September 2015 – Rules for the Fed, or Shall the Fed Rule?

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” — F.A. Hayek The Fed and Congress, when weighing U.S. monetary policy, would do well to consider the lessons provided by structured investment management, which avoids forecasting and the wisdom of experts in …

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April 2015 – Weighing the Fed’s Wisdom

In a fiat currency monetary regime, capital markets are impacted immediately by any significant information suggesting the future actions of central bankers. World markets are especially sensitive to any news from the U.S. Federal Reserve Bank’s Open Market Committee (FOMC) regarding sentiments pertaining to its targeted federal funds rate (the interest rate at which banks …

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May 2015 – Spending and Taxes – Beyond the Soundbites

U.S. federal deficits and the growth of federal debt make for attention-grabbing headlines and compelling soundbites. Investors often hear that we are “burdening our grandchildren” with exorbitant taxes in the future, and inferences are made that a return to higher marginal tax rates will ensure a return to “the good old days” when current government …

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Jun. 2015 – Investment Grade Corporate Bonds: A Worthy Diversifier

In the current low interest rate environment many investors are “reaching for yield” by increasing their exposure to bonds with greater credit risk as a means of generating higher income or pursuing higher expected returns. Corporate bonds are an extremely valuable tool for managing risk, but caution is in order. For most individual investors, the …

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