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Basic Points:   “Is It Now—Finally—Time for Stocks for the Long Run?”  

May 11, 2012


Our Funds in Canada: Coxe Commodity Strategy Fund - TSX:COX.UN Coxe Global Agribusiness Income Fund - TSX:CAG.UN For information please visit the BMO Capital Markets Structured Products “Investor Solutions” website: click here...https://www.bmocm.com/investorsolutions/product.aspx?pro=CEFhttps://www.bmocm.com/investorsolutions/product.aspx?pro=CEFCommodities_are_not_an_Asset_Class.htmlshapeimage_4_link_0shapeimage_4_link_1

Disclosures 


All information contained herein is for informational purposes only.  This is not a solicitation to offer investment advice or services.  Coxe Advisors does not offer any products or services for sale; rather, it acts as a non-discretionary investment adviser to Harris Investment Management, Inc., a division of Bank of Montreal.  An investor should consider investment objectives, risks, charges and expenses carefully before making any investment.  Past results are no guarantee of future results and no representation is made that a client will or is likely to achieve results that are similar to those described.  Please refer to Coxe Advisors’ ADV Part 2 for additional information.


Regulatory Information: Coxe Advisors is an investment adviser registered with the United States Securities and Exchange Commission.  Coxe Advisors does not render personalized investment advice. The purpose of this web site is for information distribution only.

Dennis Gartman: “Commodities are not an asset class!” ...click here to read more...Commodities_are_not_an_Asset_Class.html
We have, since 1999, been critical of Jeremy Siegel's excessive optimism about inevitably high equity returns in his best-seller Stocks for the Long Run. Why now—of all times—to make this case? It's "Sell in May and Go Away" time again, as tacticians advise raising cash for reinvestment later in the year. That strategy has worked more often than not, and this year looks like a particularly propitious time to employ it: recessions across most of Europe, Greece again in the scare headlines, a flaccid US economy in which GDP growth is less than deficit growth, and slower Asian growth, even in China and India. With exquisite timing, Sotheby's auctioned Munch's "The Scream" last week for $120 million, a record for an auctioned painting. It could be retitled, "Equity Investor Reviewing 401(k) Statement". Commodities_are_not_an_Asset_Class.html
Of late, disillusioned retail and pension fund investors have had to contend with torrents of bad news—mostly political—and they are slashing equity exposures in favor of bonds offering yields whose financially nutritious generosity recalls Oliver Twist's experience with workhouse porridge allotments. A well-researched report published this week by Citi's Global Equity Strategy team, "Equity Cult Still Dying" asserts that "The equity cult is now dead in continental Europe and Japan. It is looking decidedly unhealthy elsewhere. A bond cult has risen in its place." Although we agree that North American equity markets should soften near term, their valuations generally no longer reek of 1990s greed and delusion. Stocks—in particular the beaten-down commodity stocks—are now far better bets than bonds. Assuming the US escapes a double-dip recession, equity prices should soon be considerably higher—while interest rates will stay stuck near zero. BMO Financial Group and BASIC POINTS Basic Points is published exclusively for clients of BMO Financial Group. For information about receiving a copy, please speak to your account representative. Commodities_are_not_an_Asset_Class.html

Event:  

Toronto:  June 4, 2012

Don will be speaking to a Nesbitt Burns

Private Client group event, together with BMO’s Doug Porter and Stephane Rochon.

For tickets and information please contact

your investment advisor. 

G20   -    The Cannes Summit

November 2011:   A New Way Forward


We were invited to submit an article for the G-20 attendee handbook:

      Controlling Commodity Markets:

      Commodities and the Global Economy

      Donald G. M. Coxe

      Strategy Advisor, BMO Financial Group


The Handbook can be downloaded here:

<http://www.g20.utoronto.ca/newsdesk/Cannes>.