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Illinois will receive $300 million in Bank of America settlement
Chicago Tribune
Bank of America and the Justice Department have reached a record settlement of almost $17 billion to end a long-running probe into the marketing and sale of toxic mortgage securities by the bank and particularly its Countrywide Financial and Merrill Lynch units. For Illinois, the $16.65 billion national settlement means $300 million, $200 million of which will be cash payment to the state's pension system, making it whole for losses sustained as a result of the risky investments.
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The energy revolution's affect on investing
CFA Chicago
While fracking has captured much of the popular press attention lately, there is a much more pervasive shift in the global energy power balance taking place that has near and long term implications at both macroeconomic and individual company levels. The U.S. is now the second largest producer of crude oil in the world, sandwiched between Saudi Arabia and Russia. U.S. oil exports now exceed agricultural exports. Join us on Sept. 23 at 2:30 p.m. as we discuss the macro-economic and geopolitical implications of the energy revolution, and identify sector-specific impacts.
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David Herro: Far-reaching influence
CFA Chicago
David Herro is the Chief Investment Officer-International Equities at Harris Associates L.P. and serves as the Portfolio Manager of The Oakmark International Fund, The Oakmark International Small Cap Fund, and The Oakmark Global Select Fund. Herro has been managing international portfolios since 1986, previously managing international portfolios for The State of Wisconsin Investment Board and The Principal Financial Group. Join CFA Chicago on Sept. 24 at The Standard Club for the Distinguished Speaker Series featuring Herro.
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How to read between the lines of Asian financial statements
CFA Institute's Enterprising Investor
When Larry Cao, CFA, was a new analyst following technology stocks for a predominantly U.S. equity fund, one thing he noticed in doing competitor analysis was the low multiples of some Asian companies, even after taking into account the more pronounced differences in accounting systems in those days. Did low-multiple stocks necessarily present good values? Were there any systematic reasons behind the low valuation?
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Tech shares at 14-year high send traders rushing to hedge
Bloomberg
The Nasdaq 100 Index’s highest level since the 2000 technology bubble has sent options traders rushing to buy protection. Bearish wagers on the Powershares QQQ Trust cost the most since September 2012 relative to bullish ones, data compiled by Bloomberg show. The Nasdaq 100 reached a 14-year high, buoyed this year by rallies in companies from software maker Microsoft Corp. to social-networking site Facebook Inc.
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Oil chart suggests that now is the time to invest
Investopedia
As summer vacations start to wind down and families gear up for school, it shouldn’t be surprising to hear that demand for oil and gas has started to decrease. Reduced geopolitical risk, combined with weaker-than-expect demand from Europe, have acted as catalysts to a 7.05 percent decline in oil prices, as measured by the United States Oil Fund LP (USO). From a trading perspective, this ETF is trading at a key level of long-term support, and price action over the next couple of weeks will likely be a leading indicator for what to expect for the remainder of 2014.
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Janet Yellen says no 'simple recipe' for Fed on interest rate hikes
Los Angeles Times
Resisting pressure to more quickly tighten monetary policy, Federal Reserve Chairwoman Janet L. Yellen said there was no "simple recipe" for central bank policymakers in deciding when the labor market had improved enough to handle a rise in interest rates. Yellen said in an eagerly anticipated speech at a Fed conference in Jackson Hole, Wyoming, that economic conditions were improving but the Great Recession was so damaging that it has made assessing the jobs situation "especially challenging."
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How investment advisers can win DIY clients
Reuters via Chicago Tribune
Aaron Rubin counts many formerly self-directed investors among his clients at Werba Rubin Wealth Management in San Jose, California. Usually, Rubin notes, these investors come in when they've made a disastrous investment, or when they have a health scare, and they realize there's no co-pilot aboard. "They show up after they realize they did damage, or when there's a crisis," Rubin said. "Then they say, ‘I just need help.'"
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Double-sided US economy: Sharp in some areas, dull in others
MarketWatch
Businesses are hiring at the fastest pace in years, but companies themselves still aren’t investing as much as they used to, and an improved labor market has not encouraged Americans to shed their cautious spending habits. Call it the double-sided economy. Many industries are experiencing more rapid growth and an array of indicators suggest the U.S. will expand even faster in the second half of 2014. Yet the economy is still being held back by persistent weakness in key areas.
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Chicago among top cities for fastest-growing companies, Inc. says
Crain's Chicago Business
Chicago is a top city on Inc.'s annual ranking of America's fastest-growing private companies, the magazine said recently. The Inc. 5000 ranking for 2014 analyzes companies' three-year revenue growth and lists the 5,000 fastest-growing private companies and small businesses in the U.S. Chicago has 95 companies on the list — the most of any city except New York. San Francisco came in at No. 7, with 63 companies.
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Chicago SEC chief easing into new role
Medill Reports Chicago
David Glockner parses his words mindfully, taking care not to spill a drop of language, as if his lifetime reserve were about to be tapped. And after nearly nine months as the director of the Securities and Exchange Commission’s Chicago office, maybe that’s a good thing. His words really matter. Glockner, 53, took the job at the financial regulator last November after a brief stint in private practice. But make no mistake, he’s a natural public servant.
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Biotech investing: 3 ways you're doing it wrong
The Motley Fool
When it comes to industries that offer investors a higher than average risk-versus-reward scenario, biotech investing arguably takes the cake. Since the benchmark S&P 500 bottomed out in March 2009 the index has gained about 200 percent. In contrast, SPDR S&P Biotech ETF, including dividends, has risen more than 265 percent over the same period. With gains of close to 800 percent from GW Pharmaceuticals, more than 500 percent from Intercept Pharmaceuticals, and a shade over 400 percent for Puma Biotechnology over the trailing 52 weeks, it's easy to see why biotech investing lures in so many new investors each year.
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Illinois will receive $300 million in Bank of America settlement
Chicago Tribune
Bank of America and the Justice Department have reached a record settlement of almost $17 billion to end a long-running probe into the marketing and sale of toxic mortgage securities by the bank and particularly its Countrywide Financial and Merrill Lynch units.

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Regulators reject 'living wills' of banks
Chicago Tribune
Eleven of the biggest U.S. banks have no viable plan for unwinding their businesses without rattling the economy, federal regulators said, ordering the firms to address their shortcomings by July 2015 or face tougher rules.

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Brokerages face exodus as advisers get better deal in indie firms
Reuters via Chicago Tribune
Brokerage firms are facing an exodus of employees who are finding they can make more money and save on taxes by taking their clients and starting an independent firm before they retire.

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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

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