David Fleer
Bristlecone Value Partners, LLC
12301 Wilshire Blvd., Suite 320
Los Angeles, CA 90025 USA
Work 1-877-806-4141

A Happy Year End

December 30th, 2013

The stock market offered plenty of reason for cheer this year and is ending on a particularly high note.

The key news this month was the Federal Reserve’s decision last week to begin reducing its bond purchases (i.e., quantitative easing). When outgoing Fed Chairman Bernanke first surfaced this idea in early summer, the stock market tumbled and interest rates spiked up. That market response gave the Fed pause, and the Fed ended up continuing bond purchases apace.

Six months later, the markets apparently now duly warned, the Fed carried through with a modest initial reduction in its stimulus (reducing its January purchases from $85 billion to $75 billion). The Fed’s foot is still very much on the accelerator, just not quite so heavily. Read the rest of this entry »

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