2016-12-05 02:57 PM

Prediction Season

The close of each calendar year brings with it the holidays as well as a chance to look forward to the year ahead.

Predictions about future price movements come in all shapes and sizes, but most of them tempt the investor into playing a game of outguessing the market. Rather than relying on forecasts that attempt to outguess market prices, investors can instead rely on the power of the market as an effective information processing machine to help structure their investment portfolios.


2016-11-30 04:01 AM

The Active-Passive Powerhouse

DFA has drawn nearly $2 billion in net assets per month while many other firms struggle

The fastest growing major mutual-fund company in the U.S, isn't strictly an active or passive investor. It is both.


2016-11-29 07:07 PM

Implications of Donald Trump's Election

Election Special Bulletin

City National Rochdale has formed an initial assessment of the implications Donald Trump's victory may have. While this surprising election outcome will have a near term adverse impact on market prices, we are not sure if it by itself represents a fundamental material change to our outlook for modest economic growth in the year ahead. We will likely make adjustments. The uncertainty associated with this surprise is substantial. Not only due to policy dynamics, but also because of the impact consumer and business indecisiveness may have. This may lead us to lower our outlook.


2016-11-29 06:23 PM

Dissecting Dimensional "Pensions & Investments" November 14, 2016

Healthy Growth and Added Alpha at Low Cost

Dimensional Fund Advisors began with the idea that using academic research to invest in smaller, underpriced companies with a tilt to profitability could outperform the market by avoiding subjective stock picking and the rigidness of pure index investing. The firm’s assets have grown significantly since the financial crisis as institutions look for low-cost active strategies that deliver alpha. It is the largest manager of quantitative strategies, strictly to institutional investors.


2016-11-29 06:17 PM

An Introduction to DFA

Investment Philosophy and Approach

Dimensional Fund Advisors is a leading global investment firm that has been translating academic research into practical investment solutions since1981. Guided by a strong belief in markets, we work to implement compelling ideas in finance for the benefit of clients. An enduring philosophy, strong client commitment, and a strong connection with the academic community underpin our approach.


2016-11-29 06:09 PM

Pursuing a Better Investment Experience

10 Steps for a Better Investment Experience

The market is an effective, infomation-processing machine. Millions of participants buy and sell securities in the world markets every day, and the real-time information they bring helps set prices.


2016-02-23 05:34 PM

MLP Tax Package Support

K 1's

Electronic K-1

Investors who receive K-1s from their publicly traded partnership can now receive their tax information faster and eliminate the need for mailing a paper K-1. Simply locate your investment(s) on www.taxpackagesupport.com, register your e-mail address, and choose the option to "Eliminate Paper K-1s".

By choosing to eliminate paper K-1s, investor tax information will bypass the U.S. Postal Service and be delivered securely through the partnership's website. The partnership will even notify you via email the instant the K-1s are available. Investors will have the option of saving the electronic version of their tax information to their personal computer or printing a hard copy. At any time after choosing to eliminate paper K-1s, investors can always contact the partnership's tax help line and have the K-1 mailed to them.

2015-10-02 01:19 PM

DFA’s Disciplined Approach Earns It a Top Mark

The firm puts theory into practice with a focus on investors.

Morningstar recently issued a new Stewardship Grade for DFA. The firm’s overall grade—which considers corporate culture, fund board quality, fund manager incentives, fees, and regulatory history—is an A. What follows is Morningstar’s analysis of the firm’s corporate culture, for which DFA receives an A. 


2015-10-01 03:49 PM

Natural gas use features two seasons per year

September 2015

Use of natural gas has two seasonal peaks, with consumption patterns predominantly driven by weather. The largest peak occurs during the winter, when cold weather increases the demand for natural gas space heating in the residential and commercial sectors. A second, smaller peak occurs in the summer when air conditioning use increases demand for electric power, an increasing portion of which is provided by natural gas-­fired generators.


2015-10-01 02:57 PM

Rochdale Economic Perspectives

October 2015

In recent weeks, markets were rattled over concerns about a hard landing in China and the risk that the developed world would in turn falter. Now, with a full-blown growth scare already underway, the Fed has further fueled worries by highlighting global economic risks in its recent decision to delay tightening. Meanwhile, signs of stability and even some improved economic data are generally being ignored by investors. 


2015-09-29 02:53 PM

Considering Central Bank Influence on Yields

September 28, 2015

Many market participants presume that long-term interest rates will rise when a Fed tightening policy begins. However, history shows that short-term rates and long-term rates do not move in lockstep.


2015-09-29 02:50 PM

Yield vs. Total Return

June 2015

Before pursuing a yield bias, investors should understand the potential effect on portfolio diversification and expected returns.


2015-09-29 02:45 PM

The Hot Hand Theory

Cognitive Illusion?

A research paper shows how a simple coin toss may prove that basketball players really can get hot


2015-09-29 01:51 PM

BlackRock Weekly Investment Commentary

A Call for Quality as Volatility Turns Up the Volume

Stocks Struggle Again 

Stocks mounted more losses last week amid sharp intraday gyrations. The tech-heavy Nasdaq Composite Index fared the worst, falling 2.92% to end the week at 4,686, while the S&P 500 Index dropped 1.38% to 1,931 and the Dow Jones Industrial Average declined 0.43% to 16,314. Meanwhile, the yield on the 10-year Treasury rose from 2.13% to 2.16%, as its price correspondingly fell.


2015-09-28 02:05 PM

EIA Short Term Energy Outlook

September 2015

North Sea Brent crude oil prices averaged $47/barrel (b) in August, a $10/b decrease from July. This third consecutive monthly decrease in prices likely reflects concerns about lower economic growth in emerging markets, expectations of higher oil exports from Iran, and continuing growth in global inventories. Crude oil price volatility increased significantly, with Brent prices showing daily changes of more than 5% for four consecutive trading days from August 27 to September 1, the longest such stretch since December 2008. 


2015-09-21 01:47 PM

A Note From Dave Butler

Dimensional Insights

A Note from Dave Butler: Dimensional has been working with David Goetsch, co-executive producer of The Big Bang Theory television show, on various communication initiatives, including the Dimensional Stories video series. As the client of a California-based advisory firm that works with Dimensional, Dave has adopted a long-term view of investing, which he found transformational during the recent market volatility. He describes his experience in the essay below. His perspective is a testament to the importance of having a strong philosophy and underscores the value an advisor can play in educating clients and preparing them for uncertainty. I hope you enjoy it. 


2015-09-21 01:41 PM

Should Investors Sell After a "Correction"?

Dimensional Insights

Stock prices in markets around the world fluctuated dramatically for the week ended August 27. On Monday, August 24, the Dow Jones Industrial Average fell 1,089 points—a larger loss than the “Flash Crash” in May 2010—before rallying to close down 588. Prices fell further on Tuesday before recovering sharply on Wednesday, Thursday, and Friday. Although the S&P 500 and Dow Jones Industrial Average rose 0.9% and 1.1%, respectively, for the week, many investors found the dramatic day-to-day fluctuations unsettling. 


2015-09-21 01:25 PM

Global Equity Markets

August 2015

Performance of domestic and international equity markets sorted along size, value, sector, and country characteristics. 


2015-05-05 03:40 PM

TD Ameritrade


May 5th, 2015

Re: An Important Alert About Your Account Security 

Dear Clients, 

It has come to our attention that some clients may be receiving an Internet “phishing” attempt disguised as an email notification from TD Ameritrade. 

This fake email may ask for personal information, such as your account number, password, or Social Security Number. 

TD Ameritrade will never ask for such information in an email. The message may also say that your account or services will be disabled if you fail to respond. 

We encourage you to be on the lookout for suspicious email. If you receive a suspicious email, please forward it to reportphish@tdameritrade.com and do not click any of the links in it. 

If you have clicked one of these links, contact us or TD Ameritrade Institutional immediately. To access your account, you should log in the way you normally would through the TD Ameritrade Institutional secure AdvisorClient website.

Please note that this situation is not due to any issues involving TD Ameritrade internal systems, which remain secure. 

If you have any questions, please let us know, or contact TD Ameritrade Institutional at 800-431-3500.
2015-03-08 01:08 PM

Corrected 1099 Cycle

The First Corrected 1099 Cycle Will Be Available March 11, 2015

The first cycle of corrected Consolidated Form 1099s will be available to my clients online on March 11, 2015, and mailed to them shortly thereafter. Copies of these corrected 1099 forms will be available on Veo® for your reference on March 11. This first correction cycle, which was scheduled for March 9, was delayed to align it with the Real Estate Mortgage Investment Conduit (REMIC) cycle. 

2015-02-07 02:27 PM

2015 TD Corrected 1099 Cycles

In an effort to allow sufficient time to capture as many income reallocations as possible, TD Ameritrade have designated the following dates for any necessary 1099 corrections. 

1st Correction Cycle - March 9, 2015
Reports reclassified income (not captured on Consolidated 1099 Forms to be issued in late-February 2015) that was reported to TD Ameritrade between February 13, 2015 and February 26, 2015. 

2nd Correction Cycle - March 24, 2015
Reports reclassified income that was reported to TD Ameritrade between February 27, 2015 and March 12, 2015. 

3rd Correction Cycle - April 4, 2015
Reports reclassified income that was reported to TD Ameritrade between March 13, 2015 and March 26, 2015. 

4th Correction Cycle - April 24, 2015
Reports reclassified income that was reported to TD Ameritrade between March 27, 2015 and April 16, 2015. 

5th Correction Cycle - May 8, 2015
Reports reclassified income that was reported to TD Ameritrade between April 17, 2015 and April 30, 2015. 

Please note that TD Ameritrade will be contacting your if you're impacted with a valid email address on file to alert you once your 2014 Consolidated 1099 form(s) and Corrected 2014 1099 form(s) (if issued) are available to be accessed online. Please contact Jonathan Brochstein with any questions.

2015-02-07 02:21 PM

2015 TD Ameritrade 1099

We are posting some of your clients' 2014 Consolidated 1099 tax forms on Veo® for your reference. The Consolidated 1099 forms currently available are for clients who had reportable activity as a result of trading, or dividends or interest income from equity stocks, and who are deemed not to be at high risk of reclassified income resulting in the need for a corrected 1099 tax form. The forms are now available online for those clients to view and will be mailed to them shortly. 

To view them, go to Accounts | Consolidated View | Documents, then Tax Forms | 1099 Consolidated. 

Please note that clients who are at risk for a corrected 1099 due to high probability of income reclassification, wash sale reporting, or cost basis reporting related to a fixed-income product(s) were not included in the initial 1099 file, and their 1099 tax forms will be available in the coming weeks. Consolidated Form 1099s for clients impacted by Original Issue Discount (OID) reporting are also not presently available for you to view online. 

Tax forms for clients who held shares of Real Estate Mortgage Investment Conduits (REMICs) in 2014 are not currently available. Impacted clients will be issued tax forms prior to March 15, 2015, and you will be able to view them on Veo. 

Please refer to the list of securities that have not published their income reallocation information. At this point we are unsure whether the issuers will make any revisions. If you have any questions regarding the income allocation data of any of these securities, we suggest you contact the issuer directly. 

TD Ameritrade will be contacting  clients who have a valid email address on file to alert them once their 2014 Consolidated 1099 forms and Corrected 2014 1099 forms (if issued) are available to be accessed online. 

If you have any other questions please contact Jonathan Brochstein.

2014-07-14 11:59 PM

With Stocks Vulnerable, Think Big (Cap) for Value

Weekly Investment Commentary

An all-too-common theme in the markets today is stock performance outpacing fundamentals. 


2014-07-14 07:42 PM

Dimensional Fund Advisors Overview

Putting Financial Science to Work for You

Dimensional is a global investment firm that has been serving investors for more than thirty years, currently with $356 billion of assets under management.

Decades of research and rigorous testing underpin their approach to achieving higher expected returns.


2013-10-15 09:27 PM

Quarterly Market Review Q3 2013

Capital Markets Summary attached


2013-09-01 05:33 PM

The Art of Letting Go

In many areas of life, intense activity and constant monitoring of results represent the path to success. In investment, that approach gets turned on its head.


2013-08-29 04:42 PM

Quarterly Market Review Q2 2013

Capital Markets Summary, attached


2013-02-05 05:46 PM

Many Happy Returns

Media retrospectives about financial markets

In December 2011, Barron’s told investors to “buckle up.” The consensus prediction of its panel of 10 stock market strategists and investment managers was for the S&P 500 to end 2012 some 11.5% higher, at about 1,360.

"That sounds like a big gain, but a lot of things have to go right for the market to make such impressive headway," the writer said. "Even the most bullish of these Street seers fears stocks could be more wobbly in the next six months than in the six months past."



2012-03-29 05:31 PM

Mission: Improbable

CFA Magazine

It's no surprise that Ken French has strong options about market efficiency. Still, who else could tell a room full of portfolio managers that it's nearly impossible to find managers who can beat the market and get a positive response from his audience?

Find out more about his views on market efficiency, asset-class investing, and the difficulty of trying to beat the market.


2012-03-28 09:50 PM

The Science of Investing

Dimensional Fund Advisors

Here's a nice piece from Dimensional, about what they describe as "new model of investing: a model based not on speculation but on the science of capital markets" which makes a strong case for investing over speculating.