If you happen to be near a radio around 3:30pm today, I’ll be appearing on Bloomberg Radio from 3:30pm - 4:00 pm EST.
The subjects will be earnings, oil, the elections in Iraq, and the Fed’s ongoing tightening.
Last month, Jim Cramer ripped Edward Jones a new one; While I agreed with what he said, I didn’t bother to follow up because I assumed Ed Jones had come clean.
From today’s WSJ:
"Edward D. Jones & Co. received $82.4 million in secret payments from seven mutual-fund firms in the first 11 months of 2004, through a lopsided fee structure that in some cases gave the brokerage firm more compensation for selling poorly performing funds than for selling stellar performers.
The disclosures were posted yesterday, on Jones’s Web site as required by its $75 million agreement to settle regulatory charges that it failed to adequately disclose the payments to investors. They are by far the most detailed figures ever made public on the industry practice of mutual-fund companies paying brokerage firms to induce them to sell their products, an arrangement known as revenue sharing. Unlike front-end sales commissions, which are widely disclosed to consumers, revenue sharing has been largely secret."
That’s pretty egregious behavior. I used to think well of Edward Jones as a firm. Non mas. . .
Here’s Cramer’s comments:
I’m not sure I agree with Paul’s statement that "until January 2005,
Apple had no iPod that served the mass market" givent he enormous sales
numbers the Pod has rung up. But the broader point of targeting the new devices
at truly mass entry level (i.e., cheap) is valid.
click for larger graphic
Check out the full size graph here:
Nice work, Paul
Apple’s Tipping Point: Macs for the Masses
Nixlog, January 12, 2005
Alan Farley is a colleague at Real Money. He posted a terrific list of mental errors that traders sometimes make.
Its worth perusing:
Fighting Mr. Market. There’s nothing worse than trading a trend in a choppy market or sideways choppiness in a trending market. Make sure you know which one you’re jumping into before hitting the enter button.
Loving the bad. It’s hard to admit it when we’re wrong. Rather than cutting losses, we try desperately to transform our worst trades from lemons into lemonade. Sooner or later we find out how easy it is to turn a small loss into an absolute disaster.
Hating the good. Sometimes we know it’s a great trade, but only at the subconscious level. For some reason, we can’t handle our good fortune and jump out with a small profit. Minutes later it takes off like a rocket ship without us on board.