Pink Panther's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/247101/comments http://seekingalpha.com/article/174389-google-s-chrome-os-are-you-ready-to-give-up-desktop-apps?source=feed#comment-768046 768046 So the next logical question for me is in which format. If this format is something "open" I would consider using it. If its something proprietary, locking me to Google "forever", I'd refuse.]]> Thu, 19 Nov 2009 16:31:05 -0500 So the next logical question for me is in which format. If this format is something "open" I would consider using it. If its something proprietary, locking me to Google "forever", I'd refuse.]]> http://seekingalpha.com/article/171207-slow-blu-ray-adoption-a-threat-to-hollywood-s-bottom-line?source=feed#comment-744881 744881 This has been the main reason why I still watch DVDs and don't even think about going hi-res.
The studios better reconsider their attitude towards a more balanced view of fair use rights.]]> Wed, 04 Nov 2009 16:21:53 -0500 This has been the main reason why I still watch DVDs and don't even think about going hi-res.
The studios better reconsider their attitude towards a more balanced view of fair use rights.]]> http://seekingalpha.com/article/168104-why-higher-oil-prices-are-not-a-threat-to-the-economy?source=feed#comment-725384 725384
Essentially, all that monetary policy does is following inflation, so it's not the fed who creates recessions but the market itself by demanding higher interest if inflation is beginning to set in. The fed merely has to follow, otherwise risking too much easy money for the banks (see recent history at the beginning of this decade)]]> Thu, 22 Oct 2009 12:31:41 -0400
Essentially, all that monetary policy does is following inflation, so it's not the fed who creates recessions but the market itself by demanding higher interest if inflation is beginning to set in. The fed merely has to follow, otherwise risking too much easy money for the banks (see recent history at the beginning of this decade)]]> http://seekingalpha.com/article/160084-intel-anticipating-a-refresh-of-corporate-it-spending-cycle?source=feed#comment-663735 663735
This time it's different 0_o:
Unlike in earlier cycles, 4-5 year old hardware still performs reasonably well, so there's no "need" to refresh.

In the place where I work, having reduced our staff by 10%, there's a glut of computers. In case I needed a new comp, IT department would upgrade an old one with plenty of RAM, but there's no chance to get a new one while the economy is so bad.
Most applications are more than 4 years old anyways, so is the version of MS Windows.

I think Otellini is talking his book...]]> Sun, 06 Sep 2009 06:26:06 -0400
This time it's different 0_o:
Unlike in earlier cycles, 4-5 year old hardware still performs reasonably well, so there's no "need" to refresh.

In the place where I work, having reduced our staff by 10%, there's a glut of computers. In case I needed a new comp, IT department would upgrade an old one with plenty of RAM, but there's no chance to get a new one while the economy is so bad.
Most applications are more than 4 years old anyways, so is the version of MS Windows.

I think Otellini is talking his book...]]> http://seekingalpha.com/article/159426-what-to-use-as-the-equity-risk-premium?source=feed#comment-656981 656981
The problem I have with the CAPM is that essentially risk is defined as standard deviation from past performance.
As an investor, I don't care too much about standard deviation or volatility of my investments as long as I can buy them "low".
A much better interpretation of risk would be the estimation of balance sheet risk, earnings risk and valuation risk of a security (or of a market).]]> Tue, 01 Sep 2009 15:18:50 -0400
The problem I have with the CAPM is that essentially risk is defined as standard deviation from past performance.
As an investor, I don't care too much about standard deviation or volatility of my investments as long as I can buy them "low".
A much better interpretation of risk would be the estimation of balance sheet risk, earnings risk and valuation risk of a security (or of a market).]]> http://seekingalpha.com/article/157655-is-it-a-stock-market-rally-or-a-dollar-devaluation?source=feed#comment-642077 642077 stockcharts.com/h-sc/u...]]> Sun, 23 Aug 2009 13:48:10 -0400 stockcharts.com/h-sc/u...]]> http://seekingalpha.com/article/157655-is-it-a-stock-market-rally-or-a-dollar-devaluation?source=feed#comment-642075 642075 stockcharts.com/h-sc/u...]]> Sun, 23 Aug 2009 13:47:26 -0400 stockcharts.com/h-sc/u...]]> http://seekingalpha.com/article/157655-is-it-a-stock-market-rally-or-a-dollar-devaluation?source=feed#comment-642072 642072 So if you divide a bullish ETF against its inverse counterpart (which should be Y = 1/X), you basically get X squared, not '1' (straight line).
Therefore you have to compare UUP against the USD:
stockcharts.com/h-sc/u...

...and thas line IS almost straight; it has been within 3% for the past 2 years, which is a good performance record for UUP.


On Aug 23 11:35 AM E Nuff Sed wrote:
> Unfortunately Goldman's analysis is flawed because of the use of
> UUP (Dollar bullish ETF). UUP is affected by volatilty and "decay".
> Let me demonstrate. If you plot UUP vs UDN one would expect a some
> what straight line - but over the course of a year the return has
> "decayed" about 15%.
> tinyurl.com/lct5oo]]> Sun, 23 Aug 2009 13:45:42 -0400 So if you divide a bullish ETF against its inverse counterpart (which should be Y = 1/X), you basically get X squared, not '1' (straight line).
Therefore you have to compare UUP against the USD:
stockcharts.com/h-sc/u...

...and thas line IS almost straight; it has been within 3% for the past 2 years, which is a good performance record for UUP.


On Aug 23 11:35 AM E Nuff Sed wrote:
> Unfortunately Goldman's analysis is flawed because of the use of
> UUP (Dollar bullish ETF). UUP is affected by volatilty and "decay".
> Let me demonstrate. If you plot UUP vs UDN one would expect a some
> what straight line - but over the course of a year the return has
> "decayed" about 15%.
> tinyurl.com/lct5oo]]> http://seekingalpha.com/article/157655-is-it-a-stock-market-rally-or-a-dollar-devaluation?source=feed#comment-641478 641478 The former is $SPX:UDN (inverse, the link that I provided), the latter would be $SPX:UUP (non-inverse)


On Aug 23 03:47 AM Pink Panther wrote:
> If you want to chart the excess performance of the S&P vs USD,
> you need to divide $SPX by the "USD bearish fund" (inverse):
> stockcharts.com/h-sc/u...;p=W&b=2&a...]]> Sun, 23 Aug 2009 04:47:22 -0400 The former is $SPX:UDN (inverse, the link that I provided), the latter would be $SPX:UUP (non-inverse)


On Aug 23 03:47 AM Pink Panther wrote:
> If you want to chart the excess performance of the S&P vs USD,
> you need to divide $SPX by the "USD bearish fund" (inverse):
> stockcharts.com/h-sc/u...;p=W&b=2&a...]]> http://seekingalpha.com/article/157655-is-it-a-stock-market-rally-or-a-dollar-devaluation?source=feed#comment-641454 641454 If you want to chart the excess performance of the S&P vs USD, you need to divide $SPX by the "USD bearish fund" (inverse):
stockcharts.com/h-sc/u...

Basically David Goldman is correct, the S&P has not moved that much as it seems this year in real terms.]]> Sun, 23 Aug 2009 03:47:11 -0400 If you want to chart the excess performance of the S&P vs USD, you need to divide $SPX by the "USD bearish fund" (inverse):
stockcharts.com/h-sc/u...

Basically David Goldman is correct, the S&P has not moved that much as it seems this year in real terms.]]> http://seekingalpha.com/article/157087-ubs-where-will-the-other-5-500-names-come-from?source=feed#comment-636740 636740 Wed, 19 Aug 2009 13:22:06 -0400 http://seekingalpha.com/article/155761-the-feds-and-ubs-reach-a-squeal-of-a-deal?source=feed#comment-627373 627373 The 52,000 names in the current case are subject to swiss law.
And that made this case also a political issue.
Being Swiss, I'm curious how this is playing out now. A similar case concerning the European Union and Liechtenstein ended with Liechtenstein agreeing to OECD standards, while the EU guaranteed the tax evaders with a tax amnesty (no fines, but having to tax the evaded sums).]]> Wed, 12 Aug 2009 17:44:06 -0400 The 52,000 names in the current case are subject to swiss law.
And that made this case also a political issue.
Being Swiss, I'm curious how this is playing out now. A similar case concerning the European Union and Liechtenstein ended with Liechtenstein agreeing to OECD standards, while the EU guaranteed the tax evaders with a tax amnesty (no fines, but having to tax the evaded sums).]]> http://seekingalpha.com/article/151259-barry-eichengreen-is-wrong-we-need-to-pass-a-bigger-stimulus?source=feed#comment-601480 601480 Otherwise this article IMO is utter BS. There is no way you can grow your way out of this hole from this situation.

> At a 3% per year average inflation rate, the trend growth rate of nominal GDP in America is somewhere between 6% and 7%. The U.S. Treasury can currently borrow at 3 years for a nominal interest rate of 1.62%, for ten years at a nominal interest rate of 3.72%, and for 30 years at a nominal interest rate of 4.58%.
> When the growth rate of your economy is greater than the interest rate you have to pay, that is the definition of "grow[ing your way] out of [your] debt burden]]> Fri, 24 Jul 2009 19:19:54 -0400 Otherwise this article IMO is utter BS. There is no way you can grow your way out of this hole from this situation.

> At a 3% per year average inflation rate, the trend growth rate of nominal GDP in America is somewhere between 6% and 7%. The U.S. Treasury can currently borrow at 3 years for a nominal interest rate of 1.62%, for ten years at a nominal interest rate of 3.72%, and for 30 years at a nominal interest rate of 4.58%.
> When the growth rate of your economy is greater than the interest rate you have to pay, that is the definition of "grow[ing your way] out of [your] debt burden]]> http://seekingalpha.com/article/147446-china-is-santa-claus-hugh-hendry?source=feed#comment-577734 577734 It's not that the Apples, Ferraris or the Rolexes are made in China, but the everyday neccessities, stuff that's sold at Wal Mart, not the nice-to-haves but things that the indebded middle class consumer needs.
My point is, that China is more part of the solution than part of the problem]]> Tue, 07 Jul 2009 17:08:02 -0400 It's not that the Apples, Ferraris or the Rolexes are made in China, but the everyday neccessities, stuff that's sold at Wal Mart, not the nice-to-haves but things that the indebded middle class consumer needs.
My point is, that China is more part of the solution than part of the problem]]> http://seekingalpha.com/article/147415-john-hussman-real-inflation-is-several-years-off?source=feed#comment-577637 577637 1. the supply/demand driven one -> self correcting, "regular" inflation
2. the one caused by loss of confidence and a drop in the value of a currency; when everybody wants to bail out of a currency before it's too late -> self reinforcing, hyperinflationary type of inflation

I agree, that the former is out of question right now.
But watch out for type 2, I'd be very concerned in case the dollar hit record lows]]> Tue, 07 Jul 2009 16:11:25 -0400 1. the supply/demand driven one -> self correcting, "regular" inflation
2. the one caused by loss of confidence and a drop in the value of a currency; when everybody wants to bail out of a currency before it's too late -> self reinforcing, hyperinflationary type of inflation

I agree, that the former is out of question right now.
But watch out for type 2, I'd be very concerned in case the dollar hit record lows]]> http://seekingalpha.com/article/147234-time-to-begin-raising-u-s-equity-allocations-within-the-broad-portfolio-mix?source=feed#comment-576636 576636 There are structural reasons for the lagging of G8 economies, which have not gone away.
The trend still is intact:
stockcharts.com/h-sc/u...]]> Tue, 07 Jul 2009 02:01:12 -0400 There are structural reasons for the lagging of G8 economies, which have not gone away.
The trend still is intact:
stockcharts.com/h-sc/u...]]> http://seekingalpha.com/article/146783-please-not-another-stimulus?source=feed#comment-572077 572077 With so much keynesian talk from politicians and the mainstream media, this school of thought unfortunately is hard to eradicate...]]> Thu, 02 Jul 2009 16:04:53 -0400 With so much keynesian talk from politicians and the mainstream media, this school of thought unfortunately is hard to eradicate...]]> http://seekingalpha.com/article/142133-preparing-for-the-inevitable-inflation?source=feed#comment-542714 542714 learn from each other a lot!
Keep in mind that for a long term portfolio you need to chose a commodity index which copes well with contango losses:
Bad (rolling monthly): GSCI, DJ-AIG, Reuters CRB, USO
Good (improved roll strategy): The DB Indices (DBA), (DBB), (DBC), CMCI
I don't know about the strategy of (JJA) or (RJA)

Living4Dividends wrote: > Pink Panther,Thank you also for the link to the Shiller data

On Jun 10 01:28 PM mbkelly75 wrote:
> PinkPather
> - thank you for the links. I found them very helpful. ETFs have made
> investing in both Commodities and Bonds MUCH easier now than they
> were when I got started in investing over 50 years ago. It is now > very easy to keep them in an easily tradable form as a part of a
> balanced portfolio and re-balancing when needed is equally easy now.
> DBA, JJA and RJA are all ETFs that track Commodities - RJA tracks
> 20 different ones. These make it easy to use Commodities in a portfolio
> without having to learn futures trading. They are worth a look.]]> Thu, 11 Jun 2009 15:10:59 -0400 learn from each other a lot!
Keep in mind that for a long term portfolio you need to chose a commodity index which copes well with contango losses:
Bad (rolling monthly): GSCI, DJ-AIG, Reuters CRB, USO
Good (improved roll strategy): The DB Indices (DBA), (DBB), (DBC), CMCI
I don't know about the strategy of (JJA) or (RJA)

Living4Dividends wrote: > Pink Panther,Thank you also for the link to the Shiller data

On Jun 10 01:28 PM mbkelly75 wrote:
> PinkPather
> - thank you for the links. I found them very helpful. ETFs have made
> investing in both Commodities and Bonds MUCH easier now than they
> were when I got started in investing over 50 years ago. It is now > very easy to keep them in an easily tradable form as a part of a
> balanced portfolio and re-balancing when needed is equally easy now.
> DBA, JJA and RJA are all ETFs that track Commodities - RJA tracks
> 20 different ones. These make it easy to use Commodities in a portfolio
> without having to learn futures trading. They are worth a look.]]> http://seekingalpha.com/article/142085-looking-north-of-the-border-for-gas-a-currency-play-using-etfs?source=feed#comment-540938 540938 stockcharts.com/h-sc/u...

Contango loss is huge in Natgas!

On Jun 09 12:46 PM Shimmers wrote:

> Todd, how does contango impact UNG's returns? What day does it roll
> forward the near-term contract? Isn't the shape of the curve more
> important than the price-level? Thanks.]]> Wed, 10 Jun 2009 14:44:26 -0400 stockcharts.com/h-sc/u...

Contango loss is huge in Natgas!

On Jun 09 12:46 PM Shimmers wrote:

> Todd, how does contango impact UNG's returns? What day does it roll
> forward the near-term contract? Isn't the shape of the curve more
> important than the price-level? Thanks.]]> http://seekingalpha.com/article/142453-four-european-oil-company-adrs-with-dividends-greater-than-5?source=feed#comment-540877 540877 markets.ft.com/screene...) shows one more match to your criteria:
Statoil (STO)

I would recommend to add one more important criteria - debt to capital. Then you get a clear winner:
Royal Dutch Shell (RDS.A)]]> Wed, 10 Jun 2009 13:55:51 -0400 markets.ft.com/screene...) shows one more match to your criteria:
Statoil (STO)

I would recommend to add one more important criteria - debt to capital. Then you get a clear winner:
Royal Dutch Shell (RDS.A)]]> http://seekingalpha.com/article/142133-preparing-for-the-inevitable-inflation?source=feed#comment-539969 539969 www.cxoadvisory.com/bl.../]]> Wed, 10 Jun 2009 01:44:18 -0400 www.cxoadvisory.com/bl.../]]> http://seekingalpha.com/article/142133-preparing-for-the-inevitable-inflation?source=feed#comment-539958 539958 > Interesting point. Yes, equities do poorly at the beginning of inflation. Bonds do even worse. As for the commodities are better than equities, during inflation - this is an interesting idea. Do you have any long term studies you can direct me to?

I use Robert Shiller's data for this kind of studies:
www.irrationalexuberan...
There you'll find the Excel file with the data on S&P 500 stock prices, earnings, dividends and interest rates since 1871. In this file, there's also the CPI as the indicator of inflation and the inflation adjusted "real price" of the S&P 500.

The periods to look for are 1917-1920, 1941/1942, 1946/1947, 1973/1974 and to a smaller extent 1970 & 1979-1981]]> Wed, 10 Jun 2009 01:27:08 -0400 > Interesting point. Yes, equities do poorly at the beginning of inflation. Bonds do even worse. As for the commodities are better than equities, during inflation - this is an interesting idea. Do you have any long term studies you can direct me to?

I use Robert Shiller's data for this kind of studies:
www.irrationalexuberan...
There you'll find the Excel file with the data on S&P 500 stock prices, earnings, dividends and interest rates since 1871. In this file, there's also the CPI as the indicator of inflation and the inflation adjusted "real price" of the S&P 500.

The periods to look for are 1917-1920, 1941/1942, 1946/1947, 1973/1974 and to a smaller extent 1970 & 1979-1981]]> http://seekingalpha.com/article/142133-preparing-for-the-inevitable-inflation?source=feed#comment-539142 539142 Inflations happens, when caused by an increase in money supply and/or increased velocity of money, more money chases less goods. Fortunately higher prices causes demand to drop, thereby lowering prices - a negative feedback loop.
Inflation would be a sign of an improving economic environment.

Hyperinflation on the other hand is caused by loss of confidence in a currency, i.e. the dollar. In this scenario, investors try to get rid of the currency as quick as possible, hereby causing a drop in its value, which causes even more investors to drop that currency - a positive feedback loop ending in disaster.
Hyperinflation does not need an improving economic environment, it could happen even amidst a deep crisis!

> Bigtime inflation is in our future. I am not sure if hyper inflation is coming, but inflation for sure.]]> Tue, 09 Jun 2009 14:08:48 -0400 Inflations happens, when caused by an increase in money supply and/or increased velocity of money, more money chases less goods. Fortunately higher prices causes demand to drop, thereby lowering prices - a negative feedback loop.
Inflation would be a sign of an improving economic environment.

Hyperinflation on the other hand is caused by loss of confidence in a currency, i.e. the dollar. In this scenario, investors try to get rid of the currency as quick as possible, hereby causing a drop in its value, which causes even more investors to drop that currency - a positive feedback loop ending in disaster.
Hyperinflation does not need an improving economic environment, it could happen even amidst a deep crisis!

> Bigtime inflation is in our future. I am not sure if hyper inflation is coming, but inflation for sure.]]> http://seekingalpha.com/article/142133-preparing-for-the-inevitable-inflation?source=feed#comment-539076 539076 Historically during the onset of inflation, equities got hammered badly (equity earnings get measured versus bond yields, which are rising).
After that drop in price, equity earnings yields were roughly the same as bond yields but the principal - the price of the equity or bond - only was inflation protected with equities.
Plus, when inflation goes away, equities usually soar back in price.

Therefore it's better to prepare for inflation using commodities (i.e. precious & base metals, agriculture) before commodity producer stocks (these have a certain correlation to the underlying commodity but also a large correlation to the overall stock market).
Once the stock market has dropped on inflation, equities with inflation protected underlying earnings stream are the way to go.]]> Tue, 09 Jun 2009 13:40:59 -0400 Historically during the onset of inflation, equities got hammered badly (equity earnings get measured versus bond yields, which are rising).
After that drop in price, equity earnings yields were roughly the same as bond yields but the principal - the price of the equity or bond - only was inflation protected with equities.
Plus, when inflation goes away, equities usually soar back in price.

Therefore it's better to prepare for inflation using commodities (i.e. precious & base metals, agriculture) before commodity producer stocks (these have a certain correlation to the underlying commodity but also a large correlation to the overall stock market).
Once the stock market has dropped on inflation, equities with inflation protected underlying earnings stream are the way to go.]]> http://seekingalpha.com/article/140876-how-much-gold-do-you-need?source=feed#comment-528754 528754
That would mean an allocation of 30% gold stocks, 30% other (inflation resistant) stocks and 40% bonds (for the "classic" 60/40 allocation scheme) also results in about a 20% correlation to GLD.
I propose this only as not to lose earnings/dividend yields for the 20% part.

On Jun 02 03:31 PM Brad Zigler wrote:

> Gold stocks, as equities, won't provide the diversification effect
> of metal itself.
>
> The correlation between a broader-based miners portfolio based upon
> the NYSE Alternext (formerly the Amex) Gold Miners Index and bullion
> is 75%.
>
> That said, about 57% of the price movement of the ETF based upon
> the index can be attributed to bullion; the rest is a manifestation
> of stock market risk.
>
> For the year, bullion's up 10.6%; the miners have appreciated 28.1%.
>
> ]]> Tue, 02 Jun 2009 17:17:10 -0400
That would mean an allocation of 30% gold stocks, 30% other (inflation resistant) stocks and 40% bonds (for the "classic" 60/40 allocation scheme) also results in about a 20% correlation to GLD.
I propose this only as not to lose earnings/dividend yields for the 20% part.

On Jun 02 03:31 PM Brad Zigler wrote:

> Gold stocks, as equities, won't provide the diversification effect
> of metal itself.
>
> The correlation between a broader-based miners portfolio based upon
> the NYSE Alternext (formerly the Amex) Gold Miners Index and bullion
> is 75%.
>
> That said, about 57% of the price movement of the ETF based upon
> the index can be attributed to bullion; the rest is a manifestation
> of stock market risk.
>
> For the year, bullion's up 10.6%; the miners have appreciated 28.1%.
>
> ]]> http://seekingalpha.com/article/140876-how-much-gold-do-you-need?source=feed#comment-528515 528515 Would be interesting to compare your 20% portfolio with Gold Stocks (HUI) instead of GLD.
seekingalpha.com/symbo...]]> Tue, 02 Jun 2009 14:49:52 -0400 Would be interesting to compare your 20% portfolio with Gold Stocks (HUI) instead of GLD.
seekingalpha.com/symbo...]]> http://seekingalpha.com/article/139789-steep-treasury-curve-time-to-tighten?source=feed#comment-519144 519144 Let's hope 'Copter Ben reads it too.]]> Wed, 27 May 2009 06:26:27 -0400 Let's hope 'Copter Ben reads it too.]]> http://seekingalpha.com/article/139323-the-next-bull-market-is-4-8-months-away?source=feed#comment-519054 519054
Fact is, that in this environment of debt deleveraging, dividend stocks did not much better than the S&P. Here's a graph of Dividend Achievers divided by the S&P:
stockcharts.com/h-sc/u...
From the beginning of '07 to now Dividend Achievers overperformed the S&P by 2%, hardly a notable difference.

If deleveraging of debt leads to forced selling, all assets will tank!

Leif Peterson wrote:

> You could sell growth stocks now if you fear another large correction. However, I wouldn't sell dividend stocks for which the companies earnings and dividends are ever-increasing. Such stocks are not the type that you jump out of and get back into because of volatility and herd mentality.]]> Wed, 27 May 2009 01:18:58 -0400
Fact is, that in this environment of debt deleveraging, dividend stocks did not much better than the S&P. Here's a graph of Dividend Achievers divided by the S&P:
stockcharts.com/h-sc/u...
From the beginning of '07 to now Dividend Achievers overperformed the S&P by 2%, hardly a notable difference.

If deleveraging of debt leads to forced selling, all assets will tank!

Leif Peterson wrote:

> You could sell growth stocks now if you fear another large correction. However, I wouldn't sell dividend stocks for which the companies earnings and dividends are ever-increasing. Such stocks are not the type that you jump out of and get back into because of volatility and herd mentality.]]> http://seekingalpha.com/article/139323-the-next-bull-market-is-4-8-months-away?source=feed#comment-518578 518578 The former was a bubble in a specific sector whose enthusiastic valuation metrics eventually spilled over to the entire stock market. Today's bear market is caused a full blown financial crisis caused by a huge debt bubble with incalculable consequences.
If you really believe you can predict the duration/magnitude of this bear by comparing the technicals to any previous bear market, then you really have no clue.]]> Tue, 26 May 2009 17:16:51 -0400 The former was a bubble in a specific sector whose enthusiastic valuation metrics eventually spilled over to the entire stock market. Today's bear market is caused a full blown financial crisis caused by a huge debt bubble with incalculable consequences.
If you really believe you can predict the duration/magnitude of this bear by comparing the technicals to any previous bear market, then you really have no clue.]]> http://seekingalpha.com/article/139329-why-you-should-stick-with-the-dollar-and-the-u-s?source=feed#comment-515994 515994
If you haven't comprehended the size of the problem facing the US (and the UK), I recommend you to read this:
www.investorsinsight.c...

Better "flight" than "fight and lose big time"!]]> Sun, 24 May 2009 10:01:25 -0400
If you haven't comprehended the size of the problem facing the US (and the UK), I recommend you to read this:
www.investorsinsight.c...

Better "flight" than "fight and lose big time"!]]>