Polar Investment Counsel, Inc.

Independent Securities & Futures Brokers and Investment Advisor

Member: FINRA, NFA, MSRB, SIPC

Home Office:  Thief River Falls MN


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     President's Corner

 

The Polar Letter

 

                                                                                 Issue Dated March 15 2010


Only government can take perfectly good paper, cover it with perfectly
Good ink and make the combination worthless.

                                                                           Milton Friedman

 

WHAT SOME ARE THINKING

Some analysts (such as Trimtabs) believe that last year’s US equity market rally was not created by investor demand.  Indeed, we do not know the source of the funds that have pushed up the market cap of US stocks by roughly $7 trillion over the course of the past year.  Some credible data seems to indicate that companies, retail investors, foreign investors, hedge funds pension funds and so forth did not have nearly the capital to boost market cap so significantly.

This being the case, the only explanation we are able to offer is that some entity or group of entities is boosting equity prices by accumulating stock index futures.  Some speculate this is being done at the behest of the Federal Reserve or the Treasury.  Shocking, well not really, such actions were widely rumored during the Clinton years.  In any event, we are faced with the fact that the market has rallied substantially and with average daily volume falling, certainly not a technically healthy situation.

The purpose of such manipulation, of course, would be an attempt to create a “wealth effect” sufficient to stimulate the economy.  As individuals review their monthly statements and perceive themselves as wealthier, they spend money.  We believe this was precisely the thesis of Ronald Regan’s advisors during the summer of 1982 and thereafter.  The problem (then) was that greed roared out of control and was unchecked by its enablers and regulators (government).

Our views concerning both the debt and equity markets remain unchanged.  With the limited exceptions noted in recent letters, we would avoid both of these areas.  Additionally, we are reducing our exposure in some of our trend following futures programs due to our belief that market volatility (in general) will increase for any number of reasons.  In our view, “asset preservation” is presently the prudent strategy.

   Michael C. Jordan

   President

   Professional Biography


 

Polar Investment Counsel Inc is a federally registered investment advisory firm and

broker dealer, which manages customer accounts on a fee or commission basis. 

The firm’s senior principal, Michael Jordan, has nearly thirty-five years of industry experience.


Note: The views expressed above are those of Michael C. Jordan and not that of PICI. The material presented is based upon information believed to be accurate, but not guaranteed.


 

LISTED BELOW ARE PRINTABLE ISSUES OF ALL NEWSLETTERS

The Polar Letter

 

2010

Issue Dtd 1-25-10

Issue Dtd 3-16-10

 

2009

Issue Nov 13 2009

Issue Aug 13 2009

Issue Jun  07 2009

Issue May 09 - 06

Issue Apr 09 - 15

Issue Mar 09 - 31

Issue Mar 09 - 19

Issue Jan 09 - 01

2008

Issue Dec 08 - 29

Issue Nov 08 - 25

Issue Nov 08 - 05

Issue Oct 08 - 15

Issue Sep 08 - 11

Issue July 08 - 30

Issue July 08 - 16

Issue June 08 -18

 

President's Letters

 

Issue 0508-01

Issue 0308-01

Issue 0108-01

Issue 0207-01

Issue 0407-01

Issue 0607-01

Issue 1007-01

Issue 1107-01

Issue 1207-01

Issue 0106-01

Issue 0106-02

Issue 0206-01

Issue 0706-01

Issue 1206-01

 

 

 

 

 

 

 

 

 

CLICK HERE TO VIEW THE PICI CUSTOMER INFORMATION BROCHURE

 

Securities and Investment Advice Offered Through:

Polar Investment Counsel, Inc.

Member FINRA, NFA, MSRB, SIPC

Home Office: Thief River Falls MN

www.polarinvest1.com


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