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December 27, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • Washington readies final effort to avert "fiscal cliff"
    With President Barack Obama and members of the Senate headed back to Washington, D.C., political leaders are preparing to make a final attempt at averting the "fiscal cliff" that economists have said could return the U.S. into a recession. In a sign that there may be a way to break the standoff, Rep. John Boehner, head of the Republican-controlled House of Representatives, urged the Senate, where Democrats hold the majority, to offer a proposal that could restart movement toward a budget compromise. Reuters (12/26), Politico (Washington, D.C.) (12/26), Bloomberg (12/26), The Hill/On The Money blog (12/27), MSN/Reuters (12/27) LinkedInFacebookTwitterEmail this Story
  • Corporate bond returns set to drop in 2013
    Corporate bonds are unlikely to yield the impressive 9.6% returns from the U.S. and 13.3% returns from Europe that they saw in 2012, writes Richard Barley, so investors may want to look to Spanish and Italian corporate bonds for high yields in the coming year. He also recommends examining subordinated European bank and insurance debt. The Wall Street Journal (12/26) LinkedInFacebookTwitterEmail this Story
  • Study: Earnings estimates routinely rounded by analysts
    There were 46.3% of analysts' estimates of annual earnings forecasts from 1984 to 2009 that used rounded numbers that ended with a zero or a five, according to a study from the University of California Berkeley's Haas School of Business and the Hong Kong University of Science and Technology. Study authors found analysts put more time into accurate estimates for fast-growing companies with investment banking potential than for others, and that rounded estimates were more likely to be overly optimistic. The Wall Street Journal (12/25) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  Career Development 
  • End-of-year feedback? You're doing it wrong
    Bosses who hold year-end reviews for their workers are approaching feedback in the wrong way, writes Denis Wilson. Feedback should be a continuous process of praise and gradual course-correction, not a once-a-year blowout event. "Dropping bombs on employees once or twice a year only serves to build up pressure and make feedback sessions feel like indictments," Wilson writes. Fast Company online (12/20) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Pimco chief to head president's development council
    President Barack Obama named Pimco CEO and frequent CNBC contributor Mohamed El-Erian to lead his Global Development Council. El-Arian will also remain at his post at Pimco. The council seeks to increase global development through public-private partnerships. CNBC (12/26) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Investor outlook for 2013 not so dire as some predict
    While a grand bargain to avert the "fiscal cliff" and put the nation on a path to fiscal solvency would likely boost markets and reduce the risk of a crisis, going over the fiscal cliff also might trigger more stimulus from the Federal Reserve, lower interest rates that boost the bond market and low inflation, chief market strategist for LPL Financial Jeffrey Kleintop says. "As we look to 2013, we do not see an end-of-the-world scenario for investors," he writes. InvestmentNews (free registration) (12/26) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Number of alternative mutual funds soars
    Mutual fund operators are attempting to mimic the success of hedge funds by offering alternative mutual fund options. The alternative funds, which can include strategies like shorting or investing in complex derivatives, have seen sharp growth in recent years. More than half of these alternative mutual funds have been founded since 2008, according to Morningstar. Financial Advisor online (12/26) LinkedInFacebookTwitterEmail this Story
People who lean on logic and philosophy and rational exposition end by starving the best part of the mind."
--William Butler Yeats,
Irish poet and playwright

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