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CBO-Monthly Budget Review for December 2017
January 8, 2018--The federal budget deficit was $228 billion in the first quarter of fiscal year 2018, the Congressional Budget Office estimates-$18 billion more than the one recorded during the same period last year. Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than during the first quarter of fiscal year 2017.
As was the case last year, this year's outlays were affected by shifts in the timing of certain payments that otherwise would have been due on a weekend or a holiday. If not for those shifts, outlays and the deficit through December would have been slightly larger, both this year and last year-and the year-to-year changes would not have been very different.
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Source: Congressional Budget Office (CBO)
Bitcoin boost propelled 2017's best-performing ETFs
January 7, 2018-Funds exposed to China and tech stocks among the top traditional strategies
The surge in the value of bitcoin last year helped a New York investment boutique claim the title of best-performing exchange traded fund of 2017. Ark Investments, which specialises in strategies based on new technologies and disruptive innovations, included an exposure to bitcoin in the Ark Innovation.
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Source: FT.com
There could soon be a new way to bet on bitcoin-and it promises to be an even wilder ride than the cryptocurrency
January 6, 2018--The New York Stock Exchange is looking to list a number of funds linked to bitcoin futures on its NYSE Arca venue.
The leveraged ETFs, which go long and short, would multiple the spine-tingling volatility of bitcoin.
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Source: Business Insider
CFTC.gov Commitments of Traders Reports Update
January 5, 2018--The current reports for the week of January 2, 2018 are now available.
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Source: CFTC.gov
Renaissance Capital Scheduled U.S. IPOs
January 5, 2018--Industrial Logistics Properties Trust (ILPT)-Newton, MA
Deal Size: $590 mil
Exchange: Nasdaq
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IPO Index Performance
The Renaissance IPO Index has returned 1.0% so far this year,
compared to 1.9% for the S&P 500.
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Source: Renaissance Capital
Harvest Announces Filing of the Preliminary Prospectus for Canada's First Blockchain Technologies ETF
January 5, 2018--Harvest Portfolios Group Inc. ("Harvest") is pleased to announce that it has filed a preliminary prospectus with the Canadian securities regulators for Canada's first blockchain technologies ETF, Blockchain Technologies ETF ("HBLK"). This innovative ETF is designed to provide Canadian investors access to the developing blockchain technology sector.
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Source: Harvest Portfolios Group Inc.
CAPE Fear: Why CAPE Naysayers Are Wrong
Beware the consequences of assuming that elevated CAPE ratios are here to stay, but if they are the "new normal," low future returns are likely to be the "new normal' as well.
Key Points
The CAPE (cyclically adjusted PE) ratio is not a useful timing signal for market turning points, but is a powerful predictor of long-term market returns.
Many arguments have been offered to justify elevated CAPE ratios. Most or all of the factors underlying these arguments are inherently temporary and subject to either near-term or eventual mean reversion. Beware the consequences of assuming that elevated CAPE ratios are here to stay, but if they are the "new normal," low future returns will be as well.
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Source: Research Affiliates
Emerging-Market Pioneer Mark Mobius to Retire
January 5, 2018--Emerging-markets guru and evangelist Mark Mobius, who has spent more than three decades with Franklin Templeton Investments, will retire from the global investment-management firm at the end of the month.
Mr. Mobius, executive chairman of Templeton Emerging Markets Group, joined the firm in 1987 to launch one of the first funds dedicated to emerging markets.
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Source: Wall Street Journal
ETFGI reports record-breaking 2017 for US-listed ETFs and ETPs with assets increasing 34.3% to reach a record US$3.42 trillion
January 5, 2018--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that assets invested in ETFs and ETPs listed in the United States increased by 34.3% during 2017 to reach a new high of US$3.42 Tn at the end of December.
According to ETFGI's December 2017 US ETF and ETP industry insights report, an annual paid-for research subscription service, assets invested in US-listed ETFs/ETPs grew by a record US$874 Bn during 2017, over double the previous record of US$419 Bn set in 2016. The increase of 34.3%, from US$2.55 Tn at the end of 2016, also represents the greatest growth in assets since 2009 when markets recovered following the 2008 financial crisis.
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Source: ETFGI
The Challenge for Vanguard's New CEO: Keep a Behemoth Growing
January 4, 2018--Mortimer J. 'Tim' Buckley must also contend with new challengers trying to undercut on price
Vanguard's new chief executive has a challenge his three predecessors didn’t: How to grow a firm that is already the world's second largest investment manager.
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Source: Wall Street Journal
