Between December 2003 and December 2005, assets of closed-end funds increased 29%. Most of this growth was in the creation of new equity funds. For a number of years, most closed-end funds were focused on the bond market. In 2003, assets of equity funds made up only 24% of the assets of closed-end funds. This increased to 32% […]

According to the Bureau of Economic Analysis, “total January exports of $114.4 billion and imports of $182.9 billion resulted in a goods and services deficit of $68.5 billion. Total 2005 exports of $1,272.2 billion and imports of $1,995.8 billion resulted in a goods and services deficit of $723.6 billion.” The January trade deficit, annualized, represents a […]

One issue that is critical to understanding the U.S. equity market is to determine the degree to which profits from option-buyback programs are being reinvested in the stock market. A superficial examination of the Federal Reserve national flow of funds tables might suggest that because equities held directly by individuals fell about $500 billion in 2005, […]