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Election
Trying to remember who won what and why? All the information is right here. |
Daily Digest
This is Jake
He's been lost in Pittsfield for weeks but frequently sited. He was last seen heading toward the fire station on Peck's Road. He's tired, dirty and needs seizure medication. He's chipped. If you see him, call Julie at 413-537-5616, the vet 24/7 at 413-499-2820 or animal control at 413-448-9700. |
ObituariesSales FliersWhat's Playing
The popular anime character "Astro Boy" searches for acceptance on the big screen.
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BazaarsNov. 7:
VNA & Hospice, Community Room, North Adams
North Adams Elks
10-4; Nov. 8, 9-2
Crafters, Chinese auction, bake sale
For vendor information, Melanie at 413-743-5562.
Nov. 14
Berkshire Community Church, Richmond
10-4; Crafters, bake sale. Contact Evelyn Goggia at 413-445-5747
Lanesborough Elementary School annual Fall Craft Fair from 10 to 4. Free admission, huge variety of arts and crafts, raffles, food and more. Proceeds go to sixth-grade trip to Cape Cod.
Vendors can contact Deb at 413-738-5349 or debhutton@aol.com or Lori at 413-499-0065 or lorittod@yahoo.com to secure a spot.
Dec. 12-13
North Adams Country Club, crafts 9-4; food from That's a Wrap from 11-2. Contact Sheryl Morehouse at 413-822-3329.
Planning a bazaar this season? Submit information to info@iberkshires.com to have it listed here. |
Sports | Thursday, Nov. 06
Boys' Soccer: State Vocational Championship Game
McCann Tech 3, Keefe Tech 2
Girls' Soccer: State Vocational Championship Game
Blackstone Valley 8, McCann Tech 0 |
Related Stories |
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@theMarket: Quarter's End Means VolatilityBy Bill Schmick
iBerkshires Columnist
11:55AM / Saturday, June 27, 2009
 | | Bill Schmick |
As the second quarter winds down, we can expect the usual flurry of activity as trader's place their bets on what sectors and stocks will do well and which will do poorly in the months ahead.
It's called "window dressing" and can sometimes cause markets to move in sudden and inexplicable ways. After the close on Friday, the Russell 2000 Small Cap stock index will also undergo its annual reconstitution with some stocks removed and others added. That will only increase the perception of increased activity. Yet at the end of the day, the markets have barely budged from last week's levels.
For the most part, this week the stock market played second fiddle to the bond market as the government auctioned off $106 billion in new debt. Equity investors feared that bond buyers would desert these auctions causing rates to move higher and as a result put downward pressure on the stock market. When their fears proved unfounded and the government managed to sell this week's mountainous supply of new paper with ease, investors bid up stocks.
It's all part and parcel of the trading range the markets have been mired in for the last five weeks or so. On May 6, for example, the S&P 500 was about the same level that it closed this Friday. I have explained in past columns that until the markets break out of this range it would be better to simply stay on the sidelines. From a fundamental point of view, the 30 percent-plus move to the upside from the March lows was in anticipation of an economic recovery and there has been just enough good news to keep the markets from giving back those profits. Now, I believe the markets are waiting for proof that the recent move to the upside was justified.
Given the market's actions, it's pretty clear that there has not been enough new data to lift the markets higher. However, quarterly earnings results are just around the corner. What better gauge of the economy then to find out how companies have fared over the last three months? Ostensibly, this should provide some further proof that things are improving but there is one caveat.
Investors should be aware that Wall Street plays games with earnings forecasts. In hard times, analysts usually "low ball" their earnings estimates for the companies they follow. This way when the company reports, chances are it will match or in many cases do better than the markets expected. So take these earnings reports with a grain of salt and focus instead on the company's guidance toward their future prospects.
However, recent conversations with several companies in the region seemed to confirm an improvement in our local economy.
"Yes, it is a little better than it was," agrees Kathy Stumph, the owner of Chatham Kids in Chatham, N.Y., "I'm optimistic. I think by the end of the year I'll be fine."
Kathy's words carry even more weight since the village's business district has been hurt by a New York State Department of Transportation project that has closed the main avenue.
Over in Pittsfield, I caught up with George Whaling, president of Whaling Properties LLC, a property development company in Berkshire County.
"My rental properties are very strong right now and I'm attracting good quality tenants. In the commercial space, we're also seeing strong demand. We're about to sign a lease for an entity on upper North Street in the retail trade. It will be a considerable investment made even more impressive given the present economic climate," he said. "It will be called 'The Market' a neighborhood, fresh-food market that will be good for Pittsfield."
Whaling believes the economy isn't as bad as many people think but they read and watch the business papers and television assuming all the gloom and doom reported is true.
"It becomes a self-fulfilling prophecy. Sure, some businesses won't make it but a lot of my business associates in Berkshire County will. Backlogs going into the summer and fall may be off a little but are still good. I'm as optimistic as I was two or three years ago."
Although this is only anecdotal evidence, it does seem to bear out the "green shoots" scenario. I suspect, however, that until we see some further evidence in the numbers, the markets will mark time and continue digesting the gains of the first half of the year. That is not a bad thing. Those who are invested in income mutual funds as I have suggested continue to get paid a healthy rate while waiting. Patience in markets like this is usually far more rewarding then jumping in with both feet.
Bill Schmick is a registered investment adviser and portfolio manager with Berkshire Money Management, managing over $180 million for Americans in the Berkshires. Bill's forecasts and opinions are purely his own and do not necessarily represent the views of BMM. None of his commentary is or should be considered investment advice. Anyone seeking individualized investment advice should contact a qualified investment adviser.
None of the information presented in this article is intended to be and should not be construed as an endorsement of BMM or a solicitation to become a client of BMM. The reader should not assume that any strategies, or specific investments discussed are employed, bought, sold or held by BMM. Direct your inquiries to Bill at 1-888-232-6072 (toll free) or wschmick@berkshiremm.com. Visit www.afewdollarsmore.com for more of his insights. |
| The last post provides good advice for Mr. Harris. Stick to your business and stop spending your days puffing your chest on the blogs. | | from: Interested Reader | on: 06-29-2009 |
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Dear Mr. Harris,
Just to be clear, I only wrote the first comment. These other posters chose to use the same "Name" or one similar to it.
I stick with my recommendation to focus your marketing attention on your strengths and not others weakness.
Unfortunately, your comment that any publicity is good publicity is wrong. If someone claimed you were a crook/thief and even though it may not be true could damage your business.
The fact that Bill wrote an article that promoted your company and not disclosing the fact that he was employed by you raises questions about your credibility.
The fact that you claim to have 20 years experience when you are 36 also suggests that you are very willing to exaggerate the facts.
The fact that you insinuate that your clients did not lose money over the past 18 month because your assets under management grew again stretches the truth.
The bottom line is that at this point I do not know what is true or what is false. Maybe be you did a great job for your clients last year or maybe you are just exaggerating the truth.
If you would have just focused your attention on how you are unique and why you are a better choice then I would not have these questions.
Good luck.
The "Real" Late Again | | from: Late Again | on: 06-29-2009 |
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From Late Again - "You (Harris) are bragging about ...being up in 2008 when everyone else is down ...you now admit that your own account was down last year."
Down? A whopping 1%!
I've read everything on these posts. Harris never, ever said he was up in 2008. Still, being down 1% in 2008 (like Harris) is better than being up 10% in any other year.
I don't know why these anonymous brokers are so disgruntled. Their clients should be the ones who are disgruntled!
| | from: Late Gained Nothing | on: 06-29-2009 |
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From Late Again - "... brokers like myself...'
Yep. Just another loser.
| | from: Late Gained Nothing | on: 06-29-2009 |
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Dear Late Again,
I am afraid that I must rescind my comment regarding you being well-meaning and articulate.
I see now that you, too, are just here to sling mud.
Not that I am surprised - the same happens across the nation on the Topix web pages used for print newspapers. You end up with a lot of schadenfreude. So you folks are in no way original, hurtful, or (as you are trying hard to be) damaging.
But I am having so much fun reading these posts that I cannot resist continuing this banter. I hope that by responding to you folks (no matter how mean-spirited your comments) when I get an opportunity it will draw more readers to Bill's columns. (No publicity is bad publicity).
As to my making money, my client's assets went from $178 million to $184 million over the last 18-months. That's UP, while the stock market was down about 40%. As I said in a previous post, my returns were virtually flat for all of 2008 as we protected assets from the bear market.
As to my experience, I was picking up Series EE government bonds when I was 5 years old, so technically I have 31 years of experience (but I didn't want to brag).
I was buying stock when I was 15, so that's 21 years of equity experience. I began studying economics when I was 17 (including being at the NYSE) so that is 19 years of experience. And I think it was 1992 when I started getting paid professionaly by the industry, so that is 17 year of experience.
I find it adorable that so many of you broken, busted, bruised, beat-up and othewise battered brokers are so interested in me and my client's success. You guys must have really taken it on the chin to be so defensive.
Please keep slinging that mud (it seems to wash off easily)!
Warm Regards,
Allen Harris
Berkshire Money Management | | from: Allen Harris | on: 06-29-2009 |
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| Dear Mr Harris, You seem to have a problem with the truth and being honest. You are bragging about your unique talent of being up in 2008 when everyone else is down except for the Madoffs of the world but you now admit that your own account was down last year. It will be interesting to find out how your clients did compare to your results. Also, you refuse to answer my question about your statement that you have been in the investment business for 20 years when you are only 36 years old. I am also troubled that you hired Bill the shill Schmick, had him write a negative article in The Advocate about other firms many of which are in Berkshire county while at the same time promoting your misleading web site which only discloses the times you were right and not disclosing the times you were wrong. Its time you clean up your act. Hopefully the 10 major firms you put down and the dozens of brokers like myself that work for those firms in Berkshire County will help the SEC force you to comply with accurate disclosure. If there are other brokers out there that can help please come forward and help protect investors from Mr Harris' actions and misstatements. | | from: follow up from late again | on: 06-29-2009 |
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Dear Late Again,
Unlike most of these other posters, you come across as articulate and well meaning (as opposed to spiteful and jealous). As such, I would like to address your comment regarding advertising and mareting.
Actually, I invite you to call me at 888-232-6072 to discuss it with me. Maybe you could help me change my mind. I'd be happy to buy you a coffee or invite you to our offices.
But if you do not wish to go that route, I'd like to take this opportunity.
I have had the chance to speak with many (hundreds, if not thousands) of "average joe" investors as well as professional marketing agencies.
What we continue to find, time and again, is that investors simply assume that because someone in the finance world has a business card they are a "professional" and are all similarly competent.
In other words, our skill sets are deemed commoditized by the public when, in fact, the are tremendously differeniated.
Securities & Exchange Commission rules won't allow me to advertise (i.e. make available to more than 1 person) what our average client returns for 2008 were. However, I can cite that my personal returns were flat (about -1.4%).
Unfortunately, most other brokers/advisors lost half of their client's money (at least that's what hundreds, if not thousans, of investors have told me) and then the so-called professional blamed it "on the market" or they shrug it off and say "we're in it for the long run" or "don't worry about short term volatility".
It is completely insulting to the client.
Investors pay people like me not only to make them money in good times, but also to protect them in bad times. And others just don't do that.
And because clients/investors mistakenly think that we are all the same, the fact that the industry is littered with incompetents that should not be in the business reflects negatively upon me while, at the same time, endangers the financial well beings of investors because they don't realize that they could do so much better.
Quite frankly, Late Again, for me to ignore these facts is not only a disservice to myself and my 7 other employees, but also to the thousands of investors out there that feel that they are stuck in a bad investment relationship because they can't do any better.
I apologize for the long read, but unlike the others I felt that you brought up a legitimate point and deserved a legitimate answer.
Warm Regards,
Allen Harris
Berkshire Money Management | | from: | on: 06-28-2009 |
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| Bill, You have lost all your credibility over the past few weeks by your unethical actions with The Advocate article and the Harris commentary that follow your articles. Time for you to head back to Wall Street or should I say Tarp Street. | | from: Former reader | on: 06-28-2009 |
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| I agree that Bill needs to help Mr Harris focus on his business which lost money like all the other firms did during 2008 except for Madoff and Stamford. By having Mr. Harris telling people he has 20 years of experience when he is merely 36 is an insult to readers of IBerkshires and other papers Mr Schmick writes for. | | from: to: late again | on: 06-28-2009 |
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| Why is Mr. Harris apoligizing to Bill the Shill Schmick in his Ps. who we now know works for Harris? If Harris clients go to Bill for a second opinion won't they just get a pat on the back unless Bill wants to go into the writing business on a full time basis. ? | | from: second opinion | on: 06-28-2009 |
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| The Advocate published an article where Bill was critical of brokers at the 10 major financial firms. Many Berkshire brokers work for those ten firms. The reputation of these brokers has been damaged. This is a fact that IBerkshires probably did not know. Several days later Iberkshires published the same article. A day later Iberkshires (after Schmick was exposed as Harris' shill) disclosed that he was working for Harris while promoting the Harris web site in the article. Its time for Harris and Schmick to apologize. The Advocate also needs to disclose the relationship with Harris and Bill the Shill Schmick (see google for Bill "the shill" Schmick). Iberkshires should also be careful how it allows its contributing writer to disparage other professionals without researching the actual 2009 results of Harris' Bershire Money Management and the detailed backgrounds of Harris and Schmick. More info to come... | | from: reply to editor | on: 06-28-2009 |
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Dear Bill,
I am glad to see you have toned down your forecasts. I think your readers will be better off.
One bit of advice for your new boss Mr. Harris, he should not assume that iberkshires readers are naive. If investors of berkshire county are getting bad advice then I am sure they are well aware of it. He should focus his marketing on Berkshire Money Management's strengths and not on trying to educate investors about others weakness.
In the long run I think Berkshire will be better off and he will not have to deal with the sad bickering that went on for the past two weeks.
Good Luck | | from: Late Again | on: 06-28-2009 |
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Dear Roger,
Where do you work?
I'm curious because there were so many anonymous commentators (like those claimng to be from Merrill and UBS) that were too shy to post their real names (if I lost half of my clients' money, I wouldn't want to post my real name either!).
So, Roger, Kudos to you. While we may disagree (and while your reading comprehension perhaps needs improvement) I applaud a man who stands by his name. It shows integrity and character.
I encourage you to give your firm name and contact number. I then encourage investors to go to you, Roger Little, for a second opinion.
And that goes for my clients, too. Go to Roger Little for a second opinion.
You heard it here first, investors. You deserve a second opinion on your portfolio. And you should give Roger Little that opportunity.
You've got nothing to lose and everything to gain from letting Roger Little provide you a second opinion.
I am certainly not opposed to competition. I am just opposed to so-called professionals ruining the investment portfolios of their clients after they spent so many years earning and saving. It gives us all a bad name.
Investors, you deserve better. You deserve a second opinion.
And now is the time.
Warm Regards,
Allen Harris
Berkshire Money Management
P.S. My apologies to Bill Schmick whom almost certainly would like to also provide that second opinion as well. To Bill's loyal readers, I suppose getting two second opinions is even better than getting just one...And your family deserves that.
| | from: Allen Harris | on: 06-28-2009 |
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It nice to see that Bill is cleaning up his act and not putting down Berkshire area brokers like he did when he has Promoting Berkshire over the past two weeks in the Advocate and Iberkshires while being on Berkshires payroll and not informing his readers. If you google "Bill the shill Schmick" you can get more details on his activities with Berkshire Money Manangement.
Editor: Bill said nothing about "Berkshires" brokers. Yet so many assumed they were talking about them. Why is that? | | from: Roger Little, Honest Broker | on: 06-27-2009 |
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