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What's PlayingBazaarsNov. 21
St. Stanislaus School benefit, 9 to 4 in Kolbe Hall, Adams. Bake sale, snack bar, games, Chinese auctions, money raffle, crafts, and pierogi.
Blackinton Union Church, 1373 Massachusetts Ave., North Adams; 10 to 2. Crafts table, bake sale, Chinese auction, the Christmas table, and kid's grab bag. Lunch $4, $2 kids.
First Congregational Church, North Adams, 9-2.
Nov. 28
Becket Federated Church, Route 8, holiday bazaar from 9-3. Lunch, crafts, baked goods, holiday and other items. Information: Mary Peltier, Parish House, 413-623-5217.
Dec. 5
Holiday Fair at First Congregational Church, 25 Park Place, Lee, from 10 to 3; handcrafted items, raffles, children's shop, bake sale, cut Christmas trees and lunch from 11 to 1. Includes angel-themed goods from SERRV. Information, 413-243-1033 or www.ucc-lee.org.
Dec. 12-13
North Adams Country Club, crafts 9-4; food from That's a Wrap from 11-2. Information: Sheryl Morehouse at 413-822-3329.
Planning a bazaar this season? Submit information to info@iberkshires.com to have it listed here. |
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@theMarket: Break ThroughBy Bill Schmick
iBerkshires Columnist
12:11PM / Saturday, July 25, 2009
 | | Bill Schmick |
After two months of range-bound trading, investors punched through resistance and bid the markets to new yearly highs this week. The Dow, NASDAQ and the S&P all look like they want to go higher but may need a bit of a pause here to catch its breath.
As I expected, second-quarter earnings were the trigger that ignited markets to the upside. Last week’s positive earnings reports were followed this week by more of the same. Many companies beat expectations and indicated that their businesses were either improving or at least not getting any worse. That was all investors needed.
Sure, there were companies that had downside earnings surprises or saw no improvement in their business but they were in the minority. The bears, meanwhile, are crying foul. They argue that most of the improvements in company earnings were based on cost-cutting and not in improvement of core businesses. Economists note that there is no conclusive evidence thus far that the economy has turned the corner while unemployment appears to be heading for10%.
"Who ever heard of a recovery taking place with 10 percent unemployment," scoffed one client over lunch in Williamstown last weekend.
To drive her point home, she pointed out that the restaurant we sat in had only two occupied tables.
"You couldn't get in here for lunch three years ago," she said.
I explained to her that throughout history it was not unusual for unemployment to remain high or even rise further while the economy began its recovery. During the Great Depression, for example, the country experienced double-digit unemployment in 1938 while the economy began its recovery. It was only in 1940 that unemployment dropped dramatically and some of that decline was because of the country's preparation for war.
"But the economic numbers are contradictory," protested her husband. "One week they look good, the next terrible."
That's to be expected, I argued.
"Well, why not wait until we have proof. Then we'll begin to invest," she said.
If you wait until you spot the first robin, you will miss most of the spring, I countered.
As I've said before, an economic recovery is a process not an event and it's important to remember that the stock markets anticipate recovery many months ahead of the numbers.
I also understand that last year's market declines were a devastating blow to investor confidence not only with the stock market but with the financial system overall. We don't trust the markets or its participants. Although I think a healthy dose of skepticism is appropriate, it should not deter you from re-investing or trying to recoup some of the money you lost last year.
I continue to remark on how little volume has accompanied this rally. In my opinion, the individual investor has practically deserted the stock markets. Those who have dared to venture back into these waters have done so with at most one toe or two. I understand that fear but unfortunately, people's risk tolerance for additional losses is very low at a time when the potential rewards of investing are extremely high.
Now that does not mean we are in a new up, up and away bull market. I expect we will continue to move higher but not without some steep pullbacks on the order of 10-15 or even 20 percent. Think of the market's direction as a flight of stairs. We've moved up 38 percent from the March lows. That's one big step. We then spent two months in a fairly tight trading range (standing on the flat part of that first step) and now we are preparing to move up to the next step.
But be aware that there could quite possibly be a sudden and steep decline awaiting us sometime in the fall. I'll call that a missing step, dangerous but manageable.
The point is that it will be difficult for the individual investor to climb up this staircase alone. The days when an investor could practically throw a dart at the stock listings and make money are over for the foreseeable future.
To manage your money alone, you will need to devote more time and effort to researching and following your investments. You will also need to accept the stress that comes with volatile markets and potential losses.
Don't make the mistake of thinking you will be able to do this as a part-time hobby. If you are already retired you may have the time but it still won't be easy. Welcome to the new world of investing.
Bill Schmick is a registered investment adviser and portfolio manager with Berkshire Money Management (BMM), 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. Direct your inquiries to Bill at 1-888-232-6072 (toll free) or at wschmick@berkshiremm.com. Visit www.afewdollarsmore.com for more of Bill’s insights.
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. |
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