Portfolio Strategy We just completed a series of Investment Committee (IM) meetings to review our portfolio strategy.  We started with a view of the world’s investable capital and how it is distributed.  The purpose of this exercise is to become more informed on the changes to the relative size of the various markets and to...Read More

The Government Giveth and Taketh Away The GOOD news is that Social Security recipients will be getting a Cost of Living Adjustment beginning in January, 2012.  The raise is expected to be about 3.6% which is a pretty sizeable increase.  This is great news since there have been no COLA adjustments for Social Security for...Read More

By: Steven M. Roge, CMFC Four years after breaking out, the crisis continues to weigh heavily on the fundamentals of Europe. However, the region is still heterogeneous in terms of risks and growth perspectives. Among its members it includes countries that have reabsorbed their external imbalances (the Baltics), countries that have accumulated them during the...Read More

By: Steven M. Roge, CMFC Our cursory review of the Federal Reserve’s actions this week has us feeling like Operation Twist would be more appropriately named Operation Purple Nurple. As a kid in the school yard I experienced my fair share of purple nurples and for those who didn’t have the pleasure and aren’t quite...Read More

By: Steven M. Roge, CMFC Technology Investing Over a decade ago, investing in technology stocks remained a status symbol among Wall Street investors. However, in the recent years the prolonged underperformance of these stocks has created a menace for the portfolio investors and has urged them to look down upon the technology sector. These technology...Read More

By: Steven M. Roge, CMFC Och-Ziff Capital Management Group LLC (OZM) is a publicly owned investment manager. The firm provides investment advisory services for its clients. Founded in 1994 by Daniel S. Och, OZM is one of the largest institutional alternative asset managers in the world with approximately $28.4 billion in assets under management as...Read More

“You will never be a leader unless you first learn to follow and be led” Tiorio Recent market volatility is being attributed to many things.  Some true and others are pure speculation. The problem is not the problem, the problem is that our politicians don’t know how to think about the problem.  So here is...Read More

By: Steven M. Roge, CMFC Business description and background Novo Nordisk (NVO) manufactures and markets pharmaceutical products and services. The company operates in two segments, diabetes care and biopharmaceuticals. Created in 1989 through a merger of two Danish companies dating back to the 1920s, it has become one of the world’s leading companies in diabetes...Read More

By: Steven M. Roge, CMFC Bio-Reference Laboratories (BRLI) Share Price: $19 Intrinsic Value: $27 Buy Below: $21 Business description and background: Bio-Reference Laboratories Inc. is the fourth largest full service laboratory in the United States and the largest independent regional laboratory in the Northeastern market, primarily a clinical testing laboratory servicing physician offices with concentrations...Read More