Markets got a shot of espresso this morning -- a double shot actually. Both capital goods orders ex-defense and durable goods orders rose more than expected during January, according to data released by the Commerce Department.
“Put all of your eggs in one basket and then watch that basket,” Warren Buffett says. In other words, if you want to beat the market, focus your efforts on a concentrated portfolio of stocks whose businesses have been analyzed as thoroughly as possible to screen out any chance of a blowup.
American Century Cos., the money manager founded by James Stowers, named Victor Zhang and David MacEwen co-chief investment officers, replacing Enrique Chang who left this year to join Janus Capital Group Inc.
The wave of selling in Puerto Rico bonds that started in September pushed yield spreads to record highs. During that month, American Century Investment Management boosted holdings of commonwealth debt in its intermediate-term tax-free fund to 1 percentage point more than its benchmark index, said Steven Permut, who oversees about $6 billion of local debt as head of munis in Mountain View, California.
Bank of America Corp. is among a group of lenders that may face a wave of new lawsuits claiming cash-strapped counties were cheated out of millions of dollars by a system used for more than a decade to register mortgages.