Chalk one up for Mr. B. He confounded nearly everyone, postponing policy change after months of suggesting otherwise. Only BofA economist Ethan Harris correctly predicted the chairman would taper his taper talk... a bold prediction he shared with us on July 30 during our Street Smart show.
Municipal bankruptcies in California, where three cities have filed for protection from creditors since June, are a spreading “disease” in the state, said David Kotok, chief investment officer at Cumberland Advisors.
Los Gatos, California, where Apple Inc. co-founder Steve Wozniak can be seen riding the sidewalks on his Segway, isn’t often mentioned in the same breath as Fresno, an agricultural hub seeking to stave off insolvency.
U.S. stocks fell, with the Dow Jones Industrial Average posting its first three-day losing streak this year, as investors weighed prospects for economic growth and the pace of Federal Reserve stimulus measures.
David Kotok, chief investment officer at Cumberland Advisors Inc., says he is "fully invested in U.S. markets." Kotok talks with Bloomberg's Ken Prewitt and Tom Keene on Bloomberg Radio's "Bloomberg Surveillance."