On Boxing day the U.S. markets were open (’cause Boxing Day does not exist in the U.S.). The S&P 500 was up another 0.5% to a record at 1842. I’d like to see 2013 slip quietly in the record books before we get any kind of correction. But chances are that some down days will arrive before long and as early as Friday. We shall see.
The latest edition of our fee newsletter has been posted and includes a new article. I have liked something called the Dupont Formula ever since I studied it about 20 years ago. And I have included the formula in my spreadsheet for many years but I don’t highlight it or mention it in the stock research reports. I plan to start doing so because it is an interesting and insightful analysis. This may be the first time I have written about it.