Memphis startup company Soundways, which helps professionals in the music industry collect unpaid royalties, won a $100,000 investment from Steve Case and other entrepreneurs as part of the Rise of the Rest tour that stopped in the Bluff City Tuesday, May 8.

2. Memphis Startup Soundways Wins $200,000 in Rise of the Rest Competition - Wednesday, May 9, 2018

Memphis startup company Soundways, which helps professionals in the music industry collect unpaid royalties, won a $100,000 investment from Steve Case and other entrepreneurs as part of the Rise of the Rest tour that stopped in the Bluff City Tuesday, May 8.

3. Last Word: Forrest and Slavery, The Tariff Blitz and Angus McEachran - Tuesday, March 6, 2018

The report on poverty in Memphis over the last 50 years is on its way to a Greater Memphis Chamber breakfast meeting Thursday. And Terri Lee Freeman, the president of the National Civil Rights Museum and Elena Delavega, the University of Memphis lead researcher of the report, say their message is that as goes Memphis in this regard so goes the nation. And if employers start with lower pay at hiring with percentage raises across the board they feed the racial income gap and bonuses do as well.

4. Waddell: Investment Gains Don’t Last Forever - Tuesday, March 6, 2018

David Waddell was upbeat during the 2017 version of the yearly “State of the Union” presentation he gives to clients of Waddell & Associates, but this year, not so much.

5. Case, Vance Bringing 'Rise of the Rest' Startup Fund to Memphis This May - Wednesday, February 14, 2018

The co-founder of America Online is coming to Memphis this May with his investment fund to hear pitches from local startup companies and award $100,000 in seed funding to one of them.

Steve Case, the chairman and CEO of the Washington, D.C.-based venture capital firm Revolution, and venture capitalist and author J.D. Vance are leading the second leg of the current Rise of the Rest bus tour. Rise of the Rest is also the name of the seed fund.

6. Mortgage Market Slows in December, Up 8 Pct. in ’17 - Tuesday, January 16, 2018

Buoyed in part by solid numbers for 2017, bankers in Memphis like David Umsted are already looking ahead to what they foresee will be another busy year for the mortgage business locally thanks to a mix of underlying strengths for the market.

7. Companies Boost Wages and More Post-Tax Reform - Monday, January 8, 2018

Dozens of companies, many with ties to Memphis, have pledged a series of actions that include one-time employee bonuses, charitable spending and 401(k) contribution increases, among other steps, in response to savings they expect to see from recently enacted Republican tax cuts.

8. Last Word: Falling Through Cracks, Germantown's Moratorium and Iowa's Defense - Wednesday, December 27, 2017

The dean of the college of medicine at the University of Tennessee Health Science Center talks about the death of his son a decade ago. That, he tells Michael Waddell in this powerful story, has been a driving force in his search for a way to bridge the gaps between treating substance abuse and treating the mental illness that can also be at play along with addiction. Dr. David Stern is proposing a new pilot program whose goal is to bridge the gaps and save lives.

9. Last Word: Grizz Ownership Moves, Confederate Deadline and Medical Family Tree - Monday, December 4, 2017

As many of us were focused on Tigers football and the journey to Orlando last week, there was word that either both or one of the two minority owners of the Grizz had exercised a buy-sell provision in the NBA team’s unique ownership agreement. And what could be a fight for control of the team’s ownership is underway. The sports website The Athletic broke the story last Thursday. Here it is. It also talks about the timing of this coming with the controversial sacking of David Fizdale, an interim coach at the helm of a changing team and lead owner Robert Pera’s lack of visibility in all things Grizz around the city.

10. Chamber Chairman’s Circle Expands Leadership - Saturday, November 18, 2017

As the Greater Memphis Chamber’s Chairman’s Circle continues to grow, its founding members have decided to restructure its leadership.

Original co-chairs Gary Shorb, Richard Smith, Calvin Anderson, Carolyn Hardy, Spence Wilson Jr., Duncan Williams, Leigh Shockey and Jason Hood voted to install a new leadership structure that will include addition of a chairman, vice chairman and new co-chairs.

11. Chamber Chairman’s Circle Expands Leadership - Thursday, November 16, 2017

As the Greater Memphis Chamber’s Chairman’s Circle continues to grow, its founding members have decided to restructure its leadership.

Original co-chairs Gary Shorb, Richard Smith, Calvin Anderson, Carolyn Hardy, Spence Wilson Jr., Duncan Williams, Leigh Shockey and Jason Hood voted to install a new leadership structure that will include addition of a chairman, vice chairman and new co-chairs.

12. Waddell & Associates Platform Looks to Turn Millennials Into Investors - Saturday, September 16, 2017

Andrew Lichliter had a few thousand dollars in a retirement account, but wanted to change that to a different type of investment.

The problem, though, was that his $5,500 wasn’t nearly enough to open a typical investment account at most firms, some of which require hundreds of thousands of dollars just to start.

13. Last Word: Amazon Litmus Test, Tracing an Ascendant Foodie Scene and Exports - Tuesday, September 12, 2017

There are some very interesting and unexpected things happening around Memphis these days. And it is into that atmosphere that Amazon put out what amounts to a cattle call for cities across the country to apply to be the site of its $5 billion second North American headquarters with 50,000 job over several years promised. This in a city that is about to start moving on a $9 billion expansion by St. Jude that is about $1 billion capital and the rest research and technology and programming money. This may be the ultimate litmus test of how far we are from our once legendary inferiority complex.

14. Memphis Small Business Landscape Stable Amid Slow Economic Growth - Saturday, September 9, 2017

While the local small-business landscape mirrors the national environment of a slowly growing economy keeping things stable, the lack of population growth is holding the Memphis area back from truly breaking out.

15. One Decade Later: Effects of Financial Crisis Still Linger - Wednesday, August 16, 2017

Ten years removed from the worst financial crisis since the Great Depression, the banking industry has transformed itself and wealth managers say investors remain leery.

Among other things, First Tennessee Bank jettisoned its national mortgage operation in the wake of the crisis. It refocused its attention and efforts around being a strong regional bank, as opposed to one with aggressive national ambitions. It trimmed headcount, boosted investment in technology and began to specialize, creating new industry-specific teams in verticals like health care and music-industry banking.

16. Last Word: 'Secular Stagnationists', CRE's Big Year in Memphis and Lakeland Prep - Monday, July 31, 2017

Protests over the weekend in Martyr’s Park and at the federal prison facility in Mason, Tennessee for those rounded up in the ICE – Immigration and Customs Enforcement -- raids here in Memphis that began a week ago. Latino Memphis is also offering legal advice to those who believe they may be caught up in the new push. There are also several efforts to support families that find mothers and/or fathers in federal custody in the sweeps. And over the weekend, Memphis Police issued an arrest warrant for a bounty hunter who turned up on YouTube video in an apartment complex with a large Latino tenant base wearing some kind of badge and vest.

17. Waddell Bullish in Mid-Year State of the Union - Monday, July 31, 2017

During David Waddell’s yearly “State of the Union” presentation to clients gathered earlier this year at Shelby Farms’ FedEx Event Center, “winning” and “economic growth” were the themes.

18. David Waddell Bullish in Mid-Year State of the Union - Monday, July 31, 2017

RAIL: Waddell & Associates CEO and chief investment strategist David Waddell remains upbeat about the investment landscape through the first half of 2017.

19. David Waddell Bullish in Mid-Year State of the Union - Monday, July 31, 2017

During David Waddell’s yearly “State of the Union” presentation to clients gathered earlier this year at Shelby Farms’ FedEx Event Center, “winning” and “economic growth” were the themes.

20. David Waddell Bullish in Mid-Year State of the Union - Monday, July 31, 2017

During David Waddell’s yearly “State of the Union” presentation to clients gathered earlier this year at Shelby Farms’ FedEx Event Center, “winning” and “economic growth” were the themes.

21. Last Word: Vince Carter Leaves, Fairgrounds and Pulling the Plug on Green Tech - Friday, July 7, 2017

Vince Carter joins Zach Randolph with the Sacramento Kings next NBA season with an $8 million one-year pact for Carter. Still no word on Tony Allen’s free agency status as we put this up. The Grizz plan to retire Randolph’s jersey.

22. Last Word: The Governor's Race, Beale Street Complications and Southern Avenue - Monday, February 27, 2017

A close one for the Tigers Sunday at the Forum but Houston still wins 72-71. One more home game Thursday against Tulane and a road game Saturday against SMU before March Madness begins. As that was happening here, better results in Denver Sunday where the Grizz beat the Nuggets 105-98.

23. Waddell: 2017 a Year for ‘Shifting Gears’ - Monday, February 27, 2017

David Waddell will be in Florida this week for a meeting with the very first client of his namesake Memphis-based investment firm, Waddell & Associates. On the same trip down there a year ago, Waddell recalls being encouraged to “be bold” in his decisions and leadership of the firm.

24. Memphis Economists: Trump Tweets Turn the Page on GOP Playbook - Thursday, January 19, 2017

It’s long been a cornerstone of Republican political orthodoxy that government should “get out of the way” of businesses, and that the fewer mandates and regulations, well, the better.

25. Financial Pros Digest, Analyze Impact of Trump Win - Thursday, November 10, 2016

Money managers in Memphis were up late Tuesday night, digesting the impact of Donald Trump’s surprise election win like everybody else, and are still sorting through the impact on markets and stock sectors.

26. Last Word: Gas Prices, Hotels and Airbnbs and Dicamba Drift - Monday, September 19, 2016

How is your gas tank doing as the work week begins? If you are running on fumes you will probably also notice a dramatic hike in gas prices at the pump very shortly.

The Colonial Pipeline from Houston to New York closed Sept. 9 after a spill of 250,000 gallons was found in Alabama.

27. Memphis Financial Pros Brace for More Brexit Fallout - Tuesday, June 28, 2016

Markets are a little like patients going in for a medical checkup. Neither one likes big surprises.

Nevertheless, that’s what everyone got at week’s end after the United Kingdom voted to pull out of the European Union. And the first phone call that First Tennessee Bank chief investment officer Jerry Laurain got on the morning after the unexpected vote result was the kind investment professionals always brace for after market-moving shocks.

28. Last Word: Budget-Mania, TNReady's Backstory and Slow Down Millenial Investors - Tuesday, May 3, 2016

The Overton Park Greensward controversy moves back to City Hall Tuesday as the council talks over an ordinance that sets further in stone the council’s decision in March to give the Memphis Zoo control of two-thirds of the greensward.

29. Waddell & Associates Merges With International Network - Saturday, April 30, 2016

David Waddell’s Memphis-based investment firm is celebrating the third decade of its existence this year with more than just the acknowledgement of its longevity in the business of managing clients’ money.

30. Waddell & Associates Teams With International Network - Saturday, April 16, 2016

Focus Financial Partners, an international partnership of independent, fiduciary wealth management firms, has added Memphis-based investment firm Waddell & Associates Inc. to its network.

31. Waddell & Associates Joins International Firm Network - Tuesday, April 12, 2016

Focus Financial Partners, an international partnership of independent, fiduciary wealth management firms, has added Memphis-based investment firm Waddell & Associates Inc. to its network.

32. The Case for Crude - Thursday, December 17, 2015

Oil prices traded near $110 a barrel in June of 2014, supported by escalating demand and a stable U.S. dollar. Advances in drilling technology in the U.S. led to a tremendous surge in investments and productivity.

33. Beware Thyself - Thursday, December 10, 2015

Over the last 13 months, or 262 trading days, the S&P 500 has produced a 0% return while the Barclays total bond market index has produced an enviable 1%. Over the last several weeks I have received several calls and emails from clients, fatigued by sideways markets that want to “do something” about it.

34. Beware Thyself - Thursday, December 10, 2015

Over the last 13 months, or 262 trading days, the S&P 500 has produced a 0% return while the Barclays total bond market index has produced an enviable 1%. Over the last several weeks I have received several calls and emails from clients, fatigued by sideways markets that want to “do something” about it. This emotion, while understandable, can often lead to mistakes. One of our roles as investment advisors is to help clients widen their field of view and mitigate the risk of trading mistakes. Over the past twelve months the markets have produced some distinct winners and losers. US stocks +.91% vs. international stocks -7%. US internet and biotech stocks +20% vs. US energy stocks -20%. US growth stocks + 7%, US value stocks -4%. Which would you buy if you were craving returns? Clearly large cap US growth themes like biotech and technology make money while US value themes like Europe, emerging markets and commodities do not.

35. Rate Hike: Keep Calm and Invest On - Wednesday, November 25, 2015

Psychologically, the stock market appears to have come to terms with a .25 percent rate hike on December 16th. As of today, the futures markets price in a 75 percent probability that the Fed will move.

36. Ready for Launch - Saturday, November 21, 2015

Five hundred new companies in 10 years. That’s the idea that founded EPIcenter, short for Entrepreneurship-Powered Innovation Center, an organization looking to catalyze the entrepreneurial movement in Memphis.

37. Below the Waterline - Wednesday, November 11, 2015

As of the end of October, the S&P 500 index had gained 2.59%. Unfortunately, for diversified investors, there is more to the story. The S&P 500 is a market capitalization weighted index, meaning the largest of the 500 companies have the largest influence over index performance.

38. Megan Warden Joins Shea Moskovitz & McGhee - Wednesday, November 4, 2015

Megan Warden, who joined Shea Moskovitz & McGhee as an associate attorney this year, represents clients in a variety of family law matters – including division and valuation of marital assets, spousal support, prenuptial agreements, child custody, parenting plans, visitation issues, domestic partnerships and parentage.

39. Rally Tally - Tuesday, October 27, 2015

Having promoted the necessity of a solid GDP report from China to secure recent gains, I am happy to assert that, according to the data, the Chinese economy remains aloft…which was all the market needed to hear.

40. International Paper CEO: 'Find a Way to Be Relevant' - Friday, October 23, 2015

International Paper chairman and CEO Mark Sutton, who’s been the top executive at the Memphis-based paper and packaging products giant for almost a year now, has some pretty basic guideposts for being a good leader.

41. The Bounce in Search of a Rally - Wednesday, October 21, 2015

The lugubrious sentiment that we described in our Oct. 2 commentary, coupled with the collapse in earnings and economic expectations, coiled the market for a well-broadcasted bounce. Since Oct. 2, the S&P 500 has sprung 7 percent higher, led by the year’s most reviled performers.

42. A September to Forget - Thursday, October 8, 2015

September typically delivers negative performance, and this September was no exception. September’s poor performance punctuated a dismal third quarter. Using MSCI stock indices, the USA, Europe and the emerging markets fell 7 percent, 9 percent and 18 percent respectively. Feeling down? You are not alone…

43. Partying Like It’s 1998 - Wednesday, September 16, 2015

Entering 1998, the U.S. economy was on a tear. U.S. GDP growth was running 4+ percent and the unemployment rate was 4.5 percent. Stocks gained 29 percent in 1997 after gaining 38 percent in 1995 and 23 percent in 1996. To cool things down, the Federal Reserve raised the Federal Funds rate to 5.5 percent.

44. Partying Like It’s 1998 - Wednesday, September 16, 2015

Entering 1998, the U.S. economy was on a tear. U.S. GDP growth was running 4+ percent and the unemployment rate was 4.5 percent. Stocks gained 29 percent in 1997 after gaining 38 percent in 1995 and 23 percent in 1996. To cool things down, the Federal Reserve raised the Federal Funds rate to 5.5 percent.

45. The End of the Fed’s Up-Market Guarantee Program - Wednesday, September 9, 2015

On Thursday, the European Central Bank committed to do even more of “whatever it takes,” driving European stocks up 2.5 percent. Conversely, after Friday’s strong U.S. job report, Fed tightening fears pushed American stocks down 1.5 percent.

46. Loss of Confidence or Loss Of Overconfidence? - Wednesday, September 2, 2015

As you already know, markets have gyrated wildly over the last eight trading days. While suspicions of crisis have developed, the market has behaved as if crisis were already upon us.

Broad measures of volatility recorded record gains last week, market mechanics fractured at Monday, Aug. 24’s open and ETF prices became dramatically disconnected from underlying value.

47. Playing the Pullback - Wednesday, August 26, 2015

After four years of up, markets have quickly entered correction territory. Unfortunately, since most investors operate with short memories, the current pullback feels major since recent comparisons have been minor. However, markets corrections don’t presage negative annual returns.

48. Why China Devalued: Global Oversupply - Friday, August 21, 2015

If I demand a new widget today, a supplier will build one for me. If I later change my mind, the widget will still exist. Perhaps my supplier relied on debt to fund its construction. If so, the supplier now has to find a new source of demand or they must restructure the loan.

49. What the Fed Says Will Matter More than What It Does - Wednesday, August 12, 2015

At her first press conference in March of 2014, Fed Chair Janet Yellen timestamped the first interest rate hike as “something in the order of around six months” post the Fed’s bond buying QE campaign.

50. Departing Thoughts from Asia - Wednesday, July 29, 2015

This entry will be my last submission penned while living in Asia, so rather than discuss the market’s recent wiggles, I thought I would share some top of mind takeaways as I prepare to depart Hong Kong.

51. Checking the Vitals - Wednesday, July 22, 2015

Now that the Greece flare up and China arrhythmia have subsided, let’s perform a quick physical on the markets to reassess the vitals.

Interest Rates

While it’s true that the U.S. central bank seems determined to raise rates, most of the rest of the world is still cutting them. History reveals that rate movements adhere strongly to inertia. In other words, up movements last a while, down movements last a while and sideways movements last a while. To wit, 10-year U.S. Treasury bonds yield around 2.3 percent, roughly what they have yielded since mid-2011.

52. Waddell and Associates Honored by CNBC - Saturday, July 18, 2015

Memphis-based wealth management firm Waddell and Associates Inc. has been ranked 29th on CNBC's list of “Top 100 Fee-Only Wealth Managers” for 2015.

53. Waddell and Associates Honored by CNBC - Friday, July 17, 2015

Memphis-based wealth management firm Waddell and Associates Inc. has been ranked 29th on CNBC’s list of “Top 100 Fee-Only Wealth Managers” for 2015.

54. Money & Markets Around the World - Wednesday, June 24, 2015

On central bank policy: At an early press conference, Janet Yellen quipped that the U.S. Fed might initiate rate hikes six months after QE, corresponding with March of 2015. She has been backpedaling ever since.

55. Investors, Mind Your Footing - Wednesday, June 17, 2015

Bonds Can Lose Money After All. Heightened Fed concerns mixed with rising inflation indices in the U.S. and Europe have continued to press interest rates higher across the curve.

As a consequence, the vast majority of bond market indices have turned negative on the year. The Barclays U.S. Aggregate Bond Market index has shed 0.73 percent, while the longer dated U.S. Treasury 20+ Year index has fallen more than 7 percent through June 11.

56. Mr. Market Raises Rates - Wednesday, June 10, 2015

While the Fed deliberates over short-term interest rate policy, Mr. Market has acted and raised long-term rates.

Recall that long-term sovereign bonds trade in relation to one another globally. Over the past couple of years, U.S. Treasuries have traded at yields 1.5 percent higher than the 10-year German bond. The 1.5 percent spread accounts higher level of inflation in the U.S., making the inflation-adjusted yields pretty similar.

57. What Would Janet Do? - Wednesday, June 3, 2015

We have now entered the Fed’s target time zone to raise rates. Clearly, the Fed wants to hike rates as a way to signal that the economy no longer requires “emergency assistance.”

Since the markets are obsessed with the pace and slope of rate hikes, and have not moved at all for months because of it, let’s try and climb inside the mind of the Fed to answer, “What will Janet do?”

58. Do Not Fear What You Should be Afraid Of - Wednesday, May 27, 2015

There are factors conspiring in the market’s industrial kitchen right now that might lead to a fit of indigestion for investors. This week we will look at the three main ingredients and discuss how to medicate.

59. Do Not Fear Europe’s Recovery - Wednesday, May 13, 2015

Interest rates determine the cost of capital for corporations, directly influence the capitalized value of corporate earnings and establish relative value positions within the currency markets. Simply stated, meaningful shifts in interest rates create meaningful shifts in the investment marketplace.

60. Blame Fed for Lame Q1 GDP? - Wednesday, May 6, 2015

The U.S. economy grew 0.2 percent in the first quarter, well below analyst consensus. The fairly typical excuses followed the release, from weather to port strikes, to the first quarter growth curse that has stifled Q1 numbers since the financial crisis. The Fed even brushed off the weak numbers as a consequence of “transitory factors.”

61. Don’t Buy This ‘Market’ - Wednesday, April 29, 2015

Last week, the Nasdaq, the S&P 500 and the New York Stock Exchange composite indexes all hit new historic highs, bolstered by falling rate hike expectations. In the market environment of the day, economic softness causing falling revenues and falling prices (see first-quarter earnings season) holds less influence than falling interest rates.

62. Expect the Fed to Fold - Friday, April 24, 2015

Last Wednesday, the International Monetary Fund released its World Economic Outlook report. While it did not change its forecast for the pace of global economic growth in 2015, it did alter the composition.

63. Rising Dollar, Falling Expectations - Wednesday, April 1, 2015

The first quarter of trading for 2015 came to a close on Tuesday, March 31. As of March 26, the U.S. dollar stands 8 percent higher for the year, the yield on the 10-year Treasury stands 8 percent lower on the year and the S&P 500 has fallen a conviction-less 0.10 percent.

64. Big Day Lived Up to the Hype - Thursday, March 26, 2015

We have asserted since late 2014 that March 18th would mark the biggest day of 2015 as the Fed mapped out its medium-term interest rate policy.

A hawkish (restrictive) statement on March 18th would boost the dollar, increase market interest rates and decrease stock market values. A dovish statement (stimulative) on March 18th would weaken the dollar, lower interest rates and increase stock market values. With so much riding on the decision, debate and pre-positioning became fierce!

65. Events - Tuesday, February 3, 2015

Bass Pro Shops will host a job fair to fill 600 full-time and part-time jobs Tuesday and Wednesday, Feb. 3-4, from 8 a.m. to 7 p.m. at the Memphis Cook Convention Center, south exhibit hall, 255 N. Main St. Visit basspro.com/careers for more information.

66. Events - Saturday, January 31, 2015

On Location: Memphis will host screenings of Oscar-nominated animated short films Tuesday, Feb. 3, at 7 p.m. and Oscar-nominated live-action short films Wednesday, Feb. 4, at 7 p.m. at Malco Studio on the Square, 2105 Court Ave. Tickets are $10 per night and are available at onlocationmemphis.org.

67. Why the Market has Fallen in 2015 - Wednesday, January 28, 2015

The stock market overreached in 2013, expecting big things from 2014. Earnings estimates for 2014 were for growth of 10 percent-plU.S. . High expectations boosted valuations above long-term averages.

68. Why the Market Has Fallen in 2015 - Thursday, January 22, 2015

Stronger dollar = higher valuations. The stock market overreached in 2013, expecting big things from 2014. Earnings estimates for 2014 were for growth of 10-plus percent. High expectations boosted valuations above long-term averages.

69. 2015: The Currency War - Thursday, January 15, 2015

War sounds scary. In the traditional sense, war evokes casualties and loss. For investors, currency wars simply convey economic redistribution.

For instance, if there were only two stores in town selling identical items and one store raised prices while the other store lowered prices, demand would certainly follow the discount … but overall demand would be the same.

70. Don’t Be a Hero, Leave Rates at Zero - Wednesday, December 24, 2014

As if we needed further evidence that investment markets price off of central bank soliloquies, markets worldwide rallied 4.5 percent last week in reaction to a short press release from the U.S. Fed.

71. Fear Drives US Stocks Higher - Wednesday, December 17, 2014

In 2014, more than 600 hedge funds have disbanded. Even accounting for the carnage of 2009, this amounts to a record pace of “smart money” failures. In the more pedestrian mutual fund realm, active money managers are having their worst year of relative performance ever.

72. US Decoupling - Tuesday, December 9, 2014

The Eurozone, Japan and select emerging markets all seem to be struggling economically with low inflation levels, poor policy responses, and low demand. Meanwhile, the U.S. keeps posting surprisingly strong economic numbers.

73. I Choose Memphis: Philipp von Holtzendorff-Fehling - Monday, November 24, 2014

“I Choose Memphis” spotlights Memphians who are passionate about calling this community home. New Memphis Institute provides the profiles.

Name: Philipp von Holtzendorff-Fehling

74. Dollar, S&P Levels Point to 1996 - Thursday, November 20, 2014

As trading becomes more mechanized, investors must consider not only market fundamentals but also what‘s driving the algorithms. With the proliferation of ETFs, less analysis occurs at the security level, and more analysis occurs on the technical level.

75. Fed Folds Quantitative Easing - Wednesday, November 5, 2014

Nearly five years after the conclusion of the Great Recession, the U.S. Federal Reserve has chosen to conclude its quantitative easing program. Ben Bernanke thought long and hard about the potential for Central Bank “emergency measures” like QE throughout his academic career. His devotion to Milton Freidman and the quantity theory of money (money supply * velocity = GDP) provided the orthodoxy for the U.S. response to the financial crisis.

76. China’s Growth Gut Check - Wednesday, October 29, 2014

The global economy is a symphony of regional and local economies interconnected by trade, interest rates and currency movements. We can generalize the influence of our leading instrumentalists in the following ways.

77. The Return of King Dollar - Wednesday, October 1, 2014

The market’s game ball in the third quarter goes to the U.S. dollar. The U.S. dollar rose 7 percent, boosted by the comparative hawkishness of the U.S. Fed. The currency has now advanced for 11 consecutive weeks, its longest winning streak in nearly 20 years (although the uptrend actually started in mid-2011). What should you know about the return of King Dollar?

78. Robotic Rise of the S&P - Wednesday, September 24, 2014

The S&P 500 hit a new all-time high again last week for the 34th time so far this year. However, U.S. stocks appear increasingly detached.

While the S&P 500 has risen nearly 10 percent year-to-date, stocks outside the US have returned less than 3 percent. In fact, U.S. stocks have pummeled their international competition by an astounding 70 percent over the last five years.

79. Government for the Prosperity of the People - Wednesday, September 17, 2014

The reporting out of the US on China is uniformly downbeat. By applying our western perspectives, China appears inhumane, politically oppressive, over-indebted and fragile.

From the American perspective, functional nations should look more ... well ... like us. They should have democracy, inalienable property rights, free and open markets, freedom of expression, apple pie, etc. Our national belief in the ideology of American exceptionalism defines our worldview.

80. Woeful Period for US Markets - Thursday, September 11, 2014

September 8, 2014, S&P 2000 = 11 + 4 percent + 11 percent + 1.5 percent + 2.5 percent. The last five years have been consistently wonderful for the U.S. markets. Over the time period, the S&P 500 has advanced more than 17 percent annually. Only four bull markets (advances uninterrupted by a 20 percent decline) have lasted longer and returned more. What has this bull been eating?

81. The Dollar Strikes Back - Wednesday, September 3, 2014

Movements between the dollar, euro, and yen profoundly impact global flows of goods and capital. Given recent language and policy shifts from the U.S. Federal Reserve (FED), the European Central Bank (ECB) and the Bank of Japan (BOJ), let’s re-examine global currency trends.

82. Meet Hong Kong - Wednesday, August 27, 2014

I just realized that while I have now lived in Hong Kong for nearly a month I have failed to properly introduce you. Allow me to give you the tour.

Between 1842 and 1997, the British controlled the 425-square-mile territory of Hong Kong, which includes Kowloon, the New Territories and over 200 smaller islands. Its proximity to China and its naturally deep water ports make Hong Kong an ideal trade destination. When China reopened in the 1980s, manufacturing boomed in nearby Shenzhen, and Hong Kong became the natural financial and logistics center ... in a way, China’s front office.

83. Fuchs Joins Vaco Logistics as Recruiter - Wednesday, August 27, 2014

Eddie Fuchs has joined Vaco Memphis as an executive recruiter for Vaco Logistics, where he’ll consult with distribution, transportation and manufacturing companies to help identify candidates for leadership and specialized skill positions. Fuchs, who previously worked in the business development department of Intermodal Cartage Co., was recently named to the Greater Memphis Chamber’s 2014 Young Memphians list.

84. Fed-Casting the Next Six Months - Thursday, August 21, 2014

The central questions for this aging bull market involve the timing, pace and degree of interest rate increases. Low interest rates make equity earnings larger and more valuable. Freeze interest rates here and stocks look cheap. Increase them to historical norms and stocks look expensive.

85. Where the Values Aren’t - Thursday, August 14, 2014

Downturns, while painful, can be very useful for the information they provide.

The S&P 500, representative of U.S. large cap stocks, declined 4 percent between July 24 and Aug. 7. Limiting our data set to this time period produces a couple of interesting observations. First, while interest rates didn’t actually move as feared, interest rate sensitive investments did. Master limited partnerships, utilities and high dividend payers underperformed over the period. Second, the emerging and frontier markets outperformed notably.

86. Asia Feels Boost From US GDP - Thursday, August 7, 2014

Yippee, GDP! Last week, the U.S. government reported that GDP in the second quarter grew 4 percent and revised the first-quarter number upward from -2.9 percent to -2.1 percent. U.S. equity markets celebrated briefly and then became seriously fearful of Federal Reserve inflation countermeasures.

87. FedEx Founder Highlights Economic Club Fall Slate - Thursday, July 31, 2014

FedEx founder Fred Smith will make a rare public speaking appearance in Memphis Nov. 6, as part of the fall 2014 lineup of speakers planned for the Economic Club of Memphis.

88. Asia Votes for Growth - Wednesday, July 30, 2014

Ni Hao!

I write to you this week from Hong Kong. For the next 12 months I will be working remotely from China in order to closely evaluate conditions within the Asian economies. In addition to my usual market musings I will share my Asian insights and inspirations as they arise … like this one.

89. Second-Quarter Scoreboards - Friday, July 4, 2014

With central bank stimulus offsetting moribund economic data and geopolitical depressants, this market continues its low volume, low volatility ways. With the absence of news and trading strategies capturing our attention at the moment, let’s take a look back at the second quarter and identify the winners and losers.

90. What Could Possibly Go Wrong? - Wednesday, June 18, 2014

The most commonly cited indicator of complacency, the VIX or volatility index, recently hit a low of 10.73, a level not seen since early 2007.

Now a low VIX does not in any way signal an imminent crisis, but it does indicate a very complacent consensus susceptible to even slightly unpleasant surprises. Sadly, when the markets cannot find a reason to sell, Murphy ’s Law always provides one.

91. What’s Up With Low Rates? - Wednesday, June 4, 2014

As 2013 drew to a close, investors bid up “risky” assets and sold “safe” assets in anticipation of a robust 2014. “Risky” stocks rose 30 percent and the “safe” 10-year Treasury bond lost 4 percent.

92. How Low Can We Go? - Thursday, May 29, 2014

With the S&P 500 back at all-time highs, investors may be experiencing a bit of altitude sickness. With the S&P 500 now up 180 percent from the bottom, it’s right to question how much upside remains. However, the better question might be how much downside lies below.

93. Economic Experts Offer Analysis, Forecast - Monday, May 19, 2014

A report from Fitch Ratings May 14 declared that going forward the U.S. economy will have to grow without the help it has enjoyed in recent years from things such as low interest rates and government spending.

94. Prescott Earned Place in Sports Hall of Fame - Friday, May 16, 2014

On Easter Sunday, April 17, 1960, a 13-year-old Allie Prescott and his father were sitting down the third-base line at Russwood Park watching an exhibition game between the Cleveland Indians and the Chicago White Sox.

95. IronHorse Makes New Hire, Launches Mutual Fund - Saturday, May 10, 2014

Memphis-based investment firm IronHorse Capital Management has hired a managing director for national sales, a new hire that comes at the same time as the firm has launched its first mutual fund product.

96. The Market Whisperer - Saturday, May 10, 2014

When economic analysis gets reduced to a binary choice between opposites like bullish or bearish, up or down, strong or weak, the complexity that helps explain the way things are gets lost in a thicket of sound byte-ready oversimplification.

97. Low Expectations Catch Up With Reality - Wednesday, April 30, 2014

There is no better propellant for a market than low expectations. The S&P 500 has gained roughly 3.5 percent during this earnings season as expectations recalibrated with reality.

According to Factset, the the S&P 500 collectively will earn .2 percent less than they did a year ago, versus pre-earnings season expectations of a 1.5 percent decline. So, don’t confuse this rally in sentiment with a rally in fundamentals. That will come later in the year … or so it is expected.

98. Daily News Seminar Looks at State of Economy - Tuesday, April 29, 2014

The recession that gutted the economy in recent years has, among other things, replaced good, high-paying jobs with jobs that don’t pay especially well.

That’s among the findings of a new report from the National Employment Law Project, which analyzed trends related to jobs in the aftermath of the recovery. It’s one example of how there’s plenty of ground to dig into as part of an analysis of the qualities of the economy of the moment, and The Daily News’ next seminar will do just that.

99. Return to Value - Wednesday, April 16, 2014

Last week, we discussed that the wrestling match between stimulus and global debt deleveraging will continue to create anxiety and volatility for investors. Viewing the world through this prism helps to clarify seemingly baffling market movements.

100. Renewing Our Vows - Thursday, April 10, 2014

Last week, U.S. indices ascended briefly back into record territory on supportive comments from global powerbrokers.

In Europe, Mario Draghi, the head of the European Central Bank, initiated a bold conversation on monetary stimulus measures. Reality has set in across the Eurozone that the euro is too strong and inflation too weak for enduring economic expansion.