Risk/Reward Vol. 256
THIS IS NOT INVESTMENT OR TAX ADVICE. IT IS A PERSONAL REFLECTION ON INVESTING. RELY ON NOTHING STATED HEREIN.
"Come on, all you people, say
W-O-R-D up/W-O-R-D up"---lyrics from "Word Up" sung by Cameo
"And I ain't no democrat
And I ain't no republican
I am/I am/I am a patriot."---lyrics from "I Am a Patriot" sung by Jackson Browne
"Pump it up/Show me love
Pump it up/Let me see what you workin' wit' "---lyrics from "Pump It Up" sung by Missy Elliott
As predicted, Fed Chair Janet Yellen's testimony before Congress dominated the financial news this week. Although she hinted that the "W-O-R-D" "patience" would be eliminated in future Federal Reserve communiques regarding the timing of any rate increase, the yield on the bellwether 10Year US Treasury Bond ("10Year") did not go "up" as many had predicted. Instead it fell to 2% where it hovered for the remainder of the week. Why, you ask? Because the key determinant of any rate increase now has shifted from the unemployment rate to the rate of inflation/deflation; a switch this writer foresaw a few weeks ago. (See Vol. 254 www.riskrewardblog.blogspot.com ). Here is the portion of her testimony that signaled this switch: "Provided that the labor market conditions continue to improve and further improvement is expected, the committee anticipates that it will be appropriate to raise the target range for the federal funds when, on the basis of incoming data, the committee is reasonably confident that inflation will move back over the medium term toward our 2% objective."
Accordingly, now more than ever, income investors (those with holdings priced in relation to the 10Year) must be students of the presence or absence of inflation. On this point "I ain't no democrat/And I ain't no republican". I just want to know the direction. The data reported this week indicates that we are still nowhere near 2% inflation. Both existing and new home sales missed expectations, jobless claims increased and most significantly, the consumer price index (CPI) fell 0.7% between December and January and fell 0.1% over the past 12 months. Stripping food and energy from the equation (leaving the so-called "core inflation") results in the CPI increasing at an annual rate of only 1.6%, still quite far from 2%. And don't look for any inflationary trend elsewhere in the world. Deflation has hit the Eurozone. Consumer prices there have dropped 0.6% over the past year. Germany just issued 5 year bonds at a negative interest rate---that's right, those purchasers willingly bid upon and received the right to receive LESS in five years than what they paid this week! What? In short, incoming data indicates that every major economy in the world is deflating, not inflating It's no wonder the US bond market, including the bellwether 10Year, traded as if a rate increase were in the distant future. As an income investor, "I am/I am/ I am like a (New England) Patriot." I win with deflation---at least in the near term.
One sector in which prices appear to have bottomed is oil. A spate of production cuts has "pumped it up" with the price stabilizing just below $50/bbl. This has emboldened me to tiptoe back into the arena. As discussed last week, I have initiated several positions in the preferred stock of Magnum Hunter (MHRpC and MHRpD) which is really a natural gas play. These positions continue to "show me love.". This week I bought the preferred stock of Vanguard Natural Resources (VNRBP) after reading the transcript of a February 17, 2015 guidance call (available at www.vnrllc.com ). Therein, VNR's CEO "let me see what he was was workin' wit'. " He stated that VNR had reduced substantially its common share distribution, had strengthened its balance sheet and had solidified its hedges, all of which added to the credit worthiness of VNR's preferred. I am not alone in recognizing VNRBP as a bargain. It has appreciated 6.5% since I bought it on Monday. To reiterate, I believe that the recent stabilization of oil prices provides clarity as to which of the small oil and gas producers will survive and prosper. And I am betting on MHR and VNR.
For the second week, the major stock indices have remained remarkably stable. Given the negative incoming economic data, this performance is as good as one can expect. Through it all, I remain a student of that which impacts the yield on the 10Year. (See Vol. 221 www.riskrewardblog.blogspot.com ) To quote Jackson Browne:
"Doctor my eyes have seen the years
And the slow parade of fears without crying
Now I want to understand."
Saturday, February 28, 2015
Saturday, February 21, 2015
February 21, 2015 Magnus Opus
Risk/Reward Vol. 255
THIS IS NOT INVESTMENT OR TAX ADVICE. IT IS A PERSONAL REFLECTION ON INVESTING. RELY ON NOTHING STATED HEREIN
"But minute by minute by minute by minute
I keep holding on"---lyrics from "Minute By Minute" sung by The Doobie Brothers
"You won't see me
Time after time
You refuse to even listen"---lyrics from "You Won't See Me" sung by The Beatles
"'Cause rockin' and rollin', it's only howlin' at the moon
It's only howlin' at the moon"---lyrics from "Magnus Opus" sung by Kansas
As an income investor, my fate often rests upon the market's reaction to Federal Reserve meeting minutes. "Minute by minute by minute/I keep holding on"---and never so much as this week. Allow me to explain. As discussed in last week's edition (See Vol. 254 www.riskrewardblog.blogspot.com), many market participants believe that the improved domestic employment picture alone will prompt the Federal Reserve to raise short term interest rates, and to do so as early as this coming June. For the reasons explained in that edition, I disagree. But Mr. Market clearly is skittish and overreacts to any signal either way. As a consequence, the bellwether 10 Year US Treasury was volatile this week in sharp contrast to the quiescent major stock indices; Friday notwithstanding. On Monday and Tuesday, the yield on the 10Year spiked 12 basis points (6%) on news that some Fed members were anxious to eliminate the word "patience" from future Fed communiques thereby signaling a desire to raise rates sooner rather than later. On Wednesday, however, minutes from the Fed's January meeting were released. They bespoke a more hesitant tone in regard any rate increase. Also on Wednesday, the Commerce Department released January's producer price index. It showed that the prices businesses received for their goods and services declined (deflated) by 0.8% between December and January and that those same prices have remained flat over the preceding 12 months. This news was disappointing to the Fed which would prefer for these and other prices to inflate at a 2% annual rate before it begins to normalize interest rates. Housing start date released that day also showed a negative trend. In response, the rate retraced back to 2.07 and then gradually moved to 2.13 by week's end.
Because I believe that the yield on the 10Year will stabilize, I have held steady even as the capital appreciation that I experienced in January has eroded. (Remember the higher the yield the lower the price). As in income investor my primary focus is dividends and interest, not capital appreciation---although the latter is welcome anytime. That said, I will not tolerate any significant loss of capital. As a consequence, if the bellwether rate, off which many of my holdings are priced (e.g. preferred stock closed end funds, municipal bond funds, real estate investment trusts and utilities), continues to rise sharply and causes my capital position to enter the red zone, "you won't see me" in the market any longer. As I have stated "time after time", my primary purpose in this entire Riskreward exercise is to avoid loss. Doing so is a victory in and of itself. The cries of anguish uttered in 2008 still ring in my ears even if "you refuse to listen."
One very bright spot for me in an otherwise disappointing February has been the performance of the preferred stock of Magnum Hunter Resources (MHRpC and MHRpD). MHR is a small exploration company engaged primarily in fracking for oil; that is until 2014. At that time, MHR began divesting its oil properties (at the market's top) and investing heavily in natural gas properties. When the price of oil plunged recently, MHR was painted with the same brush as every other small oil exploration company and lost over half of its value. Thereafter, MHR's CEO went on a public relations campaign to explain that MHR was not an oil company, but a natural gas company---one that could operate profitably even if the price of natural gas fell to $2/mmBTU (current price is $2.82). Further, he has been candid and transparent on cash flow expectations, so much so that an article appeared Thursday in the online version of Forbes in which investment advisor Jim Collins sang the praises of MHR in general and its preferred stock in particular. Indeed, the MHRpD that I bought on January 23, 2015 is up 40% while still paying a 10% annual dividend amortized monthly. Follow on purchases of it and MHRpC have also experienced double digit appreciation. I must warn those that may be interested, MHR preferreds are not for the faint of heart. They are thinly traded and have a history of volatility. They have "caused me a lot of rockin' and rollin'. And in times past, I have found myself "howlin' at the moon" for owning them. That said, I intend to buy more. This time, it looks like Magnum Hunter may actually be a "Magnus Opus".
Over the next few weeks I see both fixed income and equity markets dominated once again by Federal Reserve signals. Look for volatility on February 24th when Chair Yellen addresses Congress and again on March 18th at the conclusion of the Fed's FOMC meeting. I will take my lead from the band, Kansas. If Yellen signals that interest rates will remain low, I likely will "Carry On, My Wayward Son." If she signals that an increase is imminent, I may disappear from the market like "Dust In The Wind"---reappearing only after that dust settles and rates attain some stability.
THIS IS NOT INVESTMENT OR TAX ADVICE. IT IS A PERSONAL REFLECTION ON INVESTING. RELY ON NOTHING STATED HEREIN
"But minute by minute by minute by minute
I keep holding on"---lyrics from "Minute By Minute" sung by The Doobie Brothers
"You won't see me
Time after time
You refuse to even listen"---lyrics from "You Won't See Me" sung by The Beatles
"'Cause rockin' and rollin', it's only howlin' at the moon
It's only howlin' at the moon"---lyrics from "Magnus Opus" sung by Kansas
As an income investor, my fate often rests upon the market's reaction to Federal Reserve meeting minutes. "Minute by minute by minute/I keep holding on"---and never so much as this week. Allow me to explain. As discussed in last week's edition (See Vol. 254 www.riskrewardblog.blogspot.com), many market participants believe that the improved domestic employment picture alone will prompt the Federal Reserve to raise short term interest rates, and to do so as early as this coming June. For the reasons explained in that edition, I disagree. But Mr. Market clearly is skittish and overreacts to any signal either way. As a consequence, the bellwether 10 Year US Treasury was volatile this week in sharp contrast to the quiescent major stock indices; Friday notwithstanding. On Monday and Tuesday, the yield on the 10Year spiked 12 basis points (6%) on news that some Fed members were anxious to eliminate the word "patience" from future Fed communiques thereby signaling a desire to raise rates sooner rather than later. On Wednesday, however, minutes from the Fed's January meeting were released. They bespoke a more hesitant tone in regard any rate increase. Also on Wednesday, the Commerce Department released January's producer price index. It showed that the prices businesses received for their goods and services declined (deflated) by 0.8% between December and January and that those same prices have remained flat over the preceding 12 months. This news was disappointing to the Fed which would prefer for these and other prices to inflate at a 2% annual rate before it begins to normalize interest rates. Housing start date released that day also showed a negative trend. In response, the rate retraced back to 2.07 and then gradually moved to 2.13 by week's end.
Because I believe that the yield on the 10Year will stabilize, I have held steady even as the capital appreciation that I experienced in January has eroded. (Remember the higher the yield the lower the price). As in income investor my primary focus is dividends and interest, not capital appreciation---although the latter is welcome anytime. That said, I will not tolerate any significant loss of capital. As a consequence, if the bellwether rate, off which many of my holdings are priced (e.g. preferred stock closed end funds, municipal bond funds, real estate investment trusts and utilities), continues to rise sharply and causes my capital position to enter the red zone, "you won't see me" in the market any longer. As I have stated "time after time", my primary purpose in this entire Riskreward exercise is to avoid loss. Doing so is a victory in and of itself. The cries of anguish uttered in 2008 still ring in my ears even if "you refuse to listen."
One very bright spot for me in an otherwise disappointing February has been the performance of the preferred stock of Magnum Hunter Resources (MHRpC and MHRpD). MHR is a small exploration company engaged primarily in fracking for oil; that is until 2014. At that time, MHR began divesting its oil properties (at the market's top) and investing heavily in natural gas properties. When the price of oil plunged recently, MHR was painted with the same brush as every other small oil exploration company and lost over half of its value. Thereafter, MHR's CEO went on a public relations campaign to explain that MHR was not an oil company, but a natural gas company---one that could operate profitably even if the price of natural gas fell to $2/mmBTU (current price is $2.82). Further, he has been candid and transparent on cash flow expectations, so much so that an article appeared Thursday in the online version of Forbes in which investment advisor Jim Collins sang the praises of MHR in general and its preferred stock in particular. Indeed, the MHRpD that I bought on January 23, 2015 is up 40% while still paying a 10% annual dividend amortized monthly. Follow on purchases of it and MHRpC have also experienced double digit appreciation. I must warn those that may be interested, MHR preferreds are not for the faint of heart. They are thinly traded and have a history of volatility. They have "caused me a lot of rockin' and rollin'. And in times past, I have found myself "howlin' at the moon" for owning them. That said, I intend to buy more. This time, it looks like Magnum Hunter may actually be a "Magnus Opus".
Over the next few weeks I see both fixed income and equity markets dominated once again by Federal Reserve signals. Look for volatility on February 24th when Chair Yellen addresses Congress and again on March 18th at the conclusion of the Fed's FOMC meeting. I will take my lead from the band, Kansas. If Yellen signals that interest rates will remain low, I likely will "Carry On, My Wayward Son." If she signals that an increase is imminent, I may disappear from the market like "Dust In The Wind"---reappearing only after that dust settles and rates attain some stability.
Saturday, February 14, 2015
February 14, 2015 War, What Is It Good For?
Risk/Reward Vol. 254
THIS IS NOT INVESTMENT OR TAX ADVICE. IT IS A PERSONAL REFLECTION ON INVESTING. RELY ON NOTHING STATED HEREIN.
"Tell me why
Why, tell me why."---lyrics from "Tell Me Why" sung by Taylor Swift
"War, huh Good God
What is it good for?"---lyrics from "War" sung by Edwin Starr
"Like electricity, electricity
Sparks inside of me and I'm free, I am free."---lyrics from "Electricity" sung by Elton John
As the March meeting of the Federal Reserve approaches look for a shift away from employment and toward deflation as the key determinant of if and when the Fed begins to raise interest rates. As discussed here over the past two years (See e.g. Vols. 201 and 204 www.riskrewardblog.blogspot.com ) deflation is a central banker's greatest fear. And we appear to be headed in that direction. This week the Commerce Department announced that aggregate consumer spending (read, demand) dropped for the second consecutive month. So, "tell me why/Why tell me why" this is to be feared? The best explanation is contained in a speech given in 2002 by then Fed Chair Ben Bernanke ( www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm ) . As explained by Bernanke, deflation almost always results from a collapse in aggregate demand, the economic effects of which are recession, rising unemployment and financial stress. The Great Depression is the most recent example of sustained deflation, and it haunts this generation of central bankers like no other historical event. Why? Because central bankers have very few conventional tools to combat deflation. Indeed, the solution of the Great Depression had nothing to do with central banks. It was WWII which spurred unprecedented economic activity; first in arming the world and then in its wake, rebuilding virtually every city and town in Europe and Japan.
So, Edwin Starr, in answer to your question, "war is good for" for something---spurring economic activity Admittedly, the human cost is too great to desire a physical war. But wars come in many varieties, and we are in the midst of one right now---a currency war. Allow me to explain. One remedy for deflation in any one country is what Adam Smith phrased "beggaring thy neighbor": that is, in a world beset by lessening demand adopting economic policies that worsen other countries' ability to compete in comparison to yours. The easiest and most obvious means of accomplishing this is devaluing one's currency. Here is an example. If one wants more tourists to visit the Eurozone (tourism is Italy's largest industry and constitutes 7% of France's gross domestic product), devaluing the Euro from $1.40 to $1.14, as has occurred in the past twelve months, makes European travel very attractive to those outside the Eurozone. Indeed, a friend of ours is renting a beautiful three bedroom apartment in Grenada, Spain for $1000/month---much cheaper than living comparably in the US! And how does one devalue the Euro? The easiest way is to set interest rates at zero or below thereby punishing anyone who elects to hold Euros---just as the ECB has done. Savers of euros become losers. The thinking quickly becomes: "dump Euros and buy dollars even below the prevailing exchange rate because it will be worse tomorrow." And, this approach is spreading. Sweden's central bank announced this week that it will charge depositor institutions for retaining cash, a penalty which will trickle down to individual depositors in short order. In sum, a currency war is now fully underway with the US dollar appreciating versus every other major currency. That is not good news for US domestic industries. As a consequence and to complete the point made in the first paragraph, if for no reason other than to remain competitive in a deflationary world plagued by lessening aggregate demand, I do not see the Federal Reserve raising interest rates (and thereby strengthening the dollar even more) any time soon.
What does this mean for investors? I believe that the recent upward trend in the yield on the bellwether 10Year Treasury (from 1.6 % to 2% in two weeks) occasioned by the belief of many that the continuing improvement in employment numbers alone will cause to Fed to raise interest rates will abate or even reverse once the Fed's focus switches away from employment and toward deflation. I see that happening as soon as the Fed's March meeting. If I am right and the yield on the 10Year stabilizes near 2% or drops, a buying opportunity for interest rate sensitive stocks will present. One sector negatively impacted by the recent spike in rates has been utilities---"like electricity, electricity". Utilities as a group have experienced a 5% or more decline this month despite the broader market registering record highs. This sector did very well last year, and utilities are still relatively expensive. They are by no means "free." But, the dividends paid on some are now above 4%. If and when they approach 5%, they will be a bargain and will send "sparks inside of me." (Remember the higher the yield on dividend paying stocks, like bonds, the lower the price.)
We are at war---no doubt. But I have faith that our Federal Reserve will do the right thing and will keep interest rates low. Like Taylor Swift, Janet Yellen sees deflation for what it is:
"Trouble, trouble, trouble."
THIS IS NOT INVESTMENT OR TAX ADVICE. IT IS A PERSONAL REFLECTION ON INVESTING. RELY ON NOTHING STATED HEREIN.
"Tell me why
Why, tell me why."---lyrics from "Tell Me Why" sung by Taylor Swift
"War, huh Good God
What is it good for?"---lyrics from "War" sung by Edwin Starr
"Like electricity, electricity
Sparks inside of me and I'm free, I am free."---lyrics from "Electricity" sung by Elton John
As the March meeting of the Federal Reserve approaches look for a shift away from employment and toward deflation as the key determinant of if and when the Fed begins to raise interest rates. As discussed here over the past two years (See e.g. Vols. 201 and 204 www.riskrewardblog.blogspot.com ) deflation is a central banker's greatest fear. And we appear to be headed in that direction. This week the Commerce Department announced that aggregate consumer spending (read, demand) dropped for the second consecutive month. So, "tell me why/Why tell me why" this is to be feared? The best explanation is contained in a speech given in 2002 by then Fed Chair Ben Bernanke ( www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm ) . As explained by Bernanke, deflation almost always results from a collapse in aggregate demand, the economic effects of which are recession, rising unemployment and financial stress. The Great Depression is the most recent example of sustained deflation, and it haunts this generation of central bankers like no other historical event. Why? Because central bankers have very few conventional tools to combat deflation. Indeed, the solution of the Great Depression had nothing to do with central banks. It was WWII which spurred unprecedented economic activity; first in arming the world and then in its wake, rebuilding virtually every city and town in Europe and Japan.
So, Edwin Starr, in answer to your question, "war is good for" for something---spurring economic activity Admittedly, the human cost is too great to desire a physical war. But wars come in many varieties, and we are in the midst of one right now---a currency war. Allow me to explain. One remedy for deflation in any one country is what Adam Smith phrased "beggaring thy neighbor": that is, in a world beset by lessening demand adopting economic policies that worsen other countries' ability to compete in comparison to yours. The easiest and most obvious means of accomplishing this is devaluing one's currency. Here is an example. If one wants more tourists to visit the Eurozone (tourism is Italy's largest industry and constitutes 7% of France's gross domestic product), devaluing the Euro from $1.40 to $1.14, as has occurred in the past twelve months, makes European travel very attractive to those outside the Eurozone. Indeed, a friend of ours is renting a beautiful three bedroom apartment in Grenada, Spain for $1000/month---much cheaper than living comparably in the US! And how does one devalue the Euro? The easiest way is to set interest rates at zero or below thereby punishing anyone who elects to hold Euros---just as the ECB has done. Savers of euros become losers. The thinking quickly becomes: "dump Euros and buy dollars even below the prevailing exchange rate because it will be worse tomorrow." And, this approach is spreading. Sweden's central bank announced this week that it will charge depositor institutions for retaining cash, a penalty which will trickle down to individual depositors in short order. In sum, a currency war is now fully underway with the US dollar appreciating versus every other major currency. That is not good news for US domestic industries. As a consequence and to complete the point made in the first paragraph, if for no reason other than to remain competitive in a deflationary world plagued by lessening aggregate demand, I do not see the Federal Reserve raising interest rates (and thereby strengthening the dollar even more) any time soon.
What does this mean for investors? I believe that the recent upward trend in the yield on the bellwether 10Year Treasury (from 1.6 % to 2% in two weeks) occasioned by the belief of many that the continuing improvement in employment numbers alone will cause to Fed to raise interest rates will abate or even reverse once the Fed's focus switches away from employment and toward deflation. I see that happening as soon as the Fed's March meeting. If I am right and the yield on the 10Year stabilizes near 2% or drops, a buying opportunity for interest rate sensitive stocks will present. One sector negatively impacted by the recent spike in rates has been utilities---"like electricity, electricity". Utilities as a group have experienced a 5% or more decline this month despite the broader market registering record highs. This sector did very well last year, and utilities are still relatively expensive. They are by no means "free." But, the dividends paid on some are now above 4%. If and when they approach 5%, they will be a bargain and will send "sparks inside of me." (Remember the higher the yield on dividend paying stocks, like bonds, the lower the price.)
We are at war---no doubt. But I have faith that our Federal Reserve will do the right thing and will keep interest rates low. Like Taylor Swift, Janet Yellen sees deflation for what it is:
"Trouble, trouble, trouble."
Saturday, February 7, 2015
February 7, 2015 Too Marvelous For Words
Risk/Reward Vol. 253
THIS IS NOT INVESTMENT OR TAX ADVICE. IT IS A PERSONAL REFLECTION ON INVESTING. RELY ON NOTHING STATED HEREIN.
“For nobody else, gave me a thrill/ With all your faults, I love you still
It had to be you, wonderful you/ It had to be you”---lyrics from “It Had To Be You” sung by Frank Sinatra
“On the rebound, it's a replay
On the rebound, it's a replay
Your love was on the rebound”---lyrics from “On the Rebound” sung by Uriah Heep
“Were you the last to know?
Were you left out in the cold?
What you did was low”---lyrics from “Low” sung by Kelly Clarkson
If ever a week exemplified the adage “There is No Alternative” (to United States equities, that is), it was this one. (TINA discussed in Vols. 164, 201 and 250 www.riskrewardblog.blogspot.com ). The two major indices regained all of their year-to-date losses with the Dow Jones Industrial Average closing 660 points higher and the S&P 500 up 60 points above last Friday’ close. This was achieved even though Europe remains in the dumps with the European Central Bank balking at buying Greek debt.
China’s growth prospects are so dim, its central bank loosened reserve requirements hoping to encourage more lending. Literally, “nobody else gave me a thrill/ With all your faults, I love US equities still/ It had to be you, wonderful you/ It had to be you.”---if you want any return on your investment. And I see no end in sight.
The guidance given during the most recent earnings season (which just now is concluding) indicates that, cumulatively, the companies comprising the S&P500 will grow profits 3.5% this year which is well above an earlier forecast of 1.1% growth. Moreover, oil prices are “on the rebound.” I’m not sure we will experience “a replay” of $100/bbl. oil, but seeing the price rise above $50 has given Mr. Market assurance that the all- important domestic energy industry will continue to grow and prosper. Adding further encouragement is the growth in employment. A report on Friday indicated that 257,000 net new jobs were added in January.
The only negative on the domestic front this week was the sharp increase in the yield on the 10Year US Treasury Bond. This bellwether against which all income securities are priced spiked from 1.67% last Friday to 1.94% at the close yesterday. Bond traders are signaling their belief that the good news described above will justify the Federal Reserve raising short term rates sooner than 2016. This week's spike negatively impacted my interest rate sensitive portfolio, but I am holding pat. (Remember higher rates mean lower prices.) Certainly, I don’t “want to be the last to know” or to otherwise be “left out in the cold” should rates continue to rise sharply. But, I believe the rise will moderate if not reverse. I see too many headwinds to the Fed taking action this year. For example, on Monday the U.S. Commerce Department released last month’s personal consumption expenditure (PCE) index upon which the Fed relies for measuring inflation. That index indicated that we are well below the Fed’s targeted 2% annual inflation rate. Raising interest rates would only dampen inflation more. Moreover, other Commerce Department numbers indicate that US exports are declining. This is a direct result of the strength of the US dollar versus other world currencies. Raising interest rates strengthens a currency and thus would only exacerbate this problem. Time will tell, but I am still of the belief that interest rates will remain low. That said, my eye remains focused on the yield/rate on the 10Year.
Investors in US equities this week were “On the Sunny Side of the Street”, “Come Rain or Shine.” They reaped more than just “Pennies From Heaven” and “Three Coins in a Fountain.” Moreover, their good fortune was not the product of “Witchcraft” and was not a gift from some “Stranger in the Night.” It came from understanding that opportunities exist here unlike anywhere else in the world. And with apologies to Ol’ Blue Eyes, that is “Too Marvelous For Words.”
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