Leuthold Weeden Capital Management

Leuthold Weeden Capital Management is a global investment manager founded in 1987 by Steven C. Leuthold. Recognized as a pioneer in tactical asset allocation, our flexible flagship strategy has a 25 year track record. We are employee-owned with a heritage of independent research and a philosophy that stresses quantitative measures of value combined with recognition of fundamental and technical trends. Our investment approach is disciplined, unemotional, and at times contrarian. We offer mutual funds and separately managed accounts across several strategies, including domestic and global tactical asset allocation, as well as long and short equity mandates.

Leuthold In the Media

Strategy Crushed Market in 2013: 2014 Picks

Ycharts.com - Carla Fried - January 27, 2014

A proprietary five-factor model the Leuthold Group uses to rate 3,000 stocks funneled into 120 industry groups, generated a 40.4% return last year for groups rated attractive. That was eight points more than the en fuego S&P 500.

Once Sizzling Emerging Markets have turned Bearish

Dallas Morning News - January 12, 2014

“The impact of Federal Reserve tapering [monetary tightening] could be wide and profound on emerging market stocks,” said Doug Ramsey, chief investment officer for The Leuthold Group. ... Further, Ramsey said major shifts in leadership out of U.S. stocks into emerging market stocks typically occur at market bottoms. In other words, expect emerging markets to perform better coming out of a bear market in the S&P 500. And at least for the moment, the S&P 500 is a long way from a bear market.

This Quirk of China's Domestic Stocks May Be on Its Way Out

Barrons.com - December 30, 2013

China’s tightly controlled domestic stock market is doing something unusual: It’s trading at a discount.  By “discount” I mean its valuation relative to comparable stocks trading outside the controlled domestic market. It’s happening just as most Western investors are getting their first crack at what historically has been a very inaccessible market.

 

Bulls Get Final Word on 2013 - Randall W. Forsyth

Barrons.com - Subscription required to access full article - December 21, 2013

The Leuthold Group's chief investment officer, Doug Ramsey, wryly observed last January on Barrons.com that the individual investor hadn't returned to the market because stocks weren't expensive enough yet. To Ramsey, the momentum stocks' surge is symptomatic of the later innings of a bull market. He views small-caps as more richly valued that they've been since 1998 and 2007, just ahead of past market peaks. While conditions for a correction aren't yet in place, he could see small-caps pulling back 20% at some point in 2014, while the S&P 500 has a 12% to 18% correction.

Leuthold’s Ramsey Sees Lower Bonds, Higher Stocks (Audio 11:35)

Bloomberg Radio - December 16, 2013

Douglas Ramsey, chief investment officer at Leuthold Group, says bonds will sell off in 2014 and stocks will be "flat to up five percent." Ramsey talks with Bloomberg's Tom Keene on Bloomberg Radio's "Bloomberg Surveillance." Ramsey said he’s bullish on large technology and health-care companies and predicted that shares of small companies will underperform next year.

Bigger Worries are Swirling Around Small Stocks

Associated Press - December 5, 2013

Small stocks have brought big joy this year, but they've been so generous that some mutual fund managers question how much they have left to give. ...Small-cap stocks are at extreme valuations when compared against large stocks, says Doug Ramsey, one of the managers atop the Leuthold Core Investment fund (LCORX) and the Leuthold Global fund (GLBLX). He believes looking at stock prices relative to their earnings per share over the last five years has been a better predictor of future performance than looking at earnings over just the last 12 months.

New Market Benchmarks Show a Lack of Options

New York TImes - November 18, 2013

But some analysts are bullish without deep conviction. Matt Paschke, for example, co-manages both bullish and bearish portfolios for Leuthold Weeden Capital Management in Minneapolis, including the Grizzly Short fund and the Leuthold Core fund. Over all, he said, despite stretched valuations in the stock market his firm remains “cautiously bullish,” largely because the fixed-income market looks so unattractive.

Portfolios: Leuthold Eyes Peripheral EMU Debt For Opportunities

MNI: Market News - November 22, 2013
Better than U.S. high yield or emerging market debt, euro zone peripheral debt is currently the place to seek opportunities, Leuthold Weeden Capital Management Portfolio Manager Chun Wang told MNI, citing Spain and Italy in particular.

Chuck Jaffe - Big Interview with Doug Ramsey

MoneyLife Radio - September 11, 2013
Doug Ramsey talks with Chuck Jaffe about the current markets.

Will Stocks Climb Along with Bond Yields?

Kiplingers Personal Finance - August 15, 2013
Sometimes a market truism isn't. A recent study shines a new light on the relationship between stocks and interest rates. The conventional wisdom holds that rising interest rates are sure to snuff out the 4½-year-old bull market in stocks. But now comes a fascinating report from the Leuthold Group, a Minneapolis-based investment research firm, that supports the market’s recent action over the conventional wisdom.

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