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By Catherine Austin Fitts the SolariBY CATHERINE AUSTIN FITTS / 3RD QUARTERR WRAPepo UP VOLUME 2016r / NUMBERt FOUR INVESTMENT SCREENING: Can We Filter for Productive Companies? The Solari Report 3nd Quarter 2016 Wrap Up Investment Screening: Can we filter for Productive Companies? by Catherine Austin Fitts Copyright © 2016 by Solari, Inc. All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without the permission in writing from the publisher. Published September 2016 by: Solari, Inc., P. O. Box 157, Hickory Valley, TN 38042 USA. Designed by Ben Lizardi, Lizardi Communications, Inc. Visit our website: www.solari.com ISBN-10: 0-9854251-8-0 / ISBN-13: 978-0-9854251-8-0 2 Table of Contents INTRODUCTION ............................................................................................................................... 4 I. Investment Screening: Can we filter for productive companies? ................................................... 6 1. Introduction: Meditations on Productivity .........................................................................7 2 . What is Screening? ..............................................................................................................7 3. ESG Screening: The Size of the Universe ..........................................................................14 4. Hamilton Securities & US Pension Funds ........................................................................19 5. Reviewing SRI Mutual Funds and ETFs ...........................................................................21 6. The Solari Model ..............................................................................................................22 7. Define “Real Stinkers” ......................................................................................................24 8. Investment Screening: Can We Filter for Productive Companies? ....................................18 9. Negative Total Economic Return: Examples By Industry Sector .......................................19 10. Conclusion .......................................................................................................................21 II. News Trends & Stories .................................................................................................................. 22 ECONOMY & FINANCIAL MARKETS ..............................................................................23 GEOPOLITICS .......................................................................................................................24 SCIENCE & TECHNOLOGY ..............................................................................................25 THE BIG QUESTIONS ...................................................................................................................26 An in-depth look at the News Trends & Stories .........................................................................27 PART ONE ............................................................................................................................27 PART TWO ......................................................................................................................................... 43 III. FINANCIAL MARKETS ROUNDUP ...................................................................................... 58 U.S. Dollar Index ...................................................................................................................59 Fixed Income /AGG (US Bond Aggregate), JNK (High Yield Bond ETF) ....................................... 60 IEF (5-7yr Treasury ETF), TLT (20 yr. + Treasury ETF) .................................................................. 61 Equities /North America SPX (S&P Large Cap), PKW (Buybacks) ...............................................62 SCHA (U.S. Small Caps), SCHM (U.S. Mid Caps), SCHX (U.S. Large Caps) ............................... 63 US Aerospace & Defense (ITA) ........................................................................................................... 63 Consumer Discretionary (XLY) ........................................................................................................... 64 Consumer Staples (XLP) ...................................................................................................................... 64 Industrial Select (XLI) ........................................................................................................................... 65 Health Care (XLV) ............................................................................................................................... 65 IBB (Biotech) ........................................................................................................................................ 66 ITB (U.S. Home Construction ............................................................................................................ 66 IYR (U.S. Real Estate) ................................................................................................................67 U.S. Equities: 1-, 3-, 5-Year Sector Performance .....................................................................67 Motif Investing (Highest Earners) ............................................................................................68 Motif Investing (Lowest Earners) .............................................................................................69 EFA (International Developed) ................................................................................................70 Europe DAX (Germany) ..........................................................................................................70 VGK (FTSE) .......................................................................................................................... 71 Disclaimer: Nothing on the Solari VGK(FTSE), EWU (UK), SPY (S&P) ....................................................................................71 Report should be taken as individual EUFN (European Financials), KBE (US Financials) ................................................................72 investment advice. Anyone seeking European Financials: DB, RBS, BCS .......................................................................................72 investment advice for his or her per- sonal financial situation is advised to ASIA EEM (Emerging Markets) ..............................................................................................73 seek out a qualified advisor or advisors FXI (China Large Caps) ..........................................................................................................73 and provide as much information as China Small Cap (HAO) .........................................................................................................74 possible to the advisor in order that such advisor can take into account all PIN (India) .............................................................................................................................74 relevant circumstances, objectives, and WAFMX (Frontier Markets) ....................................................................................................75 risks before rendering an opinion as to Commodities OIL (Crude Oil) ...............................................................................................75 the appropriate investment strategy. RSX (Russia), OIL (Crude Oil) ...............................................................................................76 NOTE: For additional mate- GLD (Gold), SLV (Silver) .......................................................................................................76 rial available in the online GDX, GDXJ ...........................................................................................................................77 version of this Wrap Up, CRB (Commodities Index) ......................................................................................................77 visit the www.Solari.com YTD Commodities Performance .............................................................................................78 website and use the search Baltic Dry Index ......................................................................................................................79 function to locate the items. 3 Introduction “Cut and run or cut-and-run is an These six words or phrases idiomatic verb phrase meaning to at hand capture the essence of the news during the last “make off promptly” or to “hurry off.” three months: The phrase originated in the 1700s Cut and Run. The signs are significant that as describing an act allowing a ship to insiders are moving monies out of the system. The biggest story of the 3rd Quarter was make sail quickly in an urgent situa- 1the announcement from the US Department of Defense Inspector General that DOD had undoc- tion... The phrase is used as a pejora- umented adjustments for the fiscal year 2015 of $9.3 trillion, or $30,000 for every man, woman, tive in political language, implying a and child in America. panicked and cowardly retreat...” Monica Lewinsky II. Just as the Monica Lewinsky scandal and the related impeach- — WIKIPEDIA ment proceedings distracted Americans from 2noticing that trillions were flowing out of the federal government in fiscal 1998, the first year of the financial coup d’état, sensationalism
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