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Current issues of Kapital Commentary are available on the company's web site for a two week period in a PDF file format and are subsequently rotated with each new biweekly article. Back issues dating back one month from a request date are available free to members, however, after one month has elapsed back issues are available for U.S.$30.00 per copy

Contact us for assistance to obtain a back issue listed below.

Volume I







1. January 10, 2001 Number 1



Title: A Note on Excess Returns in 2001



2. January 17, 2001 Number 2



Title: Will the US Economy Be In A Recession in 2001?



3. January 24, 2001 Number 3



Title: An Argument For European Assets



4. January 31, 2001 Number 4



Title: Stock Prices and Economic Declines: A Return Maximizing Perspective



5. February 7, 2001 Number 5



Title: Speculative Prices and Asset Bubbles



6. February 14, 2001 Number 6



Title: The Equity Premium and the Risk Free Rate Puzzle



7. February 21, 2001 Number 7



Title : Why Invest In Mutual or Hedge Funds?



8. February 28, 2001 Number 8



Title: Short Term Markets Have No Memory



9. March 7, 2001 Number 9



Title: Profiting From Market Inefficiency



10. March 14, 2001 Number 10



Title: A Note On Market Inefficiency



11. March 21, 2001 Number 11



Title: Spring Theory



12. March 28, 2001 Number 12



Title: Credible Policymaking and Stock Prices



13. April 4, 2001 Number 13



Title: Credit and Profits



14. April 11, 2001 Number 14



Title: Popular Beliefs and Market Realities



15. April 18, 2001 Number 15



Title: Oil, Gas, and Stock Prices



16. April 25, 2001 Number 16



Title: Kapital Report Card



17. May 2, 2001 Number 17



Title: Expected Inflation: Alan Greenspan's Next Worry



18. May 9, 2001 Number 18



Title: New Economy Dynamics



19. May 16, 2001 Number 19



Title: Reasons to Buy US$



20. May 23, 2001 Number 20



Title: Gold Stock Returns and Inflation



21. May 30, 2001 Number 21



Title: Macro Monitor and Kapital Leading Indicators



22. June 6, 2001 Number 22



Title: Profit Prudence



23. June 13, 2001 Number 23



Title: Where Not To Be



24. June 27, 2001 Number 24



Title: Invest in Growth and Fundamentals



25. July 11, 2001 Number 25



Title: Proof A Recovery Is Underway



26. July 25, 2001 Number 26



Title: Bank Stocks and 2002



27. August 8, 2001 Number 27



Title: Recessions, Investment, and Stock Returns



28. August 22, 2001 Number 28



Title: Pressure on the U.S.$



29. September 5, 2001 Number 29



Title: Employment and Recessions



30. September 19, 2001 Number 30



Title: Foreign Policy and Consumer Confidence



31. October 3, 2001 Number 31



Title: Understanding Volatility



32. October 17, 2001 Number 32



Title: Why Inventories Matter



33. October 31, 2001 Number 33



Title: Deja Vu



34. November 14, 2001 Number 34



Title: Prospects for the Canadian Dollar



35. November 28, 2001 Number 35



Title: Interest Rates, GDP, and Corporate Profit Growth in 2002



36. December 12, 2001 Number 36



Title: Getting Confident



37. December 24, 2001 Number 37



Title: 2001: The Year In Review





Volume II




1. January 9, 2002 Number 1



Title: The Year's Focus



2. January 23, 2002 Number 2



Title: Revisiting Excellence



3. February 6, 2002 Number 3



Title: Stocks and 2002 - 2003



4. February 20, 2002 Number 4



Title: Aging and Stock Returns



5. March 6, 2002 Number 5



Title: Gold



6. March 20, 2002 Number 6



Title: Energy Shocks and Stock Prices



7. April 3, 2002 Number 7



Title: The New Economy Continued...



8. April 17, 2002 Number 8



Title: Canadian Stocks: Non-Technology Prospects



9. May 1, 2002 Number 9



Title: Price Instability



10. May 15, 2002 Number 10



Title: Prospects for the U.S.$



11. May 29, 2002 Number 11



Title: Gold's Last Bull



12. June 12, 2002 Number 12



Title: Monetary Policy



13. June 26, 2002 Number 13



Title: Earnings and the Stock Market



14. July 10, 2002 Number 14



Title: Confidence



15. July 24, 2004 Number 15



Title: Services



16. August 7, 2002 Number 16



Title: Coming Out



17. August 21, 2002 Number 17



Title: Consumer Spending and Stock Prices



18. September 4, 2002 Number 18



Title: Energy



19. September 18, 2002 Number 19



Title: Before Tech



20. October 2, 2002 Number 20



Title: The Cost of Selling



21. October 16, 2002 Number 21



Title: Junior Growth Stocks



22. October 30, 2002 Number 22



Title: Corporate Governance and Financial Markets



23. November 13, 2002 Number 23



Title: The Federal Funds Rate and Stock Prices



24. November 27, 2002 Number 24



Title: Expected Inflation: A Note



25. December 11, 2002 Number 25



Title: Pressure on the Yen



26. December 25, 2002 Number 26



Title: The Year In Review











Volume III






1. January 15, 2003 Number 1



Title: Strikes and Asset Prices



2. January 29, 2003 Number 2



Title: The Bank of Canada



3. February 12, 2003 Number 3



Title: Consumer Sentiment and Stock Prices



4. February 26, 2003 Number 4



Title: Geopolitical Shocks



5. March 12, 2003 Number 5



Title: China: A Brief Profile



6. March 26, 2003 Number 6



Title: Regime Changes



7. April 9, 2003 Number 7



Title: Trade War?



8. April 23, 2003 Number 8



Title: Energy Trusts: A Note



9. May 9, 2003 Number 9



Title: Corporate Earnings



10. May 21, 2003 Number 10



Title: U.S. Interest Rate Forecast



11. June 4, 2003 Number 11



Title: Natural Gas



12. June 18, 2003 Number 12



Title: "Good" Price Changes



13. July 2, 2003 Number 13



Title: Demographic Adaptations



14. July 16, 2003 Number 14



Title: Foreign Exchange



15. July 30, 2003 Number 15



Title: Savings and Investment



16. August 13, 2003 Number 16



Title: W-Growth



17. August 27, 2003 Number 17



Title: Japan's Bubble



18. September 10, 2003 Number 18



Title: Mutual Funds?



19. September 24, 2003 Number 19



Title: Money Matters



20. October 8, 2003 Number 20



Title: Global Growth and Implications



21. October 22, 2003 Number 21



Title: Commodity Demand and Asset Growth



22. November 5, 2003 Number 22



Title: Options and 9/11



23. November 19, 2003 Number 23



Title: Stability



24. December 3, 2003 Number 24



Title: ADR's and Growth



25. December 17, 2003 Number 25



Title: Selling



26. December 30, 2003 Number 26



Title: The Year in Review







Volume IV





1. January 14, 2004, Number 1



Title: Presidential Elections, Currencies, and Expectations



2. January 28, 2004 Number 2



Title: Growth Pockets



3. February 11, 2004 Number 3



Title: Crude



4. February 25, 2004 Number 4



Title: Prices and Concerted Moves



5. March 10, 2004 - Number 5



Title: Financial Processes



6. March 24, 2004 - Number 6



Title: Shocks and Recovery Time



7. April 7, 2004 - Number 7



Title: WiMAX



8. April 21, 2008 Number 8



Title: Funds and Expected Excess Returns



9. May 5, 2004 Number 9



Title: Rates and Stock Prices



10. May 19, 2004 Number 10



Title: Demographics and Asset Growth



11. June 2, 2004 Number 11



Title: China: Growth Shock



12. June 16, 2004 Number 12



Title: Risk Management: One Portfolio Approach



13. June 30, 2004 Number 13



Title: Federal Funds Rate Forecast



14. July 14, 2004 Number 14



Title: Investment Spending



15. July 28, 2004 Number 15



Title: Dividends



16. August 11, 2004 Number 16



Title: Who Owns the Market?



17. August 25, 2004 Number 17



Title: U.S. Jobs Growth: Problem or Perception Problem?



18. September 8, 2004 Number 18



Title: The Internet: Revisiting Growth



19. September 22, 2004 Number 19



Title: Value Stocks



20. October 6, 2004 Number 20



Title: Energy and 2005



21. October 20, 2004 Number 21



Title: Gold



22. November 3, 2004 Number 22


Title: US$: Debt, Deficits, and Price Stability



23. November 17, 2004 Number 23



Title: Telecommunications: A Survey



24. December 1, 2005 Number 24



Title: Emerging Asian Markets and 2005



25. December 15, 2004 Number 25



Title: Small Caps and 2005



26. December 19, 2004 Number 26



Title: The Year in Review



Volume V



1. January 12, 2005 Kapital Commentary Number 1



Title: WiMAX and Competition



2. January 27, 2005 Kapital Commentary Number 2



Title: Sectors



3. February 9, 2005 Kapital Commentary Number 3



Title: Income and Lower Volatility



4. February 23, 2005 Kapital Commentary Number 4



Title: Three Percent Plus



5. March 9, 2005 Kapital Commentary Number 5



Title: Japan



6. March 23, 2005 Kapital Commentary Number 6



Title: Small Cap Value



7. April 6, 2005 Kapital Commentary Number 7



Title: Liquidity



8. April 20, 2005 Kapital Commentary Number 8



Title: The Business Cycle and Stock Returns



9. May 4, 2005 Kapital Commentary Number 9



Title: Inflation: The Past and Expected Future



10. May 18, 2005 Kapital Commentary Number 10



Title: Long-Term Bond Yields: A Comment



11. June 1, 2005 Kapital Commentary Number 11



Title: Income and Capital Appreciation



12. June 15, 2005 Kapital Commentary Number 12



Title: Pre-Tech



13. June 29, 2005 Kapital Commentary Number 13



Title: Speculation and Asset Price Risk



14. July 13, 2005 Kapital Commentary Number 14



Title: Portfolio Note



15. September 14, 2005 Kapital Commentary Number 15


Title: Consumer Spending and Stock Prices



16. September 28, 2005 - Kapital Commentary Number 16


Title: Capital Shifts



17. October 12, 2005 - Kapital Commentary Number 17


Title: Prices and Assets



18. October 26, 2005 - Kapital Commentary Number 18


Title: Gold: A Fundamental Review



19. November 9, 2005 Kapital Commentary Number 19



Title: Value and Yield



20. November 23, 2005 Kapital Commentary Number 20



Title: Global Growth and 2006



21. December 7, 2005 Kapital Commentary Number 21


Title: Japan and Semiconductor Update



22. December 21, 2005 Kapital Commentary Number 22


Title: Developing Economy and Asset Growth



23. December 31, 2005 Kapital Commentary Number 23



Title: The Year in Review



Volume VI.



1. Kapital Commentary Number 1, January 18, 2006


Title: Currencies



2. Kapital Commentary Number 2, February 1, 2006


Title: Value Based Growth



3. Kapital Commentary Number 3, February 15, 2006


Title: Two Percent



4. Kapital Commentary Number 4, March 1, 2006



Title: Recession?



5. Kapital Commentary Number 5, March 15, 2006



Title: More Value



6. Kapital Commentary Number 6, March 29, 2006



Title: Real Rates, Housing, and Consumer Spending



7. Kapital Commentary Number 7, April 12, 2006



Title: Total Return



8. Kapital Commentary Number 8, April 26, 2006



Title: Equity Runs



9. Kapital Commentary Number 9, May 10, 2006



Title: Macros and Substitution Play



10. Kapital Commentary Number 10, May 24, 2006



Title: Inflation and Expectations



11. Kapital Commentary Number 11, June 7, 2006



Title: After Commodities I



12. Kapital Commentary Number 12, 2006



Title: Consistent Returns and Stable Growth



13. Kapital Commentary Number 13, 2006


Title: Adjusting Expectations



14. Kapital Commentary Number 14, 2006



Title: $100 Oil and Expectations



15. Kapital Commentary Number 15 August 23, 2006



Title: Profits



16. Kapital Commentary Number 16 September 6, 2006



Title: Natural Gas: Trends and Implications



17. Kapital Commentary Number 17, September 20, 2006



Title: After Commodities II



18. Kapital Commentary Number 18, September 2006



Title: Economic Growth and Expected Returns in 2007



19. Kapital Commentary Number 19, 2006



Title: Undervaluation and Growth Investors



20. Kapital Commentary Number 20, 2006


Title: Emerging Markets and 2007



Volume VII



1. Kapital Commentary Number 1, 2007



Title: Real Interest Rates and Asset Prices



2. Kapital Commentary Number 2, 2007


Title: The Fed and Intentions


3. Kapital Commentary Number 3, 2007


Title: Risk Aversion and Expected Returns



4. Kapital Commentary Number 4, 2007


Title: Inflation Growth and Expected Stock Returns



5. May 15, 2007 - Kapital Commentary Number 5


Title: Stable Income and Growth


6. June 27, 2007 - Kapital Commentary Number 6


Title: Revisiting Growth


7. July 25, 2007 - Kapital Commentary Number 7


Title: Oil: A Macro Review



8. August 22, 2007 - Kapital Commentary Number 8


Title: Understanding A Liquidity Crisis



9. September 26, 2007 - Kapital Commentary Number 9


Title: Technology Outlook


10. October 24, 2007 - Kapital Commentary Number 10


Title: Exchange Rates and Expectations



11. November 21, 2007 - Kapital Commentary Number 11


Title: 75 Basis Points



12. December 19, 2007 - Kapital Commentary Number 12


Title: Commodities: Base Metals


Volume VIII



1. January 23, 2008 - Kapital Commentary Number 1


Title: Presidential Election Cycles and Stock Prices



2. February 20, 2008 - Kapital Commentary Number 2


Title: Policy and Reality



3. March 26, 2008 - Kapital Commentary Number 3


Title: Distressed Risk


4. April 23, 2008 - Kapital Commentary Number 4


Title: Agricultural Boom and Excess Returns



5. June 4, 2008 - Kapital Commentary Number 5


Title: Inflation Expectations and Implications



6. June 25, 2008 - Kapital Commentary Number 6


Title: Global Rates and Implications



7. July 30, 2008 - Kapital Commentary Number 7


Title: Crude, Confidence & Growth



8. September 3, 2008 - Kapital Commentary Number 8


Title: Shallow, Deep, or Noise...



9. October 1, 2008 - Kapital Commentary Number 9


Title: Commodities and Expected Returns



10. October 29, 2008 - Kapital Commentary Number 10


Title: Earnings


11. November 26, 2008 - Kapital Commentary Number 11


Title: Recognizing a Bull



12. December 24, 2008 - Kapital Commentary Number 12



Volume IX



Title: Global Sentiment and Equities


1. January 28, 2009 - Kapital Commentary Number 1, 2009


Title: Rates


2. February 25, 2009 - Kapital Commentary Number 2, 2009


Title: Energy


3. March 25, 2009 - Kapital Commentary Number 3, 2009


Title: Banks


4. April 22, 2009 - Kapital Commentary Number 4, 2009


Title: China


5. May 27, 2009 - Kapital Commentary Number 5, 2009


Title: Chips


6. July 1, 2009 - Kapital Commentary Number 6, 2009


Title: Oil and Earnings


7. July 29, 2009 - Kapital Commentary Number 7, 2009


Title: Gold


8. August 19, 2009 - Kapital Commentary Number 8, 2009


Title: Natural Gas


9. September 30, 2009 - Kapital Commentary Number 9, 2009


Title: The Global Business Cycle


10. October 28, 2009 - Kapital Commentary Number 10, 2009


Title: Risk Management


11. November 25, 2009 - Kapital Commentary Number 11, 2009


Title: Deficits, Debt, and Dollars


12. December 9, 2009 - Kapital Commentary Number 12, 2009


Title: Value Growth and Income


Volume X


1. January 20, 2010 Kapital Commentary Number 1, 2010


Title: Growth, Policy Response and Expected Returns in 2010



2. February 24, 2010 Kapital Commentary Number 2, 2010


Title: Stimulus: A Comment


3. March 24, 2010 Kapital Commentary Number 3, 2010


Title: Understanding Employment and Equity Cycles


4. April 21, 2010 Kapital Commentary Number 4, 2010


Title: Pricking Gold's Bubble


5. May 25, 2010 Kapital Commentary Number 5, 2010


Title: Positioning for Growth


6. June 29, 2010 Kapital Commentary Number 6, 2010


Title: Structural Break


7. July 21, 2010 Kapital Commentary Number 7, 2010


Title: Macro Variables and Expectations


8. August 25, 2010 Kapital Commentary Number 8, 2010


Title: Energy: Crude and Natural Gas


9. September 29, 2010 Kapital Commentary Number 9, 2010


Title: Foreign Policy and the Lost Decade


10. October 27, 2010 Kapital Commentary Number 10, 2010


Title: Sectors


11. November 24, 2010 Kapital Commentary Number 11, 2010


Title: Bonds and 2011


12. December 22, 2010 Kapital Commentary Number 12, The 2008 Crisis and Volatility: Lessons and Looking Forward


Volume XI


1. January 26, 2011 - Kapital Commentary Number 1, 2011:


Title: Growth and Income


2. February 23, 2011 - Kapital Commentary Number 2, 2011:


Title: Beyond Stimulus


3. March 23, 2011 - Kapital Commentary Number 3, 2011


Title: Options: A Note


4. April 26, 2011 - Kapital Commentary Number 4, 2011


Title: Inflation Uncertainty and Expectations


5. May 11, 2011 - Kapital Commentary Number 5, 2011

Title: The US$: A Short Note


6. June 28, 2011 - Kapital Commentary Number 6, 2011

Title: Undervaluation


7. July 26, 2011 - Kapital Commentary Number 7, 2011


Title: Strong Buy


8. August 24, 2011 - Kapital Commentary Number 8, 2011


Title: Volatility: The New Norm


9. September 28, 2011 - Kapital Commentary Number 9, 2011


Title: Debt: Bad and Good?


10. October 31, 2011 - Kapital Commentary Number 10, 2011


Title: Noise and Mean Reversion


11. November 29, 2011 - Kapital Commentary Number 11, 2011


Title: Euro Yields


12. December 21, 2011 - Kapital Commentary Number 12, 2011


Title: Portfolio Construction and Risk Management


Volume XII


1. January 24, 2012 - Kapital Commentary Number 1, 2012


Title: 2012





















































 

© 2001 Kapital Investments Corp - All rights reserved