2011Nov15 The Talking Heads Talk...

Investing:

 

Regular readers of Week In Review know that we have long held the position that it is better to not watch any of the talking heads who fill the financial channels than to try and figure out which one is right. They have 24 hours to fill every day and they will fill it. They will be pro, con, up, down, sideways anything to keep you watching for just one more minute. Take a moment to watch this short video by Michael Mauboussin, he is the chief investment strategist for Legg Mason Capital Management. We think he sums it up very well. 

 

Economy:

 

The conversation in Europe has turned once again to the subject of recession. Is one coming or is it already here? How long will it last and how deep will it be?

  

On this side of the pond we wonder most about how it will effect our economy. Wells Fargo analyzed each state's reliance on exports to Europe. It is interesting to note that most the the "highest risk" states have shipping ports including our home state of Washington. 

 

There is probably more risk to our economy from the banking crisis spreading  than a reduction in trade. But a recession in Europe will be felt in the US, and it will be different in each state depending on how much business is usually shipped overseas.

 

Our Tax Dollars At Work:

 

Senators and House members are required to file annual disclosures of their holdings and investments, which reveal where they are placing their money. The disclosures do not list specific figures but provide a range of values for individual holdings-for example, one asset could be listed as "between $1 million and $5 million." Assets listed here are ranked first by the number of members currently invested in each stock and then by the maximum collective value of their holdings in the case of a tie.

 

Recently, several high ranking members of Congress have been criticized for their stock purchases  and have been accused of insider trading ,  allegations they deny. However, it may be interesting for investors to know which stocks their lawmakers have personal interest in.  

  

So, which stocks are the most widely held by members of the Congress?

  

10. Exxon Mobil (XOM)

Members invested: 42  
Total value of holdings (max.): $11.09 million  
Total value of holdings (min.): $2.74 million 

Top Congressional Investors 
John Carter (R.-Texas) - $1 million to $5 million 
F. James Sensenbrenner Jr. (R.-Wis.) - $551,185 to $1.05 million 
Michael McCaul (R.-Texas) - $500,002 to $1 million

 

9. AT&T (ATT)

Members invested: 44  
Total value of holdings (max.): $4.08 million  
Total value of holdings (min.): $2.23 million 

Top Congressional Investors 
John Kerry (D.-Mass.) - $1.52 million to $2.07 million 
F. James Sensenbrenner Jr. (R.-Wis.) - $105,877 to $255,876 
Richard L Hanna (R.-N.Y.) - $100,001 to $250,000

  

8. Wells Fargo (WFC)

Members invested: 45  
Total value of holdings (max.): $4.28 million 
Total value of holdings (min.): $1.71 million 

Top Congressional Investors 
John Kerry (D.-Mass.) - $351,003 to $765,000 
Sander Levin (D.-Mich.) - $250,001 to $500,000 
David Vitter (R.-La.) - $126,007 to $365,000
 

7. Intel (INTC)

Members invested: 47 
Total value of holdings (max.): $3.21 million 
Total value of holdings (min.): $1.28 million 

Top Congressional Investors 
John Kerry (D.-Mass.) - $602,005 to $1.28 million 
Michael McCaul (R.-Texas) - $200,002 to $500,000 
Jane Harman (D.-Calif.) - $130,003 to $350,000

  

6. Pfizer (PFE)

Members invested: 51 
Total value of holdings (max.): $4.61 million 
Total value of holdings (min.): $2.04 million 

Top Congressional Investors 
John Kerry (D.-Mass.) - $752,004 to $1.53 million 
F. James Sensenbrenner Jr. (R.-Wis.) - $507,005 to $1 million 
Kurt Schrader (D.-Ore.) - $265,002 to $550,000


5. Cisco Systems (CSCO)

Members invested: 56 
Total value of holdings (max.): $3.24 million 
Total value of holdings (min.): $1.27 million 

Top Congressional Investors 
John Kerry (D.-Mass.) - $602,005 to $1.28 million 
Richard L Hanna (R.-N.Y.) - $100,000 to $250,000
Jane Harman (D..-Calif.) - $100,000 to $200,000


4. Microsoft (MSFT)

Members invested: 56 
Total value of holdings (max.): $6.43 million 
Total value of holdings (min.): $3.22 million 

Top Congressional Investors 
John Kerry (D.-Mass.) - $1.77 million to $2.55 million 
Michael McCaul (R.-Texas) - $515,003 to $1.05 million 
Jane Harman (D.-Calif.) - $130,003 to $350,000

 

3. Bank of America (BAC)

Members invested: 57 
Total value of holdings (max.): $5.41 million 
Total value of holdings (min.): $2.83 million 

Top Congressional Investors 
Rodney Frelinghuysen (R.-N.J.) - $1.02 million to $1.08 million 
John M. Spratt Jr. (D.-S.C.) - $500,001 to $1 million 
Dianne Feinstein (D.-Calif.) - $500,001 to $1 

 

2. Procter & Gamble (PG)

Members invested: 62  
Total value of holdings (max.): $39.42 million  
Total value of holdings (min.): $8.72 million 

Top Congressional Investors 
Rodney Frelinghuysen (R..-N.J.) - $7.07 million to $35.15 million 
Michael McCaul (R.-Texas) - $200,002 to $500,000 
James B. Renacci (R.-Ohio) - $180,485 to $222,482

 

1. General Electric (GE)

Members invested: 75 
Total value of holdings (max.): $11.41 million 
Total value of holdings (min.): $3.58 million 

Top Congressional Investors 
Darrell Issa (R.-Calif.) - $1 million to $5 million 
John Kerry (D.-Mass.) - $616,004 to $1.315 million 
Michael McCaul (R.-Texas) - $400,003 to $850,000