We have written these reports for two audiences: for ourselves and for our clients. They represent our fundamental research into companies and related investment issues, and are intended to be readable, and to be read. In particular, our company reports do not use gimmicky, misleading or downright dangerous ratings systems done by a computer program with questionable inputs and no independent thought. Such systems deserve ratings of ’1-Star,’ ‘F,’ and ‘Sell!’

You must register or login in below in order to read these research reports.


RYMFX-Rydex Managed Futures Fund-A behind the scenes look at the running of a commodities mutual fund.

ORNAX: A Muni fund turning into a REIT? By Lee Munson and Charles R. Major

Mutual Funds June 2010

Retiring rich: A myth of the American middle class — by Lee Munson. In the Orlando Business Journal

Vanguard's VNQ vs iShares's IYR: A Tale of Two Real Estate ETFs

Approved Funds March 2010

The Oakmark International Fund (OAKIX): How David Herro Does It

UMBWX - UMB Scott International interview with James Moffett

Approved Funds December 2009

Closed End Funds: Buyer Beware

Q3 Report

Matthews Pacific Tiger (MAPTX): The Real Deal

Using Closed-End Funds vs. Master-Limited Partnerships

GATEX: Natixis Gateway Fund

ORNAX: The Crowd Is Always Wrong, An Update

RYMFX: Rydex Managed Futures Strategy Fund

Move (Inc.) It or Lose It - Lee Munson and Patrick Kirts comment on MOVE

Linn, Tortoise Energy: Risk vs. Reward - Lee Munson and Patrick Kirts comment on Linn and Tortoise Energy

The Short Term Case for Long Term Deflation - Lee Munson and Lorn Owen Davis comment on deflation

ADANX: AQR Diversified Arbitrage Fund

Oil ETFs: Texas Tea or Empty Well? - Lee Munson comments on oil ETF's.

Worry More About Underemployment than Unemployment

S&P 500: There Is No P/E (Part III) - Lee Munson and Patrick Kirts comment the S&P 500 price-to-earnings ratio. Part three of three.

S&P 500: There Is No P/E (Part II)

S&P 500: There Is No P/E (Part I)

It's Not All Bad News

WSJ: Kansas Furthers Already Atrocious Market Myths

Pres. Obama: Counterfeiter-in-Chief

Sucker's Rally: Stop Calling the Bottom

Letting Go of Packaging Corp. of America Following Dividend Slash

Unbundled 401K Plans

Banning M2M: The Worst Mistake in History

Why It's Actually Different This Time

Ford: Convertible Trust Not Preferred

Packaging Corp of America: Investing in Cardboard Boxes

How to Create a Balanced Investment in Energy

Citi: Still in Limbo

ETFs: High Tax, High Expense, and Inefficient

Dow's Rohm & Haas Acquisition: Simple Math

Citigroup: Too Big to Fail or Succeed

All We Have to Fear Is Fear and Slow Economic Activity

ORNAX: The Crowd is Always Wrong

Ford: Have You Driven a Convertible Preferred Lately?

Unilever: Will Cherry Garcia Save the day?

Schlumberger: The Switzerland of Oil

Nucor: The End of Steel?