What Do We 'Owe' Our Parents?

By Suzanne Gerber, editor of the Living & Learning channel for Next Avenue

Talk about a hot-button issue. With almost 6 million Americans 85 or older, a number expected to jump up to more than 14 million by 2040, our country is struggling to provide adequate care.

Last June, More magazine conducted a nationwide survey of 751 men and women 18 and older with the hopes of giving some definition and parameters to this situation. In their September issue (and coming to More.com on October 22) they published the results of this enlightening study.

If you could reduce the findings to one sentence, it would be that most Americans (81%) plan to help care for their aging parents. That's the good news. But the not-so-good news is that more than a quarter said they didn't know what was involved or how to plan for it. (Obviously they're not reading NextAvenue.)

(MORE: How to Care for Your Parent Without Losing Your Job)

How Will We Care for Mom and Dad?

The survey also found that men are more optimistic about eldercare than women are. "The reason men have a more positive attitude is that a lot of them take a can-do approach to family life," noted Lisa Gwyther, director of the Family Support Program at Duke University Center for the Study of Aging. "They view it as 'This is a problem to be solved; I can fix this.' Women may be more aware of grief, sadness and loss, as well as how the burden of eldercare is affecting them."

Many experts also feel there could be a "perception vs. reality" gap. They note that women still do the bulk of the work. As More reported, women tend to "assume an emotional, nurturing role and handle personal tasks such as bathing, while men take on more practical chores, like handling finances or house repairs."

It's not that women aren't willing to take on financial responsibility. It's just that across every age group they don't always have the means, or the confidence in their financial future, to make the offer.

Another question the survey asked was what people would be willing to give up to care for their parents. The findings: daily lifestyle, 55% (60% women, 50% men); big-ticket items like car, vacations, electronics: 38%; retirements savings: 23%; value of own home: 15%; children's education fund: 7%.

But the question that really got me thinking — and feeling and projecting into my own life — was about motivation: why the respondents would act the way they said they would. Almost half (46%) said it was out of a sense of duty, a quarter (26%) said out of love, and 11% said they felt it was their moral obligation.

(MORE: How to Be a Loving Advocate for Your Parents)

What Do You Feel You Owe Your Parents?

Among my peers, conversations about our parents are frequent, but interestingly, the question "what do we 'owe' them" has never come up. So when I heard about the More survey, I reached out to a number of them to hear their thoughts.

A younger friend with still-robust, independent parents doesn't feel any sense of debt. "But I want to give them love and friendship and all the support that I can give them (and that they are willing to accept from me)." Her story is complicated by the fact that her folks, who live 3,000 miles away, are fundamentalist Christians and she's gay.

European Stocks Little Changed as U.S. Jobless Decline

European stocks were unchanged as data showing the number of Americans filing jobless claims unexpectedly fell last week offset investor concern that budget wrangling in Washington will lead to a government shutdown.

Ladbrokes (LAD) Plc plunged to its lowest price in almost a year after issuing a profit warning for its digital division. Thomas Cook Group Plc slid 6.6 percent after it said winter bookings have slowed. Hennes & Mauritz AB (HMB), Europe's second-biggest clothing retailer, rose to its highest price after posting third-quarter profit that beat analysts' estimates.

The Stoxx Europe 600 Index was unchanged at 313.02 at the close of trading. The gauge has dropped 0.4 percent so far this week amid concern that U.S. politicians will fail to approve a federal budget for the new financial year. It has still climbed 5.3 percent in September as the Federal Reserve refrained from reducing its monthly asset purchases, and has surged 9.8 percent since the end of June, heading for the biggest quarterly gain in four years.

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"Markets clearly hate uncertainty and the U.S. debt ceiling coupled with when the Fed is going to taper are clearly two areas of concern," Stephane Ekolo, chief European strategist at Market Securities in London, wrote in a message. "Given the good run the markets have experienced, it is normal to pause a little."

The volume of shares changing hands in companies listed on the Stoxx 600 was 24 percent greater than the average of the past 30 days, according to data compiled by Bloomberg.

U.S. Data

In the U.S., jobless claims decreased by 5,000 to 305,000 in the week ended Sept. 21, a Labor Department report showed today in Washington. The median forecast of 49 economists surveyed by Bloomberg called for an increase to 325,000.

Gross domestic product in the world's largest economy rose at a 2.5 percent annualized rate, unrevised from the previous estimate, after expanding 1.1 percent in the first quarter, Commerce Department figures showed today. The median forecast of economists surveyed by Bloomberg was for a 2.6 percent pace.

U.S. lawmakers have until Monday to agree to an emergency budget to keep the federal government operating from Oct. 1, the beginning of the 2014 fiscal year, through Dec. 15. Failure to pass the bill may lead to a government shutdown.

National benchmark indexes advanced in 10 of the 18 western-European markets. The U.K.'s FTSE 100 rose 0.2 percent, Germany's DAX fell less than 0.1 percent and France's CAC 40 Index dropped 0.2 percent.

Italian Decline

Italy's FTSE MIB slid 1.2 percent amid concern the coalition government will collapse after former Premier Silvio Berlusconi's allies threatened to step down if he is expelled from the Senate as a result of his conviction for tax fraud.

Ladbrokes plunged 7.6 percent to 173.8 pence, dropping for an eighth day. The chain of bookmakers said 2013 operating profit for its digital division will be below current market expectations because of a lack of competitiveness and lower-than-planned margins.

Thomas Cook (TCG) lost 6.6 percent to 145.3 pence, its biggest decline since Sept. 5. The tour operator said winter bookings started more slowly than last year across most markets due to geopolitical events and warm weather in Europe.

Colruyt SA (COLR) fell 4 percent to 42.31 euros. Belgium's largest discount food retailer forecast full-year net income of about 369 million euros ($498 million) compared with analysts' estimates of 381.2 million euros.

Mapfre SA (MAP) slid 3.1 percent to 2.67 euros. Bankia SA sold a 12 percent stake, or 369.6 million shares, in Spain's biggest insurer.

Centrica Slides

Centrica Plc (CNA), the largest energy supplier to U.K. homes, lost 2.3 percent to 366.9 pence. JPMorgan Chase & Co. downgraded the shares to neutral from overweight, citing proposals from Britain's Labour Party to freeze energy bills and break up the country's six biggest power suppliers.

Royal DSM NV (DSM) slid 5.4 percent to 55.13 euros. The company that spent $3.2 billion on nutrition-ingredient acquisitions said profit this year may fall short of an initial target because of stagnant markets in Europe and lower chemical prices.

ICAP Plc (IAP) dropped 2.1 percent to 380.3 pence, taking its two-day decline to 3.9 percent. The shares fell yesterday after U.K. and U.S. authorities fined the broker $88 million on charges of rigging key interest rates.

H&M gained 6.7 percent to 281.70 kronor. Third-quarter profit increased 22 percent to 4.43 billion kronor ($690 million) in the three months ended Aug. 31, Stockholm-based H&M said in a statement. That compares with the 4.15 billion-kronor average estimate of 16 analysts surveyed by Bloomberg.

Alcatel Advances

Alcatel Lucent SA (ALU) jumped 6.3 percent to 2.69 euros. Nokia Oyj (NOK1V), which is set to become a manufacturer focusing on wireless networks after the sale of its handset business, is evaluating a linkup with the French company, two people with knowledge of the matter said.

The Finnish company is considering options including a combination with Alcatel-Lucent's wireless-network unit, said one of the people, who declined to be identified because the plans are confidential. No talks are under way, said the people.

Vestas Wind Systems A/S rose 7.9 percent to 133.10 kroner, its highest price since June 2011, after the Danish turbine maker won an order for 200 wind turbines in Texas.

Achtung Baby: Bono Defends U2 Tax Moves

Is U2 frontman Bono a hypocrite?

The rocker says no.

In a lengthy interview with Tim Adams of The Observer, Bono addressed criticisms of the band's decision to shield millions of dollars from taxation by parking it in the Netherlands rather than keeping it in Ireland.

He defended the band's position as part and parcel of the Irish way of life, saying:

It is not an intellectually rigorous position unless you understand that at the heart of the Irish economy has always been the philosophy of tax competitiveness. Tax competitiveness has taken our country out of poverty. People in the revenue accept that if you engage in that policy then some people are going to go out, and some people are coming in. It has been a successful policy. On the cranky left that is very annoying, I can see that. But tax competitiveness is why Ireland has stayed afloat. When the Germans tried to impose a different tax regime on the country in exchange for a bailout, the taoiseach said they would rather not have the bailout. So U2 is in total harmony with our government's philosophy.

As to those folks that have found fault with his stance? Bono believes that it comes down to likeability:

I think for many reasons people have taken a dislike to our band and to me… I think some of the people who criticise us in Ireland and America have a history that you can trace back to our opposition to Noraid. A lot of the others probably hate our music. And a lot of other people probably have a point.

I guess that makes me one of those people who have a point.

You see, I happen to be a big fan of U2. Pride (In The Name Of Love) was the first song that I ever danced to with my husband (in a bar in Prague, no less). I Will Follow was one of the big songs at my wedding. And Beautiful Day was my pregnancy song when my oldest daughter was born. I think they're an amazing band and they have incredible talent. But I don't think Bono is being completely honest.

This isn't what Ireland wants. Ireland is in an economic crisis. Financial worries over continued unemployment and significant debt plague the country: spending hits and higher taxes are planned in order to right the ship. The country has been bailed out by the International Monetary Fund and the European Union after it suffered a number of losses in the banking and property sectors, leading to recession. That doesn't exactly sound like a country managing to stay afloat on the merits of its own tax competitiveness.

I agree that U2 does not have an obligation to pay tax in Ireland when they can legitimately move funds offshore and save tax dollars. There's nothing that says you have to pay more tax than you have to: it's okay to be tax efficient. If there are appropriate ways to lower your tax obligations, then that's what you do. We all do: you claim the deductions and credits you're entitled to on your tax return, right?

But you call a spade a spade. You don't try to twist your tax planning into some kind of patriotic or noble move. Your mortgage deduction isn't an homage to the Constitution: it's simply a way to lower your tax bill. Don't make it more than it is.

Bono may tout the band's position as supporting the country's "tax competitiveness" but it's not. Their big tax move was primarily in response to a non-competitive cap on tax-free income, introduced in the country in 2006. Before that time, U2 had received a tremendous benefit from an exemption which was available to artists for the sale of certain works. At the time, despite the fact that Bono believes the band was in "total harmony" with his country, he received an enormous amount of criticism.

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Years later, the criticism hasn't diminished. Former Irish Junior Health Minister Roisin Shorthall voiced his opinion of the move this year, saying:

I think there is that issue about loyalty to the country you are born in and I think it would show a tremendous example to everybody if they were to bring back their tax affairs to Ireland. In any modern democracy people pay their fair share of tax.

Ouch. And there's more.

Dublin North-East TD Tommy Broughan said, about the band, that while he thought the band was amazing and admired their dedication to wiping out poverty in Africa, "their first duty is to their own people." That duty, he indicated, was to pay taxes in Ireland.

So maybe it's not so much that Ireland wants this as U2 wants this.

The band has been wildly successful, selling more than 150 million records. Bono and the band rank fourth on Forbes' list of the Highest-Paid Musicians of 2012, grossing $78 million in 2012 alone.

–

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Hot Penny Companies For 2014

NEW YORK (TheStreet) -- On Thursday, by virtue of a 65-35 shareholder vote, Michael Dell and Silver Lake Partners won a green light to take Dell (DELL) private for $25 billion dollars -- effectively ending the long-term suffering of the company's faithful investors.

Now, I'm not going to go into details as to whether this was a fair deal. On more than one occasion, I've gone on record about Dell's perceived value. But now that this nine-month penny-pinching charade is over, I do wonder if/when the Street will ever again hear from Dell.

One of the advantages of privatization is that now Dell is free to operate without fear of public scrutiny. Aside from freeing the company from things like disclosure requirements, which are enforced by the Securities and Exchange Commission, I don't see what Dell actually gains by essentially delisting itself. [Read: Kass: Apple's Strategic Blunder]

Hot Penny Companies For 2014: ENSCO plc(ESV)

Ensco plc, together with its subsidiaries, provides offshore contract drilling services to the oil and gas industry. The company engages in the drilling of offshore oil and natural gas wells by providing its drilling rigs and crews under contracts with international, government-owned, and independent oil and gas companies. As of February 15, 2010, it owned and operated 42 jackup rigs, 4 ultra-deepwater semisubmersible rigs, and 1 barge rig. The company also has 4 ultra-deepwater semisubmersible rigs under construction. It operates in Asia, the Middle East, Australia, New Zealand, Europe, Africa, and North and South America. The company was formerly known as Ensco International plc and changed its name to Ensco plc in March 2010. Ensco plc was founded in 1975 and is based in London, the United Kingdom.

Hot Penny Companies For 2014: China Ceramics Co. Ltd.(CCCL)

China Ceramics Co., Ltd. engages in the manufacture and sale of ceramic tiles used for exterior siding, interior flooring, and design in residential and commercial buildings primarily in the People's Republic of China. It offers porcelain tiles, glazed tiles, glazed porcelain tiles, rustic tiles, and ultra-thin tiles under the Hengda, Hengdeli, TOERTO, and WULIQIAO brand names. The company primarily sells its products through a distributor network, as well as directly to property developers. China Ceramics Co., Ltd. is based in Jinjiang City, the People's Republic of China.

Hot Casino Stocks To Watch For 2014: Chiquita Brands International Inc. (CQB)

Chiquita Brands International, Inc., together with its subsidiaries, engages in the distribution and marketing of bananas and fresh produce under the Chiquita and other brand names worldwide. The company operates in three segments: Bananas, Salads and Healthy Snacks, and Other Produce. The Banana segment sources, transports, markets, and distributes bananas to retailers and wholesalers, and chain stores. It also engages in the cultivation and production of bananas. The Salads and Healthy Snacks segment offers value-added salads under the Fresh Express and other labels; and fresh vegetable and fruit ingredients used in foodservice, healthy snacks, and processed fruit ingredient products. This segment also provides fresh-cut products, such as lettuce, tomatoes, spinach, cabbage, and onions to foodservice distributors who resell these products to foodservice operators. It distributes Fresh Express branded products to food retailers, foodservice distributors, and quick-service restaurants; and fresh produce foodservice offerings primarily to third-party distributors for resale principally to quick-service restaurants in the United States. The Other Produce segment engages in sourcing, marketing, and distributing fresh fruits and vegetables other than bananas in Europe and North America. It offers grapes, pineapples, melons, kiwis, tomatoes, and avocados. The company was founded in 1899 and is headquartered in Cincinnati, Ohio.

Hot Penny Companies For 2014: Independent Bank Corporation(IBCP)

Independent Bank Corporation operates as a holding company for the Independent Bank that provides various retail and commercial banking services in Michigan. The company offers various deposit products, including non-interest bearing demand deposits, time deposits, checking and savings accounts, and NOW accounts. It also provides commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. The company, through its other subsidiaries, offers payment plans used by consumers to purchase vehicle service contracts and title insurance services, as well as provides investment and insurance services. As of May 2, 2011, it operated approximately 100 offices across Michigan?s Lower Peninsula. The company was founded in 1864 and is based in Ionia, Michigan.

Hot Penny Companies For 2014: SORL Auto Parts Inc.(SORL)

SORL Auto Parts, Inc., through its principal operating subsidiary, Ruili Group Ruian Auto Parts Co., Ltd., engages in the development, manufacture, and distribution of automotive brake systems and other safety related auto parts for commercial vehicles, such as trucks and buses. The company, through its 90% ownership in Ruili Group Ruian Auto Parts Co., Ltd., a Sino-foreign joint venture, offers various products, including spring brake chamber, clutch servos, air dryers, relay valves, and hand brake valves. It also provides auto metering products, auto electric products, anti-lock brake systems, retarders, hydraulic brakes, and power steering products. SORL Auto Parts, Inc. markets its products under the SORL brand to automotive original equipment manufacturers and the related aftermarket customers in the People?s Republic of China and internationally. The company was founded in 2003 and is headquartered in Ruian City, the People?s Republic of China.

Hot Penny Companies For 2014: LJ International Inc.(JADE)

LJ International Inc., together with its subsidiaries, engages in the design, manufacture, marketing, and sale of precious and color gemstones, and diamond jewelry. The company offers colored jewelry; and pieces set in yellow gold, white gold, or sterling silver, as well as adorned with colored stones, diamonds, pearls, and precious stones. Its product line includes earrings, necklaces, pendants, rings, and bracelets. The company distributes its products to fine jewelers, national jewelry chains, department stores, TV shopping channels, discount chain stores, and electronic and specialty retailers in North America and Western Europe. It also involves in the retail of jewelry products under the ENZO brand. As of December 31, 2010, the company operated 133 ENZO stores in the People's Republic of China, Hong Kong, and Macau. In addition, it owns commercial and residential properties in Hong Kong, which are held primarily for lease. The company was founded in 1987 and is based in Hung Hom, Hong Kong.

Top 5 Safest Stocks To Invest In 2014

Our latest recommendation is a financial MLP with a rich payout and a promising future, says Igor Greenwald, editor of MLP Profits.

Oaktree Capital Group (OAK) raises most of the funds it invests in companies, credit, and real estate from institutional investors��ncluding public pension funds��nd charges them hedge-like fees for the privilege.

The company has a professed devotion to a value-oriented investing discipline, and a willingness to share the rewards with outsiders.

The rewards have been bountiful lately, partly because Oaktree has been reaping the crop of lucrative returns sown in scarier times.

As it's cashed-out funds raised before the financial crash, and deployed in its aftermath, their strong performance has translated into handsome incentive compensation, most of it paid out quarterly to investors.

Over the last 12 months, Oaktree has paid out $4.52 per unit in distributions, for a trailing yield of 8.8%.

Top 5 Safest Stocks To Invest In 2014: Goldman Sachs Group Inc.(The)

The Goldman Sachs Group, Inc., together with its subsidiaries, provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Its Investment Banking segment offers financial advisory, including advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense, risk management, restructurings, and spin-offs; and underwriting securities, loans and other financial instruments, and derivative transactions. The company?s Institutional Client Services segment provides client execution activities, such as fixed income, currency, and commodities client execution related to making markets in interest rate products, credit products, mortgages, currencies, and commodities; and equities related to making markets in equity products, as well as commissions and fees from executing and clearing institutional client transactions on stock, options, and fu tures exchanges. This segment also engages in the securities services business providing financing, securities lending, and other prime brokerage services to institutional clients, including hedge funds, mutual funds, pension funds, and foundations. Its Investing and Lending segment invests in debt securities, loans, public and private equity securities, real estate, consolidated investment entities, and power generation facilities. This segment also involves in the origination of loans to provide financing to clients. The company?s Investment Management segment provides investment management services and investment products to institutional and individual clients. This segment also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families. In addition, it provides global investment research services. The company was founded in 1869 and is headquartered in New York, New York.

Top 5 Safest Stocks To Invest In 2014: Petroleo Brasileiro S.A.- Petrobras(PBR)

Petroleo Brasileiro S.A. primarily engages in oil and natural gas exploration and production, refining, trade, and transportation businesses. The company?s Exploration and Production segment involves in the exploration, production, development, and production of oil, liquefied natural gas (LNG), and natural gas in Brazil. This segment supplies its products to the refineries in Brazil, as well as sells surplus petroleum and byproducts in domestic and foreign markets. Its Supply segment engages in the refining, logistics, transportation, and trade of oil and oil products; export of ethanol; and extraction and processing of schist, as well as holds interests in companies of the petrochemical sector in Brazil. The Gas and Energy segment involves in the transportation and trade of natural gas produced in or imported into Brazil; transportation and trade of LNG; and generation and trade of electric power. In addition, the segment has interests in natural gas transportation and d istribution companies; and thermoelectric power stations in Brazil, as well engages in fertilizer business. The Distribution segment distributes oil products, ethanol, and compressed natural gas in Brazil. The International segment involves in the exploration and production of oil and gas, as well as in supplying, gas and energy, and distribution operations in the Americas, Africa, Europe, and Asia. Further, the company involves in biofuel production business. Petroleo Brasileiro was founded in 1953 and is based in Rio de Janeiro, Brazil.

5 Best Canadian Stocks To Buy For 2014: Under Armour Inc.(UA)

Under Armour, Inc. develops, markets, and distributes performance apparel, footwear, and accessories for men, women, and youth primarily in the United States, Canada, and internationally. It offers products made from moisture-wicking synthetic fabrics designed to regulate body temperature and enhance performance regardless of weather conditions. The company provides its products in three fit types: compression (tight fitting), fitted (athletic cut), and loose (relaxed) extending across the sporting goods, outdoor, and active lifestyle markets. Its footwear offerings comprise football, baseball, lacrosse, softball, and soccer cleats; slides; performance training footwear; and running footwear. The company also provides baseball batting, football, golf, and running gloves, as well as licenses bags, socks, headwear, custom-molded mouth guards, and eyewear that are designed to be used and worn before, during, and after competition. Under Armour sells its products through retai l stores, as well as directly to consumers through its own retail outlets and specialty stores, Website, and catalogs. The company was founded in 1996 and is headquartered in Baltimore, Maryland.

Top 5 Safest Stocks To Invest In 2014: Fluor Corporation(FLR)

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, maintenance, and project management services worldwide. Its Oil & Gas segment offers design, engineering, procurement, construction, and project management services to upstream oil and gas production, downstream refining, chemicals, and petrochemicals industries. This segment also provides consulting services comprising feasibility studies, process assessment, and project finance structuring and studies. The company?s Industrial & Infrastructure segment offers design, engineering, procurement, and construction services to the transportation, wind power, mining and metals, life sciences, manufacturing, commercial and institutional, telecommunications, microelectronics, and healthcare sectors. Its Government segment provides engineering, construction, logistics support, contingency response, management, and operations services to the United States government focusing on the Departme nt of Energy, the Department of Homeland Security, and the Department of Defense. The company?s Global Services segment offers operations and maintenance, small capital project engineering and execution, site equipment and tool services, industrial fleet services, plant turnaround services, temporary staffing services, and supply chain solutions. Its Power segment provides engineering, procurement, construction, program management, start-up and commissioning, and operations and maintenance services to the gas fueled, solid fueled, plant betterment, renewables, nuclear, and power services markets. The company also offers unionized management and construction services in the United States and Canada. Fluor Corporation was founded in 1912 and is headquartered in Irving, Texas.

Oaktree: Solid Play for Risk-Takers

Our latest recommendation is a financial MLP with a rich payout and a promising future, says Igor Greenwald, editor of MLP Profits.

Oaktree Capital Group (OAK) raises most of the funds it invests in companies, credit, and real estate from institutional investors—including public pension funds—and charges them hedge-like fees for the privilege.

The company has a professed devotion to a value-oriented investing discipline, and a willingness to share the rewards with outsiders.

The rewards have been bountiful lately, partly because Oaktree has been reaping the crop of lucrative returns sown in scarier times.

As it's cashed-out funds raised before the financial crash, and deployed in its aftermath, their strong performance has translated into handsome incentive compensation, most of it paid out quarterly to investors.

Over the last 12 months, Oaktree has paid out $4.52 per unit in distributions, for a trailing yield of 8.8%.

Quarterly payouts rose from 55 cents per unit in November, to $1.05 in February, $1.41 in May and $1.51 last month, after a quarter that delivered a 90% year-over-year gain in distributable income.

A lot of that is due to Opportunities Fund VIIb, the largest ever distressed debt fund, that raised $10.9 billion by mid-2008, invested much of it soon after Lehman bit the dust, and vultured its way to an annual gross return rate approaching 24% before beginning an aggressive liquidation this year.

The resulting cornucopia of incentive compensation is likely not sustainable in the near term, so it's probably better to think of Oaktree as a 7% yielder with strong potential for capital appreciation.

Even as Oaktree enthusiastically harvests investments in distressed debt, it's raising plenty of dry powder, while nibbling on pockets of dislocation in Europe, shipping, power generation, and real estate. The next time those pockets of dislocation turn into a general bummer, Oaktree will be ready to pounce.

The market certainly didn't pounce on equity in the asset manager when it became public in April, 2012. Units priced at the bottom of the suggested range and in a lower quantity than had been hoped.

In the next two months they lost nearly 20% of their original value. They then rallied 65% into May before retreating a bit in the course of the summer.

One heavyweight hedge fund that didn't sleep on Oaktree was David Einhorn's Greenlight Capital, which reported a 5% stake soon after the IPO and still holds nearly 4% of units outstanding.

Other prominent hedge and mutual funds with strong long-term records are on board as well, including a stake of more than 11% for Fidelity funds in the aggregate.

They may be attracted to Oaktree's own excellent reputation and results—its closed-end funds are up 23% in the last year. The firm has been racking up incentive compensation in funds, that haven't yet been liquidated, at an impressive rate.

That source of future distributions has grown 14% in a year's time to $1.2 billion, even as Oaktree recognized a record $542 million of incentive income.

The balance sheet features $1.1 billion in cash and government securities, and another $1.1 billion in own-fund investments, against total liabilities of less than $1.1 billion.

Add in the accrued incentives not yet reaped and it certainly looks like the assets alone are worth all of Oaktree's $2 billion market cap.

That may mean investors aren't paying much at the moment for Oaktree's excellent brand, top-notch clientele, and the attractive long-term growth opportunity.

This is a cyclical play without an energy MLP's depreciation and amortization tax deferral benefit, and with potential for much greater volatility, in both, distributions, and the unit price.

But investors are getting paid plenty for that risk, are in great company and can look forward to more paydays set up by clear-headed risk-taking when others are panicking. We're adding OAK to our Aggressive Portfolio.

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5 Best Oil Stocks To Buy Right Now

Dividend stocks are everywhere, but many just downright stink. In some cases, the business model is in serious jeopardy, or the dividend itself isn't sustainable. In others, the dividend is so low, it's not even worth the paper your dividend check is printed on. A�solid dividend�strikes the right balance of growth, value, and sustainability.

Today, and one day each week for the rest of the year, we're going to look at one dividend-paying company that you can put in your portfolio for the long term without too much concern. This isn't to say that these stocks don't share the same macro risks that other companies have, but they are a step above your common grade of dividend stock. Check out�last week's selection.

This week, I'll highlight the nation's second largest integrated oil and gas company, Chevron (NYSE: CVX  ) .

5 Best Oil Stocks To Buy Right Now: Noble Corp (NE)

Noble Corporation is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 79 mobile offshore drilling units and one floating production storage and offloading unit (FPSO) located globally. As of December 31, 2011, its fleet consisted of 14 semisubmersibles, 14 drillships, 49 jackups and two submersibles. Its fleet includes 11 units under construction, which include five ultra-deepwater drillships, and six jackup rigs. As of February 15, 2012, approximately 84% of its fleet was located outside the United States in areas, which included Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India and the Asian Pacific. During the year ended December 31, 2011, it completed construction on the Noble Bully I, a drillship, owned through a joint venture with a subsidiary of Royal Dutch Shell plc; completed construction on the Noble Bully II, a drillship, and it completed construction of Globetrotter-class drillship. As of February 15, 2012, it had 10 rigs under contract in Mexico with Pemex Exploracion y Produccion (Pemex).

During 2011, the Company conducted offshore contract drilling operations, which accounted for over 98% of its operating revenues. It conducts its contract drilling operations in the United States Gulf of Mexico, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India and the Asian Pacific. During 2011, revenues from Shell and its affiliates accounted for approximately 24% of its total operating revenues. During 2011, revenues from Petroleo Brasileiro S.A. (Petrobras) accounted for approximately 18% and 19% of its total operating revenues. Revenues from Pemex accounted for approximately 15%, 20% and 23% of its total operating revenues.

Semisubmersibles

Semisubmersibles are floating platforms which, by means of a water ballasting system, can be submerged to a predetermined depth so that a substantial portion of the hull is b! elow the water surface during drilling operations. As of December 31, 2011, the semisubmersible fleet consisted of 14 units, including five Noble EVA-4000 semisubmersibles; three Friede & Goldman 9500 Enhanced Pacesetter semisubmersibles; two Pentagone 85 semisubmersibles; two Bingo 9000 design unit submersibles; one Aker H-3 Twin Hull S1289 Column semisubmersible, and one Offshore Co. SCP III Mark 2 semisubmersible.

Drillships

The Company�� drillships are self-propelled vessels. These units maintain their position over the well through the use of either a fixed mooring system or a computer controlled dynamic positioning system. Its drillships are capable of drilling in water depths from 1,000 to 12,000 feet. The maximum drilling depth of its drillships ranges from 20,000 feet to 40,000 feet. As of December 31, 2011, the drillship fleet consisted of 14 units, including four drillships under construction with Hyundai Heavy Industries Co. Ltd. (HHI); three Gusto Engineering Pelican Class drillships; two Bully-class drillships to be operated by it through a 50% joint venture with a subsidiary of Shell; one dynamically positioned Globetrotter-class drillship that left the shipyard during the fourth quarter of 2011; one Globetrotter-class drillship under construction; one moored Sonat Discoverer Class drillship capable of drilling in Arctic environments; one NAM Nedlloyd-C drillship, and one moored conversion class drillship.

Jackups

As of December 31, 2011, the Company had 49 jackups in its fleet, including six jackups under construction. The rig hull includes the drilling rig, jacking system, crew quarters, loading and unloading facilities, storage areas for bulk and liquid materials, helicopter landing deck and other related equipment. All of its jackups are independent leg and cantilevered. Its jackups are capable of drilling to a maximum depth of 30,000 feet in water depths up to 400 feet.

Submersibles

The Company has two su! bmersible! s in the fleet, which are cold-stacked. Submersibles are mobile drilling platforms, which are towed to the drill site and submerged to drilling position by flooding the lower hull until it rests on the sea floor, with the upper deck above the water surface. Its submersibles are capable of drilling to a depth of 25,000 feet in water depths up to 70 feet.

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NA

Top Growth Stocks For 2014: Worthington Energy Inc (WGAS)

Worthington Energy, Inc. (Worthington), formerly Paxton Energy, Inc., incorporated July 30, 2004, is an oil and gas exploration and production company with assets in Texas and in the Gulf of Mexico. Worthington�� assets in Texas consist of a minority working interest in limited production and drilling prospects in the Cooke Ranch area of La Salle County, Texas, and Jefferson County, Texas, all operated by Bayshore Exploration L.L.C. (Bayshore). The Company�� assets in the Gulf of Mexico consist of a leasehold working interests in certain oil and gas leases located offshore from Louisiana, upon which no drilling or production has commenced as of December 31, 2011, and a 10.35% interest in the recently drilled I-1 well and a 2% royalty interest in 14,400 acres in the Mustang Island Tract 818. On March 27, 2012, it acquired certain assets from Black Cat Exploration & Production, LLC.

In Texas, the Company has working interests ranging from 4% to 31.75% (net revenue interests ranging from 3% to 23.8125%) in the various wells. In the Gulf of Mexico it has a 70% leasehold working interest, with a net revenue interest of 51.975%, of certain oil and gas leases in the Vermillion 179 tract and 10.35% interest in the recently drilled I-1 well and a 2% royalty interest in 14,400 acres in the Mustang Island Tract 818. As of December 31, 2011, it had one producing well that generated average total monthly net revenue.

The Mustang Island 818-L Field, located in the Kleberg County waters of the Gulf of Mexico, is a field re-habilitation project targeting bypassed or only partially produced gas-condensate. Total production from the wells within the seismic coverage was 125.6 billion cubic feet. In January 2011, the Hercules Offshore 205 jack-up rig was contracted to re-enter the I-Well on the Mustang License Area. The oil and gas leases are located in the VM 179, which is in the shallow waters of the Gulf of Mexico offshore from Louisiana. VM 179 is at 85 inches water depth approximately ! 46 miles offshore Louisiana in the Gulf of Mexico.

5 Best Oil Stocks To Buy Right Now: Nuverra Environmental Solutions Inc (NES)

Nuverra Environmental Solutions, Inc., formerly Heckmann Corporation, incorporated on May 29, 2007, provides environmental solutions to protect, enhance and advance environmental sustainability. Nuverra provides full-cycle environmental solutions to a national customer base consisting of two distinct end markets: Shale Solutions and Industrial Solutions.

The Company is focused on the removal, treatment, recycling, transportation and disposal of restricted solids, fluids and hydrocarbons for E&P customers. It also provides a one-stop-shop for energy recovery, re-refining and recycling of used motor oil and oily wastewater; plus a closed loop spent antifreeze program for retail, automotive and manufacturing customers. Nuverra specializes in providing environmentally compliant and sustainable solutions to a national footprint of customers.

Shale Solutions

Shale Solutions provides environmental solutions for unconventional oil and gas exploration and production, including the delivery, collection, treatment, recycle, and disposal of restricted environmental products used in the development of unconventional oil and natural gas fields. The Company operates in select shale areas in the United States, including the Marcellus/Utica, Eagle Ford, Bakken, Haynesville, Barnett, Permian, Mississippian Lime and Tuscaloosa Marine Shale areas. It serves customers seeking fresh water acquisition, temporary water transmission and storage, transportation, treatment or disposal of fresh water and complex water flows, such as flowback and produced brine water, in connection with shale oil and gas hydraulic fracturing drilling or hydrofracturing operations. The Company also transports fresh water for production and provides services for site preparation, water pit excavations and remediation.

Industrial Solutions

Industrial Solutions provides environmental and waste recycling solutions to its customers through collection and recycling services for waste prod! ucts, including UMO, which the Company processes and sells as RFO, oily water, spent antifreeze, used oil filters and parts washers, and provision of complementary environmental services for a diverse commercial and industrial customer base. Industrial Solutions operates a scalable network infrastructure of 34 processing facilities, approximately 385 tanker trucks, vacuum trucks and trailers and over 200 railcars. With a geographic presence in 19 states in the Western United States stretching from Washington to Texas, Industrial Solutions provides its services to a diverse range of more than 20,000 commercial and industrial customer locations.

5 Best Oil Stocks To Buy Right Now: Marathon Oil Corporation(MRO)

Marathon Oil Corporation, through its subsidiaries, operates as an international energy company with operations in the United States, Canada, Africa, the Middle East, and Europe. It operates through three segments: Exploration and Production, Oil Sands Mining, and Integrated Gas. The Exploration and Production segment explores for, produces, and markets liquid hydrocarbons and natural gas. The Oil Sands Mining segment mines, extracts, and transports bitumen from oil sands deposits in Alberta, Canada; and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas oil. The Integrated Gas segment markets and transports products manufactured from natural gas, such as liquified natural gas and methanol. The company was formerly known as USX Corporation and changed its name to Marathon Oil Corporation in July 2001. Marathon Oil Corporation was founded in 1887 and is based in Houston, Texas.

Advisors' Opinion:

• [By Skousen]

  Marathon Oil (MRO) has been downgraded by TheStreet Ratings from buy to hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels and good cash flow from operations. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.

  Marathon Oil Corporation, through its subsidiaries, operates as an international energy company with operations in the United States, Canada, Africa, the Middle East, and Europe. It operates through three segments: Exploration and Production, Oil Sands Mining, and Integrated Gas. The company has a P/E ratio of 8.1, above the average energy industry P/E ratio of 5.6 and below the S&P 500 P/E ratio of 17.7. Marathon Oil has a market cap of $18.9 billion and is part of the basic materials sector and energy industry. Shares are up 4.5% year to date as of the close of trading on Friday.

JPMorgan Still Has Higher Dividend and Buyback Ambitions

J.P. Morgan Chase & Co. (NYSE: JPM) still has ambitions of increasing its dividend. The bank also wants to increase its share buybacks. This is an important step because Jamie Dimon and team did not get the full permission that was sought under the capital allocation plan by regulators in the wake of the London Whale debacle which cost the banking giant billions of dollars and which tarnished the reputation of the bank.

Now we have Chief Financial Officer Marianne Lake having made new comments on Monday which seem to champion the move toward higher dividends and buybacks yet again. She was presenting at the Barclays Global Financial Services Conference. One other note is that the banking giant has now increased its legal reserves as well by what we evaluated as over $1.5 billion, due largely to mortgage-backed securities litigation and other regulatory issues acting against the bank.

JPMorgan earnings will be released on October 11, 2013. JPMorgan shares have been somewhat range-Bound of late, and the gain on Monday of 0.3% compares to a 52-week trading range of $38.73 to $56.93. Its dividend yield is 2.9% based upon the latest $0.38 per share per quarter payout. Be advised that this July payment was the first $0.38 payout after having been at $0.30 per share for five prior quarters.

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Where this gets more than interesting on the dividend front is that JPMorgan’s $0.38 per share dividend is now back up to where the payout was before banks were barred from making such high payouts during the financial crisis. The yield is now right at 2.88%, and that rivals the 2.88% yield of Wells Fargo & Company (NYSE: WFC) as well.

Is ConocoPhillips Still a Good Investment?

With shares of ConocoPhillips (NYSE:COP) trading at around $62.32, is COP an OUTPERFORM, WAIT AND SEE or STAY AWAY? Let's analyze the stock with the relevant sections of our CHEAT SHEET investing framework:

C = Catalyst for the Stock's Movement

ConocoPhillips has been working hard to shed low-margin operations. It's using the freed up capital to invest in higher-margin operations. This is a simple yet effective approach, but will it be enough to send the stock price higher?

On the bullish side, the Energy Information Administration (AMEX:EIA) expects an increase in crude oil prices, which would be a positive for ConocoPhillips. Many analysts are also calling for global monetary policy to assist global growth. Other potential positives are if Europe bottoms and China rebounds. However, there can be a lot of hope found in the previous sentence. On a company-specific basis, ConocoPhillips is looking to increase production, and it expects margin improvement between 3 and 5 percent over the next five years. It should also be noted that advanced technologies have the potential to lead to increased oil extraction.

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On the bearish side, the era of super-low interest rates might be coming to an end. If this trend continues, then the stock market isn't likely to perform as well as it has been over the past several years. This would be a negative for ConocoPhillips, which declined approximately 60 percent during the financial crisis of 2008/2009. This is in comparison to an approximately 40 percent decline for Chevron Corporation (NYSE:CVX) and an approximately 30 percent decline for Exxon Mobil Corporation (NYSE:XOM). This isn’t to say that the market will suffer such a severe drop, but these numbers should be noted for those who are focused on capital preservation.

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While rising interest rates will negatively impact the stock market, the biggest concern for ConocoPhillips is weak global demand. Who's to say Europe is bottoming? Where is the proof in this statement? In regards to China, growth is slowing. It's only a slight decline, but it's still not the right direction.

As far as the dollar goes, it's not as important as in the past thanks to energy independence. This is now a supply and demand story more than anything else.

In regards to company culture and leadership, they're both impressive at ConocoPhillips. According to Glassdoor.com, employees have rated their employer a 3.5 of 5, and 93 percent of employees approve of CEO Ryan M. Lance.

Let's take a look at some important numbers prior to forming an opinion on this stock.
T = Technicals Have Been Strong

ConocoPhillips has performed well over the past three years. However, the pace has slowed.

	1 Month	Year-To-Date	1 Year	3 Year
COP	0.62%	9.82%	20.78%	85.90%
XOM	0.46%	7.07%	16.10%	64.23%
CVX	-0.78%	14.33%	24.65%	89.58%

E = Equity to Debt Ratio Is Normal

The debt-to-equity ratio for ConocoPhillips is close to the industry average of 0.50.

	Debt-To-Equity	Cash	Long-Term Debt
COP	0.44	5.45B	21.67B
XOM	0.08	6.21B	13.41B
CVX	0.10	19.05B	14.14B

E = Earnings Have Been Steady

The numbers below can be confusing due to the spinoff. In this case, it’s better to look at the quarterly numbers on a sequential basis.

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Fiscal Year	2008	2009	2010	2011	2012
Revenue ($) in millions	246,182	152,840	198,655	251,226	62,004
Diluted EPS ($)	-11.16	3.24	7.62	8.96	6.72

Looking at the last four quarters on a sequential basis, revenue and earnings have been a bit inconsistent, but the numbers have still been solid.

Quarter	Mar. 31, 2012	Jun. 30, 2012	Sep. 30, 2012	Dec. 31, 2012	Mar. 31, 2013
Revenue ($) in millions	58,354	15,166	15,089	16,366	14,651
Diluted EPS ($)	2.27	1.80	1.46	1.16	1.73

Now let's take a look at the next page for the Conclusion. Is this stock an OUTPERFORM, a WAIT AND SEE, or a STAY AWAY?

Conclusion

ConocoPhillips is trading at 10.5 times earnings, costs are being cut, and the stock has been a long-term winner. On the other hand, if you cut out all the noise and simply look at supply and demand, this doesn't seem to be the best time to invest in ConocoPhillips. Despite Exxon Mobil yielding 2.80 percent and ConocoPhillips yielding 4.20 percent, Exxon Mobil still looks to be the better option.

MDXG: Speculative Pop of the Week

CHARLOTTE, N.C. (Stockpickr) -- MiMedx Group (MDXG) , a manufacturer of patented regenerative biomaterial products designed to treat inflammation and help wounds heal, saw its shares plunge in a matter of minutes from $6.15 to as low as $1.81 in early afternoon trading on Wednesday, before rising to close at $3.85, after the company announced the receipt of an untitled letter from the Food and Drug Administration alleging that the company is not properly licensed at its Georgia plant to manufacture some of its products.

Lacking the proper licenses, it could be inferred that MiMedx is illegally manufacturing certain of its products.

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MiMedx COO and President Bill Taylor quickly responded, declaring his surprise at the receipt of the letter. Wednesday evening, the company reiterated its full-year revenue guidance for 2013 and 2014. The company's management stressed that it believs it has done everything to meet the pre-set guidelines, but CEO Parker Petit noted that the company, if necessary, does have the ability to alter its production to meet its revenue goals.

MiMedx will be meeting with the FDA to determine what will be required, going forward.

In the meantime, if MiMedx is found to be in the right or if the company can truly meet its revenue guidance by utilizing an alternative manufacturing method, if necessary, then its share price could very easily bounce back to the previous level -- which is nearly 30% higher than its price at the time of this writing.

As you can see in the five-minute chart below, MDXG has been steadily recovering, throughout the course of today's trading.

Trader Ben Brinneman, featured on MarketWatch, Bloomberg and Reuters, resides in Charlotte, N.C., and is the owner of C Squared Trading. Brinneman started his career trading bonds for U.S. Bancorp and was an analyst for a wealth management firm. Brinneman and his team at C Squared Trading have taught hundreds in a one-on-one mentorship setting via Skype or live in Charlotte.

You can follow some of their free trades and tips on Twitter at @csquaredtrading.

 

The Search For Missing 401(k) Money

There are tens of thousands of workers who are due lost 401(k) money, but there is no one central depository where you can look for what's rightfully yours. Thankfully, the Pension Benefit Guaranty Corp. is finally getting around to asking how it can help—only seven years after Congress instructed it to do so as part of the Pension Protection Act of 2006.

"People across the spectrum realize there's a problem: obviously it's a problem for participants because they aren't getting their benefits; it's also a problem for employers because they don't know what to do with the unclaimed money," says Ellen Bruce, director of the Pension Action Center at the University of Massachusetts Boston. "This is a good step towards trying to come to a resolution that will have a higher chance of getting the money to the people who earned it," she adds.

Congress' idea was to allow terminating 401(k) plans to transfer money due missing participants to the PBGC for safekeeping, and the PBGC would set up a database of missing participants—much like the existing PBGC program that has matched missing participants with lost terminated defined benefit pensions.

"There's a logic to having one agency be the place where plan participants would go to try to determine if they have any lost retirement assets," says David Abbey, senior counsel at the Investment Company Institute, which submitted comments in response to the PBGC's request for information on Missing Participants In Individual Account Plans. "We think it's a crucial program, and we really want the PBGC to follow through," he adds.

What happens to lost 401(k) money now? An employer might put it in an Individual Retirement Account to be eaten up in fees, or it might escheat to the state.

There's real money at stake. The Investment Company Institute surveyed its members and those that responded reported lost 401(k) account balances ranging from $2 to $72,304. The average of the highest account balance numbers provided by the members who provided data was $42,380.

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How can you lose that much money? Employees forget about the plan (so many jobs, so many accounts to keep track of) or can't find the plan (thanks to corporate mergers and restructuring), and the plan can't find the employee (people move).

The Department of Labor has detailed rules on what employers are supposed to do to track down missing participants, and its ERISA Advisory Council is examining how to best connect lost participants with their benefits (details here). At hearings in June, Bruce of the Pension Action Center gave the example of a man who received a notice that his 401(k) was being terminated and assumed that an Individual Retirement Account was being set up for him. None was, but when the Pension Action Center tracked down the lawyer who handled the plan termination they were able to get his money out. Bruce's testimony is available here.

So why not do even more? Make the PBGC database more comprehensive to include missing participants with unclaimed benefits in both terminated and active plans. That was what folks were pushing for before the Pension Protection Act, says Edward Ferrigno, vice president, Washington affairs, for the Plan Sponsor Council of America. In a joint comment letter with the U.S. Chamber of Commerce and the ERISA Industry Committee, PSCA simply encourages the PBGC to move forward with implementing the missing participants program for terminated plans.

Should the program apply to terminated plans only? Should it be voluntary or mandatory? Some issues are more contentious than others, notes Mary Ellen Signorille, a senior attorney with AARP who helped write comments too. "Our bottom line is: we just want it to work so people can get their money! Even a small account balance could be the difference between being comfortable or not in retirement," she says. A comprehensive database could also help heirs of deceased participants searching for lost money.

The next step for the PBGC is to propose a rule and solicit comments again.

In the meantime, employees should be paying attention, Ferrigno says. If you join a new plan, you should see if your new employer will accept a rollover of the money built up in the old plan into the new plan. If it doesn't (or if the new plan is a clunker with poor investment choices or high expenses), you should consider rolling the old plan money into an Individual Retirement Account.  If you have a handful of former 401(k) accounts, consolidate them.

Find an unclaimed defined benefit pension here. The PBGC says there are more than 38,000 people who haven't claimed pension benefits they are owed to a tune of over $300 million total (one lost pension is worth almost $1 million!). For free help finding a lost pension, check out this list of pension counseling projects.

See also:

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LPL Financial Focus13 Conference to Unveil New Mobile Apps

The buzz has begun in advance of Focus13, the giant conference for gigantic independent broker-dealer LPL Financial, which will bring hundreds of advisors together for three days of technology launches, continuing education sessions, compliance workshops and networking opportunities between advisors and home-office partners.

To be held Aug. 18 to 21 in LPL’s headquarters city of San Diego, Focus13 will feature keynote speakers Gen. Colin Powell and The Economist economic editor Zanny Minton Beddoes in addition to home-office speakers Chairman and CEO Mark Casady, president of Advisor and Institution Solutions Robert Moore, Chief Investment Officer Burt White and more.

LPL’s heavy focus on technology will be a big theme of this year’s conference. The independent broker-dealer already has established itself in the Twittersphere (with 2,794 followers as of Wednesday, many of them including the 17,000 financial professionals associated with the firm), and LPL is using that online presence to talk up its tech launches ahead of the conference.

The firm’s Twitter feed, @LPLFinancial, is currently promoting a new client portal with new mobile apps to be unveiled at Focus13 along with a new Account View tool.

As a further example of LPL’s renewed commitment to investing in its technology platform, 22-year IT industry veteran Victor Fetter (left) joined LPL in December as chief information officer from Dell, where he served as CIO of Dell Online. Now, Fetter is actively tweeting about LPL’s tech developments and launches planned for Focus13.

“<1 week to #LPLFocus. @LPLFinancial team hard at work putting finishing touches to new #products and #platforms,” Fetter said in one typical tweet from his Twitter feed @vpfetter, while reaching out in other tweets to LPL partners planning to attend Focus13.

Fetter also is scheduled to speak at Focus13.

Meanwhile, Bill Hamm, president and CEO of one of LPL’s top RIAs, Independent Financial Partners (IFP), based in Tampa, Fla., said he planned to spend time at Focus13 meeting with LPL executives and with about 20 fellow members of a study group for the hybrid BD/RIA firms partnered with LPL. He also looked forward to meeting with wholesalers and platform providers who serve IFP’s 34 employees and 485 advisors.

As an indication of just how important tech has become in the advisor universe, here are just a few of IFP’s tech-related initiatives this year:

LPL’s Moore acknowledged back in late January that LPL, the largest IBD in the U.S., was grappling with the consequences of its own success, including a new level of competition from other technology platforms and complexity in everything from alternative investments to regulatory requirements.

“LPL is on a journey. We’ve been the leader in the IBD space, but being the leader in 1995 was a very different experience from what it is now in 2013,” Moore told a crowd of about 200 affiliated advisors at the firm’s alternative investments symposium in New York on Jan. 31.

Read LPL’s Latest Shot in Tech ‘Arms Race’: Naming Ex-IT Exec to Board at ThinkAdvisor.

Bill Miller, Legendary Fund Manager, Back on Top

No one knows the high and lows of the market (and life) better than Bill Miller. The famed fund manager’s Legg Mason Capital Management Value Trust (LMNVX) outperformed the S&P 500 for 15 years straight. But 2008 caused the deepest of cuts.

His value instincts meant he placed hefty bets on housing and now-defunct Wall Street names, and the fund sharply underperformed in 2006, 2007 and 2008. Calls for his firing were soon heard, but how, and with whom, do you replace Bill Miller?

Although he did eventually relinquish the reins of Value Trust to co-manager Sam Peters, he continued on with Legg Mason’s Opportunity Trust (LGOAX), and now, proving you can't keep a good manager down, he’s once again back on top—at least according to The Wall Street Journal.

The paper reports that for the third straight quarter, Opportunity Trust finished first in The Wall Street Journal's ranking of diversified U.S.-stock mutual funds with more than $50 million in assets and at least a three-year record.

Just how good is it? Its year-to-date annualized return as of July 10 is 35.21%; its 1-year annualized return is 64.34% and its 3-year annualized return is 14.22%. Whether he can sustain such returns long term, of course, is yet to be seen, but it’s quite a start.

Miller’s strategy is more of the same. The Journal notes “the fund has excelled in the past year using a common strategy: buying shares whose prices are significantly discounted by the market because of doubts about the businesses’ future. As the outlook for such companies improves, Miller says, ‘the gains come as they move to where they should have been, based on those fundamentals.’"

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Best Buy Co. (BBY) and Netflix (NFLX) are two holdings largely responsible for the fund’s outperformance. Miller and co-manager Samantha McLemore had added both to their portfolio before those stocks began their runs.

“Gains from these shares and other outperformers left the $1.3 billion Legg Mason fund with a gain of 55.1% for the 12 months through June and a first-half return of 31.6%,” the paper says.

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