China: Market Overview 1st Quarter 2010 Fisher Capital Management Korea

Fisher Capital Management Seoul Korea - April is going to set the tone for the world economy depending on how China is labeled by the US and China’s reaction to it. Our gut feeling is that apart from the rhetoric — which is in the air with respect to the Yuan-dollar rates, China’s current account surplus and internet independence — neither of them will rock the boat.

Already five prominent members of the G20 — South Korea, Canada, France, the US and the UK — have sent a coded warning to China against reneging on economic agreements. Perception of China and the US in international relations is far apart.

According to China, the main issues are Taiwan and the sale of arms to Tibet and for the US the issues are the Yuan-dollar rate, trade surplus and Internet freedom.

China: Market Overview 1st Quarter 2010 Fisher Capital Management Seoul Korea - Under the Omnibus Trade and Competitiveness Act of 1988, the U.S. government is to decide whether to label China a “currency manipulator.” This has not been done since 1994, but if China is named, it will give the US Congress new ammunition to press for concrete action. China is asserting itself in international relations. Beijing has emerged from the global recession with a fresh confidence about its state-led economy, which has delivered stimulus projects from high-speed railways to highways and bridges with remarkable efficiency. And it is in no mood to be lectured by Washington about how to support the world economy or to operate her own economy.

China’s economic growth will be around 10% in 2010 following strong industrial output growth in coming months. Inflation may rise to 3.5–4% in 2010. The government’s target of inflation is 3%. But, China has hidden debt risk among Chinese local government investment companies. Official estimates of the total outstanding loan balance for such investment entities exceed Rmb 6,000bn — or roughly 20% of GDP — a figure that may be an underestimate.

China: Market Overview 1st Quarter 2010 Fisher Capital Management Korea - Undervaluation of the Yuan is taken for granted and is estimated to be in the range of 30–40%. The US administration believes that the Yuan’s appreciation will not only solve the trade deficit problem between the US and China but also the US unemployment.

Beijing’s position is that China’s currency policy isn’t the cause of the U.S.’s economic problems, and that China wouldn’t adjust its currency rate under outside pressure. “The Chinese government will only make the decision according to the national condition and the country’s development level,” according the Chinese President Wen. China believes that a surge in the Yuan could destabilize the global economy, hitting developing nations especially hard and even perhaps causing the value of the dollar to plunge.

The World Bank forecasts that China’s current-account surplus, the broadest measure of its trade position, will rise this year to $304 billion, after dropping to $284.1 billion in 2009 from a record $426.1 billion in 2008.

Fisher Capital is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world.

As a full service company Fisher Capital provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none.

Fisher Capital Management Reports: International Equities

The third quarter saw double-digit returns for the world¹s equity markets. U.S. large-cap stocks, as measured by the Russell 1000 Index, rose 16.07%, bringing that index’s year-to-date return to 21.08%. Mid-cap stocks were the best performers overall, with the Russell Mid-Cap Index gaining 20.62% for the third quarter and 32.63% for the year. Value stocks bounced back during the quarter, outperforming growth stocks across the full range of market capitalizations. Small-cap value stocks were the best performers for the quarter but still lagged their small growth counterparts by almost 13 percentage points for the year.

International Equities: Fisher Capital management, Korea reports: International equities posted double-digit gains for the third quarter as well. The MSCI EAFE IMI Index gained 19.82% in the third quarter, with local-currency average market returns of 15.10% boosted by the weak performance of the U.S. dollar.

Emerging markets produced another strong quarter, but one that was more in line with developed market returns than was the case during the second quarter of 2009, as the MSCI Emerging Market IMI Index rose 21.30% for the third quarter. Both developed and emerging markets were driven higher by the strong performance of European equity markets, while Asian markets, particularly in Japan, lagged.

Fisher Capital Management Outlook: At the end of the quarter, markets reacted negatively to mixed economic news, signaling a potential correction off the recent highs. The strong rally since the market’s low of March 9, 2009 has left observers wondering whether rapidly-rising stock valuations have become prematurely rich and earnings expectations somewhat stretched.

While we are cautious about the performance of the market in the short term, we continue to expect a slower, but more robust and sustained, “smile-shaped” economic recovery in the long run.

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Providing a client service that is second to none.  Learn how your Investment Advisor, with the support of the team of professionals at Fisher Capital, can help address the issues you face while preserving, enhancing and transferring your wealth...Diversification and quality are our research guidelines. At Fisher, we are committed to a long-term investment philosophy that emphasizes quality and diversification. We do business this way because years of experience have convinced us that...

We find the right investment balance for our clients. Fisher leads the way in the provision of first class advisory services across the investment spectrum. Our clients range from private individuals, to intermediaries and global institutions...

Fisher Capital Management, Korea is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world.

As a full service company Fisher Capital Management, Korea provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none.

Rockland Equipment for Crawler Tractors

Fisher Capital News Update: Keep updated on recent events, press releases and latest machineries to avoid scam.

FISHER CAPITAL CONSTRUCTION MANAGEMENT - Construction Machineries, Suppliers Directory and Others.

Rockland equipment for crawler tractors is specifically designed for special applications. This enables you to get more work done and add more value to the bottom line every day. Rockland Manufacturing Company offers more equipment for crawler tractors than any other attachment manufacturer. There are special dozer blades to increase machine efficiency for such diverse applications as pushing coal, land reclamation, dozing woodchips, and landfill dozing. In addition, special size Angle Blades and Semi U-blades are also available when OEM blades are not the right size for your application.

A Rockland wheel tractor attachment is the Rockland Scoop Dozer. The scoop dozer is ideal for continuous dozing applications such as coal and woodchips. Both Rockland Coal Scoops and Rockland Woodchip Scoops have increased dozer productivity on job sites around the world.

Rockland land clearing equipment for dozers is famous for both productivity and years of trouble free operation. Whether it would be land clearing blades or land clearing rakes, Rockland land clearing equipment gets the job done and has proven itself on every continent. If you are clearing land with a Rockland Dozer Blade, a Rockland land clearing rake, Rockland Shear Blade, or a Rockland V-Blade, we will turn your crawler tractor into a true land clearing machine.

Fisher Capital News Update: Keep updated on recent events, press releases and latest machineries to avoid scam.

FISHER CAPITAL CONSTRUCTION MANAGEMENT - Construction Machineries, Suppliers Directory and Others.

In the early 60's, Rockland designed and built the world's largest dozer blade. This was a joint venture between Gulf Oil Company, Fiatallis, and Rockland. This sixty foot monster was designed for a reclamation project and was pushed by two powerful HD41 Fiatallis crawler tractors! Click here to see a photo of it leaving our factory.

For over sixty years, we have designed and manufactured construction equipment for dozers, loaders, excavators, and motor graders. Every Rockland product is designed for a specific application and is guaranteed to improve machine productivity.

During those sixty years, Rockland made several unique contributions to the construction equipment industry. We helped prove that wheel loaders could handle shot rock by designing and manufacturing the first spade nose rock bucket ever put in a quarry.

The unique Rockland RF-3 Rake was proven and patented in the late 50's. This was the first land clearing rake to have both reversible and adjustable teeth. We then amazed the construction equipment industry by offering the first lifetime guarantee. We guaranteed the RF-3 for life against any failure from defective design, materials, or workmanship and that even included bent teeth! Click here for a picture of one of our first rakes!

Soon after introducing the RF-3, we introduced lifetime warranties for both HDS and HDV rock buckets with the same powerful lifetime coverage against defective design, material, or workmanship.

In the early 60's, we designed and built the world's largest dozer blade. This was a joint venture between Gulf Oil Company, Fiatallis, and Rockland. This sixty foot monster was designed for a reclamation project and was pushed by two powerful HD41 Fiatallis crawler tractors. Click here to see a picture of it leaving the factory.

We were the very first allied equipment manufacturer to provide a toll free 800 number for our customers. Today, it's accepted practice.

In an industry plagued by broken promises and late deliveries, Rockland was the first, and is still, the only construction equipment manufacturer that puts cash on the line and guarantees ship dates!

During the past decade, Rockland set the standard for excavator thumb design. We were the first to offer narrow thumbs for common sense 3-point pickup. We were the first to offer thumbs ready to install - all that is needed is to weld the mounting plate to the bottom of the stick. We were the first to offer lubricated and sealed pivot points. Then, we were the first to offer a hydraulic thumb with a cylinder rod guard. These were followed by the patented Rockland Thumb Lock that eliminates down drift.

As thumbs for backhoes became more popular, we introduced the Smart Thumb - the world's only rigid strut thumb with hydraulic clamping action that is easily removed or installed in less than a minute.

We also proved to the world that stump splitters don't need to be expensive - we proved that you can split stumps without an expensive auxiliary cylinder, and that all it takes is to use the tremendous force of the curl cylinder to split wood.

This all adds up to the fact that we are a can-do company that has been "doing" for over sixty years. We built our business with an old fashioned commitment to quality and customer service. These comments sum it up:

"We have over forty years experience with Rockland. Their pricing is fair. We've always been amazed at their consistency and dependability. Their after sales support and warranty policies are excellent." - Alabama Dealer

"We insist on Rockland log grapples. We've been using them for over twenty-five years. We tried a few others and found out real quick that low price is really a caution light. We know that Rockland grapples work and if something goes wrong, we can depend on Rockland to give us the support we deserve." - Tennessee Logger

"We've sold Rockland rock buckets for the past several years. We've never had a weld fail or a bucket problem because of poor fit or misalignment. Rockland buckets prove themselves, our customers are well satisfied." - Pennsylvania Dealer

"If a Rockland product doesn't fit, there is something wrong with the machine! - South Carolina Distributor

Fisher Capital: Save with eLease Construction Equipment Leasing

Leasing construction equipment for your company is a superb choice. Recent industry statistics tell us that well over $3 billion worth of construction equipment are leased each year by companies in the United States alone. Business managers choose to lease construction equipment or get commercial truck leasing because of the inherent advantages offered by leasing, such as superb flexibility, custom payment structures, better asset management, stable cash flow, easy upgrades and flexible end of term options. Not to mention the short processing times, which are generally much faster than that of bank loans? At eLease Equipment Leasing, we have helped thousands of construction companies and contractors lease the necessary equipment for their businesses to succeed. We also offer various forms of business auto leasing as well. Contact us immediately to get experienced advice on financing. Avoid possible scams on equipment lease applications, learn from us. 

Construction Equipment Lease Types

We lease a variety of heavy and construction equipment to our clients. These items have included products as diverse as: Backhoes/Bulldozers; Cranes; Cement Trucks; Compactors; Excavators; Jackhammers; Lighting; Surveying Equipment; Trucks and Tractors

Construction Equipment Leasing Facts

Leasing enables you to customize a financing program to address your business' cash flow issues, including budgeting, transaction and cyclical fluctuations. Many of our construction company clients require seasonal leases, as an example, which help them to slot payments into their busiest months, and avoid payments during the off-season.

Equipment leasing is an excellent way to grow your business without significant out of pocket expenses. Leasing offers real advantages including better value, more convenience and greater control. In most cases, the full amount of the equipment, as well as the service, shipping, installation costs and maintenance can be included in the lease. This spreads the cost out evenly over the term of the lease freeing up your money to work harder for you. Currently, 35% of all equipment is leased. Learn more about equipment leasing and how it can help your business.

Founded in 1995, Paragon Capital began as a traditional leasing company focused on the high tech industry. Born of a desire to provide a faster, more comprehensive cost effective solution for businesses equipment leasing needs, eLease is a combination of the most powerful leasing brand, the best-of-breed leasing technology of Lease Exchange, and the industry experience of Paragon Capital. eLease's web interface empowers corporations of all sizes to increase the efficiency of their business with instant approvals, documentation and administration using a common Internet browser interface. eLease's application suite provides unprecedented sharing of information and services between leasing parties increasing the time to funding.

eLease's online application enables customers and vendors to dynamically enter an application, receive an instant approval and manage documents online completing the leasing process in minutes instead of weeks. Created on a commitment to speed and service, eLease's technology constantly innovates the leasing process using technology to evolve and improve the services available to businesses in need of equipment finance.

U.S. Equities: Fisher Capital Management Reports

As mentioned previously, stocks finished a volatile month in October with a volatile final week of trading, as investors began to question whether the market¹s impressive rally had surpassed the economy¹s ability to generate growth in output and profits.

To be sure, throughout the market’s impressive rebound, the technical picture for stocks gathered steam, as excess liquidity helped drive the market higher.

Fisher Capital Management, US Equities Reports: As one technical achievement passed another, we began to postulate that the market’s technicals appeared significantly better than its fundamentals.

Some of these concerns may be coming to fruition over the near term, as a few technical strengths appear to have softened in recent weeks. Indeed, as the S&P 500 Index approached the 1,100 level during the middle of October, the market ran into strong resistance, falling by approximately 5% from that high by month-end.

Fisher Capital Management, US Equities Reports: This may prove to be an important development because at 1,100, the S&P 500 was within about 20 points of achieving a 50% retracement, whereby the market could have recouped 50% of the loss from the October 2007 high of 1565 to the March 2009 low of 666. Given all the cash parked in money markets and shortterm Treasury bills, another surge or two above 1,100 is certainly possible. Yet 1,121 is a number that should be on the radar for all investors, because if it is achieved, very little technical resistance exists on the path to 1200.

In addition to the strong resistance, stocks failed to hold a key support level on the last day of October. The market’s 50-day moving average (DMA) was 1,052 heading into Halloween weekend, but investors were spooked by poor readings on personal spending and consumer confidence, resulting in a close (1,036) below the important 50- DMA level. An important test will be in the first several trading days of November to see whether or not the market can sustain its rally above this key support level.

Fisher Capital Management, US Equities Reports: This weakness was exacerbated by a surge in the market’s “fear gauge” toward the end of October. The Chicago Board Options Exchange Volatility Index, or VIX, which measures the cost of using options as insurance against declines in the S&P 500 Index, surged in the final few days of trading last month.

While the VIX had been at a 14-month low in the middle of October, the 25% jump at the end of the month suggests investor skittishness about market direction over the next several weeks, particularly as the catalyst of earnings season draws to a close.

Fisher Capital Management, US Equities Reports: Fortunately, the fundamental picture has brightened. Better than expected economic data suggests the possibilities for an improvement in corporate performance. Interest rates and inflation remain low, providing a healthy backdrop for corporations that have been very aggressive cutting costs from their expense structures.

Indeed, recent earnings news has been somewhat positive, with 70% of the companies in the S&P 500 Index having reported an average decline in earnings per share (EPS) of 12% for the

third quarter, exceeding expectations.

Fisher Capital Management, US Equities Reports: Given our projections for a “less spectacular” economic recovery in 2010, though, we continue to believe that consensus estimates for corporate profit growth of up to 35% next year are too high. Consequently, our operating EPS projections remain more than 12% below consensus expectations ($75.00) for 2010.

Businesses can’t cut costs forever, and at some point we believe revenue growth is a necessity to help justify valuations for a market that is already trading at a price/earnings (P/E) ratio of 16 to 17 times our $65.00 estimate for next year. Until we begin to see an improvement in the longer-term trends for housing, employment, credit, sales, and profits, we suspect the market will be unwilling to pay anything more than historically average P/E multiples (16 to 17 times) for a dollar of earnings. Therefore, we continue to believe the market, as defined by the S&P 500 Index, will likely be fairly valued within the current range of 1,050 to 1,100 over the next six months.

Fisher Capital Management, Korea is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world. As a full service company Fisher Capital Management, Korea provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none.

Fisher Capital Management: Market Performance

Market Performance: Fisher Capital Management - Stocks closed lower in October for the first time in seven months, as investors questioned whether the huge rally off the March lows had exceeded the economy’s ability to generate growth in output and profits.

Indeed, equities capped off a volatile month (the Dow Jones Industrial Average (DJIA) experienced triple-digit moves in ten trading sessions!) with a volatile week, as the S&P 500 Index experienced its worst five-day span since early July.

For the month, the DJIA eked out a fractional gain, while all the other major equity market indices suffered losses. Small cap stocks, which had been among the performance leaders of the seven-month rally, experienced the worst hit, with the Russell 2000® Index falling by almost 7%. In another sign that the market may be growing skeptical of the “higher risk, higher reward” strategy, the NASDAQ Composite Index, dominated by technology holdings, declined 3.6% for the month.

Market Performance: Fisher Capital Management - Yet perhaps emblematic of the struggles experienced in the markets recently, growth stocks outperformed value in October, contradicting the idea that the pursuit of “risk” had become out of favor over the past several weeks. Moreover, the weakness in U.S. markets failed to extend beyond our borders last month, as developed markets (MSCI EAFE) experienced just a fractional loss, while the emerging markets (MSCI EM) managed to rise by up to 1%, adding to their impressive year-to-date (YTD) returns.

From a sector perspective, two of the three leading performers off the March lows (financials and materials) declined by the largest amounts in October, as investors appeared to lock in gains of approximately 150% for the financials sector and 75% for the materials sector. Despite the weakness in the technologyladen NASDAQ Composite last month, the higher-quality and larger-cap tech names comprising the S&P 500 Index’s information technology sector simply dropped fractionally. Rising oil prices pushed the energy sector higher by 3%, and the “defensive trade” was still evident within the consumer staples sector, which held on for a 1% gain.

Market Performance: Fisher Capital Management - In other asset classes, fixed-income was mixed last month. The yield on the 10-year Treasury note backed up by seven basis points, as traders likely moved funds elsewhere as the Federal Reserve concluded its $300 billion Treasury purchase program. The dollar continued to weaken, hovering near 14-month lows, which helped drive up the prices for oil, gold, and most commodities.

Fisher Capital Management, Korea is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world.

As a full service company Fisher Capital Management, Korea provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none.

New Commercial Boilers Presented - Triad Boiler Room Systems by Fisher Capital

Fisher Capital on Boiler Room Equipment, Inc: Triad Boiler Systems creates distinctively tough small-footprint hot water boilers, steam boilers, and radiant heating systems.

All of our boilers use 12 gauge firetubes in compact vessels that suit through very small doorways! Inputs range up to 2,000,000 BTU's. Create a highly efficient system with millions of BTU's by sequencing a string of these modular vessels.

TRIAD's commercial boilers and industrial grade Hot Water Heating, Domestic Hot Water, and Steam boilers are used in a wide variety of applications. Our commercial boilers are used at schools, universities, apartments, hospitals, office buildings, retirement communities, and churches. Industrial uses have included bakeries, smelting operations, food processing, quenching systems, and various heating applications for manufacturing. Triads’ modular boilers and radiant heating systems can be natural gas fired, oil fired, or dual fuel fired. For simplicity of operation and maintenance, all controls on our boilers are well known, off-the-shelf products. There area no proprietary parts on these boilers! This simplicity of operation is part of our philosophy, and an important reason why our customers return to us again and again.

TRIAD has been manufacturing high-quality boilers since 1926, and developed the modular boiler concept with primary/secondary piping, receiving a patent for it in 1967. We put this experience, knowledge, and expertise into every boiler.

We believe in quality - it is the overriding characteristic driving our company. This is why we manufacture extremely rugged, well-designed hot water and steam boilers that can provide decades of dependable service. We welcome your inquiries.

Benefits of Modularity

TRIAD's elegantly simple design maintains consistent water volume where heat is required.

•           Boilers are activated sequentially, drawing water from the main loop into the next hot water boiler until the heating need is meet.

•           firing boilers remaining isolated, so no heated water circulates through cold boilers.

•           During most of the year the unfired boilers provide additional backup.

•           Outdoor temperatures and loop water temperatures are constantly monitored.

Fisher Capital on Boiler Room Equipment, Inc: The efficiency of this design is most apparent during warmer months, when a conventional hydronic heating or steam boiler could still be operating at full capacity.

Primary-Secondary Piping - TRIAD integrates modularity with a single pipe primary-secondary system. TRIAD was the first company to employ a Primary-Secondary concept. It operates with two loops, (i) the primary loop, or building main loop, and (ii) smaller secondary loops off of each hot water boiler, which supply heated water to the primary loop.

Upon a call for heat, the boiler pump begins pushing the return water into the boiler and out through the secondary loop, supplying this hot water up into the primary loop (the main header), where it mixes with the cooler return water from the main loop of the building.

•           Supply and return water are blended, avoiding the need for expensive and unreliable mixing valves commonly used in two pipe systems.

•           The secondary loop isolates each hot water boiler, resulting in a very efficient system that minimizes thermal shock.

Control Panel

TRIAD Boilers can be sequenced by the use of our control panel that provides many attractive features:

•           Temperature set-back when less heat is required, such as nights and weekends.

•           Adjustments for latent heat, to take advantage of hot boiler water that retains heat after the burner shuts down.

•           Outdoor reset based on atmospheric temperatures.

•           Monitoring of return water temperatures to maintain accurate heating output.

It is also very easy to sequence our boilers using the panel of any other major manufacturer.

Packaged Product - Fisher Capital on Boiler Room Equipment, Inc: All TRIAD hot water boilers and steam boilers are fully assembled, packaged products, which offer several advantages over boilers that must be assembled at the jobsite

•           Onsite labor costs are minimized.

•           Quality control is higher at the factory than at the jobsite

•           The ease of installation of a packaged boiler allows for quicker start up.

Benefits of Steel Boilers

Easy to Clean - To maintain boiler efficiency, heating surfaces must be kept clean and free of combustion by-products. All TRIAD heating surfaces, especially the firetubes, are easy to access. It is impossible to clean all the heating surfaces of a cast iron boiler, and what can be reached is difficult to clean.

TRIAD also makes it easy to maintain clean water surfaces. The cleaning of the interior of a cast iron boiler is a major undertaking, and even then only the vertical surfaces can be cleaned. The inability to clean the horizontal surfaces can have a significant impact on operating efficiency.

Easy to Repair - Because of their steel construction, TRIAD hot water and steam boilers can be repaired in the field with minimal disruption. A leak can be permanently welded or the tubes re-rolled with little difficulty. It is impossible to permanently weld a cracked cast iron boiler section or a leaking copper fin-tube boiler. The firetubes are easily accessed through the top and through the firedoor.

Fast Water Circulation - Poor circulation of water within the typical cast iron boiler is very common due to their design limits, while TRIAD's steel hot water boilers provide for faster circulation.