ILMA Compoundings December 2017 - 25

that causes an amplification of the
move by buyers or sellers, is one.
Another is the constraints on
short-selling activity, which often
mean those bearishly disposed come
into the price of a falling stock or
market after it has already begun to
fall, further punishing the price. A
third may be leverage that might lead
to broken covenants when prices fall
and forced liquidations begin. In any
form, it exists, and being caught by a
measured downdraft unprepared can
be unsettling at best.
Investors tend to use volatility
(often observed through the VIX,

otherwise known as the "fear gauge")
as a measure of risk in the market and
mistakenly use low volatility, or a low
reading on the VIX, to justify a small
risk premium for stocks. The equity
risk premium is the excess return that
is assumed to be offered by stocks over
that of bonds. A working approximation is the difference between the
equity index earnings yield and a
bond yield offered in the market to be
measured. Recently, Federal Reserve
officials speaking to the U.S. stock
market commented that "subdued
market volatility, coupled with a low
equity premium, could lead to a build-

up of risks to financial stability." As
of October, the VIX had been trading
near a record low, and the equity risk
premium in the U.S. below trend.
To clarify, while neither indicates an
imminent decline in stock prices, it
does warrant monitoring.
Carter is executive vice
president-wealth management
for CSG Capital Partners of
Janney Montgomery Scott LLC
and is investment adviser to ILMA. He may be
reached at 202-955-4307 or mcarter@janney.
com. Janney Montgomery Scott LLC is ILMA's
investment firm.

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ILMA Compoundings December 2017

Table of Contents for the Digital Edition of ILMA Compoundings December 2017

LETTER FROM THE CEO
INSIDE ILMA
WHAT’S COMING UP
INDUSTRY RUNDOWN
MAKING CLAIMS
SOLVING THE ENGINE OIL PUZZLE, PART I
BUSINESS HUB
COUNSEL COMPOUND
WASHINGTON LANDSCAPE
IN NETWORK
PORTRAIT
ILMA Compoundings December 2017 - Cover1
ILMA Compoundings December 2017 - Cover2
ILMA Compoundings December 2017 - 1
ILMA Compoundings December 2017 - 2
ILMA Compoundings December 2017 - LETTER FROM THE CEO
ILMA Compoundings December 2017 - INSIDE ILMA
ILMA Compoundings December 2017 - 5
ILMA Compoundings December 2017 - WHAT’S COMING UP
ILMA Compoundings December 2017 - 7
ILMA Compoundings December 2017 - 8
ILMA Compoundings December 2017 - 9
ILMA Compoundings December 2017 - INDUSTRY RUNDOWN
ILMA Compoundings December 2017 - 11
ILMA Compoundings December 2017 - 12
ILMA Compoundings December 2017 - 13
ILMA Compoundings December 2017 - 14
ILMA Compoundings December 2017 - 15
ILMA Compoundings December 2017 - MAKING CLAIMS
ILMA Compoundings December 2017 - 17
ILMA Compoundings December 2017 - 18
ILMA Compoundings December 2017 - 19
ILMA Compoundings December 2017 - SOLVING THE ENGINE OIL PUZZLE, PART I
ILMA Compoundings December 2017 - 21
ILMA Compoundings December 2017 - 22
ILMA Compoundings December 2017 - 23
ILMA Compoundings December 2017 - BUSINESS HUB
ILMA Compoundings December 2017 - 25
ILMA Compoundings December 2017 - COUNSEL COMPOUND
ILMA Compoundings December 2017 - 27
ILMA Compoundings December 2017 - WASHINGTON LANDSCAPE
ILMA Compoundings December 2017 - 29
ILMA Compoundings December 2017 - PORTRAIT
ILMA Compoundings December 2017 - 31
ILMA Compoundings December 2017 - 32
ILMA Compoundings December 2017 - Cover3
ILMA Compoundings December 2017 - Cover4
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