In ev’ry job that must be done

There is an element of fun

You find the fun and snap!

The job’s a game

And ev’ry task you undertake

Becomes a piece of cake

A lark! A spree! It’s very clear to see that

A Spoonful of sugar helps the medicine go down

The medicine go down-wown

The medicine go down

Just a spoonful of sugar helps the medicine go down

In a most delightful way

With a fine glass of wine in hand and the fireplace lit, last night Susan and I watched Saving Mr. Banks. The story is about Walt Disney (played by Tom Hanks) persuading author P.L. Travers (played by Emma Thompson) to sign over the screen rights to her novel, Mary Poppins. A wonderful story and cleverly delivered.

Globally, deflation seems to be taking hold. “In ev’ry job that must be done, there is an element of fun”. Not sure Greece is feeling the fun, yet, in the bigger picture, Greece is just a small snowflake within a global system of questionable stability.

China’s move this past week caught everyone’s attention and, to me, the announcement is significantly material. As I was watching Saving Mr. Banks, I just couldn’t get the image of Mary Poppins singing “just a spoonful of sugar helps the medicine go down” out of my head. Here comes some more sugar. I know, corny, but hang in there with me.

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Steve Blumenthal

Founder & CEO CMG

Stephen Blumenthal founded CMG in 1992. He is CEO, Chief Investment Officer and portfolio manager at Capital Management Group, Inc. where he manages equity and tactical investment portfolios. He is a frequent speaker and writer on investment strategies and has been featured in various media sources including the Wall Street Journal, Barron’s, Investor’s Business Daily, Pensions & Investments Magazine, Investment News, RIA Biz and Smart Money. He has been a guest on CNBC, Wall Street Journal Live, and Bloomberg. Mr. Blumenthal is a frequent speaker at industry conferences (NAPFA, IMCA, Index Universe, Opal Financial Group Indexing & ETF Summit and NAAIM) and is author of CMG’s popular investment research commentary. With 30 years of investment management and industry experience, prior to founding CMG, Mr. Blumenthal worked for Merrill Lynch Institutional, Merrill Lynch Retail and Prudential Securities.

Mr. Blumenthal graduated with a Bachelor of Science degree in Accounting from Pennsylvania State University. He is married, has three children and is active in his community coaching youth soccer.