May 2014 Intelligent Investor (Part 1) Opening Statement

Opening Statement from May 2014 Intelligent Investor (Part 1)
First published on May 5, 2014 for subscribers to the Intelligent Investor

We have been discussing the relative progress made in the US and euro zone economies, as well as our warnings of some excessive optimism which is now being revealed. Recently, US GDP for Q1 was revised downward from 1.8% to 0.1%. The huge miss was in part a reflection of unforeseen weather conditions. But it was also the result of overly generous estimates.