More signs of slowing. . .

Today, the Conference Board's index of leading indicators was reported down 0.1% versus the consensus expectation of a 0.1% gain.  This is one more sign that economic growth is slowing and it should be viewed positively by those looking for the Fed to continue to stand pat on interest rates.  Our concern?  Slowing growth will make it harder for companies to grow their earnings perhaps offsetting any positive impact from lower rates. 

For a long time now, we've enjoyed reading Michael J. Mauboussin's "Mauboussin on Strategy" reports from Legg Mason Capital Management.  For those with the inclination, we would heartily recommend you visit Legg Mason's web site to read his latest report.  And, Michael has recently published a book, MORE THAN YOU KNOW, Finding Financial Wisdom in Unconventional Places, an updated compilation of many of his prior reports that is also worth a read.