NAFA’s Quarterly Commentary

By our view, the housing sector has been in a recession for the last year.  The question was whether it would spillover into the broad economy.  After the subprime mortgage crisis and the credit crunch hit, the hope was that foreign economic strength and a resilient consumer could keep us out of recession.  Now it appears that growth in foreign developed countries is slowing and after last Friday’s employment report, the domestic consumer may pull back too.  Read More

4th Quarter 2007 — Please click a link below to view the pdf file

What a difference one quarter makes. Last quarter we discussed liquidity in the financial markets and how an ample supply of liquidity was supporting strong performance in the stock market.  Well, in less than thirty days from the end of the second quarter, liquidity dried up; and financial markets faced the potential failure of many firms exposed to residential mortgage lending.  Read More

3rd Quarter 2007 — Please click a link below to view the pdf file

The first quarter of 2008 will most likely become a milestone in the development of the U.S. financial system.  The move by the Federal Reserve to rescue Bear Stearns and take Bear’s riskiest assets onto the Fed’s balance sheet will have major implications for future regulation of the financial markets and their biggest participants.  Read More

1st Quarter 2008 — Please click a link below to view the pdf file

Past Commentary — Please click a link below to view the pdf file

Native American Fund Advisors

A Native American Owned Company

The stock market ended the quarter on a sour note.  The Dow Jones Industrials fell almost 10% in June, with four percent of that decline coming in the last week.  The subprime mortgage crisis is still causing pain for the financial sector but it is not deteriorating like it was in the first quarter.  The markets are more concerned now with skyrocketing energy prices and food prices.  Read More

2nd Quarter 2008 — Please click a link below to view the pdf file