The first thought I had upon rising this morning and taking in Asia’s close and Europe’s trading was, “Don’t catch a falling knife? This market is more “Don’t catch a falling building.’”

Then it was announced S&P futures would open limit down and all the talking heads were chattering like treed monkeys as the tiger passes on the jungle floor.

It’s estimated that the global carbon dioxide (CO2) market, now valued at $28 billion, will be worth $40 billion by 2010. Carbon trading isn’t about the environment anymore—there’s money to be made on our climate situation, and carbon credits are the new hot commodity.

Now for episode two in what’s developing into a series on hastily conceived law gone awry. Sarbanes-Oxley (SOX) is just the starting point today, and we’re going to take a little different direction and find some good news.

AMT? Yes, it’s the alternative minimum tax, a poorly conceived, passive menace brought to you by inflation.

Our Portfolios include significant foreign-stock exposure. As April 15 approaches, it’s important to understand whether the dividends those holdings pay are taxed at the 15 percent rate established by the current administration’s 2003 tax cut.

As your life expectancy increases, so does your need for long-term care (LTC) insurance. In 2005, 7.3 million people required LTC, and it’s estimated to grow to 11.2 million in 2025.

Starting this issue, we’re no longer including a cash allocation recommendation in the PF Portfolios (see pp. 6-7 for more).

The world is growing, and it needs energy. It also needs food, drink, shelter, mobility and conversation. It’s a basic story that broadly defines 2006 and fairly accurately describes the foundations of the PF investment approach this year.

The holiday season is one of family, friends and food. It’s also a season of giving.

What exactly is short selling? Your broker borrows shares you don’t own from another account, lends them to you, and you sell them. The goal: for the shares to decline, so you can buy them back at a lower price and pocket the difference while returning the shares to the rightful owner.