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Category Archives: Uncategorized
Bloomberg Befuddled by Racial Incorrectness
It’s not often I have money-making advice for Mike Bloomberg, but here’s a suggestion: You could improve the ratings of Bloomberg Radio/TV by finding one or two conservatives to spice up the conversation, as Joe Kernen and Rick Santelli do … Continue reading
How Overvalued Are High Yield Stocks? We Deploy the PETTR Principal
Today’s 30-point sell-off in the S&P 500 is consistent with my warning a few weeks ago that the Fed was “behind the curve.” It made no sense, I argued, for Chair Yellen to still be pursuing an emergency monetary policy, … Continue reading
The Bianco Golden Ratio vs. Lew’s Inversion Perversion
Deutsche Bank’s ace stock market strategist David Bianco—a friend of mine and formerly a colleague—has devised a nifty new ratio to summarize the health of the U.S. economy. He calls it the Golden Ratio; I call it the Bianco Golden … Continue reading
Posted in Uncategorized
Tagged Bianco Golden Ratio, David Bianco, Jack Lew, PE ratios, tax inversions, tax reform
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Skip Piketty; Read Easterly
Here’s all you need to know about the most popular, least read, business book of the year. In his ponderous, repetitive, tedious, tortuous, tendentious, repetitive tome on the evils of inequality, Capital in the Twenty-First Century, Thomas Piketty, in the … Continue reading
Has Yellen Heard of Obamacare?
In this week’s Barron’s Randall W. Forsyth, citing research by Stephanie Pomboy’s Macro Mavens, makes a point I have been making for a few years. Supposedly strong employment gains in recent months, Pomboy notes, consist largely of part time jobs. … Continue reading
Posted in Uncategorized
Tagged Fed policy, inflation, interest income, krugman, Obamacare, part-time employment, regulatoin
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How to Play the Coming Bust in the Yellen Bond Bubble
It’s starting to get a little weird. Here we are, more than five years into an economic recovery, with an improving employment picture, strong stock market, OK housing market, strong auto demand . . . and the Fed is still … Continue reading
Posted in Uncategorized
Tagged bond bubble, Federal Reserve, housing bubble, Janet Yellen, macroprudential policy, manias, tech bubble
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Greater Bond Market Volatility Ahead
I agree with comments that RBS’s Alberto Gallo made to Bloomberg in the past few days. Later this year we are likely to run into heightened bond market volatility, which may well hit stock prices for a while. We could … Continue reading
Posted in Uncategorized
Tagged bond market, bond market liquidity, ETFs, hedge funds, inflation, Ivy League endowment funds, volatility
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3-5% Inflation Will End this Rally . . . Eventually
Our bullish note of May 28 explained why stocks would manage to scale a new “Wall of Worry.” Since then stocks have climbed 2.4%; I think they are headed higher still. “Central bankers gone wild” are pumping liquidity into the … Continue reading
Posted in Uncategorized
Tagged inflation, Janet Yellen, Obamanomics, stock market, supply side
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In China Gray is the New Green
I usually wake up around 3:30 to catch the market action in Asia and Europe on Bloomberg and CNBC. It’s nice to get a non-U.S. perspective on all the craziness. Last night I was blown away by this exchange on … Continue reading
Posted in Uncategorized
Tagged autos in China, China pollution, economic development, Princeton University, solar power
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