Let me start by saying that on many levels, I agree with Paul Krugman. I read his blog regularly and find his work to be of significant value. I also share many of his political views and leanings. But when he makes the market efficiency argument, he has entered a space where he is wholly unqualified...
Billionaires are now Slumdog Millionaires because: A. The credit markets remain frozen B. The US economy is falling off the cliff C. Corporate earnings are headed substantially lower (<$50 S&P 500 operating earnings) D. The socialist programs of the Obama administration threaten capitalism as...
As the alternate universe of derivatives continues their great detoxification unwind, financial assets struggle to comprehend a world in transition to a new financial and economic order. In the process, fixed income markets remain frozen while equity markets lurch from one end of the prospective economic...
“U.S. bank stocks may be staging another suckers' rally.” Reuters, July 31, 2008 From time immemorial the four most dangerous words in the investment language has been “This time is different”. Today, however, a new phrase seems destined to join the dreaded phrase group –...
commentary from this week’s “Sectors and Styles Strategy Report”*: Sunday evening’s US Treasury and Fed actions may seem bold to some. I beg to differ. Here are a few thoughts for your consideration: A recent report from respected consultancy Bridgewater Associates upped the ante...
The US Congress is on a rampage. And the oil speculators (who have inflated the price of oil by anywhere between 30 to $50 a barrel) are on the run. Perhaps the most extreme proposal by a legislator or regulator to reign in energy speculation comes from Senator Joe Lieberman. Consider his comments of...