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Riskier Assets Are Looking To Get Their ‘Fix’
In last week’s commentary, I wrote the following: “So how will stocks, bonds and other assets respond to the Fed decision? I believe that the Fed will under-deliver, effectively disappointing growth...
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The Stock Market Bear That Began 19 Months Ago
Mainstream pundits have been telling stock investors throughout 2019 that it does not matter if long maturity Treasury bonds yield less than short maturity Treasury bonds. They have been explaining...
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This Is Your Market. This Is Your Market On Drugs. Any Questions?
An authoritative figure pulls a chicken egg from a carton. He holds the egg up for the television viewer to see. “This is your brain,” he announces. Then he points to a frying pan and says, “This is...
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Large U.S. Stocks May Be Underestimating the Worldwide Manufacturing Recession
Global manufacturing data have been exceedingly grim. One would be hard-pressed to find a country in Europe, Asia or North America that is exporting products with little difficulty. If the United...
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2020 Election: More Than Another Brick In The Wall Of Worry
Near the bottom of the 2008 financial collapse, many investors convinced themselves that Barack Obama’s left-leaning ideology would only make things worse for the stock market. They were wrong. Indeed,...
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CEOs, IPOs and Market Complacency
One year ago, investors learned that there’s a limit to how high interest rates could climb on Federal Reserve tightening before the stock market would collapse. Mercifully, the Fed reversed course and...
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Just A Manufacturing Recession? Stocks and Bonds Think There’s More To It
Six weeks ago, I made the case that the “ex-U.S.” stock bear began in January of 2018. It was a relatively easy case to make. After all, the MSCI World Ex USA Index fell more than 20% from its all-time...
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From Here To The Election: Total Returns For Treasury Bonds Will Trump Stocks
Can you force credit on those who are not necessarily asking for it? Even at ultra-low rates? Consider homebuyers. Mortgage rates are dramatically lower than they were a year ago. Regardless, the...
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3 Ways To Invest In Stocks (Even When The Ride Is Coming To An End)
The U.S. economy is appallingly dependent on the “wealth effect.” And the U.S. Federal Reserve knows it. Just how “easy” is the Fed’s monetary policy? The real Fed Funds Rate (FFR) is at -0.8% right...
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Many Catalysts Can Wreck The QE-Inspired Bubble
Does the stock market care about the after-tax profits generated by corporations? Not in the era of Federal Reserve QE (a.k.a. “quantitative easing,” “balance sheet expansion” or “electronic money...
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