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“For me, context is the key – from that comes the understanding of everything.” - Abstract Artist Kenneth Noland. That holds true for us as well! Proper context is required to...
Charlie Munger, Warren Buffett's longtime partner at Berkshire Hathaway, passed away peacefully at 99, leaving an indelible mark on the company's success. Acknowledging Munger's vital role, Warren...
It was another pretty slow day on Tuesday, with most of the action in the bond market, with the 2-year falling by 15 bps, resulting in the yield curve steepening with the 10-2 Year Treasury Yield...
The bungee jumper doesn’t just bounce once.Stated in a more high-falutin’ way, perturbed systems normally don’t converge straight back to equilibrium. Obviously, the 2020-2021...
The recession that was widely predicted when the year began has only been postponed, some forecasters warn. The US is likely to contract at some point in the new year, runs the updated outlook. Maybe,...
Yesterday was a fairly uneventful day, with the S&P 500 falling roughly 20 bps. Meanwhile, the 2-year auction at 11:30 AM was fairly ugly, with the new issue tailing one bps, while indirect...
Volatility, gauged by the Vix indicator, has seen a remarkable 41% decrease in the past four weeks, marking its ninth most significant drop within this historical timeframe. Meanwhile, managers are...
The Mastercard SpendingPulse data noted that black Friday shopping increased by 2.5% y/y, down sharply from a 12% y/y increase in 2022. When we think about this, adjusted for inflation, that would...
Forget inflation predictably floating around 1.5% as in the last decade.Does this mean this paradigm shift will see inflation consistently print at 4% going forward? Not necessarily. But it sure means...
Democrats should start worrying about the level of debt and the increasing deficit. I previously discussed this issue when President Obama held the White House, when Marshall Auerback, via the Nation,...
US economic activity in the fourth quarter remains set for a sharp slowdown vs. Q3, but the pace of expected growth has strengthened recently, based on updated nowcasts.Output for Q4 is estimated at...
Stocks finished flat yesterday, following the slightly stronger-than-expected retail sales and weaker PPI data. Overall, yields and the dollar rose, which helped hold the S&P 500 to a gain of only...
It is easy to get carried away and attempt to time a raging bull market But that is the opposite of what a wise investor should do, according to the great Benjamin Graham Ultimately, having a 'margin...
In February 2023, we wrote this article. The article walks through Michael Kantrowitz’s HOPE model. HOPE, or Housing, New Orders (ISM), Corporate Profits, and Employment, provides a handy...
Stocks rallied following the CPI report, as falling energy prices offset the rise in the net benefit of health insurance and other medical impacts. Energy and gasoline prices fell sharply, and so did...