Ray Dalio’s Three Big Issues And The 1930s Analogue

“…nothing is new under the sun. Almost everything we see happened before at some point in human history, though of course with different details and magnitude. So we can’t throw out precedent completely. Well, except for negative interest rates. That really is something new under the sun.” “Negative rates [...]

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Valuation Dashboard Alarming Signs

Like the pine trees linin’ the windin’ road I’ve got a name, I’ve got a name Like the singin’ bird and the croakin’ toad I’ve got a name, I’ve got a name And I carry it with me like my daddy did But I’m living the dream that he kept hid Movin’ me down the [...]

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Recessions and Top 12 Bear Markets

“I think now is a good time 1) to look at past paradigms and paradigm shifts and 2) to focus on the paradigm that we are in and how it might shift because we are late in the current one and likely approaching a shift.” – Ray Dalio, “Paradigm [...]

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David Rosenberg: What’s going to happen?

“With the yield curve (3-month Treasury Bill vs. 10-year Treasury Note) now inverted on a more sustained basis, one can expect more downward pressure on equities, more volatility and more credit spread widening.” – David Rosenberg, Chief Economist & Strategist, Gluskin Sheff + Associates, “Breakfast with Dave” (May 30, [...]

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Mauldin Strategic Investment Conference 2019 (Part IV – Felix Zulauf)

“Optimizing learning and instruction often requires going against one’s intuitions, deviating from standard instructional practices, and managing one’s own learning activities in new ways.” – Dr. Bjork #TOVOInstitute #Intelligent #Training Q1 hedge fund letters, conference, scoops etc geralt / Pixabay The greatest bull market of all time began in 1982. Then, a [...]

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Dr. Lacy Hunt – Federal debt accelerations ultimately lead to lower, not higher, interest rates

“The only outcomes are an orderly restructure or unorderly restructure [of the debts].” – William White, Former Chief Economist of the Bank for International Settlements Q1 hedge fund letters, conference, scoops etc The Bank for International Settlements (BIS) is known as the central banker’s banker. “Orderly or unorderly?” William White joined [...]

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These high valuations are coming at a time when investors are heavily invested in stocks

“Corrections happen during growth-rate cycle slowdowns, they don’t require a recession.” – Lakshman Achuthan, Economic Cycle Research Institute Q1 hedge fund letters, conference, scoops etc On Sunday afternoon, I fly to Dallas to attend the 16th annual Mauldin Economics Strategic Investment Conference (SIC). Last year, I presented on market valuations and [...]

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History of Bull and Bear Markets

“Peace is its own reward.” – Mahatma Gandhi This week’s post is holiday-weekend short. Grab that coffee and find your favorite chair. You’ll find a simple chart that shows the history of cyclical bull and bear markets (with returns before and after inflation). It is easy to read and may [...]

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The elephant in the room is debt

“The economy is a collection of emotions.” – Kenneth Langone Q1 hedge fund letters, conference, scoops etc Speaking to first-year NYU medical students, Kenneth G. Langone and his wife, Elaine, stepped to the podium. Their announcement shook the room. “From this point on, NYU Medical School is tuition-free for all students,” [...]

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Recession Obsession And Why It Matters

“Meanwhile, over the past 10 years, low interest rates meant that we kept bringing tomorrow’s growth forward to today. Unfortunately, we may now have run out of tomorrow’s growth, and are about to start to regret eating today’s growth yesterday.” – Louis-Vincent Gave, Gavekal Research Q4 hedge fund letters, conference, [...]

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QE Is Coming Back

“This U-Turn on nothing fundamentally changing is unprecedented. Three months ago, we were on ‘autopilot’ with the balance sheet and now the bond market is priced for a rate cut this year. The reversal in their stance is stunning.” – Jeffrey Gundlach - CEO, DoubleLine Capital LP Q4 hedge fund [...]

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On My Radar: Peak Profit Margins – And What They Tell Us

"Business cycles are a type of fluctuation found in the aggregate economic activity of nations that organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions and revivals which merge into [...]

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“People and firms reward the providers of dangerously misleading information more than they reward truth tellers Daniel” Kahneman

“Optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than they reward truth tellers. One of the lessons of the financial crisis that led to the Great Recession is that there are periods in which competition, among experts [...]

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