Steve Blumenthal – ValueWalk Premium

The Trade of a Lifetime is Forming

“I will go to my grave believing that the financial crisis happened because of bubbles made by easy money.” – Stan Druckenmiller, Former Chairman and President, Duquesne Capital (Bloomberg Interview) I’ve seen three outstanding buying opportunities in my nearly thirty years of trading the high-yield junk bond market. Today, the...

On My Radar: What Inflation Means For You

“So the reason why we raised interest rates [in late 1999-2000] is because—generally is because we see inflation as moving up—or, in danger of moving up significantly, and we really don’t see that now.” – Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System (Transcript of...

We Will Burn The Debt

"Cycles are inevitable. Every once in a while, an up- or down-leg goes on for a long time and/or to a great extreme, and people start to say 'this time it’s different.'" – Howard Marks Q3 2019 hedge fund letters, conferences and more The Federal Reserve cut rates a quarter percent...

The average state pension is 50% underfunded

“If we pay attention to cycles, we can come out ahead. If we study past cycles, understand their origins and import, and keep alert for the next one, we don’t have to reinvent the wheel in order to understand every investment environment anew. And we have less of a...

Unlike Any Period Since The Late 1930s

"I believe that we are on a classic journey that we haven’t seen in our lifetimes but has happened many times before, most recently in the late 1930’s. It is being driven by the same big forces that drove the dynamics in the late 1930’s. In particular, now, like...

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...

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...

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...

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,...

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...

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...

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...

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...

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,”...

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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