America Has A Monopoly Problem?

Without realizing it, we’ve become a nation of monopolies. A large and growing part of our economy is “owned” by a handful of companies that face little competition. Q1 hedge fund letters, conference, scoops etc Doerge / Pixabay They have no incentive to deliver better products or to get more efficient. They [...]

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The Fed Created An Economy Of Zombies And Unicorns

Central bankers have a well-worn playbook for handling recessions. Cut interest rates, increase liquidity, and otherwise shove capital into the private sector. This helps businesses hire more workers and raise wages. Then gradually remove all the stimulus as growth recovers. Q1 hedge fund letters, conference, scoops etc geralt / Pixabay This playbook truly [...]

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Is 35/55/3/3/4 The Ultimate Portfolio Today?

Lot of strong feelings on gold. Some people think it has no utility. Other people have pretty reasoned arguments about how gold maintains purchasing power across the centuries. Q4 hedge fund letters, conference, scoops etc fill / Pixabay It was in a bubble eight years ago that sucked a lot of people in. There [...]

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“Safe” Stocks Are No Longer Safe In The Age Of Disruption

Imagine losing 20% of your nest egg in the market. Q4 hedge fund letters, conference, scoops etc Pexels / Pixabay For many folks it’s just gut-wrenching. So investors often pay giant premiums to buy stocks they believe are “safe.” You probably know that fast-growing stocks in exciting industries may be pricey. But boring, slow-growing stocks [...]

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Avoid This Dividend Trap That Can Cut Your Portfolio In Half

In its last meeting, the Fed made it clear it would keep interests rates low for a while. Q4 hedge fund letters, conference, scoops etc Skitterphoto / Pixabay That’s good news for dividend investors. You see, when interest rates are low, so are government bond yields. That forces income investors to look for higher yields [...]

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The 3 Best ETFs To Profit From The Global Slowdown

“We haven’t seen our sales drop this quickly since 2008.” Q4 hedge fund letters, conference, scoops etc geralt / Pixabay That’s a quote from a top sales and marketing executive at one of the largest companies in the world. I met her a couple of months ago in Argentina. I can’t share the [...]

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How Market Valuation Affects Future Stock Returns

The price/earnings ratio (P/E) has a multiplier effect on stock returns. Over 10–20 years, it can dramatically increase or decrease your total return. Q4 hedge fund letters, conference, scoops etc mohamed_hassan / Pixabay In the secular bear market of the 1960s and ‘70s, shrinking P/E ate away almost all the return from earnings growth [...]

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The Real US National Debt Might Be $230 Trillion

Trump has promised to free the US of debt. He pledged to pay all federal debt off in eight years. Q4 hedge fund letters, conference, scoops etc Rilsonav / Pixabay But so far, it’s been just talk. Two years into Trump’s presidency, the US national debt has grown by $2 trillion. The official, [...]

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Your Future Stock Returns Might Unpleasantly Surprise You

Every investor knows that “past performance is not indicative of future results.” Yet many embrace century-long averages as a reasonable guess for future returns. Q4 hedge fund letters, conference, scoops etc Pexels / Pixabay Back in the late 1990s, we were told that the long-term average return (~10%) was a reasonable long-term assumption. [...]

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Why The Green New Deal Could Send Uranium Through The Roof

Have you heard of Alexandria Ocasio-Cortez? Q4 hedge fund letters, conference, scoops etc mzter / Pixabay At 29 years old, she’s the youngest Congressperson in history. Also known as “AOC,” Cortez is quite a sensation among young left-leaning folks. No surprise, she’s often referred to as the Democratic version of Trump. 2.4 million [...]

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Everything You Fear About MMT Is Already Here

Many Americans are worried about “modern monetary theory.” Q4 hedge fund letters, conference, scoops etc sallyjermain / Pixabay They fear a future Congress will use it to justify sharply higher spending and enlarge the national debt to unsustainable levels. That may well be the case, but most seem unaware these dreadful things are [...]

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Walmart Will Crush Amazon?

Last week, Amazon announced that it would launch its own grocery chain. Q4 hedge fund letters, conference, scoops etc Desertrose7 / Pixabay This is Amazon’s second big leap into groceries. In 2017, the company bought grocery chain Whole Foods for $13.7 billion. All of this prompted a number of speculations about Amazon’s move [...]

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Retail Sales Data That Sowed Panic Among Investors Could Be Just A Glitch?

Recession antennae popped up everywhere on February 14. Q4 hedge fund letters, conference, scoops etc Free-Photos / Pixabay The Commerce Department reported retail sales fell 1.2% in December. It was the worst month-over-month decline since 2009:Chart: Bloomberg Now, there are reasons to doubt this report’s significance. This Might Have Been a Glitch First, the report came [...]

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Is Recession Near? David Rosenberg Answers

I trust Dave Rosenberg of Gluskin Sheff. He’s been a perpetual speaker at my SIC conference for at least 10 years. Q4 hedge fund letters, conference, scoops etc geralt / Pixabay Dave is screaming recession every chance he gets, but he is not a perma-bear by any means. He’s been bullish at the [...]

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