Weekly Commentary Archives

Weekly Commentary Archives2017-03-02T11:32:28-07:00

May 22, 2020: Just the Facts

For the Week: The S&P500 rallied 3.2% (down 8.5% y-t-d), and the Dow rose 3.3% (down 14.3%). The Utilities gained 2.8% (down 12.2%). The Banks jumped 5.9% (down 40%), and the Broker/Dealers rose 5.0% (down [...]

May 22nd, 2020|

May 15, 2020: Global Bubbles are Deflating

“Bubble” is commonly understood to describe a divergence between overvalued market prices and underlying asset values. And while price anomalies are a typical consequence, they are generally not among the critical aspects of Bubbles. I’ll [...]

May 16th, 2020|

May 8, 2020: Schumpeter’s Business Cycle Analysis

The work of the great economist Joseph Schumpeter (1883-1950) has always resonated. When I ponder analytical frameworks pertinent to these extraordinary times, none are more germane than Schumpeter’s Business Cycle Analysis. Best known for “creative [...]

May 9th, 2020|

May 1, 2020: Going Nuclear

In a CBB from a decade or so ago, I noted that at the commencement of WWII President Roosevelt marshaled an agreement from the major warring parties to avoid the bombing of civilian targets. It [...]

May 2nd, 2020|

April 24, 2020: Fault Lines

Now on a weekly basis, we’re witnessing things that couldn’t happen – actually happen. April 20 – Bloomberg (Catherine Ngai, Olivia Raimonde, and Alex Longley): “Of all the wild, unprecedented swings in financial markets since [...]

April 24th, 2020|

April 17, 2020: Crazy, Dangerous Things

Please join Doug Noland and David McAlvany this coming Thursday, April 23rd, at 4:00PM Eastern/ 2:00pm Mountain time for the Tactical Short Q1 recap conference call, “Managing Short Exposure in an Unprecedented Environment” Click here [...]

April 18th, 2020|

April 10, 2020: When Money Died

Sitting at the dinner table, our eleven-year old son inquired: “If a big meteor was about to hit the earth, how much money would the Fed print?” I complimented his sense of humor. Yet it [...]

April 11th, 2020|

April 3, 2020: The King of Sovereign Subprime

The past week witnessed 6.6 million new U.S. unemployment claims, pushing the two-week surge to a sickening almost 10 million. The U.S. economy is sliding into the steepest of downturns, with awful consequences for society, [...]

April 4th, 2020|

March 27, 2020: The Solvency Problem

Being an analyst of Credit and Bubbles over the past few decades has come with its share of challenges. Greater challenges await. I expect to dedicate the rest of my life to defending Capitalism. One [...]

March 28th, 2020|

March 13, 2020: Loss of Moneyness

It was as if global markets pulled elements from the 1994 bond market dislocation, 1997’s Asian Bubble collapses, the 1998 Russian/LTCM fiasco, and the 2008 market crash – and synthesized them for a week of [...]

March 14th, 2020|

March 6, 2020: The Modern-Day Bank Run

Pondering the shallowness of analyses being espoused by the vast majority of market pundits, I’m compelled to frame a thesis to help explain today’s most extraordinary backdrop. The coronavirus outbreak will eventually pass, though I [...]

March 7th, 2020|

February 28, 2020: Hair of the Dog

“U.S. Stocks Tumble 11% in Worst Week Since Crisis,” read the Friday evening Bloomberg headline. A Wall Street Journal caption asked the apt question: “U.S. Stocks Were at Records Last Week. What Happened?” A Friday [...]

February 29th, 2020|

February 21, 2020: Pandemic Risk Rising

Coronavirus cases in China surpassed 76,000. Deaths have reached 2,345. The number of new cases has slowed markedly, perhaps owing to repeated changes in the methodology of counting infections. Developments elsewhere are less encouraging. Plans [...]

February 22nd, 2020|

February 14, 2020: One Extraordinary Year

Confirmed coronavirus cases almost doubled over the past week to 67,000. Part of the spike was the result of including a group diagnosed through CT imaging scans rather than with typical coronavirus testing. The ballooning [...]

February 15th, 2020|

February 7, 2020: Dr. Li Wenliang

The S&P500 rallied 3.2% this week (trading to all-time highs Thursday), more than reversing (by 1.5 times) the previous week’s 2.1% decline. Ten-year Treasury yields rebounded as well, yet the eight bps rise was less [...]

February 8th, 2020|

January 31, 2020: The First Major Pandemic Scare

January 31 – Bloomberg: “Chinese officials took issue with U.S. comments about the country’s response to the coronavirus outbreak, and promised they would bring the infection under control. ‘U.S. comments are inconsistent with the facts [...]

February 1st, 2020|

January 17, 2020: “This is Insane”

Please join Doug Noland and David McAlvany this coming Thursday, January 23rd, at 4:00PM Eastern/ 2:00pm Mountain time for the Tactical Short Q4 recap conference call, “Surviving an Equities Melt Up” Click here to register. [...]

January 17th, 2020|
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