Valuations are too high. Something’s gotta give. That generic complaint, or some version of it,
Author: therealheisenberg
‘Key Risk’ To Stocks Is Taxes, Not Peak Growth: Goldman
The biggest risk to US equities isn’t peak growth. It’s higher taxes. That’s the message
Legends Of The Summer: 2021 Edition
US equities are coming off their worst week since June and the fourth-worst week of
Meanwhile, In A Parallel Universe
It’s that time of the week. Friday is the day when we take a moment
The ‘Collapsing’ Credit Impulse And The Story That Matters
“Is the collapse in the global credit impulse going to extend cyclical revulsion?,” SocGen’s Albert
Let’s Talk
Risk sentiment firmed Friday, or at least in Asia, after the South China Morning Post
The First Negative 10-Year Return Forecast In 22 Years
I’m rarely, if ever, in a “good mood” on any conventional definition. For the past
Opening The Pullback Window
People finally get it. Or so it seems. Market participants are trying to front-run pullback
Jobless Claims Dive, But Limbo Looms For Millions
Initial jobless claims tumbled to a fresh pandemic low last week, perhaps suggesting the US
ECB Attempts A Sorta-Taper
Hawkish banter from some ECB officials in the lead-up to September’s policy meeting wasn’t a
‘Everything Is On Hold’: Xi Crushes China Tech Again
Just when you thought it was safe to buy the dip in Chinese tech, the
‘What Good News Is Left?’ BofA Finally Raises S&P Target
In was barely a month ago when, during remarks to Bloomberg Television, BofA’s Jill Carey
Help (Still) Wanted
There were nearly 11 million job openings in the US economy at the end of
Look, It’s The Market Fragility Discussion Again
It’s the same story over and over again. Stability breeds instability and modern market structure
‘We Can’t Drop The Ball’
Risk sentiment was subdued Wednesday as investors pondered sundry “peak growth” narratives and a couple
The ‘Just Can’t Win’ Dynamic
I was tempted to say something generic about not wanting to “beat a dead horse,”
One Bank Moves Overweight Cash, Underweight US Equities
It’s “crunch time” for Morgan Stanley’s mid-cycle transition thesis, the bank’s Andrew Sheets said Tuesday.
US Consumer Faces ‘Harder Path Ahead’
“With COVID fears likely to persist through the winter virus season, it might take a
Exports, ‘Lack Of Bad News’ Bolster China After Tech Rout
You might have expected Chinese trade to falter in August given the temporary shutdown of
Soros: Fink Makes ‘Tragic Mistake’ With BlackRock China Push
George Soros is not amused with BlackRock’s China push. Just days after warning that anyone
Kafka Or Mills?
For millions of Americans, the holiday weekend wasn’t cause for celebration. The expiration of emergency
Bad News (The Good Kind)
“Typical of an advanced carry trade.” That’s how Nordea Investment’s Sebastien Galy described the “bad
Triple Peaks
In “What Markets Are Betting On,” I talked a bit about investors’ outlook for the
Druckenmiller, 53 Records And Three-Quarters Of A Trillion
It’s been 16 months since Stan Druckenmiller declared equities, broadly construed, uninvestable. To be fair,
Here’s What Markets Are Betting On
A dramatically bad US jobs report barely moved the needle for US equities, which managed
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