Are global stocks overbought? You’d be forgiven for asking, wouldn’t you? After all, the world’s
Category: Duly Noted
A $34 Billion Breakup
$34 billion. That was the damage for Elon Musk when the closing bell sounded on
Bonds, CPI Collection And Columbia
The good news about bad data is that if it’s bad enough, it can spell
Why One Bank Expects The Dollar Bear Market To Deepen
The dollar’s headed lower, particularly against other havens, including the yen, franc and euro. That’s
Do Foreign Investors Really Have ‘Too Much’ US Exposure?
There’s still no consensus on whether and to what extent Donald Trump’s policies — from
Terms And Conditions
I’ve spent a ton of time since “Liberation Day” talking about the term premium, and
‘Sell America’ Vibe Hard To Ignore Despite ‘TINA’ Legacy
Maybe the “sell America” narrative’s overdone, maybe it isn’t, but one thing’s for sure: Europe-focused
Well Hello, Liz!
The mid-week selloff at the long-end of the US Treasury curve was exactly what Scott
Fearing The Right-Tail
If you’re wondering whether the bounce in US equities which had the S&P trading within
Is Trump Inviting Capital Flight? The Debate Continues
The flows rotation out of US shares and into RoW equities paused over the last
Not Out Of The Woods
The 2025 bear market plunge in US equities will be remembered as one the most
Gold: Overvalued And Overbought?
Gold. Every time I mention it, somebody gets pissed at me. With the possible exception
To Hell And Back Again?
To hell and back again. That’s one way to describe the last three or so
Efficiency Problems
The BLS on Thursday delivered a sobering read on productivity and unit labor costs. Suffice
Who Wants To Live In D.C.?
Mortgage rates in the US were lower over the past week on average. By a
Waiting On The Robots
It’s important to preface this brief update (500 words counts as “brief” ’round these parts)
The Machines Should Be Buying Stocks From Here
I’ve been on at some length since “Liberation Day” about the extent to which the
No One Likes Uncertainty
This may not have occurred to every “very stable genius” in the world, but deliberately
Is 20x The New Ceiling For US Equity Multiples?
A little over a month ago, JPMorgan suggested US equity valuations reset structurally higher over
Who Sold US Stocks?
Who is Colonel Mustard, in the library, with a candlestick? This is Jeopardy, you took
Cutting The Tails, Watching The Screens
It’s too stupid, I can’t take it. Or at least not without laughing at something
The Problem With ‘Big Move’ Days
I’ll keep this one short, but I did want to mention April 21’s Wall Street
Why Good News May Not Be Enough To Make Stocks Rally Again
What if we get good news? On tariffs or, say, on Mag7 earnings. We know
Risk Tolerance Evaporates With Liquidity
Liquidity. It’s topical. Because it’s impaired. That’s the thing about liquidity: When it’s in the
Are The Machines Done Selling?
Early Monday, I revisited “doom loop” dynamics. A fixture of modern market structure is the
Wharton Budget Model Projects Disastrous Hit To Families, GDP From Trump Tariffs
The math’s done. The verdict’s in. Tariffs are guilty as charged. On Thursday, the Penn
Trump’s ‘High People Idea’ Would Double Cost Of iPhones
Dave Chappelle’s in the news this week. As someone who was relatively young (I mean,
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