There for a time, the story of 2025 was US underperformance. On some vectors anyway,
Category: Markets
S&P 7,000 Here We Come?
The outlook for large-cap, US corporate equities — “the stocks,” if you like — remains
Silver Lining (As Easy As 1, 2, Recession)
Donald Trump may not be happy with Friday’s jobs report, but he should be pleased
Thank A Robot ($191.5 Billion)
If we’re going to scapegoat “the machines” for escalatory selloffs as we so often do
Policy Errors And Politicization
Is the Fed making a policy mistake by cutting rates at this month’s meeting? Note
Welcome To September
It was notable that the long-end of the US Treasury curve saw no relief Tuesday
Signs Of The Times (Gold And Gilts)
Call them signs of the times. On Tuesday, long-end UK yields were the highest in
Enjoy It While It Lasts
All’s well that ends well? That’s a question. I don’t know the answer. Stocks slipped
Fed Politicization Is A 2026 Story, Traders Bet
It could’ve been worse. Indeed, I’ll argue it should’ve been worse. “It” is the bond
Frenzy Wanes, But Nvidia Still ‘Extraordinary’
Nvidia and its swollen market cap narrowly topped estimates in results released after the bell
Fire Juggler
I’m quite sure he doesn’t care, or at least not yet, right now. And he’s
Two And 20 In 2025
What’d you get for your two and 20 this year so far? On average, hedge
Corporate Inequality Revisited
Rate cuts are coming soon to the allegedly over-budget construction site that is the Marriner
Powell Holds Firm, But Nods To September Rate Cut
As expected, Jerome Powell opened the door to a rate cut at the September FOMC
Fed Still Saw Inflation As Biggest Risk, Minutes Show
When they’re not mismanaging asbestos removal projects and committing mortgage fraud (if you can’t detect
The Problem With Scott Bessent’s Neutral Math
A lot of times — too often — we take what ostensibly smart people have
Cost Of Mag7 AI Dream Spirals Toward $1 Trillion
Let’s talk about capex. Again. Because that’s entertaining, right? Don’t tell me you didn’t wake
Catch Me If You Can
Remember the S&P 493 “catch up” thesis? If not, don’t worry, it’s simple. It said
The ‘Best’ Earnings Season Ever
It’s official. With earnings season all but over in the US, Q2 was the best
Inflation Up, Rates… Down?
On balance, professional investors expect inflation to move higher around the world over the next
YCC: Coming Soon To The Fed?
If you had any doubts as to what Donald Trump wants in a Fed Chair,
Quality Not Guaranteed
In “How Overvalued Are The Most Expensive Stocks?” I spent a few minutes editorializing around
No Gut, No Glory
Donald Trump’s not famous for subtlety, nor stoic reserve. When in doubt, Trump goes with
How Overvalued Are The Most Expensive Stocks?
It’s been (another) good year for the mega-cap market leadership. There are exceptions. Namely Apple
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