“Pithy Principles for Modern Markets,” via Macro Risk Advisors 1. Big moves matter most The
Category: Markets
An Offer They Can’t Refuse
“Today’s jobs report is just an example of [how] we have a long way to
A Staggering Miss: April Jobs Report Is Huge Letdown
The US economy added just 266,000 jobs last month, April’s hotly-anticipated nonfarm payrolls report showed.
‘So-Called’ Bubbles
“Asset prices may be vulnerable to significant declines,” the Fed reckoned, in its semi-annual financial
The Stories We Tell
Everybody has a story. In general, but especially when it comes to explaining their own
Complications, Froth And The Jackson Hole Whale
“Severe complications.” Those were the words a spokeswoman for the German government used Thursday to
Tickets And Rents
Assuming Americans exercise a modicum of common sense, COVID-19 cases are projected to see a
Marko Kolanovic: Most Portfolios Are Vulnerable To ‘Inflation Shock’
“If one stretches rubber too long, it eventually snaps,” JPMorgan’s Marko Kolanovic wrote Wednesday, in
‘Inflationary Pressures By No Means Confined To Manufacturing’
Like its manufacturing counterpart, ISM services missed expectations for April. At 62.7, the headline was
Joke’s On You
Don’t say you weren’t handed a dip to buy. Or a falling knife to catch.
Beautiful Bombast
Oh, the bombast! The wonderful, wonderful bombast. Selling “gripped” US equities on Tuesday. Tech shares
Buy Any Dip (Is What They’re Saying)
If you see a dip, buy it. That’s one takeaway from JPMorgan’s Mislav Matejka, who
Street Level
If you had any doubts as to whether the demonstrable economic progress the US has
Price Pressures, Price Pressures, Price Pressures
In a somewhat unexpected turn for an economy hitting on all cylinders, ISM manufacturing posted
More Than A Sugar High
US equities came into May looking to build on last month’s gains, propelled by a
Bubble Tales
Last week, I conceded that the US housing market is probably a bubble. “Conceded” not
Ray Dalio And The Biden = Roosevelt Analogue
Admittedly, I have a difficult time editorializing around Ray Dalio’s missives these days. Ray seemingly
Folks Gotta Eat
Market participants will digest top-tier US data this week, with April payrolls headlining. Consensus expects
Weekend At Berkshire’s
They always sneak up on me — “they” means Berkshire weekends. Invariably, I’m relaxing on
Spend It If You Got It
America’s largest corporations are beating analysts’ profit estimates at a rate not seen in at
Tomorrow’s Crisis
US equities headed into May coming off their best month since the election and analysts
Collateral Damage: Technology And The Theft Of History
In contrast to capital, humans are well aware of certain costs. For although we care
Gator Watching
One of the most amusing (some folks wouldn’t use that adjective) things about scrolling through
Long Inflation
The “trade of 2021” has been long copper (+27.9%) and short the 30-year Treasury (-13.8%),
Stimmy! And Leon, The ‘Fully Invested Bear’
Did you get your “stimmy?” Some folks sure did. Personal incomes rose 21.1% in March,
Double Dip
A rather glaring transatlantic divide opened up in the first quarter, as the eurozone succumbed
Pay The Piper
Some of the inflation banter emanating from prominent market participants can properly be written off
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