I probably shouldn’t have read Warren Buffett’s annual letter. It only reminded me of the
Category: Markets
After Munger, Buffett Says Berkshire’s Size Rules Out Big Performance
I’m going to dial back (which is to say omit entirely) the sarcasm and snark
Dynamics Of A ‘Never-Ending Stock Melt-Up’
“A never-ending melt-up in index.” That’s what befuddled bears were pondering by the end of
What Xi Jinping Can Learn From The Fed
At some point this week, Nomura apparently cautioned those keen to pick the low in
Don’t Short A Bubble Exhibit 275 Billion
I don’t want to pile insult atop injury for the earnest skeptics and well-meaning bubble
‘Nailed It’: McElligott On Nvidia
“Nvidia nailed it.” So said Nomura’s Charlie McElligott on Thursday, as US equities looked for
In Japan: FOMO
“Healthy.” That was one adjective bandied about Thursday, when the meteoric rally in Japanese equities
Nvidia Beats Handily. Is It Enough?
The fate of humanity hung in the balance on Wednesday afternoon in the US, where
Dangerously Narrow
I’m tired of editorializing around mega-cap “tech” dominance and extreme market concentration. Honest to God
China Goes To War With Quants, Bans Some Selling In Bid To Arrest Stock Rout
I don’t want to overstate the case, but running a high frequency trading operation in
A Bear Gets Lost In The Woods
Mike Wilson said Tuesday that corporate America’s haves and have-nots divide is getting worse. He
Dear Butcher
Wu Qing didn’t have much time to celebrate last week. Spring Festival or not, “The
Beijing’s Holiday Macro Spin Falls Flat
It’s almost as if investors have determined that China’s a giant Potemkin village — that
Bubble Vision
Admittedly, I’m exhausted with bubble talk. “Are we witnessing a dot-com redux?” “Is the ‘Magnificent
Where’s The Damn Selloff?
The first two months of 2024 had all the ingredients of an equity selloff with
Could Irrational Exuberance Redux Drive The S&P To 6,250?
Are we witnessing a dot-com-style, tech-driven equity bubble in the US? That’s the market’s perpetual
Inflation Throat Punch
Wall Street wasn’t enamored with the BLS’s inflation update, delivered to loud jeers in the
Gosh, Sorry About Your Rate Cuts!
One reader with a Wikipedia page was upset with me on Tuesday when I characterized
‘Magnificent 7’ Crowding Conjures Memory Of Epic Dollar Crash
It’s all about the “Magnificent 7” and market concentration. Bubble talk abounds and the prospect
Behold: Fund Managers Now Most Bullish In Two Years
Fund managers are the most bullish in two years. That was one, among many, takeaways
‘The Greatest Real Estate Crisis’ Since Lehman: How Bad Is Germany’s CRE Problem?
The German economy doesn’t need any more problems. The engine of European growth is stuck
Fed-Defying Stock Rally Turns Most Of Wall Street To Bears
Generic market wraps published on Friday described an unremitting equity melt-up deaf to the shrill
Reversing Greed
Last year, bearish positioning was “markets’ best friend.” In 2024, by contrast, positioning is poised
Albert Edwards Calmly Makes The Case For Tech Caution
Albert Edwards is worried about tech. Still. Albert Edwards is still worried about tech. I
Fed Preaches Caution. Stocks No Longer Care
It’s fairly obvious by now that equities are unbothered and otherwise nonplussed by the notion
How Worried Should Markets Be About A CRE Spiral?
Last week, following the first of what would ultimately be several very bad days for
Xi Calls Up ‘The Butcher’ To Cut Off China Stock Rout
“I heard you paint houses.” I was only half joking yesterday when I suggested Xi
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