Global Market Commentary, Analysis and Investments
Dow down slightly yesterday. Oil falling further below $100. And gold still going up.
What is most interesting is the movement in the price of gold. It seems to be heading up again — almost no matter what else is happening.
So, let’s look at what might be going on…
If investors sensed a recovery…they would expect banks to lend more freely…people to shop more freely…and prices to rise.
[Read more...]We got a chuckle out of Thomas Friedman. Maybe he would be good as a brick mason. Or maybe a baker. Shame he got caught up in journalism. He has no talent for it.
In a recent column he tells us that “Average is over.” Typically, it makes no sense. What Friedman seems to mean is that an average person can’t expect to do very well in today’s America. He says average guys are being replaced by robots and Chinese people.
[Read more...]Baltimore…best bet for investors?
We drove back into town on Sunday night. People moped around in front of bars. Groups walked uptown from the stadium, their shoulders down, the chins dragging. The city was dark…and unhappy.
There was no joy in Baltimore on Sunday night. Baltimore is a sports town. The Ravens — the only team we know named after a poem — had lost. They would not be going to the Super Bowl.
[Read more...]We had lunch with an old friend last week. We hadn’t seen him since our school days in the ’60s. He told us the following story.
“It’s amazing. I’ve lived there all my life. But I’m a little different, I guess. My brothers are doctors and lawyers. I did them a favor by being the black sheep of the family. So they didn’t have to be.
[Read more...]Readers who expect an early end to this Great Correction are going to be disappointed. There is no sign of it reaching its conclusion anytime soon. Just the contrary…there’s no end in sight.
The Great Correction seems to be going along just as you’d expect. Or, just as we’d expect.
[Read more...]We’ve covered a lot of ground over the past few months. Not much action in the markets yesterday, so let’s stop here and take stock.
What we know so far…
First, it was clear from the get-go that there was a bubble in finance and housing. The only people who couldn’t see it were the people in finance and housing…and the feds. It reached its peak in ’05-’07…then, exploded.
[Read more...]Tutto va bene…
That was what the crew told passengers on the Costa Concordia just before it sank.
And it was what the crew of the USS America — the biggest cruise ship of all — were telling passengers last week.
Tutto va bene.
Trouble was, tutto was not going as bene as they claimed. Instead, the ship is sinking.
[Read more...]Yesterday, investors digested the big news from Wednesday…the Fed’s announcement that it would continue handing out money, asking nothing in return, for the next three years.
Stocks went down. Oil stayed under $100. The yield on the 10-year note fell under 2%. And gold just kept going up.
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A Crisis in Worthwhile Opinions of Capitalism
The Financial Times has continued its series on ‘Capitalism in Crisis’ much longer than we expected. Longer than seems decent, actually. The crisis will be over before the series ends.
Each of the Davos-list celebrities to write on the subject basically ‘talks his own book.’ The politicians tell us that they can fix what is wrong with capitalism. The regulators want more regulations; do-gooders urge us to rely more on good works. The economists have their economic solutions. The entrepreneurs put their faith in can-do hustlers.
[Read more...]