Global Market Commentary, Analysis and Investments
Clang-clang! Clankety-clank! Clang-clang!
Do you hear that sound, dear reader?
Hmmm…if we are not mistaken, that’s the sound of someone kicking a can down the road.
Oh wait…no…that’s the sound of Congressmen kicking a can down the steps of the Capitol building, out into the streets of American taxpayers…present and future.
[Read more...]When disaster strikes, the initial victims are rarely the only victims. Collateral consequences fan out in surprising ways. Sometimes, the individual/entities who are left holding the bag are not the ones we would expect.
The tri-disasters in Japan will provide a classic example. There will be obvious immediate victims, as well as less obvious subsequent victims. Investors might find it worthwhile to consider who some of the subsequent victims might be. Let’s call this little game, “Who’s Holding the Bag?”
[Read more...]The outlook for equity markets in 2010 is as muddled as ever after a year that only can be described as enigmatic. Equities had one of the best runs ever off of the March 2009 low, but it sure didnt feel bullish or that we were in the midst of a recovery. Once there were actual signs of recovery, the market corrected.
[Read more...]I believe equity markets (and riskier assets in general) are in the midst of a 10-15% correction that plays out within one quarter, which is normal, not at the onset of the next financial avalanche, which lasts many quarters.
There was never any question that the extraordinary policy maneuvers of 2009 would begin to be unwound in 2010. But the culmination of events in Europe, China and the United States over the last two months have brought this all to a head very early on in 2010. Profit taking after large, sustained bull runs is a natural reaction of investors to a bout of increasing uncertainty and higher risk recognition.
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The Chairman of the Federal Reserve is Clueless
When it came to financial failure, there was no one in Washington – or on earth – who had masterminded more disastrous policies or produced more erroneous forecasts than Federal Reserve Chairman Ben Bernanke. Had he been an imperial soothsayer in a medieval court he would have lost his head or, at best, he’d be rotting in a dungeon.
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