The Market Fears Recession

Yesterday the Dow was down 800 points.  The primary reason given was that the inversion of the 2 yr – 10 yr Treasury yield curve spooked investors.  That is, short-term interest rates are now slightly higher than longer-term rates.  This is a very unusual situation...

P/E Ratios and Bull Markets

The current economic expansion is celebrating its 10th birthday this month — the longest on record.  What accounts for its longevity?  In our view, the lack of an economic boom.  No boom, no bust.  The next recession may be the most widely anticipated of all time. ...

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