All you have to do is look around to see there is inflation pressure everywhere. We appear to be in stimulus shock. M2 has gained 26% year-over-year, the largest gain since 1943. M1, or very liquid money in circulation, is up by 316%. Fiscal spending in...
This quarter’s earnings season just started last week, so it is still early. Results were centered on the big banks which mostly reported blow-out earnings and revenues. The stock reactions, however, were mixed. When the bar is set high heading into earnings season...
The yield on the ten-year Treasury note recently rose above 1.6%, up from 0.9% at the start of the year. Yields have spiked for two reasons, both of which are expected to result in higher inflation. First, there are expectations of a strong re-opening of our economy...
Here are a few of our favorite market internal indicators that are confirming the all-time highs in stocks. The first one, the cumulative advance/decline line (breadth), is rising along with stock prices, a healthy sign. Second, high-yield bond spreads (the spread in...
More and more investors think we are in an epic stock market bubble. They may be right, but we won’t know until after the fact. There are a few important differences between now and the dot.com bubble of 20 years ago. First, 2000’s high valuations were based on...
With heartfelt appreciation for our relationships with clients and friends, we wish you and your loved ones a very Merry Christmas and Happy Hanukkah. Last week saw two IPOs deliver dramatic pops. Food deliverer DoorDash gained 86% on day one and Airbnb surged 113%...
