Fiscal Stimulus

Check Your Exuberance

March 31, 2020

We finally saw a big reversal in risk assets on Tuesday as the S&P 500 soared about 10% after suffering a 34% decline from its peak over the previous three weeks. The [...]

The Bright Side

March 19, 2020

As we continue to endure the uncertainty and market volatility associated with the coronavirus, we thought it would be helpful to point out some of the factors working in [...]

Multiple Puts

May 23, 2019

The stock market’s strong rebound from Monday’s thumping shows, once again, that there is a sizeable queue of investors waiting to take advantage of any [...]

Shell Games

July 12, 2018

Much has been made about the deleveraging of the US consumer since the Great Recession. Most economists agree that consumers are now in much better financial condition thanks [...]

Show Me the Money!

May 31, 2017

We’ve been worried about earnings quality for quite a while now.  We’ve said that corporate management teams have been using many levers to drive profits higher, [...]

Great Expectations

March 29, 2017

The market response to last week’s Federal Reserve meeting and press conference was somewhat perplexing.  The interest-rate hike itself wasn’t a surprise – [...]