So Long Yellow Brick Road
An update from the front lines of the Trade War, with a focus on implications for investors
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Active Management and QE-Distorted Markets
Michael Cembalest analyzes the performance of over 6,700 domestic and international active equity managers, and discusses the challenges they face outperforming at a time of markets distorted by quantitative easing.
Short People: the market rebound, and what comes next
Michael discusses how short covering, rather than real money, has driven the fastest recovery on record following a bear market, and looks ahead at slowing earnings growth.
Eye on the Market: The Verdict
Eye on the Market: The Verdict
Food fights at the Fed and in the Leveraged Loan market
The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due.
What if we live in a low-return world? Implications for pension funds
Explores how institutional investors should reconfigure portfolio allocations/strategies in a world of low returns.
Fed Zeppelin: Is the Fed making a mistake?
The Fed halted tightening and propelled equities to their fastest recovery ever following a bear market. This decision was made despite the lowest unemployment rate in 40 years. Does that make sense? Also, a possible deal with China.
The Armageddonists!
Armageddonists and the portfolio cost of fear, 2010-2019
Warren Peace
A close look at the Progressive Agenda, China’s deteriorating welcome mat in DC and US Tech IPOs.
Mountains and molehills: Achievements and distractions on the road to decarbonization
Michael discusses this year’s Eye on the Market Energy paper. Topics include the unattainable objectives of the Green New Deal, an overview of the world’s de-carbonization challenges, Germany’s energy transition and Trump’s War on Science.