A brief note on the latest price action in equity markets, how business cycles end, and how markets are being left to fend for themselves without central bank intervention for the first time in 20 years.
In this year���s Holiday Eye on the Market, Michael records a note to his spouse on her father, the 2020 US Presidential election, and what might be the widest ideological divide in 100 years.
For the first time in 20 years, markets will have to survive without support from central banks.
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.
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.
Michael discusses how he should have taken Trump at his word on tariffs, and the impact of the widening trade war on global growth and equity markets as proposed tariffs approach pre-war levels.
I went on a search for Democratic Socialism in the real world. I ended up halfway around the globe from where I began. A story in pictures.
An update from the front lines of the Trade War, with a focus on implications for investors.
A brief comment on a proposal from leading Presidential candidates to ban hydraulic fracturing everywhere, immediately.