Armageddonists and the portfolio cost of fear, 2010-2019
Explores how institutional investors should reconfigure portfolio allocations/strategies in a world of low returns.
Michael takes a close look at the question of rising committed and unspent capital in private equity, and implications for investors.
For the first time in 20 years, markets will have to survive without support from central banks.
A close look at the Progressive Agenda, China’s deteriorating welcome mat in DC and US Tech IPOs.
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.
A brief comment on a proposal from leading Presidential candidates to ban hydraulic fracturing everywhere, immediately.
Eye on the Market: The Verdict
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.
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.