Consensus reactions to the Phase I US-China deal are very skeptical, but may be missing the broader point. A brief note on what happened, and the alternatives.
Where can investors find sustainable sources of return?
An update from the front lines of the Trade War, with a focus on implications for investors.
Should investors fear an erosion of the illiquidity premium?
What are the bright spots in fixed income?
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.
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.
Michael discusses his forecast for 2020, which entails a modest recovery in global growth and profits after trade-war weakness in 2019.
In this special holiday edition, Michael explains how an evening at home went awry: how a discussion about China and Hong Kong morphed into a chart war about Trump, Hoover, Taft, Rachel Maddow and Anderson Cooper.