2018 has been another year of American exceptionalism in equity markets, with our enthusiasm tempered by the tech-dependence of equity returns, high valuations, fading stimulus and constitutional/tariff risks.
Explores how institutional investors should reconfigure portfolio allocations/strategies in a world of low returns.
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.
Eye on the Market: The Verdict
2018 has been another year of American exceptionalism in equity markets.
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.
For the first time in 20 years, markets will have to survive without support from central banks.
Michael shares his thoughts on the US China trade war, Mexico tariffs and the US immigration policy.
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.