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.
Michael looks at the midterms: GOP gains in the Senate, an historic loss in the House given economic and market conditions, and what it means for investors.
Michael takes a close look at the question of rising committed and unspent capital in private equity, and implications for investors.
Eye on the Market: The Verdict
After a relatively quiet summer, volatility spiked in October as investors worried about rising rates, peak economic and earnings growth and geopolitical tensions.
The performance of the US dollar significantly diverged from relative rate spreads
It is time to adopt a more diversified and thoughtful approach that recognizes the importance of valuations and relies less on that most naïve of all assumptions - the prospect of wisdom from Washington.
While U.S. equities still look less expensive than Treasuries and cash, they are not as attractive as they once were. Investors looking for stronger long-term returns may find a better opportunity in European
Market sentiment towards the Chinese currency has shifted significantly