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.
Improving credit fundamentals, light tax-exempt supply and robust demand have driven the strong performance of municipal bonds in 2019.
Michael went on a search for Democratic Socialism in the real world, and ended up halfway around the globe from where he began.
For investors peering into 2020, it is likely that U.S. monetary policy will remain on hold for the time being.
EM should continue to provide a substantial economic growth alpha relative to developed markets due to better demographics and a productivity catch-up.
A close look at the Progressive Agenda, China’s deteriorating welcome mat in DC and US Tech IPOs
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.
Accessing new sources of uncorrelated alpha
For the first time in 20 years, markets will have to survive without support from central banks.