Michael Lebowitz

In early February, the markets experienced some turmoil. Volatility spiked, stocks sold off roughly 10% and credit spreads widened. These … Read more

U.S. Treasury securities across the maturity spectrum are reaching yield resistance levels that have proven for decades to be extremely … Read more

Stability breeds instability.” – Hyman Minsky The answer to the title of this article, the polite version of which is … Read more

You load sixteen tons, what do you get? Another day older and deeper in debt Saint Peter don’t you call … Read more

Imagine a world with two investment options, apples and oranges. Investors are best served to reduce their holdings of apples … Read more

The Federal Reserve (Fed) has increased the Fed Funds rate by 125 basis points or 1.25% since 2015, which had … Read more

Most investors, knowingly or not, rely on long-only, passive strategies. They may shift holdings between stocks, bonds, and cash at … Read more

Last Friday, Gross Domestic Product (GDP or the domestic economic growth rate) for the fourth quarter of 2017 was released. … Read more

In the past month, two well-known and highly respected money managers have made confident assertions about the markets. Their comments … Read more

The following article emphasizes that the perceived economic prosperity of recent decades is largely the result of political expediency. Those … Read more

Comparing current equity valuations to prior valuation peaks such as those of 2008, 1999 or any other period is commonplace, … Read more

Consider the following: [REITs] The current U.S. economic expansion has lasted 103 months and counting. Based on data since 1945 … Read more

The New England Patriots are the winningest professional football team of the new millennia. While we could post a long … Read more