Value Defined: An Interview with Value Investor Eric Cinnamond
“Instead of relying on central banks as the foundation of my risk mitigation strategy, I plan to remain committed to my absolute return process and…
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Contours Of The Correction
In early February, the markets experienced some turmoil. Volatility spiked, stocks sold off roughly 10% and credit spreads widened. These were strange events given that…
Fasten Your Seat Belt, Turbulence Ahead
U.S. Treasury securities across the maturity spectrum are reaching yield resistance levels that have proven for decades to be extremely valuable to investors engaged in…
BTFD or STFR?
Stability breeds instability.” – Hyman Minsky The answer to the title of this article, the polite version of which is “Buy The Dip or Sell…
Trump’s Volley – Hoover’s Folly?
You load sixteen tons, what do you get? Another day older and deeper in debt Saint Peter don’t you call me ’cause I can’t go…
Occasionally The evidence becomes too obvious to ignore
Imagine a world with two investment options, apples and oranges. Investors are best served to reduce their holdings of apples and to replace them with…
Deficits Do Matter
The Federal Reserve (Fed) has increased the Fed Funds rate by 125 basis points or 1.25% since 2015, which had little effect on bonds until…
Strategies For Tomorrow
Most investors, knowingly or not, rely on long-only, passive strategies. They may shift holdings between stocks, bonds, and cash at various intervals, but generally, their…
Will The “Real” Real GDP Please Stand Up?
Last Friday, Gross Domestic Product (GDP or the domestic economic growth rate) for the fourth quarter of 2017 was released. Despite being 0.3% short of…
Peak Hubris And The Known Future
In the past month, two well-known and highly respected money managers have made confident assertions about the markets. Their comments would lead one to believe…