Articles by Michael Lebowitz

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…



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…




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…



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…