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Quick Comments/What We’re Reading
August 20, 2020
Today's topics include the S&P 500's haves and have-nots, unemployment assistance, jobless claims, Biden's big night, falling new infection counts, stock buybacks fall, retail crowd taking on more risk, household net worth, the FOMC minutes put some doubt on yield curve control, spending boom, macro hedge funds, and apple hits $2 Trillion intraday
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Cartoons
August 20, 2020
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Quick Comments/What We’re Reading
August 19, 2020
Today's topics include the uneven rally, U.S. stocks vs. foreign stocks, taking the market's temperature, buybacks vs. dividends, inflation expectations, reaching for yield, and the Fed's muni facility gets Its second customer
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Cartoons
August 19, 2020
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TIC Update – The Fed Holds More Treasuries Than All Foreign Central Banks Combined
August 18, 2020
The Fed's efforts to calm the markets the past few months expanded their balance sheet substantially. They now hold more Treasuries than all other central banks combined.
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Quick Comments/What We’re Reading
August 18, 2020
Today's topics include mortgages, inflation worries, small business operations, transparency in bonds, Musk moves higher up the list of world's richest, Robinhood valuation, what will Jay Powell do next?, thoughts on the rally, chinese developments, will school be safe?, selloff in EM currencies, and U.S. investors on the euro.
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Cartoons
August 18, 2020
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Earnings Update: Overvalued?
August 17, 2020
Earnings season is more than 90% complete. Beat rates are near records. But with future earnings estimates rising slower than stock prices, the market is becoming overvalued.
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Quick Comments/What We’re Reading
August 17, 2020
Today's topics include stock splits, small cap vs. large cap, the Fed's support of the muni market, comparing recoveries around the world, stagflation, measuring the stock market's rally, more anecdotal evidence of the rise in retail trading, what's in an ESG fund?, and homebuilder optimism.
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Cartoons
August 17, 2020
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Consumer Spending Has Stalled
August 14, 2020
Consumer spending has stalled since mid-June.