If you are a market participant who can’t shake the feeling that you have lost your touch for anticipating market behavior, you are not alone. We have taken to simply reminding investors that corrections can come at any time, which has always been true but has never been more important Read more…
Does the collapse of the U.S.-backed Afghan government matter? It certainly matters to many Afghani individuals who hitched themselves to the American star, and seem to have been unceremoniously abandoned in the chaotic rout that passed for an American withdrawal. It matters to the population of young urban Afghanis who Read more…
Really, there is only one long-term question facing investors at this juncture. Will the “new normal” that has emerged from the pandemic be enduring? Or will it prove a temporary aberration that, with however much ease or difficulty, passes and yields to the return of something more akin to the Read more…
Bitcoin and cryptocurrencies in general have reclaimed the imagination of the investing public, especially as crypto has enjoyed another of its periodic spectacular runs since late last year. Belatedly, mainstream analysts are beginning to note what we told a crowd at the Las Vegas MoneyShow three years ago — digital Read more…
Our first note of 2021 made the case that the events of 2020 heralded the return of inflation. We made two main observations. First, the Fed’s adoption of average inflation targeting, which would give the central bank cover to tolerate persistent inflation above the 2% to make up for the Read more…
With further analysis of trial data, Pfizer [NYSE: PFE] has joined Moderna [NASDAQ: MRNA] in the 95% stratosphere of first-blush Covid vaccine efficacy. MRNA’s prospective vaccine, on the face of it, will be easier to roll out, since its storage requirements are not as onerous as those of PFE’s entry, Read more…
In March and April, the covid crisis sparked an unprecedented policy response from governments and central banks — first monetary, and then fiscal. As the magnitude and scope of these interventions became clear, the likely longer-term consequences for gold also became clear. Further events have only served to reinforce this Read more…
In each earnings season, banks are among the first to report and help set the tone for what investors expect moving forward. We already knew that the second quarter of 2020 was going to be an earnings apocalypse — so much so that the quarter itself is largely irrelevant for Read more…
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