“Curiosity is, in great and generous minds, the first passion and the last.”
“Curiosity is, in great and generous minds, the first passion and the last.” Read More »
Stocks
“Neither a state nor a bank ever [has] had the unrestricted power of issuing paper money without abusing that power.”
Stocks rallied smartly last week. The Dow was up 2.6%, The S&P 500 rallied 4.0%, and the Nasdaq jumped 6.0%.
Growth stocks outpaced value shares by a wide margin. The big-cap mega-scalers led the rally, and the poster child for the AI revolution was the clear winner as
Don’t get too excited, though; the broad market (S&P 500) remains within its range since April. The S&P 500 is marginally
(-0.50%) below, the Nasdaq is -5% below, and the Dow is -17.56% below all-time highs. Markets are skittish and fearful of change.
The Powell Pivot! What a difference two weeks can make.
Wednesday, Fed Chairman Jerome Powell, citing continued progress on lowering inflation towards target and a more balanced labor market, said the Fed was likely done raising rates. Furthermore, he indicated policymakers are beginning to talk about cutting rates.
The Powell Pivot! What a difference two weeks can make. Read More »
“In this new global environment, policymakers, even those previously in the ‘lower forever’ camp…”
Interest rates drive everything, and they are as volatile and directionally uncertain as they’ve ever been. So are the global macroeconomics driving them. Global fund managers are required to make bets on outcomes for stocks, currencies, and commodities based on the cost of money. If perspectives on rates are so dispersed, how can we judge the value of the things that are driven by them?
Deep Dive: Interesting Math, Risk Observations, Interest…
No real in-depth deep dive this week; here’s just a quick liEle bit of interes’ng math and an observa-on
about risk.
Deep Dive: Interesting Math, Risk Observations, Interest… Read More »