1. The Worst of Times: In hindsight, it was never going to end well when both stocks AND bonds were trading at crazy expensive levels. It is the worse case scenario for traditional passive buy and hold portfolios.…
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Global vs US PE10 Valuations: One of the most interesting aspects of the past decade has been the divergence in valuations between the USA and the rest of the world. A big part of the divergence in price/value has been driven by a massive divergence in relative earnings performance, with the US significantly and consistently outperforming the rest of the world in earnings…
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Are we officially in the process of being caught off guard?
I wasn’t even going to write a note this morning, because it’s Sunday and I have a couple pieces planned for the week to come. But then I had an interesting set of realizations this morning while walking to get my coffee:
Many young people on Wall Street nowadays have never experienced real volatility in…
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Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.
- Chinese Proverb
Some Recent Activity
As mother of a teenage girl, this news that broke last week got too little notice
“Report @BuzzFeed obtained reco… https://twitter.com/i/web/status/1543611789988036609
Are you trying to understand the moves of the Federal Reserve? Quill Intelligence provides critical, in-depth, stu… https://twitter.com/i/web/status/1543611523406467072
Canaries of a different ilk vs 2008. The question: With more than $10T of AUM, does Private Capital pose systemic r… https://twitter.com/i/web/status/1543609937955364865
“Reports have emerged the Biden administration could pass crypto legislation governing so-called stablecoins such a… https://twitter.com/i/web/status/1543607448229101568
