It looks like the flation debate has been won, resoundingly, by anyone who thought that QE and record high government deficits would not be inflationary. In fact, it’s been won so resoundingly that you can’t even call this INflation any longer. When we look around the world the term INflation is misleading since so many… Read More
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Barry Ritholtz has a very good piece on Bloomberg today about investing lessons and March Madness. I doubt Barry and I are terribly far apart on this issue, but I did want to touch on one topic – predicting the future. Barry writes: Predicting the future is impossible: The defeat of several favorites, most notably… Read More
While raising interest rates seems to be on everyone’s minds these days, there’s a far more important policy tool that could be on the table – asset runoff. One of the key impacts of QE is the portfolio rebalancing effect. This occurs as a result of the Fed’s removal of bonds from the private sector. This change… Read More
With the euro sliding deeper against the dollar this week, equity investors have been getting nervous. But why is everyone so surprised when known currency fluctuations derail earnings? In our view, a sharper focus on company exposures can help create a “natural” currency hedge in global equity portfolios.
I had been meaning to follow up after last week’s Z.1 report came out and it totally slipped my mind. It is, in my view, one of the most important documents the government releases. Which is funny because it doesn’t get much attention. Anyway, here are some general takeaways: The government’s deficit continues to contribute… Read More