Stock Market Warns Workers That They’re The Problem For Business

This is almost like a headline from The Onion, but actually is a deadly serious piece of research from a highly rated (by me) analyst. Clearly, humans are expensive, unreliable and occasionally dishonest, but only now have we been …

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Jackson Hole

It came as a surprise to nobody who is even vaguely aware of what Jackson Hole is (apart from a holiday resort) that J Powell is going to allow inflation to run hot and put more emphasis on jobs than price stability. There was quite a bit of …

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Morning comment

Storm Laura is due to hit the southern US states any moment now, AFAICT.

Ant Group, a bit of Alibaba, is trying to get an IPO away in HK and Shanghai. Well, I always think that sellers know more than (potential) buyers in a situation like this, and …

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Why are equities so expensive?

Well, it’s the Fed, isn’t it? Maybe, but Robin Wigglesworth gives a slightly more nuanced answer.

This is another forward rate prediction, which shows much the same thing, except there is definitely an uptick at the tail end. Maybe we are seeing the …

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This market is enough to drive traders to drink

Well, you’d have thought so, but actually not so much. Personally, I think that the world is ready for an alcohol-like drug which doesn’t cause all the health downside of alcohol. This might be what the future tastes like …

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Helicopter Ben still to blame

The Credit Bubble Bulletin is a

Where has all the money gone?

See this thread.

The big question is … why? Supplementary questions are:

• the Japs did a lot of QE. Why hasn’t their stock market gone through the roof?
• the stocks that have gone …

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It’s Saturday!

The markets were closed today. It’s been a rough week. My evening read today is “The Mind of Wall Street”. Unusually (for me), it’s hardcopy (but not hardback). If you’re local (well, say UK) and you’d like to read it drop me a …

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Morning

All quiet on the eastern front. All professional investors getting nervous, while the Robinhood crowd count their winnings: A random example.

Fleck thinks that yield curve control is coming, even though the Fed says its not (it has form). He seems to think the dollar has gone down too …

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Wrap

Risk off, although equities seem to bounce back after hours. Dollar and bonds seem to be rallying: maybe things have been overdone. Precious metals up a bit, but I’m getting nervous about all inflation trades, given that it’s not clear if the Fed can keep creating money …

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Morning in Europe

Everything quiet as the grave. The SPX breaking through its ATH yesterday was met with a shrug, with everything slightly down, except the FTSE, which was down 1%. That is except Borsa Istanbul, which was up 0.6%, in TRY terms. In EUR terms, not so much …

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