The JC Penney bond curve finally got the message this week that the company is in serious jeopardy, teetering close to collapse. The stock has been trending lower since February 2012, having lost some 70% from that peak (an amazing feat considering the sheer amount of asset inflation since then). The bond market, usually where trouble is first detected, has [...]
The talk of tapering QE has been incessant the past few weeks, no doubt playing a huge role in the volatility of the US Treasury market (as if there is some competition with the JGB market). Yesterday’s dramatic selloff has been absurdly linked to consumer confidence numbers and “improving” economic fundamentals, as if bond rates suddenly care about improving consumer [...]
Markets continued to trade last week as if the risks facing the global economy have been or soon will be resolved. Stocks moved higher with the S&P 500 up another 2% last week while European and emerging market stocks performed relatively better. Chinese stocks moved higher in anticipation of further monetary easing and a soft economic landing. Commodities continued the [...]
And so another year has passed into the history books - the older I get, the faster they seem to go - and investors must again try to position their portfolios for a profitable year. It hasn't been easy to do the last few years and this year promises to be just as challenging. The usual suspects that made last [...]
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