Monthly Archives: February 2012

US Stock Market History 101

This morning @KeithMcCullough of Hedgeye Risk Management tweeted:  US Stock market history 101:  as inflation expectations rise, you get multiple compression #P/E We agree 100% w Keith and think this concept is one of the most misunderstood among investors, analysts … Continue reading

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Intense Pressure in this Market

Risk-On/Risk-Off Question of the Day: Who is more worried if stocks break out higher $ES_F shorts or $FV_F longs?

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Explaining the Atypical Behavior of Stock & Bond Market Discounts

Earlier today Bloomberg’s Lisa Murphy was showing the relationship between USTs and stocks pointing out that bonds were not confirming the stock rally. Is this simply a product of the Fed’s ZIRP pledge or is there some wildly differing growth … Continue reading

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Reflexivity and Mr. Blutarsky

PIMCO just released their March Investment Outlook and Mr. Gross alludes to a concept with which we have explored many times before (in a former life) in the reflexive nature of ZIRP. Low yields, instead of fostering capital gains for … Continue reading

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The Horror

the dreaded B wave elicits horror in all who stand in its way.

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