the threat in Trump’s deficit spending
In an opinion piece in the Financial Times a few days ago, Gillian Tett points to and expands on a comment in a Wall Street advisory committee letter to the Treasury Secretary. Although it may not...
View Articleshrinking global bond yields
valuing bonds …and stocks Conventional US financial markets wisdom–maybe glorified common sense–says that the yearly return on financial instruments should consist of protection against inflation...
View Articleshrinking bond yields ii
why look at bonds? If we’re stock market investors, why are we interested in bonds anyway? It’s because at bottom we’re not really interested in stocks per se. We’re interested in liquid...
View ArticleAmerica: a weakening brand
When I first became interested in Tiffany (TIF) as a stock years ago, one thing that stood out was that the company was doing a land office business in almost all facets of its rapid international...
View Articlethinking about 2020
where we are The S&P 500 is trading at around 25x current earnings, up from a PE of 20x a year ago. Multiple expansion, not earnings growth, is the key factor behind the S&P rise last year.In...
View Articlestarting out in 2020
The S&P 500 is trading at about 25x current earnings, with 10% eps growth in prospect, implying the market is trading at around 22.7x forward earnings. During my working career, which covers 40+...
View Articleit’s mostly about interest rates
There are three big categories of liquid investments: stocks, bonds and cash. Typically, the progression for individuals as they begin to save is: cash first, then bonds, then stocks. There’s also an...
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