The Similarities & Differences Between Today & The GFC
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I’ve said it before, 2023 has been a heck of a year. In just five months, four large regional banks and one …
Read MoreSilicon Valley Bank’s Failure Highlights Systemically Combustible Conditions
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The failure of Silicon Valley Bank (SVB) has brought questions of systemic risk to the forefront. SVB was the third regional bank to …
Read MoreThe Fed’s Got Inflation Backwards
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Central banks endlessly fascinate me. The more I research them the more contradictions I find, particularly since their missions and impacts changed over …
Read MoreInflation No Longer Has Monetary Applications
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Inflation is one of the most important, debated, and controversial investment themes today. It’s impacting every asset class from fixed income to …
Read MoreWhy I’m Waiting For The Fed To Pivot
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So far, my 2023 investing looks just like 2022: lots of waiting. I’m not waiting for a recession to pass or for …
Read MoreMarkets Are Reteaching Centralization’s Dangers
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Note from the author: I use the terms stability and instability throughout this article. However, resiliency and fragility, respectively, more accurately describe the phenomena …
Read MoreNo, Fed: Supply Construction, Not Demand Destruction
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Everyone loves to dunk on the Federal Reserve (Fed). To many, the setters of U.S. monetary policy never get it right. Its stable of …
Read MoreInflation: Why Now And Will Bondholders Care?
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As I sat down to write this month’s article, just one topic came to mind: inflation. Readers know that I just wrote on this …
Read MoreThe Unsurprising Repo Surprise
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Have you heard? There’s trouble in the repo markets. Even casual investment market participants probably know that something’s amiss. While only a handful …
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There Was An Old Bank Who Swallowed A Rule
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To this day, banking confuses many. The industry’s myriad of jargon and regulations can understandably perplex casual investors; however, they also confound experts—even those specializing in …
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