Today’s Yield Curve Steepening Is Not Different This Time, It’s Not The Same
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Investment volatility remained elevated this year. One can point to any number of culprits. My preferred cause has been interest rate volatility. I’ve …
Read MoreThe 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 MoreHunting For Unknown Liabilities, Not Asset Risks
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The recent wave of bank failures returned asset liability management (ALM) to the spotlight. Many correctly identified ALM breakdowns as causing …
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 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 MorePondering Investment Themes After The Russian Invasion
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So much for returning to normal. I had hoped that easing COVID restrictions would supercharge economic growth this year. Many affected industries and markets …
Read MoreRising Rates And Volatility Might Create Future Opportunities
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Catching inflection points is the holy grail of trading. It’s what makes investing lore. From shorting the 2005 housing boom or skyrocketing technology stocks …
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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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