“Don’t Fight The Fed”! This was arguably the most successful investment strategy over the past ten years. There was also no easier way to tarnish one’s reputation and career than to ignore this profitable slogan, as many respectable money managers learned. However, given my assessment of the economic landscape and understanding of the bank’s inner..
Category: market commentary
Image by Gerd Altmann sourced from pixabay Banking’s History Reveals An Impossible Decision Market participants ascribed a lot of importance to the December meeting of the Federal Open Market Committee (FOMC). Many expected (and even plead) the committee to take a dovish stance. When the Federal Reserve (Fed) disappointed, markets continued to liquidate. Did the..
Image by Steve Buissinne sourced from pixabay There was a period of time when I was obsessed with home improvement shows. I’d watch almost anything on the subject: Backyard makeovers, kitchen remodels, gut renovations, you name it. It’s fascinating to see what a skilled craftsman can do with the proper tools. In fact, if..
Source: Federal Reserve Bank of St. Louis, The Integrating Investor estimates I recently contributed a guest post to Daniel Lacalle’s website. In it, I discuss the significance of this chart which is my attempt to apply a risk management framework to sovereign bond investing. You can find the article in its entirety here.
Image by Arek Socha sourced from pixabay It’s no secret that emerging markets (EM) are in a bit of a rough patch. While the unfortunate events in Turkey garnered most of the attention initially, nearly anything related to EM has slid in value. What exactly is going on here? Is this just another acute crisis..
If you’ve consumed any financial media lately, you’re likely well aware that the yield curve has been flattening. Since roughly 2014, the yield differential between the 10 year U.S. Treasury bond and any number of short-maturity ones has been compressing (the 2 year is most commonly used). Why this has much of the investment community..
Image source: pixabay For this post, I’d like to offer a few “Disintegrated Thoughts” on some things I’ve been thinking about in the investment markets. These include: The ECB and volatility deleveraging Business building and ignoring valuations Sticking up for “speculation” Notes from the judo mat A spontaneously “live” ECB meeting and volatility deleveraging..
Source: Wikipedia. Engraving depicting the Amsterdam Stock Exchange, built by Hendrik de Keyser c. 1612 by Claes Jansz. Visscher Central bankers catch a lot of flak these days. To be sure, much of it is deserved in my opinion. However, there are two dominant trends in the market place – increasing allocations towards passive..
Image by Peter Selbach sourced from pixabay The following is Part 2 in a two part series. Part 1 of this series discussed my view of what volatility is and how it impacts investing. Here in Part 2, I present my read of the current volatility landscape and examine what it might mean for..
Source: pixabay I’ve been suffering from a bout of writers block lately. I simply don’t have much to say with respect to how I’m thinking about the investment markets. This has been a little anxiety producing for me given that The Integrating Investor is still young and building an audience (many thanks to all..