Do the Math
Grant Williams Do the Math Presentation to the 66th Annual CFA Conference in Singapore http://www.youtube.com/watch?v=Osq1yxSFVG0
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Taper or No Taper, is that really the Question ?
No it isn’t, the question is…. did QE2 and QE3 get employment back to goals, and we know the answer.
Surprise, QE is not Working………Update at 9:36 AM CDT
At the start of today’s testimony both lawmakers and Ben came to the conclusion that QE did not work. The reasons, well, two were mentioned, fiscal drag from Washington austerity and Obamacare. Wake up guys, you have to let the 2008…Continue Reading →
Ben’s Hands are Tied
The force of underlying deflation is waiting, waiting for something big to happen. Abenomics in Japan is just a little temporary respite. The Fed cannot stop QE infinity until inflation becomes rampant as their employment triggers are not possible. Sadly, bubbles…Continue Reading →
The Three Phases of Bernanke
Ben Bernanke whose overall characterization is probably best said as “Helicopter Ben” has actually in his terms as Fed Chairman played two roles so far: 1) Ben the Savior is number one. He did save the economy with QE 1…Continue Reading →
Deflation is Still the Topic
While we have had success in our comments on the dollar and interest rates over the past year, our biggest contributor to portfolio asset growth has been our deflation posture and the short gold and commodity positions. My biggest mistake…Continue Reading →
Stocks Blew-OFF and Bonds Held
The fact that during the stock blow-off this week, the T-Bond markets held well above their March 2013 lows of 140-14 and the 141 level where we covered our short Bond positions held since last summer, seems to portend to…Continue Reading →
Special Comment
Current Macro View May 14, 2013 The first QE made sense, it allowed capital time to adjust to a new reality. QE-2, QE-3, and QE-Infinity, basically attempts to take the economy back to where it was in 2007, made…Continue Reading →
Time to Work in the Garden
Patience is probably the most important ingredient at the moment. In the “Numbers” , over the past six months the technicals first turned down on the tech stocks, next on gold and commodities, and up on the dollar at the…Continue Reading →
Fed Panic Points
In looking at our Risk On / Risk Off indicator since the March 2009 market low, we see four points where it would appear that the Fed panicked and made big moves. The last one was on April 18, 2013…Continue Reading →