Shortage of Sellers/Surfeit of Buyers [Note: the following column is dedicated to the memory of Ned Krahl, a good friend who passed away unexpectedly over the Summer, and whose opinions and sense of humor are sorely missed.] On an elemental level, every asset bubble in history is reducible to a simple phenomenon: a (relatively) sustained...Read More
Vertiginous Stocks “Dear Jack: Don’t buy a single vote more than is necessary. I’ll be damned if I’m going to pay for a landslide.” —JFK quoting a made-up telegram from his father, Joseph Kennedy, after he first won election to Congress. Here’s a thought: overdoing the stimulus — and rocketing stocks higher — can backfire, blunting (or worse)...Read More
