Bullish and Bearish Bellwethers [Note to Readers: in the wake of GameStop’s Reddit-fueled roller coaster ride, the post below is getting renewed attention. To would-be market timers, though, here’s a heads up: the post appeared almost 5 years ago, when the Nasdaq — which contains many high-flying tech stocks — closed at 4,476. Its close...Read More
Comparing Yahoo’s Stock Price Then and Now “Sure, [today’s] stock market isn’t cheap by any rational standard. But if you want to see what an actual bubble is ” and the damage it leaves behind when it pops ” take a look at the latest iteration of the long-running deal under which Verizon is buying...Read More
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
A Brit With Backbone “I would put a requirement for backbone ï¬rst along with the ability to think for yourself and stand ï¬rm. We have little to lose by taking a different course, and much to gain. “Relevant experience” is difficult to appraise in dealing with a Fed boss, and previous proven excellence has anyway not...Read More
What’s an Investor to Do? [But] as long as the music is playing, you’ve got to get up and dance. –Former Citigroup CEO Chuck Prince Perplexed by a stock market that (inexplicably?) is once again on the rise — along with all manner of commodities (oil, gold, silver, etc.)? That, despite at best conflicting economic...Read More
“Don’t Just Stand There — Buy Something!” Some people wait for a new episode of a favorite TV series (Seinfeld, The Sopranos). Others for a new album from a favorite artist. I look forward to Jeremy Grantham’s latest quarterly newsletter. Seriously. The man’s honest, brilliantly insightful — and a great writer, to boot: Greenspan was...Read More
