Markets

NOBEL PRIZE WINNER FAMA TO CNBC’S SANTELLI: ‘There’s So Much Confusion In What You Said It’s Difficult To Answer’

Nobel prize winner Eugene Fama was on CNBC earlier todayto discuss the Federal Reserve and its extraordinary monetary policy. Pragmatic Capitalism’s Cullen Roche flagged this heated exchanged between Fama and CNBC’s Rick Santelli Santelli asked specifically about the effects of the Fed’s quantitative easing program and the risks associated with […]
NOBEL PRIZE WINNER FAMA TO CNBC’S SANTELLI: ‘There’s So Much Confusion In What You Said It’s Difficult To Answer’
Markets

NOMURA: 5 Reasons Why We’re Pessimists On China

Just passing along an out of consensus view.  This was one of David Rosenberg’s tail risks mentioned the other day and is obviously a big driver of global growth.  While China appears to have landed softly, Nomura analysts still see risks to the downside:
NOMURA: 5 Reasons Why We’re Pessimists On China
Markets

HOWARD MARKS: ‘There Is Nothing Intelligent To Be Said About Gold’

[credit provider=”Bloomberg” url=”http://www.bloomberg.com/video/oaktree-s-marks-on-strategy-europe-real-estate-COoIXqQQR1C6oCCzcqEnLw.html”] I found this quote by Howard Marks rather appropriate given the fact that gold is getting hammered in recent weeks and it’s only fair that I pile on.  In a February 2nd interview Marks said: “There is nothing intelligent to be said about gold. Nobody can tell […]
HOWARD MARKS: ‘There Is Nothing Intelligent To Be Said About Gold’
Markets

GMO’s James Montier Debunks A Big Myth About Hyperinflation

James Montier never disappoints.  This time he discusses how hyperinflation is “not just a monetary phenomenon” (if that doesn’t sound familiar to readers, it should).  His latest note out of GMO covers the subject of hyperinflations and he’s obviously been reading MMT.  He writes:
GMO’s James Montier Debunks A Big Myth About Hyperinflation
Markets

Rail Traffic Shows The Economy Is Still Muddling Through

The first reading on rail traffic showed a modest decline to -0.1%.  The beginning of the year is usually a volatile period for rail traffic trends so it’s better to take a bit longer view here.  The 12 moving moving average remains modestly positive at 2.23%.  That’s consistent with an […]
Rail Traffic Shows The Economy Is Still Muddling Through
Markets

Rail Traffic Is Ending 2012 With A Boom

Rail traffic is finishing 2012 in a big way.  This week’s rail traffic data marks the second consecutive week of big gains with a 10.2% reading in year over year intermodal gains.  This was an improvement over last week’s 8% gains and a big improvement over the 12 week moving […]
Rail Traffic Is Ending 2012 With A Boom
Markets

US Rail Traffic Is Still Expanding

[credit provider=”Wikimedia Commons” url=”http://en.wikipedia.org/wiki/File:BNSF_GE_Dash-9_C44-9W_Kennewick_-_Wishram_WA.jpg”] The AAR reported a 3.6% increase in intermodal traffic this week and a -2.1% decline in carloads.  This data has been remarkably consistent in recent weeks though it’s off slightly in the last few months.  The 10 week moving average has dipped just slightly to 5% […]
US Rail Traffic Is Still Expanding
Markets

Hyperinflation: Still More Than A Monetary Phenomenon

One of the bigger myths in the world of economics and finance remains the cause of hyperinflation.  As I’ve highlighted many times over the years, hyperinflation is more than just a monetary phenomenon (and misunderstanding this led to many incorrect hyperinflation predictions in the USA in recent years). In fact, the monetary […]
Hyperinflation: Still More Than A Monetary Phenomenon
Markets

The Market Sweet Spot Is Ending

A growing number of indicators suggest that the market is running out of steam.  Equities have been in a temporary sweet spot where investors have been factoring in a self-sustaining U.S. economic recovery while also anticipating the imminent institution of QE3.  This is a contradiction.  If the economy were indeed as strong as they say, […]
The Market Sweet Spot Is Ending