Michael Lebowitz Blog | Talkmarkets | Page 1
Founding Partner - 720 Global and Partner at Real Investment Advice
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As a strategic investment consultant, 720 Global focuses on enabling our clients, professional investment managers, to raise their quality of service and increase profitability. Our services provide you with expertise in capital markets, macroeconomic research and analysis, asset allocation, ... more

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The Only Benchmark Of Wealth
Almost all investors benchmark their returns, manage their assets and ultimately measure their success based on the value of a stock, bond or blended index(s). The most common investor benchmark is the S&P 500.
Investment Outlook 2018
Record highs in stocks, near-record lows in bond yields and historically tight credit spreads present significant challenges for investors.
Squeezing The Consumer From Both Sides
Consumers are being squeezed. Debt linked to short-term interest rates is rising lockstep with the Federal Funds rate while savings rates remain stubbornly low.
A Question For Every Investor
Global central banks’ post-financial crisis monetary policies have collectively been more aggressive than anything witnessed in modern financial history.
Learning From The 1980’s
Beginning in late 1979, the Fed built its policy approach around the aggregates—primarily M1 but occasionally M2, and policymakers also monitored M3 while experimenting with M1B and, later, MZM.
Keep Calm And Carry On
Timing markets is a fool’s errand. Technical and fundamental analysis allows for an assessment of the asymmetry of risks and potential rewards, but the degree of central bank interventionism is not quantifiable.
Three Easy Pieces
Unless one has a very optimistic view on earnings growth and expects valuations to remain elevated beyond what historical precedent argues is reasonable, the upside is limited, and the downside is troubling.
The Roach Motel – Something Wicked
There are good companies with bad stocks and bad stocks of good companies. Valuations will reach a tipping point and the masking of fundamental weakness will be exposed.
EC Something Wicked This Way Comes: McDonald's – A Bear In A Bull Costume
Buybacks may boost the stock price in the short run but in the majority of cases they harm shareholder value in the long run. Data on MCD provides support for our conclusion.
The Illusion Of Prosperity
The financial crisis in 2008 fractured the economy in ways that are clearly evident today. Addressing the troubling debt burden has been postponed through extraordinary stimulus, but the problem has only grown in size.
Chasing The Dragon
The Federal Reserve (Fed) currently expects real economic growth for the foreseeable future to average below 2.00%. Japan, the United Kingdom, and the European region are forecasting an even more anemic pace.
Fed Gibberish
This past week there were two quotes by Fed members and one by the head of the European Central Bank (ECB) which were highly deserving of the tag #FedGibberish.
Consumption Exhaustion
The growth of public and private debt is occurring at a rate faster than wage growth or economic growth. Debt remains the single most important factor in assessing the outlook for the U.S. economy.
How Much Is Too Much
The amount of monetary stimulus increasingly imposed on the financial system creates false signals about the economy’s true growth rate, causing a vast misallocation of capital, impaired productivity and weakened economic activity.
A Peak Above All Others
“Valuations are still well below the peak of 1999” say the bulls.
Salt, Wampum, Benjamins - Is Bitcoin Next
Cryptocurrency is an independent, digital currency that uses cryptology to maintain privacy of transactions and control the creation of the respective currency.
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