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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A Walking Contradiction – Warren Buffett
Warren Buffett is without question the modern day icon of American investors. He has become a living legend, and the respect he receives is warranted.
We The People
Economic inequality is and always has been a feature of human existence. The degree of inequality ebbs and flows across time and geography but will never be eradicated because scarcity is also a permanent feature of human existence.
What Turkey Can Teach Us About Gold
Turkey is, so far, a relatively mild example compared to hyperinflationary episodes previously seen in Germany, Czechoslovakia, Venezuela, and Zimbabwe. These instances devastated the currencies and the wealth of the affected citizens.
Running On Empty
Judging by historically low-interest rates, investors, ourselves included, are not concerned that the U.S. government will default. Given the government has a printing press, we see little reason for such a concern.
The Weaponization Of The Dollar
If the market continues to stagnate as the dollar moves higher, we should turn our attention to the Administration for signs of rising concern over the value of the U.S. dollar.
Wicksell’s Elegant Model
As central bankers continue to espouse policies leading to market rates well-below the natural rate, then, contrary to their claims, structural economic growth will fail to accelerate and will actually continue to contract.
Whatever It Takes
Of greater concern is the macro picture that is emerging in Japan. If investors are starting to question the on-going ability of the BOJ to manage rates, it is not unreasonable to think that other central banks could be at risk.
Are The Market Generals Leading Us To War?
Some of the Generals are flashing signs of weakness. That said, two weeks and one-quarter of earnings do not make a trend.
QE4 – When, Not If – RIA Pro
Many market prognosticators attribute the rise in interest rates to a consensus outlook for expanded economic growth and increasing inflationary pressures.
Everyone Hears The Fed But Few Listen
When the market and the Fed have a sharp difference of opinion as is currently the case, the possibility of significant market volatility increases. The Fed is leaving us few doubts that they would like to keep raising rates at a measured pace.
It’s Not To Early To Be Late
Since 2009, the S&P 500 has risen 412%. Like the 1920’s and 1990’s, much of the increase is based on massive valuation expansion and not fundamental strength in the economy or earnings.
Booming Profits
Currently, as second-quarter earnings are being released, the S&P 500 is expected to post a second consecutive quarter of earnings growth in excess of 20%.
The Mendoza Line: Is The Fed’s New “Yield Curve” Professional Grade?
The yield curve serves as an indicator of future recessions. Since at least 1975, an inverted yield curve, which occurs when the 2yr U.S. Treasury note has a higher yield than the 10yr U.S. Treasury Note, has preceded recessions.
The Uncivil Civil War: Economic And Market Implications Of Political Transformation
Currently, the market seems indifferent to the recent wave of political upheaval. The relative stability in the economy and strong performance of stocks over the last few years is likely mesmerizing many investors.
Monthly Fixed Income Report – June 2018
Over the last 30 years, IG and U.S. Treasuries have provided investors a reasonable hedge in times when equity markets declined.
Weak Dollar Policy And Commodities
Trump’s campaign promised fair trade and a resurgence in U.S. manufacturing. While there are many ways he may accomplish this task, the most expeditious would be a weak dollar policy.
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