Analyst at Ashton Consultancy Inc.
Phone: 905-468-0130

Tony is an all-round investment professional with a broad range of credentials, skills, contacts and work experience in Canada, England, the United States and Australia. His career spanning four decades has been in the investment and mining industries as a corporate director, president, ... more


E The Tipping Point
Since Feb 11, 2016 the price of DJIA has risen 50%. Its value remains unchanged at 40,327. The dividend rise of 16% has been offset by a 17% rise in the 30 year T bond yield. The closure of the Price-Value gap is accelerating to equilibrium.
U.S. Long Rates Low For Longer – DJIA Price To Continue “Cooking With Gas”
U.S. inflation moribund as increases in monetary base have failed to reach real economy resulting in a collapse of Money Velocity. DJIA continues “cooking with gas”
E DJIA About To Start “Cooking With Gas”
The average P/E ratio over the past 36 years has been 20.2 on historical earnings. Slightly more than the current ratio of 19.7. On its own, this suggests that the DJIA is fairly priced.
Don’t Expect Fed To Cause Apocalypse
The "Trend is your Friend", so too is the Fed. The 30 Year T bond yield rose and the U.S.dollar soared above par slowing the economy. Since year end the Fed has eased and gradualism is the watchword.
E DJIA Price Still Has A Long Way To Rise.
DJIA earnings rising following brief energy induced recession. Record DJIA dividend considered safe and likely to rise. Dividend discount Value of DJIA remains well above its price.
E DJIA Driven By Fundamentals, Not White House Twitter
The US 30 Year Bond market has risen 5.19 times since 1981; the dividend of the DJIA has increased 8.57-fold. These vectors have lifted the DJIA value 44.48 times, from 848 to 37,713. Upward pressure on DJIA price continues as equilibrium is sought.


Latest Comments
DJIA Driven By Fundamentals, Not White House Twitter
9 months ago

You should start with a book by the master of value investing Ben Graham and see how you go,

I am sure that it is available elsewhere, The paper back edition is available for $20,

Kind regards


In this article: TYX, DIA, GLD
S&P 500 Facing A Correction
1 year ago

Dear Gregor,

Nonsense, and here is why:

JNJ is at least a double.

Kind regards

Tony Hayes

In this article: SPX
Are Stocks Ready To Rocket Higher?
1 year ago

Dear Chris

Yes bonds have been outperforming equities because world bond rates have been sinking to negative levels. Absolute madness and the start of the modern day Tulip Mania and the South Sea Bubble.

Real assets have been rising because some folk are recognising that the new paradigm of taking money from the lender to pay the borrower is nonsense. Gold is telling you this as are equities. There is just too much money sloshing around the world and not enough places to put invest it.

I suggest you read the following along with the comments and my answers.

I see that Peter Schiff is horning in on your website. Too bad for him that the world does not work as he would like it too with the Austrian School of wannabe economics that have made him a legend in his own mind.

Kind regards

Tony Hayes

Things Are Different Post Lehman, Even If They Shouldn't Be
1 year ago

Dear Gary,

If the banks will do nothing but sit on their $ 2.5 trillion of excess reserves then long rates will fall further pushing up the dividend discount value of the DJII. At some point the banks will have to move either into the real economy or into the equity market.

For more thoughts on this please visit:

Kind regards


In this article: DJI
A Tale Of Two Crashes
1 year ago

Dear Jeff,

I think that you should look at the amount of the monetary base that is actually at work in the US economy and not the total monetary base. US$2,3 trillion is stashed as excess reserves at the Fed. Thus while hyperinflation may be coming it is unlikely to be soon.

perhaps you would like to read the following and give me a ring.

Rail Week Ending January 16, 2016: Contraction Continues
1 year ago

Can you split out oil shipments? The increase in pipeline shipments in the U.S. over the past year must surely have had an effect. Perhaps the mild weather might have reduced the demand for coal of late.

Fed Moves To Quantitative Contraction, QC Did Anyone Notice?
1 year ago

It certainly looks like it. The next Fed report on the monetary base will be released at 4.30 pm today

In this article: FXE, TYX, DJI
Watching Dividends Instead Of Stock Prices
2 years ago

I agree, however one must compare with competing returns in the bond market viz:

In this article: JNJ, AFL, PG, GOOGL
Weather Unexpectedly Much Worse Than Economists Previously Thought
2 years ago

Where do these economists live? Do they ever look out of he window or check the weather channel?

Here We Go Again! Buy The DJII
2 years ago

I have no argument with your choice.


In this article: TLO, PLW, PGAL, DJI, DIA
1 to 10 of 17 comments
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Work Experience

Ashton Consultancy Inc.
2010 - Present (8 years)