Why Are Equities so Disconnected from Economics?

Normally, equity valuations reflect the present value of future cash flows that are primarily a function of current cash flows, growth expectations, and then the [...]

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The Financial Panic of 2019?

The distortion in the yield curve is building with tremendous force. There are vast bids for US 90-day T-Bills from around the world and no offers. The shortage in [...]

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The Fed & the Future

While everyone seems to be placing a huge question on whether the Fed will raise rates or not, the markets have already factored in the rate rise for some time. [...]

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