When Will the Game Stop?

The more that global central banks create money (a.k.a. “liquidity”), the more that it overwhelms the supply of stock shares. Too much money is chasing a limited amount of shares. Indeed, the dynamics currently favor skyrocketing stock movement. At least...

Vast Majority Of Insiders Are Selling

Are corporate executives (a.k.a. “insiders”) worried that the stock bubble is about to explode? Perhaps. There are more sellers than buyers today than at any previous point in the history of insider transaction data. Executives might be concerned about...

Money For Nothing?

More often that not, commentators describe the U.S. in terms of opposing forces. Democrats. Republicans. The reality? Central planners on both sides of the aisle readily support the reckless printing of money. Granted, people in power may have good intentions with...

Hedge Stock Exposure with Commodities

Household exposure to stock has rarely been higher. At the same time, investors are leveraging that exposure with call options. How much leverage? It is greater than at any prior point in history. On top of the highest household allocation to stock, on top of...

The Ever-Changing Narrative

Despite hyper-valuation reminiscent of the 2000 stock bubble, prices continue to set record after puffed-up record. And they show little sign of slowing down or reverting to a longer-term average. What would happen if stock prices did regress to a mean? The S&P...