by Gary Gordon | Feb 12, 2020
This week, the yield on an index of double-B U.S. corporate bonds (junk) hit a record low of 3.47%. The vexatious combination of historically low yields and disturbingly weak credit protection on junk debt is a humongous warning sign. ...
by Gary Gordon | Feb 10, 2020
No price analog is flawless. That said, the similarity between 1999-2000 and 2019-2020 is rather disturbing.
by Gary Gordon | Feb 8, 2020
It looks like MAGA ate the stock market. No, not the Trump acronym, the other MAGA. Microsoft, Apple, Google and Amazon have soared beyond $5 Trillion in market capitalization. That’s 17% of the S&P 500 in four stocks. Before the 2000 bubble burst, Cisco,...
by Gary Gordon | Feb 7, 2020
Earnings and price. They’re supposed to move together. The dramatic disconnect between the price of the Dow and forward estimates is beyond alarming.
by Gary Gordon | Feb 6, 2020
The Fed’s accommodative monetary policy produced substantial stock inflation, while growth in “real economy” prices has been subpar. Specifically, since the recovery began in 2009, wages have grown about 50% and nominal GDP has grown roughly 50%. In contrast, stocks...
