Excessive Speculation Rarely Ends Well

Speculation drives market activity more today than it did at any previous moment in history. To wit, short-dated single stock option volume is now 5x greater than it used to be. Think about this for a moment. Rather than invest for a long-term stream of cash flows,...

The Sellers Inside

Corporate insiders are selling shares in monstrous amounts. The unusual level of activity suggests that executives are wary of overvalued stock pricing. In contrast, retail investors and fund managers alike are exceptionally bullish on stocks. For instance, fund...