by Gary Gordon | Jan 14, 2021
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...
by Gary Gordon | Jan 8, 2021
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...
by Gary Gordon | Jan 4, 2021
U.S. financial conditions are the easiest that they’ve ever been. At least according to an index created by Goldman Sachs. In essence, the index assesses things like credit spreads, borrowing costs, exchange rates and interest rates. The verdict? Financial...
by Gary Gordon | Jun 12, 2020
In every recession, corporations reduce their leverage to shore up their balance sheets. Until now. US corporate debt is heading for 50% of GDP. That’s not merely a new record… it’s other-worldly. In 2000 as well as 2008, bubbly asset price excesses...
