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Market Resilience or Investors In Denial? A Mid-year Assessment for 2023!

Musings on Markets

I am not a market prognosticator for a simple reason. I am just not good at it, and the first six months of 2023 illustrate why market timing is often the impossible dream, something that every investor aspires to be successful at, but very few succeed on a consistent basis.

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Data Update 3: Inflation and its Ripple Effects!

Musings on Markets

By the end of 2021, it was clear that this bout of inflation was not as transient a phenomenon as some had made it out to be, and the big question leading in 2022, for investors and markets, is how inflation will play out during the year, and beyond, and the consequences for stocks, bonds and currencies.

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Data Update 2 for 2024: A Stock Comeback - Winning the Expectations Game!

Musings on Markets

That positive result notwithstanding, the recovery was uneven, with a big chunk of the increase in market capitalization coming from seven companies (Facebook, Amazon, Apple, Microsoft, Alphabet, NVidia and Tesla) and wide divergences in performance across stocks, in performance. increase in market capitalization.

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Russia in Ukraine: Let Loose the Dogs of War!

Musings on Markets

As the world's attention is focused on the war in the Ukraine, it is the human toll, in death and injury, that should get our immediate attention, and you may find a focus on economics and markets to be callous. The increase in default spreads was not restricted to foreign markets, as fear also pushed up spreads in the corporate bond market.

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How SPACs Disable Indirect Investor Protection

Reynolds Holding

In standard public equity securities, even the most naïve investor is protected, first, by the market price – you pay only for what you get – and, second, by the comfort that nothing else is required of an individual investor to realize the full value of the security. securities markets – not SPACs. SPACs disable both protections.

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Data Update 1 for 2022: It is Moneyball Time!

Musings on Markets

To start the year, I returned to a ritual that I have practiced for thirty years, and that is to take a look at not just market changes over the last year, but also to get measures of the financial standing and practices of companies around the world. Happy New Year, and I hope that 2022 brings you good tidings!

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A Follow up on Inflation: The Disparate Effects on Company Values!

Musings on Markets

In general, higher and more volatile inflation has negative effects on all financial assets, from stocks to corporate bonds to treasury bonds, and neutral to positive effects on gold, collectibles and real assets. The former is short hand for the small cap premium and the latter is the proxy for the value factor in returns.