It is an extraordinary measure for a central bank, particularly the purchase of financial assets to encourage the decline in risk premiums. To be explicit on that point and to extensively influence market interest rates and risk premiums, the Bank…
As most of you know, my position has been that the lows for the year were registed on Friday October 10th. I still believe that that day marked capitulation – at least for the intermediate term. The Dow swung down…
The impact of excessive risk, while already seen, still has more to go in our opinion, especially given a rolling recession by asset class. While mortgage losses may be half way to the peak, card and consumer losses may only…
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First a caveat. While formerly a permabear, I have seen the light and become a Warren Buffett-style long term investor (see “The Enduring Investment Principles of Warren Buffett”, January 14, 2025). After a long period of being bearish and wrong…
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