Why Is It So Hard to Call a Market Top?
Each morning, I go through a similar routine: I wake up (no alarm clock), go to the kitchen to get a cup of coffee (this is my machine of...
A Bear Market for Mom & Pop Investors
Last year, we noted that there was a “Bubble in Bubble Calling.” News media bubble chatter was the rage, whether it was tech...
Bank Fines + Prosecutions = Enforcement
Fining Banks Is Only Half the Job Since 2008, the U.S. authorities have meted out $87.53 billion in fines to global banks. Some people...
No, Those Are Not Millions of Unsold Cars Rusting Away
The Truth About Auto Sales Don’t always believe what you see on the Internet. Bloomberg, May 19, 2014 This...
About That Labor Force Participation Rate . . .
@TBPInvictus here: On April 17, 2012, North Carolina Congresswoman Virginia Foxx stood before her colleagues in the House of...
Why Does Everyone Hate Home Ownership ?
Hating Homeownership The perception that housing is a bad investment is influenced too much by recent events. Bloomberg, May 6, 2014...
Game Theory for Bulls & Bears
Bulls and Bears in Role Reversal After large gains in the stock market, bulls and bears seems to have switched places — bulls are...
Once Again, The Narrative Fails
Late last year, we had a wholesaler from a major ETF firm in our office. At the time, the chatter was all about the upcoming Alibaba IPO....
Lefsetz’s Business Rules
1. You’ve got to get along. If you don’t have good people skills, you’ll never succeed, even if you run your own...
There’s Rich, There’s Really Rich, Then There’s...
The news media seem to have discovered something that economic wonks and number crunchers have understood for quite a while: How much...