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The Limits Of Monetary Policy In Today’s Fiat Currency World
Article By: Edward Harrison
Monday, August 21, 2017 2:34 PM EDT
The over-reliance on monetary policy means monetary policy is looser than it would be if macro relied more on fiscal stabilizers. And that means that we may have fewer policy choices when the next downturn comes.
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The Changing MLP Investor
Article By: Simon Lack
Monday, August 21, 2017 2:24 PM EDT
Why aren’t MLPs performing better given the fundamentals? On valuation, they should be compelling. Using EV/EBITDA, they are virtually on top of utilities, a point not reached either in 2008 or 2016.
In this article: KMI, ETP, OKE, TRGP, WMB, PAGP
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How Is This Even Legal? EM Debt Fund Cash Balances Hit 4-Year Lows
Article By: The Heisenberg Report
Saturday, August 19, 2017 6:28 PM EDT
One of my consistent themes revolves around the extent to which HY and EM bond funds are hiding an inherent liquidity mismatch that the vast majority of investors either underestimate or simply don’t understand.
In this article: HYG
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No Shortage Of Positive Retail Sector Surprises
Article By: Sheraz Mian
Saturday, August 19, 2017 5:00 PM EDT
The aggregate growth pace from the 31 retailers that have reported results are tracking below what we had seen from the same companies in recent periods.
In this article: TGT, TIF, WMT, AMZN, DLTR, LOW
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Lack Of Industrial Momentum Is (For Now) Big-Auto Problem
Article By: Jeffrey P. Snider
Thursday, August 17, 2017 4:47 PM EDT
Industrial Production disappointed in the US last month, dragged down by auto production. Despite the return of an oil sector tailwind, IP was up just 2.2% year-over-year in July 2017, according to Federal Reserve statistics.
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Signs That Investors May Be Shying Away From Indiscriminate Risk
Article By: Gary Gordon
Wednesday, August 16, 2017 2:58 PM EDT
The percentage of stocks holding above a 200-day moving average is declining. This implies weak breadth across the stock universe where fewer and fewer names are holding up the big-name benchmarks.
In this article: SPX, NYA Also: IWF, IWN
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S&P 500 Most Expensive In History Based On Price To Sales
Article By: ValueWalk
Wednesday, August 16, 2017 1:33 PM EDT
After producing a nominal return of around 15% per annum for the past seven years, GMO’s James Montier and Matt Kadnar believe that over the next seven years the index will produce a total return of -3.9%.
In this article: SPX
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Three ETFs For Floating Rate Bank Loans
Article By: Brad Zigler
Tuesday, August 15, 2017 1:51 PM EDT
Does it seem like interest rates have trebled over the last two years? Well, short-term commercial lending rates certainly have. I have selected three bank loan exchange-traded funds focused on U.S. high yield paper.
In this article: BKLN, SNLN, FLRT Also: HYG, AGG, TLT
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World GDP In Current U.S. Dollars Seems To Have Peaked; This Is A Problem
Article By: Gail Tverberg
Monday, August 14, 2017 12:44 PM EDT
What has been concerning for the last couple of years is that World GDP is no longer growing robustly. In fact, it may even have started shrinking, with 2014 being the peak year.
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Losing Economic Trade
Article By: Jeffrey P. Snider
Monday, August 14, 2017 12:35 PM EDT
The oil effect continued to recede in late spring for more than just WTI prices or inflation rates. US trade on both sides, inbound and outbound, while still positive has stalled since the winter. Exports grew by just 6.2% in June 2017.
In this article: OIL, USO
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Bitcoin Has No Yield, But Gold Does
Article By: Keith Weiner
Monday, August 14, 2017 8:39 AM EDT
Gold offers an arbitrage that is not available in bitcoin. As gold is a physical good, there are businesses that do things to transform its purity, shape, and location.
In this article: BITCOMP, GLD, SLV
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Autonomous Cars - Issues Yet To Be Addressed
Article By: Craig Brown
Friday, August 11, 2017 9:25 PM EDT
Auto insurers are facing an unprecedented change over the next decade or so, so if you are invested in them make sure they are preparing for the new future. Product liability, cyber risk, car sales - all these areas could profoundly change.
In this article: F, GM, VOLVF, TSLA, GOOGL
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The Cuban Missile Crisis – Lessons For Investors
Article By: Lars Christensen
Friday, August 11, 2017 8:28 AM EDT
Based on the Cuban experience, investors would be well advised to ignore the geopolitical reality show. Instead, they should focus on the growth outlook for nominal earnings – in other words, on nominal GDP. The leader to watch is Janet Yellen.
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The Rise Of Zombie Companies — And Why It Matters
Article By: Mises Institute
Wednesday, August 9, 2017 4:49 AM EDT
The rise of zombie companies is not a good thing. Zombification does not boost job creation or buy time, it is a perverse incentive that delays the recovery.
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If You Own Stocks You’re A Value (And Growth) Investor
Article By: Cullen Roche
Monday, August 7, 2017 5:04 PM EDT
Entrepreneurs and good business owners pretty much always believe their business is selling below its intrinstic value and will provide growth in the future.
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Almost Ten Years And Still Nits To Pick
Article By: Jeffrey P. Snider
Friday, August 4, 2017 8:04 PM EDT
Shorts or not, the fact that repo fails were happening and to such a degree was what really mattered. Eliminating the happy narrative was simply a matter of realizing that nobody sensible would really need to be short cash UST’s.
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