Today’s macro environment shares some “uncomfortable” similarities with some major stock market tops of the past (from The Variant Perception Blog on June 30)…

1929, 1973 and the dotcom bubbles all saw sustained monetary policy tightening and a clear divergence of surging bubble stocks vs the average stock moving sideways/falling. The 1929 top was preceded by 18 months of tightening policy and a 9-month period of divergence between surging bubble stocks (utilities + tech, thanks to buzz around new

A Grounded Travel Company Prepares for Takeoff

The bond we’ll introduce today is trading at a 16% discount to par. The parent company was extremely profitable until the pandemic derailed its business. Now, three years removed from the pandemic, the company is turning a corner and on its way to becoming extremely profitable once again.