Economics & Markets

We are now more than a year from the bear-market low of October 2022, and while the bull market isn’t exactly raging, stocks are still up more than 20%.  The markets, though, aren’t behaving as they usually do at the start of long-lasting bull markets. In some respects, the past year looks more like the

On Friday we said that in what may be a major reversal in sentiment (one which was subsequently echoed by both BofA’s Michael Hartnett and Goldman’s Tony Pasquariello), the “Fed blackout period begins after the close” just as the “buyback blackout ends.” So looking at this morning’s note from Goldman trader Michael Nocerino, we get

A dollar from 1800 is worth just over $0.04 today, but that same dollar invested in stocks would be worth $2.3 million now after 223 years. Gold would be worth just $4.06.

Back in the 1980s, President Reagan took enormous political heat (Sam Donaldson comes to mind) for being fiscally irresponsible. His offense? Presiding over a budget deficit that peaked at 5.9% of GDP in Fiscal Year 1983. But at least Reagan had an excuse.  Actually, multiple excuses. The unemployment rate averaged 10.1% in FY 1983, which

“The tech megacaps command a 78% premium which is even larger than the peak logged during the COVID lockdowns – this despite the increase in long-term yields that should be most damaging to expensive growth stocks.” by @VincentDeluard