4 Reasons to Expect a Capex Acceleration

We’ve received a number of e-mails regarding the recent post on the possibility that rising CAPEX spending in the US is driving corporations to tap their credit facilities, thus increasing loan growth (see post).


No One Will Ring The Bell At The Top

The market has had a rough start of the year flipping between positive and negative year-to-date returns. However, despite all of the recent turmoil from an emerging markets scare, concerns over how soon the Fed will start to hike interest rates and signs of deterioration in the underlying technical foundations of the market, investors remain extremely optimistic about their investments.


On Portfolio Differentiation

The latest from Howard Marks of Oaktree is as good as always. But I wanted to highlight something that I found particularly important – differentiation.


The Rise of the Secular Stagnationist

The Secular Stagnationists are growing in numbers. This breed of analyst and/or pundit is convinced that the world is doomed to low or negative growth. I don’t think they’re necessarily right.


This Statistic is Horrifying

After 5 years of de-leveraging it sure feels like things are better, right?  The debt to income ratio has fallen from 1.15 to 0.9.  Stocks are soaring.  Corporate profits are at all-time highs.  Things seem pretty good.  But underneath all of this there’s a lurking fragility that remains from the credit crisis – household balance sheets are still pretty weak….

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dm em

Chart of the Day: New DM-EM Equity Convergence

This Great Graphic, created on Bloomberg, depicts the MSCI equity index for the developed countries (orange line) and the emerging markets (white line).


Is the Reward of Entrepreneurship Still Worth the Risk?

Being an entrepreneur is hard….


Vanguard’s Principles for Investing Success

I really liked this white paper from Vanguard. It’s fairly basic, but it applies whether you’re a highly sophisticated trader or a more “passive” investor. The core of the philosophy:


Getting Bitcoin Wrong

Decentrlization is not Bitcoin’s greatest strength – in fact, it’s likely its greatest flaw.


Politics Doesn’t Make us Stupid – it Blinds us to Bias

The real problem in politics is not that it makes us stupid, but that we allow it to make us stupid.


The Lack of Business Investment Myth

There’s a myth in the current economic recovery that just won’t die. It’s this flawed idea that businesses aren’t investing, aren’t hiring and aren’t contributing at all to the recovery. This is not true.


My 3 Favorite Charts from BI’s Best Charts

I always love this post that Business Insider puts together on the best charts in the world. They gather great insights from many of Wall Street’s best analysts.