Disaggregation of credit is the understanding that there are good forms of credit and bad forms of credit.  A good form of credit is something like a standard business loan [ … ]

In case you haven’t been paying attention, the Japanese stock market is on an epic run.  The Nikkei 225 is up 60% since last November when government officials began hinting [ … ]

Recent rail trends have weakened substantially from very strong levels earlier this year.  The latest weekly reading came in at 3.3% year over year, but continues a trend of low [ … ]

Here’s some perspective on the recent gold rally and decline.  Via Goldman Sachs: The 2012 average gold price was only 2.5% lower than the 1980 average of $1,711/ounce in real [ … ]

Just a little big picture perspective for you here.  This is the latest view of some of the biggest global asset classes and how oversold or overbought they are.  I [ … ]

This morning’s CPI report didn’t provide a whole lot of clarity on the direction of future inflation.  The headline figure came in at 1.5% year over year while the core [ … ]

One of the things I really hate about the current Wall Street environment is how so many people have been fooled into thinking that commodities are a necessary part of [ … ]

I’ve made a big fuss over QE in recent years and yet the market continues to plough higher. I often have people ask me: “Why does QE make stock prices go higher if there’s no fundamental impact?” My answer is always the same.