Fitting the Earnings Shoe

The first quarter started with a bang but ended with a thud.  The US stock market was basically flat and the bond market was modestly up.  The widespread global recession rhetoric seems to be quieting. This is particularly true in the US where we have been pointing out economic conditions are not as bad as … Continue reading Fitting the Earnings Shoe

Between the Lines

All year long, corporate earnings have been the rationale for lower stock market valuations. Typically, the arguments go something like "earnings are strong... earnings are increasing... earnings are making new highs."  And while those things are true, nobody is talking about where the earnings are coming from.  Fortunately, there are some seasoned-pros, like Jeremy Grantham at GMO, who read between the lines and are … Continue reading Between the Lines

It’s Still About Monetizing

Forbes had an article today called "A Farewell to Borders."   It was a "border" line tearjerker for me because I have many fond memories of that place.  During my college years, I spent countless hours at Borders meeting with classmates and hitting the textbooks.  They always had plenty of big tables, bright lights, and good coffee.  It was such a welcoming … Continue reading It’s Still About Monetizing