For Better or Worse

Global equity markets have continued an "unprecedented" rally and in the US the S&P 500 has notched a new all-time-high. Many intelligent investors have watched in disbelief as stocks shot up despite dismal economic conditions. But the seemingly irrational market may be more logical than it appears. Caution and Uncertainty BCM was certainly in the … Continue reading For Better or Worse

When Boring is Better

MARKET SUMMARY After a strong 2019, global equity markets made an abrupt move to the downside in the past month. Most major stock markets have officially entered into bear market territory and are down between 20% to 30%. Figure 1: Global Equity Markets YTD Price Returns With markets already uneasy about slowing economic conditions, the … Continue reading When Boring is Better

Fearing the Pandemic

An excerpt from my article published at SeekingAlpha.com. Last month, I wrote a piece on coronavirus and China. This month it's clear COVID-19 has become a global concern. While people all over the world are still grappling with the viral pandemic, markets are overcome by a fear pandemic and already in correction territory. Markets are … Continue reading Fearing the Pandemic

When China Sneezes…

An excerpt from my article published at SeekingAlpha.com. Fear is in the air It used to be "when America sneezes, the world catches a cold," but recent market action shows China may be the new snotty-nosed kid on the block. I mean the now-notorious coronavirus. Since its outbreak, the news flow has been frantic and … Continue reading When China Sneezes…

Heavy Shoes for the Holidays

I've been asked several times what will cause the next major bear market, what's the proverbial "next shoe to drop?"  In 2018 some thought Bitcoin's collapse would be it and this year some are pointing at passive investing. While I think these issues could exacerbate market swings, that's different from saying they will be the … Continue reading Heavy Shoes for the Holidays

The Big Short, Part Deux?

An excerpt from my recent article published at SeekingAlpha.com. Passive investing has enjoyed a tremendous rise in interest and popularity from investors over the past decade. Following that rise, the number of passive investment products, like index funds and ETFs, has also taken off. So much so that some fear passive investing is the next … Continue reading The Big Short, Part Deux?

Unpacking Pakistan

An excerpt from my recent article published at SeekingAlpha.com. Pakistan goes back some 5,000 years and has a storied history of assimilating European, Asian, and Arab influences over millennia.  Today, Pakistan has an equally interesting future that should be promising, but it's also debilitated by some serious problems.  In this article, we'll unpack what's right and … Continue reading Unpacking Pakistan