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Thoughts on the Dow high and a look back at the market bottom in 2009
A lot is being made of the new high that was recorded by the Dow Jones Industrial Average yesterday. However, in the context of still weak income growth and lacklustre economic growth, the new Dow highs are not as widely celebrated as the…
China’s real estate bubble
"China's economy has become the second largest in the world, but its rapid growth may have created the largest housing bubble in history. Lesley Stahl reports."
Expect the Unexpected in A Low Return Environment
The seemingly never-ending debate on passive vs. active investment management is beginning to annoy me. The discussion is one-dimensional and, at times, completely derailed. I shall be the first to admit that the long-only industry has not…
The Product is the Promise: Finance and Social Values
In the first paragraph of my book A Demon of Our Own Design (Wiley, 2007) I observe that “You don't deliberately obliterate hundreds of billions of dollars of investor money. And that is at the heart of this book – it is going to happen…
A brief note on the Fed’s monetary policy
I mentioned Fed Vice Chair Janet Yellen's speech in the last post. I tend to like the way she phrases things because her statements are the clearest of all of the major FOMC policy makers. This speech is in that vein. If I could summarize…
Consolidated balance sheet approach gains traction as BOJ considers QE
The Bank of Japan is now considering whether to move to balance sheet expansion in its bid to lift the Japanese economy out of deflation. Japanese policy, which will then further tighten the nexus between fiscal and monetary policy, is now…
Will Mario Draghi begin buying Italian government bonds?
A key issue that will be addressed this week is how will the ECB respond to the electoral outcome of Italy.