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It is all about liquidity

2020-10-12

What is behind this booming market? Why is it at record highs despite a severe recession? The answer, apparently, is very simple - it is the abundance of liquidity. The Fed, supported by both political parties, is flooding the economy with money. But how long will this bonanza last?   [read all]

What Warren Buffett did not say

2020-05-07

Berkshire Hathaway’s annual shareholder meeting is always a remarkable event, especially for value investors. It was not an exception in this regard this year, too, though it was quite remarkable in other respects, one of them being what Warren Buffett did not say.   [read all]

Who is behind these market moves?

2020-05-04

We all know that the market price of anything is determined for forces of supply and demand. It is the price at which the supply is equal to demand. But what is behind these supply and demand forces?   [read all]

Who is really benefiting from stock buybacks?

2020-04-22

There is a lot of hype about US companies spending obscene amounts of money on purchases of their own shares. But is it really that good for shareholders as we are led to believe?   [read all]

How the crisis will affect asset allocation?

2020-04-21

One of the consequences of the crises will be an increase in risk aversion among ordinary investors. This would lead to a massive reallocation of capital from stocks first into savings accounts and then into another safe forms of investments.   [read all]

Another day, another dollar (for some)

2020-04-20

A reflection on the past trading day, oil, Amazon, misery stocks, globalization, seigniorage, and what sign to monitor longer-term for worse things to come (hint: US dollar).   [read all]

What is this light at the end of the tunnel?

2020-04-19

Is this the end of the tunnel or the headlight of in incoming train. At this point nobody knows for sure. So, what signs to watch and what approach to use in making investment decisions?   [read all]

Is the coronavirus pandemic almost over?

2020-04-18

Despite the widespread optimist, we have not really seen the worst yet in this pandemic. There will be a prolonged period of painful adjustments and losses. Stay prepared.   [read all]

Another super strong week for equities

2020-04-17

With all the troubles and perturbations and countless time spent analyzing charts and watching the ticker, now that the market is closed, it is time to sit back and reflect on what to do next. I give you some food for thought and, at the end of the article, a concrete recommendation.   [read all]

Nice rebound. What’s next?

2020-04-16

Are we out of the woods? After three weeks of a remarkable rebound from market lows, is the worst is really over? We don’t think so...   [read all]