By: John E. Charalambakis | On: September 14, 2017 |

Chinese Slowdown: Potential Ramifications for Asset Allocation

The latest data from Chinese economic activity came in below expectations and point to a possible further slowdown for the next year. Specifically, infrastructure spending dropped and this weighed down […]

By: John E. Charalambakis | On: September 6, 2017 |

Echoes of War: Undisciplined Policies in the Context of Historical Developments

Our world has been cycling between chaos and order since the beginning of the modern economic era. We define the modern economic era as the period that started with the […]

By: John E. Charalambakis | On: September 1, 2017 |

Jackson Hole and the 10th Anniversary from the Financial Crisis: QExit and Prospects

The central bankers’ conference in Jackson Hole, Wyoming ended last week, and with it several questions arose as we reached the 10th anniversary of the financial crisis started showing its […]

By: John E. Charalambakis | On: August 23, 2017 |

The Ataraxia (Tranquility) of the Market and Its Breath: Stoic, Epicurean, or Sceptic?

It has been well-recorded that the equity market’s volatility is pretty low by historical standards as the following 10-year graph shows. This kind of ataraxia (tranquility) may be the equivalent […]

By: John E. Charalambakis | On: August 17, 2017 |

Corporate Earnings, Equities Trajectory, and Risks: Considering the Purchase of Cheap Insurance

Over the course of the past several months we have reiterated the point that good growth earnings provide market justification for further rises in the equities market. We continue supporting […]

By: John E. Charalambakis | On: August 10, 2017 |

Commodities, Volatility, and Cryptocurrencies: Some Initial Thoughts

Commodity prices usually follow long cycles. As the graph below shows, commodities enjoyed a good run from the early 1990s to the dawn of the financial crisis and recovered pretty […]

By: John E. Charalambakis | On: August 3, 2017 |

Market Signals, the Economic Cycle, and Enthymemes: Which Sectors Could Benefit?

We have written before that the financial stress index produced by the St. Louis Fed is a very reliable indicator regarding potential dark clouds in the economic and financial horizons. […]

By: John E. Charalambakis | On: July 27, 2017 |

Cheapening the Currency: The Wrong Way Forward

In the last few commentaries we have noted that while equity markets may be stretched, there might still be room to grow given the current macro-circumstances, corporate earnings, and business […]

By: John E. Charalambakis | On: July 20, 2017 |

World Markets, Bank Debt, and Diversification: Earnings and Other Drivers

As many analysts have pointed out lately, the equity markets at the current levels are stretched, but probably not over-stretched. Global equity correlations have been falling this year (from their […]

By: John E. Charalambakis | On: July 13, 2017 |

Substituting for the Credit Cycle: An Optimistic Perspective

There is almost no doubt that the extraordinary measures taken by the central banks around the world over the last several years uplifted equities, lowered cost of capital, increased corporate […]