Throughout the ages, war has been the engine of finance. The collusion between Russia and China in the last few weeks and months in order to bypass the US dollar […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]