Busily going nowhere

Busily going nowhere

Accumulation or Viscous distribution?

August’s performance in the markets was the worst in nine years.  So dismal that the S&P 500 lost -4.7% on the month.  But what has become more alarming for investors is renewed talks of a double-dip recession.  Mohamed El-Erian, co-chief executive of bond fund giant Pimco and InvestorJabber extraordinaire, places the risk of a double-dip … Continue reading

Japanification, Liquidity Traps & Chateau Latour

Japanification, Liquidity Traps & Chateau Latour (Report from BofA Merrill Lynch) Developed market equities are stuck in a trading range Investors continue to prefer bonds over equities (Chart 1). Until there is a secular bear market in bonds, there can be no secular bull market in equities. We think a bear market in bonds will … Continue reading


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