This quote is the latest from Moody’s: The credit shock created by the coronavirus pandemic is completely unprecedented, given the number of geographies and industries affected, and the lack of…
Most of what I read suggests we’re experiencing a Bear Market rally, and that it will be short-lived. A very respected strategist friend of mind put it this way: It…
Apparently Goldman strategists expect profits for companies in the S&P 500 will decline 33% this year, and rebound 55% next year. It implies a V-shaped recovery. Let’s forget that 2021…
The Real Estate Investment Trust (REIT) has had a marvelous decade as property values just kept rising. It inspired large institutional investors (pension funds for e.g.) to get directly involved. …
It seems the U.S. and Canadian governments are counting on the banking industry to help them distribute aid to those most hurt by the coronavirus lock-down. DON’T! Despite the central…
The last recession was unequivocally a housing bust. Home sales plummeted and housing starts hit the skids. But then, the recession was indeed caused by a housing crisis: The mortgage-backed…
FED Just announced interest rates near zero: The Federal Reserve encourages depository institutions to turn to the discount window to help meet demands for credit from households and businesses at…
My original estimate (February 3rd) was simply a P/E multiple for the S&P 500 of 20X zero growth in 2020 of earnings. I expected the coronavirus to have a devastating…
Why would I want panic in markets? It’s the first step towards recovery (but not the last). A true market meltdown (if this is one) starts with panic – and…
Mirroring the U.S. effort to fight the economic disaster expected from the coronavirus, the Bank of Canada lowered interest rates by 1/2% as well – to “get out ahead” of…
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