https://www.bloomberg.com/news/articles/2019-12-18/stanley-druckenmiller-is-embracing-risk-again-just-timidly?mc_cid=ae838a4f94&mc_eid=d27ddc011b If there is a better long term record by an investment manager than that of Stan Druckenmiller then I’d like to see it. So we are fortunate whenever we

Central Banks Are Committing To Intervention, As Earnings And GDP Growth Continue To Decline.  “Monetary policy can no longer be the main engine of economic growth, and other policy drivers

Q3 2019 Review: Growth Down Interventions Up. I believe that on examining the post 2008 economic data, and comparing this recovery with past recoveries, the constant theme is Growth down

Pay attention to precious metals  “If you don’t own gold…there is no sensible reason other than you don’t know history or you don’t know the economics of it…“ Ray Dalio,

https://e-markets.nordea.com/#!/article/49828/week-ahead-all-about-that-fed I believe the relationship between data and the S&P 500 has been unprecedented in 2019. Looking at the chart above you see 2 very significant divergences in this relationship

“The number of zombie companies in advanced economies last year stood at 536, or 13% of the total, according to Bank of America Merrill Lynch.” https://www.cnn.com/2019/03/31/investing/stocks-week-ahead-zombie-companies-debt/index.html A September 2018 BIS

If you feel as though you are walking through an Alice in Wonderland film set, you are probably not alone. It appears “Out of sample” market experiences are proliferating across

Global growth is uniquely challenged with PMIs in significant downtrends at the same time in the US, China, Japan and Germany.  The US is the only one of these 4

From Risk To Instability For much of Summer 2018 I wrote about the multiple market extremes that emerged, and the associated substantial increase in risk. https://old-site.chris-belchamber.com/10-extremes-mean-risk-in-financial-never-never-land/ Shortly following, volatility accelerated