Through its unprecedented (seemingly unending) monetary-stimulus program, the Bank of Japan has acquired over a third of the nation’s total marketable government debt. By comparison, the Federal Reserve holds less than 20% of Treasuries, even after quantitative-easing efforts to support the economy, research by BMO Capital Markets pointed out Monday. The BOJ’s swollen coffers highlight
“Considering the downside is the single most important thing an investor must do. This task must be dealt with before any consideration can be made for gains. The problem is that people nowadays think they’re pretty smart because they can do something quite rapidly. You can make the horse gallop. But are you on the
According to Michael Pettis, the massive debt accumulation we have seen in China is unlike anything we have ever seen. If we change our very conservative assumptions so that debt is equal to 280% of GDP, and is growing at 20% annually, and that debt-servicing capacity is growing at half the rate of GDP (3.0-3.5%,
Since the March FOMC announcement, fully 49% of the daily cash closes in the S&P 500 have been between 2070 and 2110 – less than 2% apart. Year-to-date stock ETF flows are -$31.6 billion redemption, which would be the worst year on record for the category through the beginning of our data set which starts
I never understood why underperforming a certain benchmark for a period of time was a greater sin than suffering deep losses of capital during bear markets. Stay Tuned, Stay Hedged & Stay Patient! {TJM} Disclosure Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of