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Many believe the stock market is "making everyone rich." The reality is that its the 10% who own the majority of stocks. Such is the result of the feedback loop between the Fed and the elite.

“With the debt payment looming, time ran out.” That succinct summary ended a Wall Street Journal article titled: Saks Global Files for Bankruptcy, Undone by Debt and a Luxury Slump. A year ago, Saks Fifth Avenue’s parent company purchased its […]

The short answer appears to be"yes." However, it seems to be narrower, later, and more fragile than the headline mythology suggests. Importantly, the official "Santa Claus rally” window has not even started yet, as it is statistically measured as the last five trading days of the year plus the first two of January. Historically, that seven-session stretch has produced an average gain of about 1.3% and finishes positive “nearly 80% of the time,” according to data analysis from the long-running Stock Trader’s Almanac.

A funny thing about bull markets is that investors develop a very short memory about the previous bear market. Such is why cycles repeat throughout history as lessons must be learned and relearned.

Over the last few weeks, it seemed all but a done deal that Kevin Hassett would replace Jerome Powell as the next Fed Chair. That changed this past weekend as President Trump added Kevin Warsh alongside Hassett as his top […]

During extended upward-trending markets that reward risk-takers and punish caution, everyone is a “bull market genius.” That dynamic flips investor psychology and, over time, creates a false sense of control. As the market continues to climb, risk appears to vanish, […]

Michael Green, Chief Strategist and Portfolio Manager at Simplify Asset Management, wrote a provocative Substack essay, Part 1: My Life Is A Lie, that is sparking a debate among economists and raising awareness of the affordability crisis. It’s not just […]

A recent article by Simon White, via Bloomberg, discussed the rising cost of margin debt for investors. While his analysis below compares the cost of debt to GDP, we will also consider a more critical comparison to disposable personal income […]

Wall Street’s financial engineers thought they had found yet another way to turn financial markets into casinos. The gimmick this time is with 3x, 4x, and even 5x leveraged ETFs tied to individual stocks and cryptocurrencies. The SEC just ruled […]