Daily Market Commentary Hedge Funds Sell, Retail Buys: Whose The Smart Money? Blog Griffin May Be Right About AI. The Timing Could Be Very Wrong. Daily Market Commentary The Market’s Biggest Buyer Is Stepping Back Bull Bear Report Stock-Bond Correlation: Oil Broke The Hedge. Oil Will Fix It. Daily Market Commentary Meta Splits: The Buyback Machine Shifts To Reverse Blog Fed Over-Tightening: How Much Runway Is Left Before It Bites? Daily Market Commentary Why Small Caps Have Recently Traded Like A Bond Proxy Blog Are Bonds Pricing In A Fed Policy Mistake? Daily Market Commentary Neoclouds And Hyperscalers: Same Concept, Different Risks Daily Market Commentary The Misleading Tech Sell-Off
Vol. XXVII · No. 134
Tuesday — October 27, 2026
Houston, Texas
Search Results

lance roberts

1,316 results found

The Microsoft OpenAI Marriage Is On Rocky Ground Daily Market Commentary
— Daily Market Commentary · 6 months ago

The Microsoft OpenAI Marriage Is On Rocky Ground

The relationship between Microsoft and OpenAI has been a defining partnership in the blooming AI technology. But the partnership terms are changing, and what was once a solid relationship may be fracturing. On Monday morning, Microsoft shares quickly fell 5% as the Bloomberg headline “OpenAI Breaks Free From Exclusive AI Pact With Partner Microsoft” sent concern […]

RIA Team 6 min read
BDCs: Not All Yield Is Created Equal Invest
— Invest · 6 months ago

BDCs: Not All Yield Is Created Equal

Gated funds, collateral fraud, and auto-sector defaults are giving investors in private credit funds and their stock-market equivalents, business development corporations (BDCs), a headache. We have discussed the recent woes of private credit funds (HERE, HERE, HERE), yet we haven’t addressed BDCs. The similarities and differences between private credit funds and BDCs are important.  For […]

Michael Lebowitz 9 min read
Guidance Takes Precedence Over Earnings Daily Market Commentary
— Daily Market Commentary · 6 months ago

Guidance Takes Precedence Over Earnings

On Thursday, the executives at Service Now (NOW) and IBM learned an important lesson the hard way as their stocks fell by 18% and nearly 10%, respectively. The stark message from Wall Street is that forward sales and earnings guidance now take precedence over recent financial results. IBM beat earnings expectations across the board. However, […]

RIA Team 5 min read
Government Debt: Not What The Doom Crowd Thinks It Is Economics
— Economics · 6 months ago

Government Debt: Not What The Doom Crowd Thinks It Is

Every few years, someone discovers that the United States government owes a very large amount of dollars and concludes that Rome is about to fall. A recent piece in RealClearMarkets by Nash, Thomas, Lang, and Rastin does exactly this.

Lance Roberts 10 min read
Can Warsh Reform The Fed Daily Market Commentary
— Daily Market Commentary · 6 months ago

Can Warsh Reform The Fed

On Tuesday, Kevin Warsh appeared before the Senate for his nomination hearing for the Fed Chair. The biggest takeaway is Warsh’s desire to “reform” the Fed. Based on his appearance, reform seems to cover the following three areas: Regarding current monetary policy, Warsh believes inflation is lower than official indicators state. We have noted this […]

RIA Team 8 min read
GFC 2.0 Or False Alarm Part 2 Invest
— Invest · 6 months ago

GFC 2.0 Or False Alarm Part 2

In Part One, we explored how leverage and derivatives turned subprime mortgages into a crisis that nearly brought down the global financial system. With a better understanding of the derivatives and leverage that led to the Global Financial Crisis (GFC), we now explore private credit, a small “niche” financial sector, such as subprime mortgages, which […]

Michael Lebowitz 5 min read
CAR Is Racing Higher Daily Market Commentary
— Daily Market Commentary · 6 months ago

CAR Is Racing Higher

Our title above about Avis Budget Group (CAR) shares is a gross understatement. Since March 20th, CAR has risen nearly 500%, as we share below.  While there are, and were, some favorable tailwinds driving the upward trend, such as rising used-car prices and elevated rental-car usage during the TSA-related problems, the most glaring factor is […]

RIA Team 6 min read
CPU vs. GPU: The Changing Semiconductor Landscape Daily Market Commentary
— Daily Market Commentary · 6 months ago

CPU vs. GPU: The Changing Semiconductor Landscape

Since the start of the year, the Philadelphia Semiconductor Sector Index (SOXX) is up 33% compared with the broader market, which is up only 4%. The primary rationale for the significant outperformance appears to be the insatiable demand for AI and a shift in its usage. Unlike the past couple of years, in which Nvidia […]

RIA Team 6 min read
The Market Knew And Proved It Again Daily Market Commentary
— Daily Market Commentary · 6 months ago

The Market Knew And Proved It Again

On Monday, our Commentary, The Market Knows What You Don’t, shared an important lesson about how markets function. The message was timely, as fear and volatility over the prior few weeks had caused great anxiety among many investors. We wrote the following to help investors maintain a north star during these challenging times: Market prices […]

RIA Team 6 min read