Michael Lebowitz Blog | Talkmarkets | Page 1
Founding Partner - 720 Global and Partner at Real Investment Advice
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As a strategic investment consultant, 720 Global focuses on enabling our clients, professional investment managers, to raise their quality of service and increase profitability. Our services provide you with expertise in capital markets, macroeconomic research and analysis, asset allocation, ... more

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The Bankers Vig And The Price We Pay: The Economic Cost Of Repealing Glass-Steagall
When banks take a bigger share of the economic pie, labor, investment activity, corporations and shareholders suffer.
The Fed’s Body Count
What if the Fed had goals that really mattered like productivity and prosperity metrics that offer a genuine gauge of the health of the nation?
Trying To Be Consistently "Not Stupid"
The economic cycle appears to be in the midst of a transition. This surprisingly long expansion will eventually end as all others have. A recession is out there, and it will make an appearance.
Fearing Complacency
Investors fear volatility. Low levels of implied volatility are the result of investors that are complacent and not protecting against risks.
Has This Cycle Reached Its Tail?
Think of the economy and stock market as a long-distance runner.
Navigating With The R Star
By most accounts, Fed policy remains very accommodative but the “Powell Pivot”, which began in late November and continues to this day, hinges on an obscure metric called R-Star (r*).
Normal Is In The Eye Of The Beholder
Even if the Fed reduces their holdings through the remainder of the year, the balance sheet will still be nearly three times larger as compared to the economy than in the 25 years before the financial crisis.
Yesterday’s Perfect Recession Warning May Be Failing You
Recently, Wall Street and the Financial Media have brought much attention to the flattening and possible inversion of the U.S. Treasury yield curve.
MMT And Its Fictional Discipline
There is a bigger and more nefarious problem with inflation measurements and how they can be manipulated. To reiterate, MMT states that government spending and money printing can occur as long as inflation is limited.
MMT Sounds Great In Theory... But
If you haven’t heard about Modern Monetary Theory, or “MMT” for short, by now, you will soon.
Price To Forecasted Hope
There are countless ways to evaluate equities, and they all have glaring flaws. Equity valuation is not a science with predictive formulas.
Two Percent For The One Percent
The central banking scheme of supporting economic growth through increasing levels of debt only makes sense if “growth at all cost” uniformly benefits all citizens, but it does not.
Productivity: What It Is & Why It Matters
Given the finite ability to service debt outstanding and aforementioned demographic challenges, future economic growth, if we are to have it, will need to be based largely on gains in productivity.
Wait For The Fat Pitch: Buy And Hold Vs Active Management
Many investment managers tempt investors with historical returns by using them as indicators of future return expectations.
Bears Getting Bullish On Boxing Day
On the day after Christmas when investors were sad with the coal they found in their stockings, Santa provided some Boxing Day cheer.
Greetings From Stiltsville: Deficit Spending Is Not A Free Lunch
GDP is simply the total amount of spending in an economy. GDP, as currently measured, does not distinguish between “good” spending and “bad” spending.
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