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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Caution: Mean Reversion Ahead
In the 20 months from May 2016 to January 2018, the S&P 500 delivered annualized total returns of 21.9%. In the 20 months since January 2018, it has delivered annualized total returns of 5.5% with significantly higher volatility.
Black Monday – Can It Happen Again?
The 1987 stock market crash, better known as Black Monday, was a statistical anomaly, often referred to as a Black Swan event.
What Is Bill Dudley Thinking?
There is little doubt that Trump’s hard stance on trade and the seemingly impetuous use of tariffs and harsh Twitter commentary presents new challenges for economic growth.
The Dog Whistle Heard Around The World
Blaming the yield curve for a market downturn is a narrative designed to fill the public need for an explanation on equity market losses.
Negative Is The New Subprime
The market is reflecting a growing lack of confidence in the European banking and financial system as telegraphed through stock market pricing shown above.
EC The Prospects Of A Weaker Dollar Policy
Without fiscal support, a weak dollar policy might be where Donald Trump goes next. A weaker dollar could stimulate export growth as goods and services produced in the U.S. become cheaper abroad.
The Fed’s Massive Debt For Equity Swap
A weak post-crisis economic recovery that hurt low-income wage earners alongside monetary policy that fueled steady gains in the cost of living meant many people were going to be left behind.
Federal Reserve Headlines – Fact Or Fiction?
The primary objective of Fed policy should be geared toward imperceptible adjustments to foster a well-functioning market-based economy.
Beware Of The Walking Dead
Corporate zombies are generally described as companies that cannot function without bailouts and/or those firms that can only afford to service the interest on their debt while deferring repayment of principal indefinitely.
Market Implications For Removing Fed Chair Powell
Although economic growth has been sound and stocks are once again making record highs, the market and economic disruptions we have recently seen have been a long time coming.
Who Is Funding Uncle Sam?
Just because something has gone on for what seems to be “forever” does not mean it will continue.
Pulling Forward Versus Paying Forward
The U.S. and many other countries are forced to deal with the consequences of economic policy actions, borrowing, and consumption behaviors from years past.
Goldman Sachs On Corporate Debt: Myopic Or Self-Serving?
In an environment where the economy continues to grow at 2% and interest rates remain low, corporations may be able to continue borrowing at the pace required to fund their operations and conduct share buybacks as they wish.
The Corporate Maginot Line
The U.S. corporate bond market is approximately $6.4 trillion in size. Of that, over 80% is currently rated investment grade and 20% is junk-rated.
In The Fed We Trust
The correct definitions of currency and money are crucial to our understanding of an economy, investing and just as importantly, the social fabric of a nation.
Inflation: The Fed’s False Flag
Looking at the ebbs and flows of inflation and inflation expectations of the last three years, we see no consistent change in the trend. As for the dreaded fear of deflation, the United States has not experienced it since the Great Depression.
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