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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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.
What Caused Chairman Powell To Flinch
Some will say the Fed, by delaying plans for rate hikes and reducing their balance sheet, avoided a hard landing in 2015 and 2016. They may have, but since then global economic and political instabilities have risen markedly.
Yes, Virginia…
This year, the 10th through 17th trading days are December 14th through the 26th. If 2018 plays out like the average of the past 28 years, there might be some extra goodies under the tree for those playing the Santa Rally.
United Technologies Faces Reality- Will Other Companies Follow Suit Before It’s Too Late
Corporate debt now stands at record levels versus GDP. While the debt has been used to fund expansion and R&D it has also been used to fund record numbers of share buybacks.
The Fed’s Mandate To Pick Your Pocket – The Real Price Of Inflation
Wealth is only accumulated when it grows faster than inflation.
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