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


Latest Posts
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EC The Difference Between Good Economics And Bad
Central bankers are prone to applying a convenient narrative to justify their actions. Their dialogue is usually laced with contempt for those who cast doubt. That is not a sign of confidence; it is a sign of deep insecurity.
EC The Markets Are Sending Confounding Messages
Investors know that markets are risky under even normal conditions. Even the best investors sometimes suffer losses.
Volatility Is More Than A Number. It’s Everything
When investor confidence is high, liquidity is high, and volatility is typically low. Plenty of buyers and sellers willing to trade help assure orderly markets.
Passive Fingerprints Are All Over This Crazy Market
The current situation is concerning as an investor and citizen of the United States. As in bubbles, market anomalies may continue well beyond what makes sense.
Tesla’s Moonshot, How High Can It Go?
TSLA’s stock may run higher. We believe its stock price is in the grips of speculative fervor and passive investing momentum. These conditions may last longer.
EC The Decade Long Path Ahead To Recovery - Debt
The discussions about economic recovery and the path ahead are ongoing. The shape it will take will defy the simplistic “V”, “W”, and “L” expressions being used by forecasters.
EC As Yields Approach The Zero Bound – There Is Nowhere To Hide
Years of monetary policy which has consistently driven yields lower, along with economic growth, have now left investors nowhere to hide from risk.
The Next Iteration. What Is Yield Curve Control?
The policies the Fed staunchly defends are adverse to the healthy economic and social environment the country so desperately needs. While in crisis mode, investors will cheer them on unaware of the adverse effects it will have on the economy.
EC The Fed’s Monetary “Animal House”
The objective of monetary policy for the past thirty years has been to influence those individual decisions. The obvious goal has been to promote more spending and discourage savings.
EC Why The Recovery Will Fall Short Of Forecasts
Many market pundits have strong opinions about how fast or slow the economic recovery will be. Such clairvoyance is stunning given the uncertainty of the current GDP forecast.
The Crosscurrents Of In/De-Flation: Equity Analysis - Part 2
What is sure about our current set of circumstances is that there are no experts on whom to rely. More than ever, we should consider the most unlikely outcomes as possibilities.
The Fed Enters Monetary Light Speed
To define monetary light speed, the Fed’s balance sheet rose from $3.76 trillion at the end of August 2019 to $4.16 trillion at the end of February 2020 – a change of $400 billion.
Putting A Price On The S&P 500
The impressive stock rebound may continue. The markets may reach or exceed the record highs of February.
Extraordinarily Uncertain Indeed
We are often critical of Federal Reserve policy and contradictory economic jargon coming from Fed presidents and governors. However, to our amazement, Fed Chairman Jerome Powell surprised us with a moment of clarity.
The Crosscurrents Of In/De-Flation - Part 1
A complex crosscurrent of influences will determine the magnitude of an inflation problem. Make no mistake; regardless of whatever happens with the virus, the Fed’s monetary actions today and tomorrow are the most significant input.
“Greater Fool” Bonds: Turning Portfolio Management On Its Head
As bonds flirt with zero or negative interest rates, it will likely be increasingly difficult to find a greater fool in the bond market. Consider also that while you wait to find a fool, you may be paying someone to borrow money from you.
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