A Flaw in the Tepper Analysis

When David Tepper speaks, the market listens. In Autumn, 2010, Tepper, the highly successful billionaire hedge fund manager, explained that for stock investors, the Fed had your back. Using options jargon he said that there was a "put" (downside protection) regardless of what the economy did. While causation is always hard to prove, the comments […]

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Earnings Season and the Dog that Did Not Bark

As the Q113 earnings season reaches its close, there is a consensus around many conclusions: Earnings are growing at a rate less than the stock market. The P/E multiple is higher. Is this justified? Earnings exceeded expectations only because those expectations had been reduced. Is this a charade – the dance of the Wall Street […]

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Dow 20K – Halfway There

Three years ago I wrote one of my most controversial posts: Dow 20K. The Dow had been toying with the 10,000 mark, after a 10% correction. The news from Europe seemed to be terrible, and everyone was on board with the domino theory. We were in the midst of the worst May since 1940. The […]

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