Tom Brakke’s work is a consistent source of ideas and inspiration. He recently challenged some of his many admirers to provide a few thoughts for a book project. I eagerly await the result, and I am delighted to be included as someone whose ideas might be useful. This is a question that I get quite […]
Two weeks ago (I finally got a weekend away last week) my WTWA theme was a return to normalcy: Less Washington and more market fundamentals. This was pretty accurate in the focus on earnings. Less accurate was my prediction that good economic news would be good news. The market still has a Fed fixation. Like […]
It is time for a return to normalcy! I expect much less Washington politics and much more focus on corporate earnings. While economic data reports are still delayed and distorted, we will gradually get back to analysis of economic fundamentals as well. Last week's theme emphasized the end of the apparent Washington stalemate – no […]
The verdict from traders and the punditry is in: The bungling Washington politicians have merely “kicked the can” and we must all revisit the same problems in 90 days. The prevailing sentiment is extremely negative. The Yahoo Finance polls are not a scientific sample, but they are a reflection of attentive investors. In asking how […]
In chess, a stalemate is a drawn game. Chess players study endgames, where small advantages become big wins. Computers have now solved these endgames – all of them! Some require dozens of precise moves. A mistake converts a draw into a win or a loss. Humans make mistakes. Political processes are inherently human. It is […]