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Markets: Time to Reflect on Risk, not Return

The week ended September 7th saw a pull-back from the record highs set in late August. Perhaps we witnessed the infamous “double top” (January 26th and August 29th). It is clear that financial markets have become riskier, and, perhaps, it is time for investors to assess the risks inherent in their portfolios versus the prospects of future returns. There is a short-term and a long-term view, neither of which augurs …Read More

Are Equities Overvalued? Are We in a Bubble?

It is a mistake to equate the two questions. There is concrete evidence that equities are overvalued, mainly due to the monetary policies of the Fed and the world’s other major central banks.  And there are clearly some stocks that are in bubble land (those that have stratospheric P/E ratios). There are ongoing massive liquidity injections by the Fed ($55 billion/month), the Bank of Japan, the Bank of England, and, …Read More