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Vaccine: That Pinhead of Light at Tunnel’s End

Pfizer’s vaccine announcement gave the equity market the vision and hope that some semblance of “normal” was closer than previously assumed; perhaps a light at the end of the tunnel. Reality is that, due both to the complex logistics of handling the Pfizer vaccine, the two shot inoculation process, and the voluntary system in America, that light at tunnel’s end is just a pinhead, with a long and treacherous journey …Read More

Awash in Liquidity, Part 2: The Long-Term Consequences of Falling Interest Rates

First published at Minyanville.com http://www.minyanville.com/business-news/the-economy/articles/Awash-in-Liquidity-Part-2-The/5/28/2014/id/55108 There are going to be unintended effects that we can’t yet discern, but there are some issues that we already know about. In the first installment of this two-part series (Awash in Liquidity, Part I: Why Interest Rates Are Falling), I discussed how the world has come to be knee-deep in liquidity.  As a consequence, interest rates, as seen through US 10-year Treasury yields, have …Read More

Understanding volatility

Investing in stocks entails taking on some risk. Leo Buscaglia said, “The person who risks nothing does nothing, has nothing, is nothing and becomes nothing.” Successful investors have to take on some risk. There are many different types of risk that affect the stock market. One type of risk is really just the volatility of stocks. Volatility is a measure of how much the price of a stock bounces around. …Read More