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2022July

Monthly Asset Class Report

Posted July 29, 2022

Everything is up this month. Stocks, bonds, commodities, the dollar, and crypto all rallied. But is it a trend change or just another sucker’s rally?

Do Hikes Produce a “Sentiment Recession?”

Posted July 28, 2022

The Fed hiked 75 bps again. The markets rallied big yesterday. But technically, we’re still in No Man’s Land. Happy Thursday! My goodness, I need to stop partying in the Big Apple. Besides dealing with...

What is the Cantillon Effect?

Posted July 27, 2022

Happy Hump Day! Last night, I drank a few drops of something cheerful with my new Irish friend Simon, who’s training the same bankers I am. He reminded me that I haven’t...

More Evidence the EU’s Russia Policy is a Disaster

Posted July 26, 2022

Reduced output and runaway inflation are the new normal in Europe. Russia has already reduced gas flows and will cut off Europe before it’s ready. As a result, Europe will return to...

Here Comes the Hildebeast (Again)!

Posted July 21, 2022

Joke Biden’s approval ratings are in the basement. The Dems can’t prep Kamala because she’s completely incompetent and unlikeable. Who can the Dems turn to in 2024?  You guessed it! Happy Friday! I hope...

Piss and Vinegar and Weed

Posted July 21, 2022

I started my banking career in New York City in 1997. By then, Rudy Giuliani had turned the place into Disneyland. Now, the whole place stinks of piss and weed. Good morning on...

Got Rubles?

Posted July 19, 2022

Credit: Sean Ring The Dow was up about 800 points. Earnings were good; Russia was better. Let’s rehash what I wrote about Russia in March. Happy Hump Day! I know you’ve been reading the Rude...

The Bankers’ Beatings Begin

Posted July 19, 2022

All of America’s banks’ profits have been hit hard. As the Fed tightens, banks should make higher net interest margins. But even as trading has thrived, investment banking is hurting. Happy Tuesday. As I...

The Coming Food Wars

Posted July 18, 2022

We’ve been talking about the energy shortage for a while now. But one important group of minerals for fertilizer comes mainly from Russia and Belarus. Because of the sanctions, that mineral isn’t...

Can’t Slay the Draghi

Posted July 15, 2022

Italian politics aren’t for the faint of heart. PM Mario Draghi resigns after his coalition partners refuse to back him in a confidence vote. The Italian President refused his resignation, putting the...

Taking Out the Euro Trash

Posted July 08, 2022

The Almighty Dollar is trashing the Euro, along with most major currencies. The Euro is a political project, so no amount of market rejection will sway Europes empire builders....

Is ESG Investing the Most Egregious Sh*t Going?

Posted July 08, 2022

Steelmanning the argument for ESG. What is ESG Investing? Who decides whats ESG and whats not? Who guards those guardians? A famous UK fund manager wont employ it.Good morning...

Political Volatility Is Kicking In

Posted July 08, 2022

Former Japanese PM Shinzo Abe was shot during his speech in Japan. British PM Boris Johnson resigns after years of scandals. European farmers rebel against their governments green agendas.Happy...

Monthly Asset Class Report

Posted July 01, 2022

Commodities finally got their smack, down over 9% this month. Both copper and silver tell us the economy is slowing down. Stocks, bonds, and real estate were also down....