24 Feb 2016

An Unusual Energy IPO

company. When someone raises money with a SPAC, it’s like giving them a blank check. I should note that part of the reason that this IPO is the largest one…

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22 Dec 2015

Treasury Bills Beat Oil 30 Years On

…dramatically moved higher. The orange line takes the historical prices and puts them into today’s dollars so you don’t have to do any mental gymnastics to compare prices today to…

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12 Aug 2015

The Chinese are Nervous

…the Federal Reserve’s decision to raise short-term interest rates. If the move yesterday was the first salvo in a currency war where countries compete to devalue their currency, it could…

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19 Aug 2014

Not All Indexes Are Created Equal

…indexes, although they don’t go back as far. As you can see in the chart, over the last 20 years (a period that captures all of the commercial indexes), two…

11 Mar 2015

Currencies and Candy

…euro is unattractive: rising interest rates. Why does the stock market care? Because a lot of large US companies earn a substantial amount of their profits overseas, particularly in Europe….

19 Mar 2016

Does The Fed Control Interest Rates?

…the committee on financial markets is enormous. The committee meets 8 times a year and their statements are regularly the tastiest fodder for market commentary, financial news coverage and best…

16 Oct 2014

Why Are Stocks Faltering?

…have times like this even though there’s no way that we could pinpoint which economic surveys, earnings releases or contagious diseases would be the cause. Volatility and losses were, are,…