The new gods are jealous gods and they were not pleased with the graven image of Trump’s name on stimulus checks. All glory must be to them.

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Dr. Powell will see you now.

The coronavirus event is too big for most, maybe any, to fully comprehend.  Because of this, the U.S. appears to have turned to a kind of magical thinking that can best be described as religious.  It is unsurprising that we have reacted in this way.  The same thing happened during the Black Death

which saw the rise of all kinds of cults as well as the Flagellants, who challenged the Church. When we can’t comprehend and control our world, it leaves us in a state of psychic unease.  To release this stress it helps us to give a name to…

The Fed can buy all the assets they want, but it won't make any company or individual consume goods or services.

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The Hollywood sign.

This is the fourth post in my coronavirus blog series. Like most Americans, when I heard that the Federal Reserve were going to buy CLO's, municipal bonds, and junk bonds, I immediately took the whole family out for a huge meal at our favorite restaurant, bought a new washer and drier,

pulled the trigger on redoing the kitchen, and booked a five-star vacation in Turks & Caicos. Of course, I did none of those things.  And I won't do any of those things for at least another year.  And neither will anyone else. The Federal Reserve Board, a group of…

The world has to go through a deleveraging process where assets are sold to pay down debts. It has only begun.


Hieronymus Bosch rendering of deleveraging cycle.

This is the third blog post in my series on the coronavirus and the related market impacts. I've been asked by clients and friends what to make of last week’s rally in the stock markets. What I make of it is simple:  it should be sold. If you failed to get out

of risk assets during the selloff that started on February 24th, you have a great opportunity to sell now. This rally is a fugazi, straight out of the bear market playbook and it should be sold now, with no delay. Don't believe me?  Riddle me this: can you…

Many common ideas, once held sacrosanct, are headed for the long home.

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"Man Goeth to his Long Home" 1911 Sir Stanley Spencer. Spencer sought to encourage his audience to contemplate life.

This is the second post in a series on the Coronavirus and it’s investment implications. First, some perspective. We are, I believe, still in the early innings of this game.  To quote epidemiologist Michael Osterholm, this is not a blizzard, this is winter.[1] Chart 1: Long-Term SPX Log Chart As Chart

1, above, shows, we are only down about 23 percent (on a monthly basis) from the recent highs.  This comes after the longest economic expansion in U.S. history and a 340 percent rise in the S&P 500 price index (“SPX”).  The past 11-year market return greatly exceeds the 240…

In 1918 much of the world was as rural as it was during the Renaissance. Today, roughly 54 percent of global population lives in an urban area.

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Pangolin: Chinese delicacy known for its subtle taste and ability to destroy the global economy.

A species jump occurs when a pathogen gets transferred from one species to another. The coronavirus likely made such a jump from pangolins or some other wild animal that the Chinese eat or let freely roam in their food markets. The coronavirus is now making its second species jump, this time

from humans to the credit markets. Human-to-Credit While the daily point swings in the Dow Jones Industrial Average and S&P 500 Index make headlines, the real damage will be done in the credit markets. Patient zero in credit is the shale oil and gas producers. The Russian and Saudi…