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Greenspan Without Style

By |2013-05-29T14:44:08-04:00May 29th, 2013|Federal Reserve/Monetary Policy, Markets, Stocks|

When I mentioned that Greenspan’s market has persisted long after his words fell from memory, that extended to overextended stock investors as well. By almost any measure, Ben Bernanke has outdone the “record” of his predecessor, yet he has so few quotable lines outside of those really bad predictions during the runup to the 2008 panic. Greenspan will be forever [...]

How Much of Equity Prices Is Real?

By |2013-03-05T16:38:12-05:00March 5th, 2013|Markets|

The DJIA is at an all-time high, but how much of it is “real”. Earnings growth dropped to negative two quarters ago, so that removes some of the fundamental appeal of a new high. Comparing economic parameters to the last time markets were at these levels does not offer a favorable context either. There are ways to judge “extreme” valuation [...]

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