Tactical Update

By |2013-04-15T02:50:22-04:00April 14th, 2013|Markets|

This "recovery" is in its 4th year.  Unfortunately, we have yet to see robust growth in employment or incomes.  The recovery continues to be about low interest rates and abundant liquidity.  Cheap debt capital benefits equity owners.  Whether real or nominal, as revenues grow and the cost of capital becomes cheaper, the benefits flow to equity owners. Companies are not [...]