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11 Of 19 Bear Market Indicators Have Now Been Triggered: BofA

Two weeks ago, Bank of America tripped recession-watcher alarms, when it announced out that one of its surest bear-market indicators, one which has never had a false negative, had just been triggered. As we said at the time, according to BofA’s Savita Subramanian in November the S&P 500’s three-month earnings estimate revision ratio (ERR) fell […]


SocGen: Asian Equities Are So Awesome, A China Minsky Moment Is “Manageable”

If we’re going to discuss Asian equities in the context of “awesome”, we should begin with Tencent. Tencent, which has more than doubled this year, drove Asian stocks higher during Tuesday’s trading session. Trading on the main board of the Hong Kong Stock Exchange hit a 28-month high of HK$157 billion with one fifth of […]


Something Wicked Part 2 – The Roach Motel

Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com, In Something Wicked This Way Comes, we provided an in-depth look at how stock repurchases are distorting McDonald’s (MCD) earnings per share and making the company look more profitable than it truly is. When such financial wizardry is considered alongside the growing popularity of passive investment strategies and […]


Something Wicked This Way Comes: McDonalds – A Bear In A Bull Costume

Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com, As Halloween nears, kids are choosing costumes to transform themselves into witches, baseball players and anything else they can imagine. In the spirit of Halloween, we thought it might be an appropriate time to describe the most popular costume on Wall Street, one which many companies have been […]


“There Were No Calls, That’s Absolutely Crazy”: How The Stock Market Died

Something unexpected happened on the market’s relentless trek to all time highs: the market died. At least that is the impression one gets from walking around Wall Street’s formerly busy trading desks (certainly the formerly biggest trading floor in the world, that of UBS, now hauntingly empty) where these days one can hear a pin […]


Human Traders Are Trouncing The Machines

The contemporary low volatility trading environment has been kind to actively managed equity funds – particularly if they piled into large-cap momentum stocks like Facebook and Amazon, which have been responsible for the bulk of this year’s rally. But while active managers have enjoyed three quarters of strong returns, quant funds – purportedly the future […]


Some Thoughts On “Long-Term Investing”

Authored by Lance Roberts via RealInvestmentAdvice.com, Last week, I was having lunch with a prospective portfolio management client discussing the current market and economic backdrop and the related risk to invested capital. During our appetizer of stone crabs and lobster-corn chowder, (if you ever drift into a Truluck’s restaurant I highly suggest both) he discussed […]