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The 30-Years Bubble – Why America Ain’t That Rich

Authored by David Stockman via Contra Corner, The entire financial and economic narrative in today's Bubble Finance world is virtually context- and history-free; it's all about the short-term deltas and therefore exceedingly misleading and dangerous. So when a big trend or condition is negative and unsustainable, you generally can't even get a glimpse of it from the so-called "high-frequency" weekly, monthly and […]


The “Bombshell” Reason Tech Stocks Just Suffered The Biggest Rout Since Brexit, In Two Charts

“Last week, after making new highs, the NASDAQ “reversed” to the downside. It bounced from there, but yesterday’s action was horrific, for having opened sharply, violently, surprisingly higher, by the day’s end the NASDAQ was sharply, violently, surprisingly weaker and it was so even as the Dow finished higher on the day, albeit materially below […]


David Stockman Derides The Delirious Dozen Of 2017

Authored by David Stockman via Contra Corner blog, We have previously noted the massive market cap inflation and then stupendous collapse of the Delirious Dozen of 2000. The latter included Microsoft, Cisco, Dell, Intel, GE, Yahoo, AIG and Juniper Networks – plus four others which didn't survive (Lucent, WorldCom, Global Crossing and Nortel). Together they represented a classic blow-off […]


The Mother Of All Irrational Exuberance

Authored by David Stockman via Contra Corner blog, You could almost understand the irrational exuberance of 1999-2000. That's because everything was seemingly coming up roses, meaning that cap rates arguably had rational room to rise. But eventually the mania lost all touch with reality; it succumbed to an upwelling of madness that at length made even Alan Greenspan look […]


The Difference Between GAAP And Non-GAAP Q3 EPS For The Dow Jones Was 16%

The last time we looked at the near-record difference between GAAP and non-GAAP Dow Jones earnings, we found that it had crept to a (virtually) unprecedented 25%. To be sure, that was exactly one year ago, when the economy was perceived as being in worse shape than it is now, thanks to the narrative of […]


Amazon Slashes Whole Foods Prices In Round 2 Of Grocer Wars

Three months after Amazon slashed some Whole Foods prices by as much as 43% on the day its purchase of the grocery chain closed in its first (of many) attempts to steal market share from competitors by selling at a loss, today Amazon announced round 2 of the grocer wars, when it unveiled even more […]


Dan Loeb: “We Have Climbed Over The Market’s Wall Of Worry This Year”

Dan Loeb entered 2017 bullish, certainly much more so than most of his hedge fund peers, and so far it has paid off. As he writes in his latest quarterly letter to investors, in which he wastes no time to report his Q3 and YTD returns (of 3.4% and 14.5%, outperforming the S&P’s 14.2%), “the […]


Leverage On US LBOs Is The Highest Since The Financial Crisis

There was a brief period of sober rationality during the current central bank-facilitated, market reflation phase, when Private Equity shops decided they had no desire to chase artificially inflated valuations, especially since their currency – cash – did not benefit in the same was a strategic acquirors did, whose own stock had increased alongside that […]