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Christopher Mahoney

 
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  • Fed Tightening Is Bullish For Bonds And Stocks [View article]
    1.5%.
    Oct 16 10:19 PM | Likes Like |Link to Comment
  • Fed Tightening Is Bullish For Bonds And Stocks [View article]
    Stock prices are a function of sentiment. Valuations are a function of arithmetic.
    Oct 16 10:19 PM | Likes Like |Link to Comment
  • Fed Tightening Is Bullish For Bonds And Stocks [View article]
    Not with 2% bond yields and <2% inflation expectations.
    Oct 16 10:16 PM | Likes Like |Link to Comment
  • Fed Tightening Is Bullish For Bonds And Stocks [View article]
    Yields headed lower.
    Oct 16 10:15 PM | Likes Like |Link to Comment
  • Fed Tightening Is Bullish For Bonds And Stocks [View article]
    Today's multiples reflect very low bond yields and don't rely upon earnings growth, any more than low bond yields rely on a higher coupon.
    Oct 16 10:13 PM | Likes Like |Link to Comment
  • Fed Tightening Is Bullish For Bonds And Stocks [View article]
    You were wrong about bonds and inflation, but right about stocks. But I am still bullish.
    Oct 16 10:06 PM | Likes Like |Link to Comment
  • What The Plunge In U.S. Treasury Yields Means For The Next 10 Years [View article]
    The Fed is deliberately reducing inflation expectations a la the ECB/Bundesbank. The Fed wishes to raise the real funds rate by lowering expected inflation and raising the nominal rate. That way the Fed can wring every ounce of stickiness out of wages and prices, and recreate the neoliberal paradise that was 1930-33. Keynesianism will be be refuted, and the gold standard can be reinstated. As far as I can tell, both Bernanke and Yellen are dyed-in-the wool Rothbardian Austrians. God help us.
    Oct 16 10:03 PM | 1 Like Like |Link to Comment
  • S&P 500 Could Fall To 1,760 On Earnings Growth Disappointment [View article]
    Buy physical gold and bury it in your backyard. Pay your bills with hopes and dreams.
    Oct 16 08:13 PM | 2 Likes Like |Link to Comment
  • S&P 500 Could Fall To 1,760 On Earnings Growth Disappointment [View article]
    Today's low earnings yields (e/p) reflect low bond yields. The PE on the T-bond is now 46x, which is a bit expensive for an asset with no growth potential. See Damodaran's work.
    Oct 16 08:13 PM | Likes Like |Link to Comment
  • S&P 500 Could Fall To 1,760 On Earnings Growth Disappointment [View article]
    Investors have a choice between the S&P which has a 2% dividend yield and 12% dividend growth, and the T-bond that has a 2.15% yield and 0% interest growth. I'll stick with stocks.
    Oct 16 08:10 PM | Likes Like |Link to Comment
  • The Fed's Inflation Target Is Losing Credibility [View article]
    Not a penny of QE leaked into M2. It all stayed at the Fed as excess reserves. It had no direct effect on the money supply or the real economy. The problem we face is inadequate money growth and inadequate inflation.
    Oct 16 08:06 PM | 2 Likes Like |Link to Comment
  • The Fed's Inflation Target Is Losing Credibility [View article]
    Ironically, due to timing, Obama is being blamed for the Fed's hawkish monetary policy, just as Hoover was. But instead of getting a red Congress as in 1932, we will get a Tea Party Congress in 2014. The hawks are hurting the Democrats, whether consciously (Rick Perry) or not. Crazy world.
    Oct 16 08:04 PM | 1 Like Like |Link to Comment
  • The Fed's Inflation Target Is Losing Credibility [View article]
    Agreed. There is nothing more dangerous to freedom and private property than bad monetary policy.
    Oct 16 08:00 PM | Likes Like |Link to Comment
  • The Fed's Inflation Target Is Losing Credibility [View article]
    There are people on the FOMC who think exactly like the Bundesbank: price stability uber alles. Recessions will naturally correct, as wages drop. Unemployment is evidence of structural rigidities. Insane!
    Oct 16 07:59 PM | Likes Like |Link to Comment
  • The Sell-Off Is Noise, Do Nothing [View article]
    No, buy when stocks are undervalued, as they have been since the Crash. Do not buy when they are overpriced, as they were during the tech bubble. The ERP is a valuation tool.
    Oct 16 06:16 PM | 1 Like Like |Link to Comment
COMMENTS STATS
966 Comments
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