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Archives by Year:
Q3 Real GDP Per Capita: 2.53% Versus The 3.30% Headline Real GDP
The Second Estimate for Q3 GDP came in at 3.3% (3.30% to two decimals), up from 3.1% in the Third Estimate of Q2 GDP. With a per-capita adjustment, the headline number is lower at 2.53% to two decimal points. Here is a chart of real GDP per capita growth since 1960. For this analysis, we’ve […]
Japanification Denial
Gross Domestic Product (GDP) was revised upward from a seasonally-adjusted annual growth rate of 2.945% to 3.243%. For the first time since the middle of 2014, GDP appears to have advanced (subject to further revisions) at a better than 3% rate for two consecutive quarters. That level of growth used to be commonplace, even something […]
Liquidity And Volatility – A Direct Linkage
Written by John Davi, Astoria Portfolio Advisors Are you surprised by VIX sub 10? You shouldn’t be. There is a direct linkage between liquidity and volatility as shown in the chart below. Source: Bloomberg, Astoria Portfolio Advisors LLC. This year, we have seen $2.2 trillion USD in central bank balance sheet expansion globally (approx. 15% of the aggregate balance sheet […]
Myth Busting: Stock Correlations And Active Investment Opportunities
Many investors, investment professionals, and pundits make comments regarding the relationship between stock correlations and opportunities for active stock pickers. For example, here is a recent example from the Financial Times: Correlation crash clears the way for stockpickers. The basic (albeit flawed) intuition behind the statement is that when correlations are low, the variation in returns […]
4 Stocks To Gain Even If OPEC Decides Against Deal Extension
The scheduled meeting of OPEC members with non-OPEC crude exporters for the third time in Vienna, Austria, is dominating the headlines. It should provide an answer to the million-dollar question — will oil continue to trade above $55 a barrel? The landmark production-cut accord, first signed in late 2016, helped oil cross the $50-a-barrel […]
Roku Enters Rare Air As Bullish Momentum Continues
The streaming platform Roku (ROKU) has been on quite a ride this month. After posting robust earnings on the 9th, volume levels were off the charts. It gapped higher the next day and has not looked back. Many traders were caught short as a massive squeeze vaulted the stock 250% in just four short days. […]
Express Scripts Sells Unit With Ties To Mallinckrodt’s Acthar
Mallinckrodt’s (MNK) Acthar is one of the country’s most-expensive drugs and Express Scripts (ESRX) has provided distribution muscle for the drug. That appears to be changing, however. Monday Express Scripts announced it was selling United BioSource, a unit tied to helping distribute Acthar: Express Scripts Holding Co. is trimming some of its ties to a […]
Is Another Distribution Cut Coming For Plains All American?
Last year, I reviewed the dividend safety of Plains All American Pipeline (NYSE: PAA). At the time, I gave the stock an F because it did not generate enough distributable cash flow (DCF) to cover its dividend. Last month, Plains All American slashed its dividend 45%. One of the important reasons I gave it an F was that the […]
