Archives by Month:
- January 2025
- December 2024
- November 2024
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- May 2024
- April 2024
- March 2024
- January 2024
- December 2023
- November 2023
- October 2023
- August 2023
- July 2023
- June 2023
- May 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- July 2016
- June 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- November 2012
- October 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- June 2009
- April 2009
- February 2009
- December 2008
- November 2008
- October 2008
- August 2008
- June 2008
- May 2008
Archives by Year:
The Importance Of Return On Capital
One grossly over-looked factor in investing is Return on Invested Capital, or ROIC for short. In business, ROIC is everything. It is a measure of how efficiently a company employs its resources to generate profits or, more importantly, free cash flow. But ROIC is rarely a prominent statistic on any financial websites (except this one). Many […]
Global Trade Negotiations Remain Rocky
South Korean Finance Minister Kim Dong-yeon announced on Monday that “[South Korea] will make clear what our stance is […and] deploy all possible means to respond to U.S. steel tariffs measures and make an all-out effort.” South Korea is the third-largest exporter of steel to the United States and it has already filed a request […]
EUR/USD Drops To Support, USD Range Expands Ahead Of CPI, FOMC
US INFLATION DATA THIS WEEK – FOMC NEXT WEEK The next couple of weeks are lining up to be quite interesting for the US Dollar, particularly after last week’s robust NFP print. Non-Farm Payrolls blew through the expectation of +205k to print at +313k, but lagging Average Hourly Earnings was a bit of a hindrance and the net […]
The Bear’s Lair: De-Globalization Gathering Momentum
President Trump’s sudden announcement of tariffs on steel and aluminum is by no means unprecedented – Presidents Reagan and George W. Bush took similar actions. Yet it emphasizes a reality first pointed out in these columns in 2010 and in a presentation later that year: the globalization project, beloved of Whig economists and big-government types everywhere, is […]
Where The Risks Are: A Spider Web Of Financial Excess
One of the more striking – if underreported – developments last week, was stalwart dove Lael Brainard turning what, for her, counts as hawkish at an event in New York. The similarities between her comments and those that emanated from Jerome Powell during his first testimony on Capitol Hill as Fed Chair were notable. Specifically, she parroted the […]
5 Great Stocks This Week
I evaluated 39 different companies this week to determine whether they are suitable for Defensive Investors, those unwilling to do substantial research, or Enterprising Investors, those who are willing to do such research. I also put each company through the ModernGraham valuation model based on Benjamin Graham’s value investing formulas in order to determine an intrinsic […]
Super-Duper-Irrational Exuberance
Think back to the halcyon days of the dot com boom. This was a time after Greenspan declared “irrational exuberance”. Long Term Capital Management collapsed in 1998, and Greenspan decided to risk propelling exuberance to a level beyond irrational. Super-duper-irrational exuberance? Anyway, Greenspan cut interest rates a few times in late 1998. Technology companies were able to […]
FX COT Update: JPY Shorts Unwinding Rapidly
EUR/USD Non-Commercials reduced their net long positions in the Euro last week selling 5k contracts to take the total position to 133k contracts. This latest bout of short covering came just ahead of the March ECB meeting where investors we mixed as to whether the bank would deliver the hawkish message that bulls have […]
S&P 500 At 2,800 Again, Breakout Or Fakeout?
Friday’s trading session was very bullish, as the main U.S. stock market indexes gained 1.7-1.8%. Investors’ sentiment improved following better-than-expected monthly Nonfarm Payrolls release. The S&P 500 index broke above its short-term consolidation and it got close to the late February local high of 2,789.15. The index currently trades 3.0% below January 26 record high of 2,872.87. […]
A Bull Market For The History Books — Bear Market To Follow Shortly
If you’re getting the sense that stocks always go up, that’s because they’ve been doing so for a really, really long time. From CNBC today: On the bull market’s ninth birthday, here’s how it stacks up against history • The Dow has quadrupled during the bull market, which turned 9 on Friday. • This is […]
