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Monthly Archives: September 2013
Modern Portfolio Theory foiled: risk assets move as one
Over the past 4 years since the latest cyclical bear (2nd of the secular bear since 2000) gored its clients, the financial business has sought to re-brand its fee-rich, risk products and re-market themselves as new and improved ‘stewards of … Continue reading
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Wage growth and interest rates drive consumption
The ability of consumers to pay for consumption (absent gifts) comes from wage growth and the ability to borrow and service debt (payable monthly from wages). For the past 30 years, wage growth in western economies has been flat and … Continue reading
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Subprime auto loans: same old junk different wrapper
Pundits and politicians have been celebrating the revival of new auto sales as evidence that the consumer has healed and the economy is back on a solid growth path. Unfortunately, as with everything else we have seen over the past … Continue reading
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