Daily Archives: June 18, 2019

Who in the world has been buying stocks at increasingly speculative-grade valuations over the past five years?  As charted below, the biggest net buyers have been public corporations themselves as management used liquidity driven by central banks to buy back … Continue reading →

Economic weakness is already global and very likely to be measured as recessionary in backward-looking assessments months hence. Falling revenues globally are intensifying a cash crunch and drawing capital flows out of emerging markets and currencies and into the most … Continue reading →