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In both directions. h/t @LanceRoberts
Lance Roberts @LanceRobertsThis is really pretty incredible.
US household holdings of equities and mutual funds reached a record 278% of disposable personal income in the second quarter of 2026, up from just 29% in 1982, amplifying the stock market’s influence on consumer spending and economic activity._________________________
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Commercial real estate investors cutting losses
2024 is a big year for commercial real estate refinancing (US loans maturing by year graphed below, via Liz Ann Saunders). Interest rates, insurance, taxes and ongoing maintenance costs are on the rise as occupancy rates decline. Investors who bought … Continue reading
Insolvencies leaping as credit demand slumps
Business insolvencies are rising globally (chart below via The National Post), and Canada is seeing twice the G7 average. Canadian business insolvencies rose 35% quarter-over-quarter in the final quarter of 2023. They doubled compared with the same quarter in 2022 … Continue reading
Unaffordable homes are dead weight
Thirteen years of ultra-easy money (2009-2022) drove an epic malinvestment of resources on a global scale. Now, we are grappling with the weight of those choices. From here, there’s a lot of room to make wiser investments that will increase … Continue reading
