Stocks are cheap! Compared to Bonds, Stocks are cheap, but then again, everything is cheap compared to Bonds. This is the narrative driving Stock prices to multi-year and even all-time highs. Enjoy while you can but this narrative has no legs, despite the desires of all the central banks on the planet. (more…)
Posts Tagged ‘asset prices’
No, It Won’t Be Like This Forever
Sure short-term interest rates are near zero; nothing new here. But the good news, albeit great news, is we continue to find worthwhile, short-term municipal bonds. In a world of generic, too-big-to-fail, debt by the billions, you can thank a very diverse, too-many-issuers-to-count municipal bond market for these opportunities.
It’s The Fed, Unfortunately
Looking back over the past year the defining point for the markets was Federal Reserve Chairman Ben Bernanke’s missive in September. Asset prices peaked with Ben’s pronouncement. Animal spirits are now dissipating. The reversal eventually sent Municipal Bond prices to their high November 30th, along with my proclamation that Municipal Bonds were in bubble territory, heading for a big fall.
Debt Matters
The narrative of the financial crisis is only beginning to be written. Slowly but surely every one of us will be able to sum up the crisis in two words: Debt Matters. As the Federal Reserve continues its policy of buying treasury and mortgage bonds we can debate whether this will end the crisis or just end badly. We should however already be able to agree: Debt Matters. (more…)
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