This Selloff Has Yielded Important Information Content


This selloff is demonstrably different than other corrections the market has endured this cycle in one important aspect: it has inflationary rather than deflationary notes to it. This is an extremely important point of context because it tells us something about market participants’ anxieties. Specifically, it suggests that investors are more worried about an inflationary […]

Taxes, Balance of Payments and the USD Paradox


Investors were finally treated yesterday to some of the most important compromise provisions to come out of the House-Senate conference on the Tax Cuts and Jobs Act. Among them were: 21% corporate rate Reduction of the top wage rate to 37% 20% deduction on pass-through income Full corporate expensing of capital investments for the next […]