Category Archives: Uncategorized

Good piece on Bloomberg today about the auto repo industry.  It looks like many car owners bought too much auto: With more Americans struggling to pay their bills, the $1.7 billion industry for repossessing such assets as cars, trucks and … Continue reading →

Brazilian stocks and currency outperformed this past week as inflation came in lower than expected, increasing speculation the central bank may cut interest rates. 

The inflation problem, we believe, is not so much about the price of money (interest rates)  but the quantity of money.  The problem with money is that we can’t define what money is in our high-tech and digital economy, much … Continue reading →

Wow!  The data in the following table are so surprising it makes us think we made a mistake in our calculation.  Please try and replicate the table and confirm our calculations. Gold has trounced the S&P500, both in price and … Continue reading →

Gold is approaching its all-time high (ATH) at 2,070ish after a nice breakout from a year-long Cup & Handle formation.  The measured move upside target is around $2,350, but it must first break the ATH.  Freakishly, gold is trading close … Continue reading →

The manufacturing purchasing managers’ indices (PMI) just dropped.  The chart below illustrates which countries’ manufacturing sectors are expanding and which are contracting.  The data are soft, derived from surveys, not hard numbers.  Reading through the PMI reports, a recurring theme … Continue reading →