Executive Summary Last week I described what causes stock prices to rise and fall.  In this week’s issue, I share comments and data from three investment gurus.  Howard Marks states that: “Fear of missing out has taken over from the fear of losing money.”  (see below for [...]

Executive Summary The movement of stock prices is governed by the law of supply and demand.  If the urge to “buy” is greater than the desire to “sell,” then prices move upwards and vice-versa.  Although stock prices should represent the present value of a long-term stream of [...]

Executive Summary Rather than focusing on the published unemployment rate, looking at the actual employment data can be more telling. Last week’s Bureau of Labor Statistics employment reported a loss of 140,000 jobs in December.  Since December of 2019, the number of employed individuals has fallen by [...]

Executive Summary It is often said that a picture is worth a thousand words. Thus, this week’s missive has fewer words than normal and more pictures (please scroll through 1600’s to current). Understanding history and the historical patterns of bubble manias is important to preparing for 2021. [...]