Executive Summary Anyone who has been paying attention to the residential real estate market lately is probably shaking their head.  It is definitely a seller’s market.  The driving factor in housing, like most markets, is supply and demand.  The lack of supply, combined with other factors discussed [...]

Executive Summary Since 1990, the monetary base has grown from around $300 billion to close to $5.5 trillion. (See first graph) The massive amount of liquidity provided through the Federal Reserve Bank’s (Fed) monetary policy has helped fuel enormous bubbles in all types of assets. One of [...]

Executive Summary The first graph below illustrates the growth in corporate profits versus the S&P 500 Index.  The point of sharing this is not to predict a stock crash, but rather to display the embedded risk in the market.  Historically market cycles have consisted of both an [...]

Executive Summary The good news announced last Friday by the Bureau of Labor Statistics (BLS) was 916,000 new jobs were created during the month of March. The bad news, which seems is being ignored, was 2,876,000 initial unemployment claims were filed during March.  For perspective, on normal [...]