Executive Summary The first graph below details the S&P 500 being at an all-time high while consumer sentiment is at an all-time low. One may ask how or why this is possible given the geopolitical situation, including the rising price of gasoline. Drawing on the opinion article [...]

Executive Summary Two months into 2026 and the stock market was going nowhere, then the Iran war led the S&P 500 down about 7% for the year. On subsequent hope for an end to the war, the S&P 500 soared 13% (see first graph) to new highs. [...]

Executive Summary Inflation accelerated sharply in March, with headline CPI rising to 3.3% year over year and jumping 0.9% in a single month, the largest gain since 2022 (see first graph). While money supply is increasing and could contribute to higher prices, velocity is increasing at a [...]

Executive Summary This week continues the review of Dr. Michael Burry’s paper explaining some reasons why stock market valuations have set a record 34 years above the mean – eclipsing the previous 10-year record- and associated downside risk. In 1996, passive equity investments comprised 6% as compared [...]